2024-11-15T16:07:44-06:00 2023-12-31 341884125 CBIZ ADVISORS LLC 4722 N 24TH ST STE 300 PHOENIX AZ 85016 990 2023-01-01 842737310 CORNERSTONE HOUSING FOR ADULTS WITH DISABILITIES CORN 8189853882 13034 SATICOY ST NORTH HOLLYWOOD CA 91605 DR MICHAEL HELD EXECUTIVE DIRECTOR 8189853882 2024-11-15 1 1 KRISTEN M BASS P01247587 6022646835 2024-11-15 2023 2024-10-15 13:58:12Z DR MICHAEL HELD 13034 SATICOY ST NORTH HOLLYWOOD CA 91605 5680609 0 X WWW.THECORNERSTONEVILLAGE.ORG X 2019 CA TO PROVIDE ADULT LIVING FOR THOSE WHO HAVE INTELLECTUAL & DEVELOPMENTAL DISABILITIES. 7 7 0 0 53006 45099 12205195 5270854 0 0 -725209 332186 27145 77569 11507131 5680609 0 0 0 0 0 0 0 0 312759 603940 1062505 603940 1062505 10903191 4618104 32943869 39084611 9836426 11507466 23107443 27577145 TO PROVIDE ADULT LIVING FOR THOSE WHO HAVE INTELLECTUAL & DEVELOPMENTAL DISABILITIES. CURRENTLY IN THE DEVELOPMENT STAGE OF DEVELOPING LIVING STRUCTURE. 0 0 373659 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 BEGAN A CAPITAL CAMPAIGN TO RAISE FUNDS TO DEVELOP A CENTER THAT INCLUDES MORE THAN 60 INDIVIDUAL APARTMENTS, PROGRAM, FITNESS, AND KITCHEN AND DINING AREAS, AS WELL AS LEASED RETAIL SPACE. DURING THE YEAR ENDED DECEMBER 31, 2020, 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 2025. 373659 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 CA X DR MICHAEL HELD 8189853882 13034 SATICOY ST NORTH HOLLYWOOD CA 91605 X KAMBIZ BABAOFF PRESIDENT 1.00 X X 0 0 0 SCOTT KRIEGER SECRETARY 1.00 X X 0 0 0 JONATHAN M GLASER DIRECTOR 1.00 X 0 0 0 ERIC SCHWARTZ TREASURER 1.00 X X 0 0 0 STEVE SAVITSKY DIRECTOR 1.00 X 0 0 0 STEPHEN DARRISON DIRECTOR 1.00 X 0 0 0 AVI RYZMAN DIRECTOR 1.00 X 0 0 0 DR MICHAEL HELD EXECUTIVE DIRECTOR 30.00 X 0 0 0 0 0 0 0 0 0 0 TIKVA-ETTA & LAZEAR ISRAEL CTR FOR THE D 13034 SATICOY STREET NORTH HOLLYWOOD CA 91605 NON-PROFIT MANAGEMENT SERVICES 690908 1 5270854 5270854 332186 332186 53006 0 53006 53006 53006 BAD DEBT RECOVERY 900099 24563 24563 24563 5680609 0 53006 356749 33630 33630 183661 63117 120544 3890 1205 2685 104813 104813 3017 333 2684 ASSET MANAGEMENT FEES 690908 265267 233426 192215 FED & STATE TAXES 30332 30332 OTHER FEES 10213 10213 LICENCES AND DUES 2041 2041 1062505 373659 376087 312759 220838 194543 4313335 8712887 13274296 5792507 0 96531 1840 1118 24187276 0 15133560 24187276 0 99749 32943869 39084611 236426 790683 0 9570939 9600000 1055582 0 90262 9836426 11507466 X 17451053 19474994 5656390 8102151 23107443 27577145 32943869 39084611 4618104 -148402 0 X 0 1 X 1 0 X 9607890 3458465 12205195 5270854 30542404 9607890 3458465 12205195 5270854 30542404 5750000 1540000 1600000 5000000 13890000 0 5750000 1540000 1600000 5000000 13890000 16652404 10018 7857 35906 332186 385967 20655 35628 56283 10018 7857 56561 367814 442250 24563 24563 9617908 3466322 12261756 5663231 31009217 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: BAD DEBT RECOVERY - 2023 AMOUNT: $ 24,563. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11892743 11892743 12294533 12294533 24187276 OPERATING LEASE LIABILITY 90262 90262 X 5656046 0 5656046 24563 24563 5680609 1037942 -24563 -24563 1062505 0 1062505 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. THE ORGANIZATION ADOPTED FINANCIAL ACCOUNTING STANDARDS BOARD (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. PART XI, LINE 4B - OTHER ADJUSTMENTS: BAD DEBT RECOVERY 24,563. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT RECOVERY -24,563. A CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY 352273601 2023-04-14 35000000 CONSTRUCTION OF THE VILLAGE APARTMENT COMMUNITY FOR THOSE WITH DISABILITIES 0 0 0 A 35000000 264975 9600000 0 1 0 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 SCHEDULE K, PART I IN APRIL 2023, THE ORGANIZATION ENTERED INTO A TAX-EXEMPT DELAYED DRAW LOAN AGREEMENT WITH A TOTAL LOAN COMMITMENT OF $35,000,000. DRAWS MADE DURING THE YEAR ENDED DECEMBER 31, 2023 TOTALED $9,864,975, ALL OF WHICH IS OUTSTANDING AS OF DECEMBER 31, 2023. IN ADDITION, THE CONSTRUCTION PERIOD ENDS JULY 31, 2025, AT WHICH TIME THE DELAYED DRAW PERIOD CLOSES AND THE LOAN AMORTIZATION SCHEDULE WILL BE DETERMINED. FORM 990, PART VI, SECTION A, LINE 3 CORNERSTONE HOUSING FOR ADULTS WITH DISABILITIES ("CHAD") HAS A SHARED SERVICES AGREEMENT WITH TIKVAH-ETTA AND LAZEAR ISRAEL CENTER FOR THE DEVELOPMENTALLY DISABLED, AN UNRELATED CALIFORNIA NON-PROFIT CORPORATION DOING BUSINESS AS ETTA. THROUGH THE AGREEMENT ETTA AND ETTA'S EMPLOYEES MAY PROVIDE ADMINISTRATIVE SERVICES, INCLUDING, BUT NOT LIMITED TO, ACCOUNTING, FINANCIAL REPORTING, HUMAN RESOURCES, LEGAL, MEETING PLANNING, GOVERNMENT RELATIONS AND COMMUNICATIONS. IN ADDITION, ETTA'S EMPLOYEES MAY PROVIDE NON-PROFIT MANAGEMENT SERVICES, INCLUDING SUPPORT FOR ACTIVITIES OF THE BOARD OF DIRECTORS OF CORNERSTONE. UNDER THIS SHARED SERVICES AGREEMENT, CHAD REIMBURSED ETTA $244,500 FOR PAYROLL-RELATED EXPENSES ASSOCIATED WITH THE MANAGEMENT SERVICES PROVIDED BY DR. MICHAEL HELD IN HIS ROLE AS EXECUTIVE DIRECTOR FOR CHAD. 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 19 THE ORGANIZATION'S ARTICLES OF INCORPORATION, BY-LAWS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST.