Cornerstone Charitable Foundation
- Assets
- $13.2m
- Revenue
- $1.4m
- Investments
- $1.1m
- Employees
- 2
- Location
- Beloit, KS
- Founding
- 06/2006
- Data as of
- 12/2021
- EIN
- 20-3106498
Organization Overview
Cornerstone Charitable Foundation is located in Beloit, KS. The organization was established in 2006. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Cornerstone Charitable Foundation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Charitable 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, Cornerstone Charitable Foundation generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CORNERSTONE CHARITABLE FOUNDATION'S MISSION IS TO STRENGTHEN LOCAL CATHOLIC COMMUNITIES FOR FUTURE GENERATIONS BY PROVIDING GRANTS AND FINANCING PROGRAMS FOR CATHOLIC AND MISSION-SUPPORTIVE NON-PROFIT ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDER ITS ENDOWMENT FUNDING PROGRAM, CORNERSTONE MAINTAINS AND ADMINISTERS AN INSURANCE PROGRAM WHICH INVOLVES THE PAYMENT OF LIFE INSURANCE PREMIUMS ON A POOL OF INSURANCE POLICIES OF WHICH CORNERSTONE IS THE OWNER AND BENEFICIARY.
UNDER ITS CONDUIT BOND PROGRAM, CORNERSTONE SERVES AS A BOND ISSUER FOR OTHER MISSION-SUPPORTIVE ORGANIZATIONS.
UNDER ITS REAL ESTATE PROGRAM, CORNERSTONE ACQUIRES, MANAGES AND DEVELOPS REAL ESTATE TO STRENGTHEN CATHOLIC COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Walter President | Officer | 35 | $15,000 |
Doug Eilert Treasurer/trustee | OfficerTrustee | 10 | $0 |
Douglas Thiessen Chairman/trustee | OfficerTrustee | 5 | $0 |
Dan Ellenz Vice President/trustee | OfficerTrustee | 2 | $0 |
Dean Gengler Secretary/trustee | OfficerTrustee | 10 | $0 |
Jeff Bechard Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Immaculata Law Firm Llc See Schedule O | 12/30/16 | $105,000 |
Julius Capital Services Llc See Schedule O | 12/30/16 | $136,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $426,850 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $426,850 |
| Total Program Service Revenue | $855,622 |
| Investment income | $57,769 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $14,289 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,354,530 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $245,123 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $15,000 |
| Compensation of current officers, directors, key employees. | $3,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,050 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,007 |
| Fees for services: Management | $68,145 |
| Fees for services: Legal | $10,664 |
| Fees for services: Accounting | $54,258 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,957 |
| Advertising and promotion | $7,603 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $66 |
| Interest | $472,746 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,090 |
| Insurance | $480,088 |
| All other expenses | $0 |
| Total functional expenses | $1,460,735 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $173,349 |
| Savings and temporary cash investments | $291,207 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,367 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $144,948 |
| Net Land, buildings, and equipment | $1,059,408 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,115,000 |
| Investments—program-related | $7,763,745 |
| Intangible assets | $0 |
| Other assets | $2,590,811 |
| Total assets | $13,160,835 |
| Accounts payable and accrued expenses | $102,310 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,042,753 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,706 |
| Total liabilities | $16,148,769 |
| Net assets without donor restrictions | -$3,928,565 |
| Net assets with donor restrictions | $940,631 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $13,160,835 |
Grants Awarded
Over the last fiscal year, Cornerstone Charitable Foundation has awarded $171,891 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ST JOHN THE BAPTIST CATHOLIC CHURCH PURPOSE: PARISH DEBT REDUCTION, HS WINDOWS REPLACEMENT, HS BLEACHER REPLACEMENT, AUCTION ASSISTANCE & CHOIR EQUIPMENT REPAIR | $170,391 |
KNIGHTS OF COLUMBUS PURPOSE: TOWARDS COMMUNITY SONOGRAM PURCHASE | $1,500 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Cornerstone Charitable Foundation has recieved totaling $1,882.
| Awarding Organization | Amount |
|---|---|
Adoratio Foundation Beloit, KS PURPOSE: EDUCATION | $1,302 |
Catholic Order Of Foresters Welfare & Relief Fund Naperville, IL PURPOSE: RELIGIOUS | $500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $80 |
Endowment Analysis
| Beg. Balance | $19,843 |
| Earnings | $668 |
| Net Contributions | $26,495 |
| Ending Balance | $47,006 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Stifel Charitable Inc St Louis, MO | $132,307,100 | $94,589,551 |
Amg Charitable Gift Foundation Greenwood Village, CO | $149,608,626 | $31,189,759 |
Faith Charitable Trust Omaha, NE | $0 | $922,113 |
Peopleforbikes Foundation Boulder, CO | $3,836,789 | $4,747,548 |
Olathe Health System Inc Olathe, KS | $604,759,622 | $8,223,691 |
Coxhealth Foundation Springfield, MO | $33,244,463 | $11,374,415 |
Colorado Springs Health Foundation Colorado Springs, CO | $192,761,783 | $20,158,263 |
Bass Pro Shops & Cabelas Outdoor Fund Springfield, MO | $14,575,213 | $9,618,697 |
Community Clinics At Mrh Craig, CO | $2,546,314 | $4,871,469 |
Love Family Affiliated Fund Of The Oklahoma City Community Foundation Oklahoma City, OK | $15,024,266 | $3,226,115 |
The Summit Foundation Breckenridge, CO | $22,333,564 | $6,446,939 |
Delta Dental Plan Of Colorado Foundation Inc Centennial, CO | $49,407,538 | $7,354,088 |