2024-11-14T09:49:23-06:00 2023-12-31 861065772 DELOITTE TAX LLP 1001 WOODWARD SUITE 700 DETROIT MI 48226 990 2023-01-01 383326860 THE NEW COMMON SCHOOL FOUNDATION NEWC 3133688580 6861 E NEVADA DETROIT MI 48234 CLARK DURANT PRESIDENT 3133688580 2024-11-14 1 1 ALICIA JANISCH P00741382 3133963000 2023 2024-10-15 13:58:12Z CLARK DURANT 6861 E NEVADA DETROIT MI 48234 5223521 0 X N/A X 1996 MI THE MISSION OF THE NEW COMMON SCHOOL FOUNDATION IS TO BUILD A SUSTAINABLE MODEL OF EXCELLENCE FOR A NEW COMMON SCHOOL WITHIN A BROAD, BELOVED, AND COMMITTED COMMUNITY OF FRIENDS. 3 2 9 2 0 0 3837423 1712762 3114671 3052495 45109 436956 0 400 6997203 5202613 1280599 425150 0 0 1177619 1020099 0 0 268743 2798866 2767749 5257084 4212998 1740119 989615 44389188 45305392 10039776 9883945 34349412 35421447 THE MISSION OF THE NEW COMMON SCHOOL FOUNDATION IS TO BUILD A SUSTAINABLE MODEL OF EXCELLENCE FOR A NEW COMMON SCHOOL WITHIN A BROAD, BELOVED, AND COMMITTED COMMUNITY OF FRIENDS. 0 0 3501133 425150 3052895 THE NEW COMMON SCHOOL FOUNDATION (THE FOUNDATION) IS HELPING TO RESEARCH, DEVELOP, CREATE, AND SUPPORT A NEW COMMON SCHOOL FOR PUBLIC SCHOOL STUDENTS. IT ALSO IS SEEKING TO SUPPORT LEARNINGS IN READING AND MATH INSTRUCTION WHILE ALSO HELPING TO CREATE CAREER OPPORTUNITIES FOR URBAN CHILDREN. THE FOUNDATION HAS WORKED TO PURCHASE, DEVELOP, AND/OR MAINTAIN HIGHER QUALITY LEARNING ENVIRONMENTS WHILE CREATING PARTNERSHIPS WITH THE CORNERSTONE EDUCATION GROUP TO ACHIEVE ITS COMPLETE LIFE MISSION TO SERVE 2,500 OR MORE STUDENTS IN THE CITY OF DETROIT. 3501133 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 1 0 1 0 0 0 1 0 1 0 0 1 0 0 0 0 1 0 0 0 1 8 0 1 9 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 3 2 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 0 MI X CLARK DURANT 3133688580 6861 E NEVADA DETROIT MI 48243 JEFFERY NEILSON CHAIRMAN 0.50 0.00 X X 0 0 0 CLARK DURANT PRESIDENT AND TREASURER 60.00 2.00 X X 515000 0 55145 CAROL MANSFIELD DIRECTOR AND SECRETARY 0.50 0.00 X X 0 0 0 SHARON MAIER VP INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 140000 0 0 655000 0 55145 2 0 1 0 BLUE STAR INC 21950 HOOVER WARREN MI 48089 CONSTRUCTION SERVICES 186320 POWER SOLUTIONS GROUP INC 18377 E 14 MILE RD FRASER MI 48026 CONSTRUCTION SERVICES 165370 MIRANDO AMADO ABOGADOS AV JOSE LARCO N 1301 CERCADO DE M LIMA PE LEGAL SERVICES 163000 3 1712762 127711 1712762 PROGRAM SERVICE REV. 561300 3052495 3052495 3052495 297373 297373 160491 0 20908 160491 -20908 139583 139583 OTHER INCOME 900099 400 400 400 5202613 3052895 0 436956 425150 425150 570145 456116 85522 28507 349222 113376 86971 148875 55128 16538 13782 24808 45604 28249 8556 8799 24656 8736 15920 38753 5813 29065 3875 404718 293161 96272 15285 40330 6934 29206 4190 29223 5024 21163 3036 283669 283669 92188 89819 1822 547 5174 5174 339049 339049 1137002 1137002 86571 54800 31771 REPAIRS AND MAINTENANCE 81633 81633 0 0 PROMOTION & DEVELOPMENT 54927 54927 0 0 MEALS AND ENTERTAINMENT 27578 22062 4137 1379 EVENTS 27491 0 0 27491 94787 73901 18935 1951 4212998 3501133 443122 268743 842377 1746854 2599733 3401707 1901330 1447935 395298 886185 300000 300000 3572414 2012207 14844 70257 44728673 9971032 31490216 34757641 3272976 682606 44389188 45305392 646971 401375 9392805 9482570 10039776 9883945 X 30866382 32998050 3483030 2423397 34349412 35421447 44389188 45305392 