Cornerstone University 
The information on this page was last updated 11/25/2024. If you see errors or omissions, please email: [email protected]
Summary
At Cornerstone University, we are committed to the steadfast teachings of Christ. We teach, learn and live out God's word in all things. And we train and equip future leaders to do the same in whatever environment they are called to. We invite you to learn more about who we are, our mission, Christian worldview, and how we are influencing the world for Christ.
Contact information
Mailing address:
Cornerstone University
1001 East Beltline Ave NE
Grand Rapids, MI 49525
Website: cornerstone.edu
Phone: 616-949-5300
Email: [email protected]
Organization details
EIN: 381443369
CEO/President: Dr. Gerson Moreno-Riano
Chairman: Rick Koole
Board size: 18
Founder: David Otis Fuller
Ruling year: 1994
Tax deductible: Yes
Fiscal year end: 05/31
Member of ECFA: No
Member of ECFA since:
Purpose
At Cornerstone University, we are committed to the steadfast teachings of Christ. We preach, teach and confess God's word in all things. And we train and equip future leaders to do the same in whatever environment they are called to. We invite you to learn more about who we are, our mission and why we're here-to serve our community without ceasing.
Mission statement
Cornerstone University exists to empower men and women to excel as influencers in our world for Christ by offering a student-focused learning community where Jesus Christ is central.
Statement of faith
The Cornerstone Confession is the foundational doctrinal statement of Cornerstone University and is signed annually by Cornerstone trustees, faculty and staff. It expresses our commitment to the key teachings of Scripture as interpreted through the ecumenical creeds of the early church, the chief insights of the Reformation and evangelical Christianity.
We believe in one sovereign, omnipotent and fully omniscient God who eternally exists in three persons-Father, Son and Holy Spirit-who in love and for His glory created all things out of nothing and pronounced them good.
We believe that God has revealed Himself in the sixty-six canonical books of Scripture, which are verbally inspired, truth without error, and serve as our final authority in faith and life. They lead us to Jesus Christ, who shows us the Father, and rightly interpreted, they enable us to understand God's revelation in humanity, nature and history.
We believe that God directly created Adam and Eve, the historical parents of the human race, distinct from the rest of creation in their bearing of God's image and their stewardship over creation. Their union as man and woman models God's design for marriage and perpetually stands as God's loving and righteous will for all sexual intimacy.
We believe that our first parents forfeited their original righteousness when they succumbed to Satan's temptation and rebelled against God's revealed will. As a result, every human is born in sin, leaving us totally depraved, alienated from God and destined to spiritual and physical death. As such, our sinful ways have corrupted God's creation, resulting in discord to society and nature.
We believe that God's plan to redeem fallen humanity and renew creation flows through His promises to the Jewish people. God's promises to Abraham and David are fulfilled in Jesus, the mediator of the New Covenant.
We believe that the Son of God, while fully divine, became fully human through the virgin birth to save the world from sin. Living a sinless life in perfect obedience to His Father, Jesus proclaimed God's reign in word and deed. In His mercy, He atoned for our sins by dying in our place. Having satisfied the just wrath of God on our behalf, He rose bodily and triumphantly over sin, death and Satan. He then ascended to heaven, sent his Spirit to lead and empower His church and is seated at the Father's right hand where He reigns and intercedes for His people.
We believe that the Holy Spirit descended at Pentecost to establish the church; that He uses the Word of God to give new life to those who repent of their sin and believe in Christ; and that all who by faith alone receive Christ's finished work are by God's grace united with Christ, justified by His shed blood, adopted into the family of God, forgiven of all their sin, indwelt and gifted by the Spirit and added to the church.
We believe that the one, holy and universal church is the body and bride of Christ. The church gathers in local assemblies to worship God and celebrate the gospel through the preaching of the Word, baptism, the Lord's Supper, prayer and fellowship. It disperses to proclaim the gospel to a sinful world which must hear the good news of Jesus Christ in order to be saved. The church makes disciples of Jesus who, through persevering faith, embody the kingdom values of righteousness, peace and joy. By loving God, serving others and caring for creation, they anticipate the redemption of all things at Christ's return.
