Better Business Bureau Report for
Cornerstone Corporation for Shared Equity

Better Business Bureau Report issued May 2010
Better Business Bureau Report expires May 2012


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


Find out more about this charity:

Back To Top

Charity Contact Information

Name: Cornerstone Corporation for Shared Equity
Address: 1641 Vine Street
  Cincinnati, OH 45202
Phone: (513) 369-0114
Web Address: www.CornerstoneLoanFund.org
Back To Top

Better Business Bureau Comments

Formerly known as:Cornerstone Loan Fund
Cornerstone-Homesource Regional Loan Fund
Cornerstone Community Loan Fund

Year, State Incorporated: 1986, Ohio
Affiliates: None
Stated Purpose: To provide affordable housing and economic opportunities which enable low-income households to build the financial assets and management skills needed to be self-sufficient and engaged in the community.

Back To Top

Evaluation Conclusions

               

Cornerstone Corporation for Shared Equity meets the 20 Standards for Charity Accountability.
Back To Top

BBB Accreditation

               

A BBB Accredited Charity since 08/25/2010.

BBB has determined that in addition to meeting BBB's 20 Standards for Charity Accountability, Cornerstone Corporation for Shared Equity adheres to the BBB Code of Business Practices, which includes a commitment to make a good faith effort to resolve any complaints.  Charities that display the BBB Accredited Charity Seal pay a fee for review / monitoring and for support of BBB's services to the public. 

BBB accreditation does not mean that the charity's programs or services have been evaluated or endorsed by BBB or that BBB has made a determination as to the charity's competency in performing services.

Back To Top

Programs

               

The Cornerstone Community Loan Fund was established to attract socially conscious investment and subsequently use the funds to provide flexible, low-cost loans to community based nonprofit groups developing affordable housing Cincinnati and Northern Kentucky. Investors are able to choose the term and interest rate that they need and receive their principal back when it expires.  The Loan Fund accepts loans and grants from investors and pools the proceeds with other fund income to make loans for predevelopment, acquisition, construction, and rehabilitation. Bridge loans are made to hasten the development of a qualifying project.

Cornerstone Renter Equity is a participatory management system where residents have a stake in their property where live by using their contributions to maintain and improve property values and rental income with compensating financial equity. Residents sign a contact with Cornerstone that enables them to earn up to $10,000 in financial equity in ten years provided they complete routine work assignments, attend management metes, and fulfill lease commitments. Residents receive a monthly statement of their earnings, but they must stay in their home for five years before their credits are vested and are eligible for a cash payment. After becoming vested in the Renter Equity Fund, individuals may borrow up to 80% of the value of their credits for any reason. According to the charity, in 2009, there were 36 households with approximately 80 people living in Renter Equity communities. Currently Cornerstone is developing 25 units in seven historic buildings within a single block of Over-the-Rhine.

Back To Top

              

For the fiscal year ended December 31, 2008, Cornerstone Corporation for Shared Equity's program expenses were:


Program Services 234,311
Total Program Expenses: $234,311

 

Back To Top

Governance

               

Chief Executive : Ms. Margery Spinney, Executive Director
Compensation*:
 $60,000

Chair of the Board: Mr. David V. Ferron
Chair's Profession / Business Affiliation: Market Development Manager, Premier Lease and Loan Services

Board Size: 9

Paid Staff Size: 5

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Back To Top

Fund Raising

               

Method(s) Used:

direct mail appeals, grant proposals, Internet
Fundraising costs were 2% of related contributions. (Related contributions, which totaled $273,785, are donations received as a result of fundraising activities.)
Back To Top

Tax Status

               

This charity is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
Back To Top

Financial

               

The following information is based on Cornerstone Corporation for Shared Equity's audited financial statements for the fiscal year ended December 31, 2008.

Source of Funds  
Grants and Contributions 273,785
Other 140,320
Loan Interest and Fees 24,546
Program Income 17,757
Investment Interest 4,604
Unrealized Gain (Loss) on Investments 299
Total Income $461,311


chart



Uses of Funds as a % of Total Expenses

Programs: 92%  Fund Raising: 2%  Administrative: 6% 

Total income   $461,311
  Program expenses $234,311
  Fund raising expenses 5,384
  Administrative expenses 16,286
 
Total expenses   $255,981
Income in Excess of Expenses   205,330
Beginning net assets   474,383
Other Changes in Net Assets 32,571
Ending net assets   712,284
Total liabilities   1,112,158
Total assets   $1,824,442


Back To Top

An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

Send to:



What is an Accredited Charity