The Cornerstone Foundation Incorporated
- Assets
- $721.0k
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 41
- Location
- Rockville, CT
- Founding
- 07/1985
- Data as of
- 12/2023
- EIN
- 22-2587192
Organization Overview
The Cornerstone Foundation Incorporated is located in Rockville, CT. The organization was established in 1985. According to its NTEE Classification (K34) the organization is classified as: Congregate Meals, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Cornerstone Foundation Incorporated employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Foundation Incorporated 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 Foundation Incorporated generated $2.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 16.9% each year . All expenses for the organization totaled $2.9m during the year ending 12/2023. While expenses have increased by 17.0% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORNERSTONE FOUNDATION IS A NON-PROFIT ORGANIZATION BASED IN ROCKVILLE, CONNECTICUT, A FORMER TEXTILE MILL CITY ABOUT 15 MILES NORTHEAST OF HARTFORD. THE ORGANIZATION PROVIDES FOOD, CLOTHING, AND SHELTER TO THOSE IN NEED WITHIN THEIR COMMUNITY. THEY ALSO PROVIDE AFTER SCHOOL TEEN PROGRAMS FOR AT RISK LOCAL TEENAGERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY KITCHEN - PROVIDES A DIGNIFIED ENVIRONMENT SERVING BETWEEN 3,500 AND 4,000 MEALS PER MONTH. ALSO A FOOD PANTRY THAT PROVIDES ASSISTANCE TO THOSE NEEDING SOME EXTRA HELP WHO MEET THE FEDERAL GUIDELINES FOR FOOD ASSISTANCE.
COMMUNITY CENTER - WE WORK WITH MANY DIFFERENT BUSINESSES, CHURCH GROUPS, YOUTH ORGANIZATIONS AND INDIVIDUALS TO SHARE RESOURCES.
CLOTHING BANK - DONATED CLOTHING AND HOUSEHOLD GOODS ARE TAKEN IN, SORTED, AND DISTRIBUTED FREE OF CHARGE WHEREVER THERE IS A NEED.
SHELTER - A FACILITY TO PROVIDE TEMPORARY SHELTER FOR INDIVIDUALS IN THE AREA NEEDING A WARM, SAFE PLACE TO SPEND THE NIGHT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Grace Boucher Member-At-La | Trustee | 3 | $0 |
Erika Brookman Member-At-La | Trustee | 3 | $0 |
Richard Carterud Assistant Tr | OfficerTrustee | 12 | $0 |
Matthew Couzens Member-At-La | Trustee | 6 | $0 |
Joel Defelice Member-At-La | Trustee | 3 | $0 |
Eve Magoon Member-At-La | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,900 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,853,312 |
| Noncash contributions included in lines 1a–1f | $1,859,804 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,864,212 |
| Total Program Service Revenue | $0 |
| Investment income | $3,668 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$22,412 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,803 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,867,751 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $621,431 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,285 |
| Payroll taxes | $55,126 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,330 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,217 |
| Advertising and promotion | $0 |
| Office expenses | $1,899,532 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $134,063 |
| Travel | $4,735 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6,543 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,660 |
| Insurance | $45,145 |
| All other expenses | $0 |
| Total functional expenses | $2,911,135 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $166,565 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $60,375 |
| 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 | $14,845 |
| Net Land, buildings, and equipment | $449,335 |
| Investments—publicly traded securities | $27,793 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,058 |
| Other assets | $0 |
| Total assets | $720,971 |
| Accounts payable and accrued expenses | $112,462 |
| 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 | $78,293 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $70,795 |
| Total liabilities | $261,550 |
| Net assets without donor restrictions | $459,421 |
| Net assets with donor restrictions | $0 |
| 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 | $720,971 |