We believe that our Lord Jesus Christ will personally and gloriously return to deliver this world from Satan's rule and bring His reign to its ultimate fruition. Jesus will raise the dead to stand with the living before His judgment throne where He will determine the final state of humanity. The lost will experience everlasting conscious separation from God as the just punishment for their sin, and the redeemed will be welcomed into the unhindered joy of everlasting fellowship with Him.
Donor confidence score
Transparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Colleges/Universities
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 804 of 1123 | 111 of 128 |
| Fund acquisition rating | | 914 of 1124 | 114 of 128 |
| Resource allocation rating | | 678 of 1124 | 79 of 128 |
| Asset utilization rating | | 496 of 1123 | 65 of 128 |
According to the organization's Form 990, it received $229,762 in government grants in 2024.
Financial ratios
| Funding ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 13% | 29% | 25% | 10% | 8% | 10% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 3% | 3% | 2% | 2% | 2% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 16% | 11% | 12% | 21% | 25% | 22% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 2% | 3% | 3% | 2% | 2% | 2% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 84% | 89% | 88% | 79% | 75% | 78% |
| Operating ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Program expense ratio Program expense ratio = Program services / Total expenses | 85% | 82% | 82% | 83% | 81% | 83% |
Spending ratio Spending ratio = Total expenses / Total revenue | 98% | 103% | 100% | 94% | 86% | 92% |
Program output ratio Program output ratio = Program services / Total revenue | 82% | 85% | 82% | 78% | 70% | 77% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 2% | -3% | 0% | 6% | 14% | 8% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 1% | -2% | 0% | 4% | 8% | 5% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 13% | 15% | 14% | 15% | 16% | 15% |
| Investing ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.53 | 0.53 | 0.51 | 0.52 | 0.46 | 0.50 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 2.66 | 2.88 | 3.13 | 2.97 | 2.92 | 3.23 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.45 | 1.51 | 1.59 | 1.54 | 1.35 | 1.62 |
| Liquidity ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Current ratio Current ratio = Total current assets / Total current liabilities | 7.81 | 8.23 | 7.91 | 7.16 | 7.59 | 5.82 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.13 | 0.12 | 0.13 | 0.14 | 0.13 | 0.17 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 7.31 | 6.97 | 6.58 | 6.70 | 7.71 | 6.13 |
| Solvency ratios | Sector median | 2024 | 2023 | 2022 | 2021 | 2020 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 24% | 7% | 7% | 9% | 12% | 14% |
Debt ratio Debt ratio = Debt / Total assets | 11% | 3% | 2% | 4% | 7% | 8% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 151% | 177% | 183% | 175% | 191% | 171% |
Financials
| Balance sheet | |||||
| Assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Cash | $15,107,787 | $11,991,165 | $15,309,349 | $15,050,370 | $12,383,557 |
| Receivables, inventories, prepaids | $3,261,159 | $3,899,839 | $3,525,933 | $4,804,414 | $6,410,923 |
| Short-term investments | $18,208,851 | $17,586,129 | $17,610,810 | $17,310,138 | $12,705,003 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $36,577,797 | $33,477,133 | $36,446,092 | $37,164,922 | $31,499,483 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Fixed assets | $68,370,232 | $70,859,965 | $71,499,304 | $70,988,142 | $69,495,391 |
| Other long-term assets | $277,608 | $349,290 | $380,807 | $497,803 | $652,134 |
| Total long-term assets | $68,647,840 | $71,209,255 | $71,880,111 | $71,485,945 | $70,147,525 |
| Total assets | $105,225,637 | $104,686,388 | $108,326,203 | $108,650,867 | $101,647,008 |
| Liabilities | 2024 | 2023 | 2022 | 2021 | 2020 |
| Payables and accrued expenses | $2,716,378 | $2,666,236 | $3,108,998 | $2,723,550 | $3,108,788 |
| Other current liabilities | $1,730,234 | $1,565,340 | $1,983,178 | $2,173,777 | $2,306,696 |
| Total current liabilities | $4,446,612 | $4,231,576 | $5,092,176 | $4,897,327 | $5,415,484 |
| Debt | $2,752,628 | $2,479,544 | $4,826,026 | $7,311,354 | $8,391,383 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $261,161 | $208,266 | $224,530 | $322,300 | $527,610 |
