Cornerstone Charitable Foundation
- Assets
- $8.8m
- Revenue
- $1.3m
- Investments
- $855.0k
- Employees
- 1
- Location
- Beloit, KS
- Founding
- 06/2006
- Data as of
- 12/2022
- 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. 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 12/2022, Cornerstone Charitable Foundation generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $1.4m during the year ending 12/2022. 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
2022
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Thiessen Chairman/trustee | OfficerTrustee | 5 | $0 |
Dan Ellenz Vice President/trustee | OfficerTrustee | 2 | $0 |
Doug Eilert Treasurer/trustee | OfficerTrustee | 10 | $0 |
Dean Gengler Secretary/trustee | OfficerTrustee | 10 | $0 |
Jeff Bechard Trustee | Trustee | 2 | $0 |
David Dubbert Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Julius Capital Services Llc See Schedule O | 12/30/16 | $136,000 |
Immaculata Law Firm Llc See Schedule O | 12/30/16 | $105,000 |
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 | $624,865 |
| Noncash contributions included in lines 1a–1f | $218,250 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $624,865 |
| Total Program Service Revenue | $581,217 |
| Investment income | $57,188 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $21,700 |
| 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 | $1,284,970 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $145,920 |
| 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. | $10,000 |
| Compensation of current officers, directors, key employees. | $4,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,226 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,500 |
| Fees for services: Accounting | $99,618 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,247 |
| Advertising and promotion | $5,386 |
| 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 | $3,102 |
| Interest | $497,326 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,091 |
| Insurance | $501,732 |
| All other expenses | $0 |
| Total functional expenses | $1,358,399 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,830 |
| Savings and temporary cash investments | $180,523 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,330 |
| 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 | $75,294 |
| Net Land, buildings, and equipment | $1,225,317 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $855,000 |
| Investments—program-related | $3,599,063 |
| Intangible assets | $0 |
| Other assets | $2,859,652 |
| Total assets | $8,845,009 |
| Accounts payable and accrued expenses | $47,368 |
| 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 | $11,855,527 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,477 |
| Total liabilities | $11,906,372 |
| Net assets without donor restrictions | -$4,064,616 |
| Net assets with donor restrictions | $1,003,253 |
| 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 | $8,845,009 |
Grants Awarded
Over the last fiscal year, Cornerstone Charitable Foundation has awarded $171,891 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
KNIGHTS OF COLUMBUS PURPOSE: TOWARDS COMMUNITY SONOGRAM PURCHASE | $1,500 |
ST JOHN THE BAPTIST CATHOLIC CHURCH PURPOSE: PARISH DEBT REDUCTION, HS WINDOWS REPLACEMENT, HS BLEACHER REPLACEMENT, AUCTION ASSISTANCE & CHOIR EQUIPMENT REPAIR | $170,391 |