Cornerstone Television Inc
- Assets
- $10.3m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 57
- Location
- Wall, PA
- Founding
- 05/1971
- Data as of
- 12/2023
- EIN
- 23-7112560
Organization Overview
Cornerstone Television Inc is located in Wall, PA. The organization was established in 1971. According to its NTEE Classification (X82) the organization is classified as: Religious Television, under the broad grouping of Religion-Related and related organizations. As of 12/2023, Cornerstone Television Inc employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Television Inc 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 12/2023, Cornerstone Television Inc generated $4.4m 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 (3.5%) each year. All expenses for the organization totaled $4.9m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Cornerstone Television Inc has awarded 92 individual grants totaling $1,017,022. 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.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PRODUCTION AND BROADCASTING OF RELIGIOUS AND EDUCATIONAL PROGRAMS.
Describe the Organization's Program Activity:
BROADCASTING & PRODUCTION - TELEVISION BROADCASTING OF IN-HOUSE, NATIONALLY SYNDICATED, AND LOCAL RELIGIOUS AND EDUCATIONAL ORIENTED PROGRAMS, SERVING WESTERN AND CENTRAL PENNSYLVANIA AND OTHER PARTS OF THE UNITED STATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Johnson President/ceo | OfficerTrustee | 40 | $103,300 |
Ms Michelle Agatston Vice Chairman | Trustee | 1 | $600 |
Paul Bixler Director | Trustee | 1 | $69,990 |
Leon Haynes Director | Trustee | 1 | $1,850 |
Thomas Scott Treasurer | Trustee | 1 | $0 |
Rev Gary Mitrik Director | Trustee | 1 | $24,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vertical Technology Services Inc Tower Work | 12/30/19 | $229,000 |
North Coast Litho Printing | 12/30/19 | $190,475 |
Micahtek Inc Call Center | 12/30/19 | $113,780 |
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 | $2,002,562 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,002,562 |
| Total Program Service Revenue | $1,549,839 |
| Investment income | $242,494 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,492 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,088 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $603,645 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,421,732 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $300,003 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $229,938 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $186,713 |
| Compensation of current officers, directors, key employees. | $90,201 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,771,965 |
| Pension plan accruals and contributions | $17,521 |
| Other employee benefits | $245,289 |
| Payroll taxes | $147,115 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,221 |
| Fees for services: Accounting | $25,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $279,241 |
| Advertising and promotion | $0 |
| Office expenses | $201,062 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $170,762 |
| Travel | $15,530 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,177 |
| Interest | $299 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $323,772 |
| Insurance | $68,040 |
| All other expenses | $182,039 |
| Total functional expenses | $4,866,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $524,540 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $375,328 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $79,853 |
| Prepaid expenses and deferred charges | $4,665 |
| Net Land, buildings, and equipment | $4,300,738 |
| Investments—publicly traded securities | $4,933,711 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,245 |
| Total assets | $10,269,080 |
| Accounts payable and accrued expenses | $209,982 |
| Grants payable | $0 |
| Deferred revenue | $27,944 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $58,652 |
| Total liabilities | $296,578 |
| Net assets without donor restrictions | $9,913,617 |
| Net assets with donor restrictions | $58,885 |
| 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 | $10,269,080 |
Grants Awarded
Over the last fiscal year, Cornerstone Television Inc has awarded $175,418 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
PITTSBURGH DREAM CENTER PURPOSE: MINISTRY | $23,000 |
HOSANNA HOUSE PURPOSE: MINISTRY | $14,400 |
NEHEMIAH PROJECT PURPOSE: MINISTRY | $12,000 |
EXTRAVAGANT LOVE PROJECT PURPOSE: MINISTRY | $12,000 |
LARRY HUCH MINISTRIES PURPOSE: MINISTRY | $9,897 |
WOMENS CHOICE NETWORK PURPOSE: MINISTRY | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cornerstone Television Inc Wall, PA | $10,269,080 | $4,421,732 |
Sonshine Media Group Allentown, PA | $79,944,215 | $2,170,178 |
Sonshine Family Television Corp Allentown, PA | $6,459,305 | $1,276,562 |
Danbi Christian Tv Inc Flushing, NY | $676,273 | $483,778 |
Domestic Church Media Foundation Trenton, NJ | $1,769,078 | $338,508 |
Jake Tv Inc Lakewood, NJ | $19,057 | $0 |
Promise Of Hope Ministries Hilliard, OH | $609,387 | $120,616 |
Isaac Tv canfield, OH | $29,397 | $0 |
John J Cummings Charitable Tr Amherst, NY | $986,232 | $40,608 |
Scala Media Inc Ridgewood, NY | $18,448 | $0 |
Communitas Dei Association New York, NY | $10,485 | $12,127 |
Gdm Broadcasting Foundation Cincinnati, OH | $23,220 | $0 |