Overview
What is Cornerstone 912 Inc?
Cornerstone 912 Inc is a nonprofit organization situated in Coral Springs, Florida. Its primary function is to acquire and manage property, generating income from it. The organization then distributes the earnings, minus expenditures, to another entity that qualifies for tax-exempt status under the Internal Revenue Code (IRC) Section 501(a). This strategic approach allows Cornerstone 912 Inc to contribute to the broader mission of another tax-exempt organization.
Is Cornerstone 912 Inc legitimate?
Cornerstone 912 Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Cornerstone 912 Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Cornerstone 912 Inc?
Cornerstone 912 Inc is established with the primary objective of managing property and generating income. The corporation's mission is to gather income from these properties and subsequently transfer the entire net earnings, after accounting for expenses, to an organization that falls under the exempt category of IRC 501(a). This organization, in turn, utilizes the funds for its charitable purposes. In essence, Cornerstone 912 Inc serves as a financial intermediary, channeling resources to an exempt organization that carries out charitable initiatives.
Who is the CEO of Cornerstone 912 Inc?
Lun Sing Chan is the Treasurer of Cornerstone 912 Inc.
What is the revenue of Cornerstone 912 Inc?
Cornerstone 912 Inc's revenue in 2022 was $7,135.
Who are the executives of Cornerstone 912 Inc and what are their salaries?
There 3 volunteers at Cornerstone 912 Inc.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Cornerstone 912 Inc?
Cornerstone 912 Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Cornerstone 912 Inc
Cornerstone 912 Inc, as per its organizational structure, is primarily focused on holding property titles and generating income from these assets. The corporation's mission is to then distribute the majority of these earnings, after deducting expenses, to an organization that falls under the exempt category of IRC 501(a). In essence, Cornerstone 912 Inc serves as a financial intermediary, channeling funds to another nonprofit entity that meets the necessary criteria for tax-exempt status. This mission allows Cornerstone 912 Inc to contribute indirectly to the charitable activities of the recipient organization.
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Impact
October, 2024
Cornerstone 912 Inc plays a vital role in community improvement by managing property and generating income that supports various initiatives in Coral Springs, Florida. The organization is dedicated to ensuring that all collected income, after covering necessary expenses, is directed to support other exempt organizations under IRS guidelines. This approach fosters a sustainable financial model that enhances the capacity of affiliated organizations to serve the community. By holding title to property and effectively managing resources, Cornerstone 912 Inc contributes to a stronger foundation for community-oriented projects, ultimately driving positive change and supporting the needs of local residents.
This information is meant to be a general summary of Cornerstone 912 Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $7,135
Assets and Liabilities:
- Total Assets: $680,837
- Total Liabilities: $0
- Net Assets: $680,837
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Organization Details
Founding Year
2017
Principal Officer
Lun Sing Chan
Main Address
5648 NW 106TH WAY, CORAL SPRINGS, FL, 33076
NTEE Category
Code: S47 - Community improvement
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