Cornerstone Assistance Network

The information on this page was last updated 4/14/2022. If you see errors or omissions, please email: [email protected]


Summary

Cornerstone Assistance Network was founded in 1992 to meet the needs and restore the hope of individuals and families struggling under the burden of poverty in Tarrant County, Texas.


Contact information

Mailing address:
Cornerstone Assistance Network
3500 Noble Ave.
Ft. Worth, TX 76111

Website: canetwork.org

Phone: 817-632-6000

Email: [email protected]


Organization details

EIN: 752417646

CEO/President: Mr. Mike Doyle

Chairman: Michael Cooke

Board size: 14

Founder:

Ruling year: 1992

Tax deductible: Yes

Fiscal year end: 12/31

Member of ECFA: Yes

Member of ECFA since: 2000


Purpose

Since inception, Cornerstone has been a major resource for churches, businesses and other community organizations through its provision of relief, recovery and restoration services. By networking other agencies, Cornerstone offers direct-service programs that are non-duplicated in approach and efficient in administration.


Mission statement

Uniting with others in Christian love to meet the needs of people.


Statement of faith

Donor confidence score

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Transparency grade

A

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Financial efficiency ratings

Sector: Relief and Development

CategoryRatingOverall rankSector rank
Overall efficiency rating593 of 102546 of 85
Fund acquisition rating215 of 102723 of 85
Resource allocation rating540 of 102747 of 85
Asset utilization rating935 of 102574 of 85

Financial ratios

Funding ratiosSector median20192018201720162015
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
6%2%2%5%5%7%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
6%1%2%4%4%5%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
99%70%73%81%78%74%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
6%2%2%5%3%5%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
1%30%27%19%22%26%
 
Operating ratiosSector median20192018201720162015
Program expense ratio Program expense ratio =
Program services /
Total expenses
85%85%88%86%84%79%
Spending ratio Spending ratio =
Total expenses /
Total revenue
93%77%103%77%112%103%
Program output ratio Program output ratio =
Program services /
Total revenue
78%65%90%66%94%82%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
7%23%-3%23%-12%-3%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
14%19%-2%20%-10%-2%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
7%14%11%10%13%16%
 
Investing ratiosSector median20192018201720162015
Total asset turnover Total asset turnover =
Total expenses /
Total assets
1.490.610.670.670.710.63
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
1.222.524.255.546.646.00
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
2.111.542.863.734.703.75
 
Liquidity ratiosSector median20192018201720162015
Current ratio Current ratio =
Total current assets /
Total current liabilities
9.5966.55169.6141.9713.1980.32
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.100.020.010.020.080.01
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
4.717.684.173.142.363.16
 
Solvency ratiosSector median20192018201720162015
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
11%1%0%0%21%19%
Debt ratio Debt ratio =
Debt /
Total assets
0%0%0%0%0%0%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
54%163%149%148%112%129%

Financials

Balance sheet
 
Assets20192018201720162015
Cash$2,179,841$992,651$804,072$584,007$778,209
Receivables, inventories, prepaids$19,742$64,169$25,319$121,276$60,042
Short-term investments$0$0$0$0$0
Other current assets$0$0$0$0$0
Total current assets$2,199,583$1,056,820$829,391$705,283$838,251
Long-term investments$52,975$33,487$9,071$0$9,608
Fixed assets$3,124,174$3,215,806$3,571,805$3,851,453$4,056,751
Other long-term assets$169,140$186,238$181,977$125,995$128,938
Total long-term assets$3,346,289$3,435,531$3,762,853$3,977,448$4,195,297
Total assets$5,545,872$4,492,351$4,592,244$4,682,731$5,033,548
 
Liabilities20192018201720162015
Payables and accrued expenses$33,050$6,231$19,762$53,456$10,436
Other current liabilities$0$0$0$0$0
Total current liabilities$33,050$6,231$19,762$53,456$10,436
Debt$0$0$0$0$0
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$0$0$0$916,412$963,186
Total long-term liabilities$0$0$0$916,412$963,186
Total liabilities$33,050$6,231$19,762$969,868$973,622
 
Net assets20192018201720162015
Without donor restrictions$3,814,685$3,648,797$3,978,205$3,256,812$3,596,498
With donor restrictions$1,698,137$837,323$594,277$456,051$463,428
Net assets$5,512,822$4,486,120$4,572,482$3,712,863$4,059,926
 
Revenues and expenses
 
Revenue20192018201720162015
Total contributions$3,093,681$2,140,576$3,226,050$2,317,546$2,268,451
Program service revenue$358,911$368,025$328,800$298,558$431,413
Membership dues$0$0$0$0$0
Investment income$302,248$76,419$42,684$7,806$7,766
Other revenue$654,564$347,567$401,816$332,275$341,028
Total other revenue$1,315,723$792,011$773,300$638,639$780,207
Total revenue$4,409,404$2,932,587$3,999,350$2,956,185$3,048,658
 
Expenses20192018201720162015
Program services$2,865,625$2,652,530$2,647,664$2,787,403$2,493,352
Management and general$463,147$317,781$297,697$419,076$496,555
Fundraising$54,620$49,647$148,585$105,294$157,425
Total expenses$3,383,392$3,019,958$3,093,946$3,311,773$3,147,332
 
Change in net assets20192018201720162015
Surplus (deficit)$1,026,012($87,371)$905,404($355,588)($98,674)
Other changes in net assets$0$0$0$0$0
Total change in net assets$1,026,012($87,371)$905,404($355,588)($98,674)

Compensation

NameTitleCompensation
Mike DoyleExec Director$121,712

Compensation data as of: 12/31/2019


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 4/14/2022. To update the information below, please email: [email protected]


History

Starting with a $30,000 gift from North Richland Hills Baptist Church in 1992, Cornerstone's Network now includes hundreds of churches, organizations, and businesses who desire to make a difference in the lives of those who are suffering under the burden of poverty.


Program accomplishments


Needs