989615 82420 0 X 0 1 X 1 0 X 7276686 840165 2357984 3837423 1712762 16025020 7276686 840165 2357984 3837423 1712762 16025020 10223776 5801244 14081 11006 12004 48016 297373 382480 16407500 0.35360 0.37810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2347188 2347188 34839809 7805133 27034676 7541676 2165899 5375777 34757641 X 5223521 0 5223521 -20908 -20908 5202613 4122948 20908 20908 4102040 110958 110958 4212998 PART X, LINE 2: FROM THE AUDITED FINANCIAL STATEMENTS OF THE NEW COMMON SCHOOL FOUNDATION: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE FOUNDATION IS A NONPROFIT CORPORATION EXEMPT FROM INCOME TAXES UNDER PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(A) RELATING TO NONPROFIT ORGANIZATIONS, SUCH AS AN ORGANIZATION DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(3). HOWEVER, UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. ASC GUIDANCE REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES CLARIFIES THE ACCOUNTING FOR INCOME TAXES BY PRESCRIBING THE MINIMUM RECOGNITION THRESHOLD, AN INCOME TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS AND APPLIES TO ALL INCOME TAX POSITIONS. EACH INCOME TAX POSITION IS ASSESSED USING A TWO-STEP PROCESS. A DETERMINATION IS FIRST MADE AS TO WHETHER IT IS MORE LIKELY THAN NOT THAT THE INCOME TAX POSITION WILL BE SUSTAINED, BASED UPON TECHNICAL MERITS, UPON EXAMINATION BY THE TAXING AUTHORITIES. IF THE INCOME TAX POSITION IS EXPECTED TO MEET THE MORE LIKELY THAN NOT CRITERIA, THE BENEFIT RECORDED IN THE FINANCIAL STATEMENTS EQUALS THE LARGEST AMOUNT THAT IS GREATER THAN 50% LIKELY TO BE REALIZED UPON ITS ULTIMATE SETTLEMENT. AT DECEMBER 31, 2023 AND 2022, THERE WERE NO UNCERTAIN TAX POSITIONS THAT REQUIRED ACCRUAL. THE FOUNDATION BELIEVES THAT IT HAS BEEN OPERATING WITHIN ITS TAX-EXEMPT STATUS AND HAS NO UNRELATED BUSINESS INCOME. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS -20,908. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS 20,908. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST RATE SWAP 110,958. 1 CORNERSTONE EDUCATION GROUP 306 E FOURTH ST ROYAL OAK MI 48067 270634528 501(C)(3) 366722 0 SUPPORT URBAN CHILDREN YOUTH MENTORING WORLDWIDE INC 116 S MITCHELL STREET CADILLAC MI 49601 463373660 501(C)(3) 37848 0 SUPPORT URBAN CHILDREN 2 0 PART I, LINE 2: DIRECT GRANTS ARE A SMALL PORTION OF THE FOUNDATION'S WORK. WHEN GRANTS ARE MADE, THE PRESIDENT REVIEWS THEM WITH THE GRANTEE ON AT LEAST A QUARTERLY BASIS TO ENSURE THE FUNDS ARE USED APPROPRIATELY AND EFFECTIVELY. X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 CLARK DURANT PRESIDENT AND TREASURER 475000 0 40000 0 0 0 22875 0 32270 0 570145 0 0 0 PART I, LINE 1A THE NEW COMMON SCHOOL FOUNDATION PAYS THE DUES FOR THE PRESIDENT, CLARK DURANT, FOR THE DETROIT ATHLETIC CLUB FOR FUNDRAISING PURPOSES. CLARK DURANT PRESIDENT AND TREASURER OF THE ORGANIZATION SEE PART V X 300000 300000 0 1 1 300000 EMMAUS ROAD GROUP LLC SEE PART V 127500 CONSULTING SERVICES BEYOND THE SCOPE OF THE PRESIDENT'S ROLE. THE CONSULTING AGREEMENT WAS ENTERED INTO PURSUANT TO A LONG-TERM DONOR PLEDGE AGREEMENT BEGINNING IN 2014, WHICH REPLACED A PREVIOUS ANNUAL COMMITMENT. THESE LONG-TIME CONSULTING SERVICES INCLUDE BUT ARE NOT LIMITED TO EXPLORING WAYS TO ASSIST THE FOUNDATION'S MISSION. THE DONOR PLEDGE AGREEMENT REMAINS IN EFFECT WHILE CLARK DURANT IS EITHER PRESIDENT OR A DIRECTOR OF THE FOUNDATION. 