First Cornerstone Foundation Inc
- Assets
- $7.0m
- Revenue
- $520.7k
- Investments
- $6.8m
- Employees
- 0
- Location
- Pittsburgh, PA
- Founding
- 11/2005
- Data as of
- 06/2023
- EIN
- 42-1653252
Organization Overview
First Cornerstone Foundation Inc is located in Pittsburgh, PA. The organization was established in 2005. 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. First Cornerstone Foundation 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 06/2023, First Cornerstone Foundation Inc generated $520.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (22.7%) each year. All expenses for the organization totaled $480.0k during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, First Cornerstone Foundation Inc has awarded 227 individual grants totaling $1,344,730. 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 |
|---|---|---|---|
Frances M Abbott Co-Trustee | 1 | $0 | |
Frances H Abbott Jr Secretary | 1 | $0 | |
Bny Mellon N A Trustee | 1 | $1,582 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $8,253 |
| Interest on Savings | $0 |
| Dividends & Interest | $188,574 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $323,830 |
| Capital Gain Net Income | $323,830 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $520,657 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $1,582 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $11,910 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $297 |
| Total operating and administrative expenses | $40,804 |
| Contributions, gifts, grants paid | $439,200 |
| Total expenses and disbursements | $480,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $175,823 |
| 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 | $0 |
| Investments—other | $6,779,424 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $6,955,247 |
| 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, First Cornerstone Foundation Inc has awarded $439,200 in support to 75 organizations.
| Grant Recipient | Amount |
|---|---|
SOUL TRAK PURPOSE: GENERAL OPERATING | $1,500 |
GREENING YOUTH FOUNDATION PURPOSE: GENERAL OPERATING | $2,500 |
CHRISTODORA PURPOSE: GENERAL OPERATING | $4,000 |
THE CENTER FOR EARLY EDUCATION PURPOSE: GENERAL OPERATING | $9,000 |
COATESVILLE CENTER FOR COMMUNITY HEALTH PURPOSE: GENERAL OPERATING | $5,000 |
REACH IN CHICAGO PURPOSE: GENERAL OPERATING | $2,000 |