| Total long-term liabilities | $3,013,789 | $2,687,810 | $5,050,556 | $7,633,654 | $8,918,993 |
| Total liabilities | $7,460,401 | $6,919,386 | $10,142,732 | $12,530,981 | $14,334,477 |
| Net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Without donor restrictions | $51,136,415 | $52,508,934 | $51,767,889 | $48,498,430 | $42,870,725 |
| With donor restrictions | $46,628,821 | $45,258,068 | $46,415,582 | $47,621,456 | $44,441,806 |
| Net assets | $97,765,236 | $97,767,002 | $98,183,471 | $96,119,886 | $87,312,531 |
| Revenues and expenses | |||||
| Revenue | 2024 | 2023 | 2022 | 2021 | 2020 |
| Total contributions | $6,011,527 | $6,580,347 | $12,728,865 | $14,553,985 | $11,980,525 |
| Program service revenue | $47,085,224 | $46,579,760 | $46,483,413 | $41,830,449 | $42,782,789 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $345,364 | $165,277 | $676,944 | $1,732,223 | $586,897 |
| Other revenue | $197,304 | $85,812 | ($28,212) | ($36,983) | ($8,751) |
| Total other revenue | $47,627,892 | $46,830,849 | $47,132,145 | $43,525,689 | $43,360,935 |
| Total revenue | $53,639,419 | $53,411,196 | $59,861,010 | $58,079,674 | $55,341,460 |
| Expenses | 2024 | 2023 | 2022 | 2021 | 2020 |
| Program services | $45,493,595 | $44,017,414 | $46,541,976 | $40,856,003 | $42,395,657 |
| Management and general | $8,097,519 | $7,709,587 | $8,330,927 | $8,151,667 | $7,504,021 |
| Fundraising | $1,735,374 | $1,635,946 | $1,323,999 | $1,210,859 | $1,184,248 |
| Total expenses | $55,326,488 | $53,362,947 | $56,196,902 | $50,218,529 | $51,083,926 |
| Change in net assets | 2024 | 2023 | 2022 | 2021 | 2020 |
| Surplus (deficit) | ($1,687,069) | $48,249 | $3,664,108 | $7,861,145 | $4,257,534 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($1,687,069) | $48,249 | $3,664,108 | $7,861,145 | $4,257,534 |
Compensation
| Name | Title | Compensation |
| Dr Gerson Moreno-Riano | President | $367,204 |
| Heidi Cece | VP Chief of Staff | $219,929 |
| Scott Stewart | VP CFO | $191,532 |
| Neil Cummings | AVP Marketing | $148,249 |
| Bradford Sample | VP for Academics | $145,168 |
| Robert Sack | VP of Advancement | $134,564 |
| Michael Pasquale | Dean School of Ministry | $131,703 |
| John VerBerkmoes | Sec Dir of Accreditation | $130,090 |
| Jonathan Greer (End 0923) | Seminary Faculty | $115,122 |
| David Veneklase (Start 1023) | VP Finance / CFO | $50,037 |
Compensation data as of: 5/31/2024
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 11/25/2024. To update the information below, please email: [email protected]
History
What began as an evening Bible seminar blossomed into Cornerstone University as we know it over the course of almost eight decades. Our commitment to thorough biblical training for each student, well-rounded education, and uncompromising values began when 221 students enrolled in the Baptist Bible Institute of Grand Rapids. Here, laypersons could study and strive to become effective ministry leaders. What began as an evening Bible study became two to three-year programs designed to cultivate these leaders further.
In 1963, the Bible Institute became a four-year Bible college and seminary. This included pre-seminary courses with 15 to 20-hour concentrations in the liberal arts. In 1964, Grand Rapids Baptist Bible College and Seminary moved to a 64-acre campus which has since expanded to 132 acres. In 1972, the college was approved by the State of Michigan as a degree-granting college of arts and sciences.
Over its rich history, Cornerstone has influenced students and graduates of all walks of life to be the light in a chaotic world. By doing so, we have cultivated generations of Christ-followers who have laid foundations for churches, ministries, families and more. Not only that, but our graduates have reached the ends of the earth through their missions and careers.
What is now Cornerstone University began on Jan. 7, 1941, in Wealthy Street Baptist Church. The evening Bible studies would become daytime classes, which then evolved into degree programs. Today, Cornerstone is an institution designed to provide whole-person liberal arts education to each student who walks through its doors. After 80 years of rich history, Cornerstone continues to influence the world for Christ in everything we do.