Overview
What is Commonwealth Cornerstone Group?
The Commonwealth Cornerstone Group is a nonprofit organization based in Harrisburg, Pennsylvania. They specialize in making loans to qualified businesses for the development and rehabilitation of real estate, focusing on projects that are essential for the revitalization of lower-income communities. Their initiatives extend beyond just real estate, as they also finance community facilities providing services not currently accessible to residents in these areas and support the development of wealth-creating single-family homes. The organization has received significant funding in the form of New Markets Tax Credits (NMTC), totaling over $393 million in allocations across multiple rounds.
Official website here: www.commonwealthcornerstone.org
Is Commonwealth Cornerstone Group legitimate?
Commonwealth Cornerstone Group is a legitimate nonprofit organization registered as a 501(c)(3) entity. Commonwealth Cornerstone Group submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $163,409
For more financial information, click here
Official website here: www.commonwealthcornerstone.org
What is the mission statement of Commonwealth Cornerstone Group?
The Commonwealth Cornerstone Group is an organization that provides loans to qualified businesses for the development and rehabilitation of real estate. This includes mixed-use properties whose revitalization is essential for the enhancement of lower income communities. The group also finances community facilities that offer services currently unavailable to residents in these communities. Additionally, they support the development of single family homes that create wealth and improve low income neighborhoods. Through these initiatives, the organization aims to contribute significantly to the revitalization of lower income communities.
Official website here: www.commonwealthcornerstone.org
Who is the CEO of Commonwealth Cornerstone Group?
Wendy Gessner is the Governing Board Chair - Tr (Outgoing) of Commonwealth Cornerstone Group.
Official website here: www.commonwealthcornerstone.org
What is the revenue of Commonwealth Cornerstone Group?
Commonwealth Cornerstone Group's revenue in 2022 was $12,939,661.
Official website here: www.commonwealthcornerstone.org
Who are the executives of Commonwealth Cornerstone Group and what are their salaries?
- Robin Wiessmann (Governing Board Chair) [Trustee/Director]
- Michael Steven O'Neill (Program Operations Director)
- Wendy Gessner (Executive Director)
- Tracy Horetsky (Secretary)
- Stephanie Willow (Program Officer)
- Brian A Hudson (Governing Board Chair - Tr (Outgoing)) [Trustee/Director]
- Dan Reisteter (Governing Board Member - T) [Trustee/Director]
- Donna Kreiser (Governing Board Member - T) [Trustee/Director]
- John Bendel (Governing Board Member - T) [Trustee/Director]
- Rebecca Peace (Governing Board Member) [Trustee/Director]
Official website here: www.commonwealthcornerstone.org
Where can I find the form 990 for Commonwealth Cornerstone Group?
The Commonwealth Cornerstone Group’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.commonwealthcornerstone.org
Learn more at the official website: www.commonwealthcornerstone.org
Mission Statement of Commonwealth Cornerstone Group
Commonwealth Cornerstone Group, a leading organization, is dedicated to making loans to qualified businesses for the development and rehabilitation of real estate. This mission is crucial for the revitalization of lower income communities. By providing financing for the redevelopment of critical properties, the organization contributes to the economic growth and transformation of these areas.
Commonwealth Cornerstone Group's work goes beyond just real estate development. The organization also finances community facilities that offer essential services not currently available to residents in these communities. Additionally, the group supports the development of wealth-creating single family homes, which enhance the overall quality of life in lower income neighborhoods.
The organization's commitment to revitalizing lower income communities is evident in its wide-ranging projects. With a focus on mixed-use properties, Commonwealth Cornerstone Group's investments facilitate the creation of vibrant, self-sustaining neighborhoods. By offering financing opportunities to businesses and developers, the organization plays a vital role in driving economic growth and community development.
The impact of Commonwealth Cornerstone Group's work extends far beyond the physical reconstruction of buildings and infrastructure. By investing in the redevelopment of properties in lower income communities, the organization helps to create opportunities for local businesses and residents, contributing to a positive cycle of economic growth and community revitalization.
Impact
This information is meant to be a general summary of Commonwealth Cornerstone Group. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Commonwealth Cornerstone Group's impact lies in providing loans to qualified businesses for the development and rehabilitation of real estate in lower-income communities. Through financing community facilities and the creation of wealth-building single-family homes, the organization plays a crucial role in revitalizing these underserved areas. Additionally, by receiving substantial allocations for New Markets Tax Credits, Commonwealth Cornerstone Group has been able to significantly expand its reach and amplify its impact on community improvement.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEE INCOME
Revenue
$1,496,478
INTEREST INCOME
Revenue
$260,174
GAIN ON UNWIND ON INV
Revenue
$312
Organization Details
Founding Year
2004
Phone
(717) 780-1891
Principal Officer
Wendy Gessner
Main Address
211 N FRONT ST, HARRISBURG, PA, 171011406
NTEE Category
Code: S30 - Community improvement
If you are a representative of Commonwealth Cornerstone Group and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.