2023-11-14T18:37:29-06:00 2022-12-31 953001179 WINDES INC PO BOX 87 LONG BEACH CA 908010087 990 2022-01-01 842737310 CORNERSTONE HOUSING FOR ADULTS WITH DISABILITIES CORN 5622571010 13034 SATICOY ST NORTH HOLLYWOOD CA 91605 DR MICHAEL HELD EXECUTIVE DIRECTOR 5622571010 2023-11-13 1 DR MICHAEL HELD 999009999 1 DONITA JOSEPH P00286656 5624351191 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR MICHAEL HELD 13034 SATICOY ST NORTH HOLLYWOOD CA 91605 12241101 0 X WWW.THECORNERSTONEVILLAGE.ORG X 2019 CA TO PROVIDE ADULT LIVING FOR THOSE WHO HAVE INTELLECTUAL & DEVELOPMENTAL DISABILITIES. 7 7 0 7 27145 26145 3458465 12205195 0 0 7857 -725209 0 27145 3466322 11507131 0 0 0 0 55367 0 0 0 82948 484419 603940 539786 603940 2926536 10903191 21843953 32943869 9639701 9836426 12204252 23107443 X TO PROVIDE ADULT LIVING FOR THOSE WHO HAVE INTELLECTUAL & DEVELOPMENTAL DISABILITIES. CURRENTLY IN THE DEVELOPMENT STAGE OF DEVELOPING LIVING STRUCTURE. 0 0 446658 CORNERSTONE HOUSING FOR ADULTS WITH DISABILITIES (THE ORGANIZATION) IS A CALIFORNIA NONPROFIT ORGANIZATION FOUNDED IN JUNE 2019 AND IS HEADQUARTERED IN NORTH HOLLYWOOD, CALIFORNIA. THE ORGANIZATION INTENDS TO DEVELOP AND OPERATE SUBSIDIZED HOUSING FOR PERSONS IN THE GREATER LOS ANGELES COMMUNITY WITH RECOGNIZED PHYSICAL OR MENTAL DISABILITIES OR DEVELOPMENTAL DISORDERS, WHO HAVE LIMITED FINANCIAL RESOURCES AND ARE DEPENDENT TO SOME EXTENT ON PUBLIC AND CHARITABLE ASSISTANCE.THE ORGANIZATION ACQUIRED THE LAND AND BUILDING THAT WILL BE TRANSFORMED INTO THE CENTER. DURING FISCAL YEAR 2021, THE CONSTRUCTION PROJECT BEGAN TO TRANSFORM THE LOCATION INTO THE INTENDED COMMUNITY WHICH IS EXPECTED TO BE COMPLETED IN FISCAL YEAR 2023. 446658 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 CA X DR MICHAEL HELD 5622571010 13034 SATICOY ST NORTH HOLLYWOOD CA 91605 X KAMBIZ BABAOFF PRESIDENT 1.00 X X 0 0 0 SCOTT KRIEGER DIRECTOR 1.00 X 0 0 0 JONATHAN M GLASER DIRECTOR 1.00 X 0 0 0 ERIC SCHWARTZ DIRECTOR 1.00 X 0 0 0 STEVE SAVITSKY DIRECTOR 1.00 X 0 0 0 STEVE DARRISON DIRECTOR 1.00 X 0 0 0 AVI RYZMAN DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 FRYMER DEVELOPMENT INC 11675 NATIONAL BLVD LOS ANGELES CA 90064 DEMOLITION OF BUILDING 157119 TIKVA-ETTA & LAZEAR ISRAEL CENTER FOR TH 13034 SATICOY STREET NORTH HOLLYWOOD CA 91605 NON-PROFIT MANAGEMENT 120474 2 12205195 12205195 8761 8761 27145 0 27145 27145 27145 733970 -733970 -733970 -733970 11507131 0 27145 -725209 206131 61283 61900 82948 3028 3028 27400 27400 66000 66000 2250 2250 109903 109903 9546 7036 2510 PROPERTY TAXES 197640 197640 BANK CHARGES 3218 3218 OTHER EXPENSES 2546 2546 BAD DEBT RECOVERY EXP -23722 -23722 603940 446658 74334 82948 174387 220838 2560312 4313335 4097649 13274296 9510 1840 15133560 0 15002095 15133560 21843953 32943869 39701 236426 9600000 9600000 9639701 9836426 X 4292807 17451053 7911445 5656390 12204252 23107443 21843953 32943869 10903191 0 X 0 1 X 1 0 X 9607890 3458465 12205195 25271550 9607890 3458465 12205195 25271550 5750000 1540000 1600000 8890000 0 5750000 1540000 1600000 8890000 16381550 10018 7857 35906 53781 10018 7857 35906 53781 9617908 3466322 12241101 25325331 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 66000 66000 0 PART II-B, LINE 1: CONTRACTED WITH GOVERNMENTAL ADVOCATES FOR CONSULTING SERVICES 11892743 11892743 3240817 3240817 15133560 X 11507131 0 11507131 0 11507131 603940 0 603940 0 603940 PART X, LINE 2: THE ORGANIZATION HAS BEEN DESIGNATED AS TAX-EXEMPT UNDER INTERNAL REVENUE CODE SECTION 501(C)(3), IS ALSO EXEMPT FROM STATE FRANCHISE TAXES UNDER SECTION 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE, AND IS NOT GENERALLY SUBJECT TO FEDERAL OR STATE INCOME TAXES. HOWEVER, THE ORGANIZATION IS SUBJECT TO INCOME TAXES ON ANY NET INCOME THAT IS DERIVED FROM A TRADE OR BUSINESS REGULARLY CARRIED ON AND NOT IN FURTHERANCE OF THE PURPOSES FOR WHICH IT WAS GRANTED EXEMPTION. NO INCOME TAX PROVISION HAS BEEN RECORDED AS, IN THE OPINION OF MANAGEMENT, THE NET INCOME FROM ANY UNRELATED TRADE OR BUSINESS IS NOT MATERIAL TO THE BASIC FINANCIAL STATEMENTS TAKEN AS A WHOLE. THE ORGANIZATION ADOPTED FASB ASC TOPIC NO. 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (ASC 740). IN ACCORDANCE WITH ASC 740, THE ORGANIZATION RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT OF BEING SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. TO DATE, THE ORGANIZATION HAS NOT RECORDED ANY UNCERTAIN TAX POSITIONS. THE ORGANIZATION RECOGNIZES THE POTENTIAL ACCRUED INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS IN INCOME TAX EXPENSE. THE ORGANIZATION IS SUBJECT TO POTENTIAL INCOME TAX AUDITS ON OPEN TAX YEARS BY ANY TAXING JURISDICTION IN WHICH IT OPERATES. THE STATUTE OF LIMITATIONS FOR FEDERAL PURPOSES IS THREE YEARS AND FOR CALIFORNIA IS FOUR YEARS. FORM 990, PART X LINE 17 AND 23 CERTAIN MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS PAY EXPENSES ON BEHALF OF THE ORGANIZATION FOR ACCOUNTING AND OTHER FEES AS WELL AS GUARANTEE $3,000,000 OF THE DEBT OUTSTANDING AS OF YEAR-END DECEMBER 31, 2022. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 IS REVIEWED BY THE BOARD TREASURER. ONCE ALL NECESSARY CHANGES ARE MADE A COPY IS GIVEN TO THE BOARD OF DIRECTORS PRIOR TO FILING THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS ARE REQUIRED TO COMPLY WITH CORNERSTONE HOUSING'S CONFLICT OF INTEREST POLICY. ANY CONFLICTS OF INTERESTS WILL BE ADDRESSED BY THE GOVERNING BODY. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION WAS CREATED IN 2019 AND HAS NOT YET IMPLEMENTED A MANNER TO MAKE FORM 1023, 990 AND 990-T AVAILABLE FOR PUBLIC INSPECTION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANZATION HAS IMPLEMENTED A CONFLICT OF INTEREST POLICY THAT IS AVAILABLE UPON REQUEST.