Cornerstone Legacy Foundation
- Assets
- $2.3m
- Revenue
- $46.5k
- Investments
- $2.2m
- Employees
- 0
- Location
- Irvine, CA
- Founding
- 10/2004
- Data as of
- 12/2022
- EIN
- 20-0470994
Organization Overview
Cornerstone Legacy Foundation is located in Irvine, CA. The organization was established in 2004. According to its NTEE Classification (T22) the organization is classified as: Private Independent 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 Legacy 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 Legacy Foundation generated $46.5k 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 (13.2%) each year. All expenses for the organization totaled $804.9k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Cornerstone Legacy Foundation has awarded 137 individual grants totaling $3,402,968. 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 |
|---|---|---|---|
Gerald Pharris CEO | 2 | $0 | |
Lynn Pharris Secretary / CFO | 2 | $0 | |
Catherine Anderson Director | 0.5 | $0 | |
Brian Pharris Director | 0.5 | $0 | |
Jonathan Pharris Director | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $102 |
| Dividends & Interest | $17,423 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $18,589 |
| Capital Gain Net Income | $18,589 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $10,373 |
| Total Revenue | $46,487 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $143 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $90 |
| Total operating and administrative expenses | $5,008 |
| Contributions, gifts, grants paid | $799,900 |
| Total expenses and disbursements | $804,908 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $177,552 |
| Savings and temporary cash investments | $0 |
| 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 | $2,152,084 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,329,636 |
| 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 Legacy Foundation has awarded $799,900 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
FREE WHEELCHAIR MISSION PURPOSE: SUPPORT OF EXEMPT FUNCTION | $8,400 |
HOAG HOSPITAL FOUINDATION PURPOSE: SUPPORT OF EXEMPT FUNCTION | $50,000 |
NATIONAL CHRISTIAN FOUNDATION PURPOSE: SUPPORT OF EXEMPT FUNCTION | $729,500 |
WYCLIFF BIBLE TRANSLATORS PURPOSE: SUPPORT OF EXEMPT FUNCTION | $12,000 |