Cornerstone University

“The Board receives an electronic copy of the Form 990 prior to filing. Management also reviews Form 990 with our independent CPA audit firm prior to filing.”

“At the fall board meeting each year, the Board members, Officers, and Key Employees are sent a copy of the policy and are asked to complete the conflict of interest survey online. They are asked to complete the conflict of interest questions by the end of August. It is the policy of the Board of Trustees of Cornerstone University that, in the event that the Board, officers, and/or managers of Cornerstone University are considering a transaction on behalf of Cornerstone University which will also involve 1. A member of the Board, an officer, a manger of Cornerstone University, or a member of their family's spouse, parents, brothers, sisters, or lineal descendants, or 2. An organization with which any such person is affiliated as described below, then such trustee, officer, or manager at first knowledge of any such transaction, shall disclose fully the precise nature of his or her interest or involvement.”

“The Executive Committee of the Board determines the wage for the President after reviewing salary comparisons of other like schools. The President also uses comparisons of other like schools in determining wages for Vice Presidents. The Vice Presidents wages are recommended by the President and approved by the Executive Committee of the Board. The Executive Committee minutes are ratified by the full Board in the Board minutes.”

“Most positions are compared to industry survey reports. Associations used for wage comparisons include Coalition of Christian Colleges & Universities (CCCU) and College & University Personnel Association (CUPA)”

“Cornerstone University makes its governing documents, conflict of interest policy, and financial statements available upon request. The form 990 is available on www.guidestar.org”

“Other - Total Revenue: 887147, Related or Exempt Function Revenue: 887147, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;”

“The purpose of the Executive Committee, made up of a Chair, Vice-Chair, Secretary, and Treasurer, is to assist the Board chairperson and the President with their joint responsibility to aid the Board in functioning effectively and efficiently, to assist the President at his or her request to address the business of the University between meetings of the Board, and to oversee the work of the Board committees between meetings of the Board. Between meetings of the Board of Trustees, the Executive Committee shall have general supervision of the administration and property of the University except that it may not take any action inconsistent with a prior act of the Board of Trustees, unless specifically empowered by the Board to do so. All actions taken by the Executive Committee shall be subject to revision, revocation, or alteration by the Board of Trustees, provided that no rights of third persons shall be adversely affected thereby. During this fiscal year, there were no unusual circumstances requiring Executive Committee action apart from the full Board. All Executive Committee decisions were brought to the full Board for approval. All members of the Executive Committee are Board members.”

“(Expenses $ including grants of $)(Revenue $ 887,147) Other program services”

“Split interest agreements - -351694;”

“The University uses general ledger expense accounts to track the expenses to support the ABTS theological education program in Southeast Asia. The University uses the accrual basis for accounting for these types of expenditures.”

“Cornerstone University pays membership dues to several state, regional, and national professional organizations MICU, NAIA, NACUBO, NASFA, CIC, CCCU, etc. consisting of numerous colleges and universities. Some of the professional organizations include varying degrees of lobbying activities in their overall focus. For the tax year ended 5/31/25, the dues notices did not include any lobbying expenses.”

“Because Cornerstone University participates in the Federal Title IV Financial Aid programs, the university is required to have an Uniform Guidance UG Audit conducted on the schedule of federal financial aid expenditures.”