0 SCHEDULE L, PART II, COLUMN (C): TO ALLOW THE PRESIDENT TO MAKE CHARITABLE CONTRIBUTIONS IN 2014, WHICH TOTALED THE FULL AMOUNT OF THE LOAN. SCHEDULE L, PART IV, COLUMN (B): CLARK DURANT, PRESIDENT OF THE NEW COMMON SCHOOL FOUNDATION, IS THE MANAGING DIRECTOR OF THE EMMAUS GROUP LLC, WHICH PROVIDES MISSION RELATED CONSULTING SERVICES BEYOND THE SCOPE OF THE NEW COMMON SCHOOL FOUNDATION PRESIDENT'S ROLE PURSUANT TO A DONOR MISSION GIFT TO THEFOUNDATION. X 1 124711 FMV 0 0 0 0 PART I, COLUMN (B): THE VALUE OF THE CONTRIBUTION IS BASED UPON MARKET VALUE. EACH CONTRIBUTION IS COUNTED IN THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B FOLLOWING COMPLETION OF FORM 990 BY THE NEW COMMON SCHOOL FOUNDATION'S TAX PREPARER, FORM 990 IS REVIEWED AND APPROVED BY THE PRESIDENT. ONCE THE PRESIDENT APPROVES, THE CONTROLLER AND THE FINANCE DIRECTOR CONDUCT AN ADDITIONAL REVIEW PRIOR TO PROVIDING THE 990 TO THE BOARD FOR REVIEW AND APPROVAL. AFTER THE 990 IS APPROVED BY THE BOARD, THE FORM 990 IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, BOARD MEMBERS ARE REQUIRED TO DISCLOSE RELATIONSHIPS OR CONTRACTS THAT MAY BE VIEWED AS CONFLICTS OF INTEREST. IF A CONFLICT IS IDENTIFED, A GROUP INDEPENDENT FROM THE BOARD REVIEWS THE CONFLICT AND PREPARES A RESPONSE FOR THE BOARD. THE RESPONSE IS REVIEWED BY THE ENTIRE BOARD WITH THE PERSON(S) WITH THE CONFLICT PROHIBITED FROM PARTICIPATING IN DECISIONS RELATED TO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A ON DECEMBER 13, 2018, THE FOUNDATION'S PRESIDENT AND THE NEW COMMON SCHOOL FOUNDATION BOARD ENTERED INTO A 10-YEAR EMPLOYMENT AGREEMENT. THE FOUNDATION FOLLOWED A THREE-STEP PROCESS TO DETERMINE THE PRESIDENT'S COMPENSATION. 1. THE BOARD ENGAGED A THIRD-PARTY NATIONALLY RECOGNIZED COMPENSATION CONSULTING FIRM. THE FIRM ASSESSED COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE FIRM THEN RECOMMENDED THE APPROPRIATE COMPENSATION CONSISTENT WITH THEIR FINDINGS. 2. THE BOARD REVIEWED THE REPORT AND THE RECOMMENDATIONS MADE BY THE CONSULTING FIRM. 3. WITH THE PRESIDENT ABSTAINING, THE BOARD VOTED TO APPROVE THE COMPENSATION RECOMMENDATIONS. THE RECOMMENDED AND APPROVED COMPENSATION WAS LOWER THAN THAT OF COMPARABLE EXECUTIVES IN SIMILAR ROLES AS IDENTIFIED IN THE CONSULTANT'S REPORT. ANNUALLY, THE PRESIDENT'S SALARY IS REVIEWED AND APPROVED BY THE BOARD AS PART OF THE BUDGET APPROVAL PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL PROVIDE ANY DOCUMENTS OPEN TO PUBLIC INSPECTION UPON REQUEST. CORNERSTONE EDUCATION GROUP 306 E FOURTH STREET ROYAL OAK MI 48067 270634528 SEE PART VII MI 501(C)(3) LINE 2 N/A 0 CORNERSTONE SCHOOL ASSOCIATION 6861 E NEVADA STREET DETROIT MI 48234 382995984 SEE PART VII MI 501(C)(3) LINE 2 N/A 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CORNERSTONE EDUCATION GROUP B 366722 CASH CORNERSTONE EDUCATION GROUP D 3512107 CASH SCHEDULE R, PART II, COLUMN (B): CORNERSTONE EDUCATION GROUP PRIMARY ACTIVITY: SCHOOLS TO PREPARE OUR STUDENTS TO LIVE THE COMPLETE LIFE, A VIRTUOUS LIFE, A LIFE OF EXCELLENCE, IN THE UNFOLDING OF THE AMERICAN PROMISE. SCHEDULE R, PART II, COLUMN (B): CORNERSTONE SCHOOL ASSOCIATION PRIMARY ACTIVITY: A SCHOOL TO PREPARE OUR STUDENTS TO LIVE THE COMPLETE LIFE, A VIRTUOUS LIFE, A LIFE OF EXCELLENCE, IN THE UNFOLDING OF THE AMERICAN PROMISE.