Corning Incorporated Foundation
- Assets
- $7.6m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Corning, NY
- Founding
- 12/1953
- Data as of
- 12/2021
- EIN
- 16-6051394
Organization Overview
Corning Incorporated Foundation is located in Corning, NY. The organization was established in 1953. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corning Incorporated Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Corning Incorporated Foundation generated $5.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $5.6m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Corning Incorporated Foundation has awarded 1,230 individual grants totaling $22,385,348. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea H Lynch President | 40 | $0 | |
Dr Jeffrey W Evenson Trustee | 0.15 | $0 | |
Lawrence D Mcrae Trustee | 0.09 | $0 | |
Dr David L Morse Trustee | 0.12 | $0 | |
Michael J Burns Treasurer | 0.23 | $0 | |
John P Bayne Jr Trustee | 0.09 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $4,603,395 |
| Interest on Savings | $0 |
| Dividends & Interest | $120,387 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $1,048,091 |
| Capital Gain Net Income | $1,048,091 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $5,771,873 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $232,696 |
| Pension plans, employee benefits | $112,869 |
| Interest | $0 |
| Taxes | $15,463 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $437 |
| Printing and publications | $0 |
| Other expenses | $287,237 |
| Total operating and administrative expenses | $673,272 |
| Contributions, gifts, grants paid | $4,878,071 |
| Total expenses and disbursements | $5,551,343 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,013 |
| Savings and temporary cash investments | $7,387,802 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,322 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $7,606,137 |
| Accounts payable and accrued expenses | $5,090 |
| Grants payable | $1,268,811 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,273,901 |
Grants Awarded
Over the last fiscal year, Corning Incorporated Foundation has awarded $4,357,407 in support to 268 organizations.
| Grant Recipient | Amount |
|---|---|
Corning, NY PURPOSE: CAPITAL CAMPAIGN | $200,000 |
Corning, NY PURPOSE: CAPITAL CAMPAIGN | $200,000 |
Rochester, NY PURPOSE: EXTENDING THE OPTICS CONDUIT | $152,000 |
Rochester, NY PURPOSE: EXTENDING THE OPTICS CONDUIT | $152,000 |
Corning, NY PURPOSE: GIVING MOMENT CAMPAIGN | $140,000 |
Corning, NY PURPOSE: GIVING MOMENT CAMPAIGN | $140,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John R Oishei Foundation Buffalo, NY | $294,151,477 | $18,357,929 |
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
American Express Foundation New York, NY | $66,234,265 | $62,922,703 |
Essel Foundation Inc Purchase, NY | $100,106,056 | $12,292,478 |
Beth And Ravenel Curry Foundation New York, NY | $0 | $44,744,046 |
Kz Family Foundation New York, NY | $10,936,301 | $30,139,672 |
The Freeman Foundation P-01644-00-7 New York, NY | $343,405,683 | $35,941,951 |
Hearst Foundation Inc New York, NY | $439,249,947 | $42,040,987 |
Tansy Charitable Foundation New York, NY | $325,076,608 | $77,631,295 |
Gordon & Llura Gund Foundation Princeton, NJ | $18,024,465 | $6,191,436 |