Cornerstone Foundation
- Assets
- $26.2m
- Revenue
- $783.9k
- Investments
- $25.5m
- Employees
- 0
- Location
- Elverson, PA
- Founding
- 03/1990
- Data as of
- 12/2022
- EIN
- 23-2593411
Organization Overview
Cornerstone Foundation is located in Elverson, PA. The organization was established in 1990. 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. Cornerstone 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 12/2022, Cornerstone Foundation generated $783.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.4%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Cornerstone Foundation has awarded 181 individual grants totaling $11,329,674. 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 |
|---|---|---|---|
Edward H Cone President/treasurer | 1 | $0 | |
Robert L Cone Vice President/secretary | 1 | $0 | |
Derial H Sanders Director | 1 | $0 | |
Stephen E Cone Director | 1 | $0 | |
Julie Zuber Director | 1 | $0 | |
Philip J Cone Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wells Fargo Securities | 12/30/22 | $76,631 |
Securities America Inc | 12/30/22 | $82,861 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $24,899 |
| Dividends & Interest | $443,271 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $225,633 |
| Capital Gain Net Income | $225,633 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $90,141 |
| Total Revenue | $783,944 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $67,577 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $43,211 |
| Total operating and administrative expenses | $280,480 |
| Contributions, gifts, grants paid | $1,802,645 |
| Total expenses and disbursements | $2,083,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,609 |
| Savings and temporary cash investments | $564,916 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $319,860 |
| Investments—other | $2,226,743 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $26,237,100 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Cornerstone Foundation has awarded $1,802,645 in support to 33 organizations.
| Grant Recipient | Amount |
|---|---|
58TEN PURPOSE: CHARITABLE, EDUCATION FUND | $30,000 |
ALPINE CAMP PURPOSE: CHARITABLE, CAMP SCHOLARSHIPS | $24,050 |
ABWE PURPOSE: CHARITABLE, SCHOLARHIPS, PRINTERS | $40,900 |
AZTECA NACIONAL AC PURPOSE: CHARITABLE, UCLA | $60,000 |
BAPTIST EVANGELISTIC MINISTRY ENDEAVORS LATIN AMERICA PURPOSE: CHARITABLE | $40,000 |
BAPTIST MID-MISSIONS PURPOSE: CHARITABLE, LAND AND BUILDING PROJECTS | $62,000 |