Cornerstone Foundation
- Assets
- $27.4m
- Revenue
- $3.2m
- Investments
- $25.8m
- Employees
- 0
- Location
- Elverson, PA
- Founding
- 03/1990
- Data as of
- 12/2021
- EIN
- 23-2593411
Organization Overview
Cornerstone Foundation is located in Elverson, PA. The organization was established in 1990. 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. Cornerstone 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 12/2021, Cornerstone Foundation generated $3.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 13.4% per year over the past 7 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.
Since 2015, Cornerstone Foundation has awarded 148 individual grants totaling $9,527,029. 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 |
|---|---|---|---|
Edward H Cone President/treasurer | 1 | $0 | |
Robert L Cone Vice President/secretary | 1 | $0 | |
Derial H Sanders Director | 1 | $0 | |
Philip J Cone Director | 1 | $0 | |
Julie Zuber Director | 1 | $0 | |
Michael T Cone Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Securities America Inc | 12/30/21 | $97,916 |
Wells Fargo Securities | 12/30/21 | $104,580 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $25,854 |
| Dividends & Interest | $596,336 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $2,596,806 |
| Capital Gain Net Income | $2,596,806 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $12 |
| Total Revenue | $3,219,008 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $4,634 |
| Taxes | $23,574 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $536 |
| Total operating and administrative expenses | $231,240 |
| Contributions, gifts, grants paid | $2,058,032 |
| Total expenses and disbursements | $2,289,272 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $250,494 |
| Savings and temporary cash investments | $1,301,846 |
| 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 | $484,677 |
| Investments—other | $213,977 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $27,360,921 |
| 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 Foundation has awarded $2,058,032 in support to 32 organizations.
| Grant Recipient | Amount |
|---|---|
Ankeny, IA PURPOSE: BUILDING RENOVATION | $375,000 |
AZTECA NACIONAL AC PURPOSE: CHARITABLE, UCLA | $200,000 |
BETHANY CHURCH PURPOSE: CHARITABLE, CHURCH BUILDING | $170,000 |
CAMP LOMA DEVIDA PURPOSE: CAMP SCHOLARSHIPS, REPAIR ROOF, NEW CABIN | $155,000 |
Ft Lauderdale, FL PURPOSE: CHARITABLE, SHORT TERM MISSIONS TRIP | $151,500 |
GRAND VIEW CAMP PURPOSE: SCHOLARSHIPS, STAFF HOUSING NEEDS, AND CAMP INN PROJECT | $136,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John R Oishei Foundation Buffalo, NY | $294,151,477 | $18,357,929 |
Lor Foundation Inc West Chester, PA | $352,392,197 | $12,888,892 |
Grable Foundation Pittsburgh, PA | $386,701,292 | $35,946,563 |
Connelly Foundation West Conshohocken, PA | $387,913,026 | $27,891,431 |
The Abell Foundation Inc Baltimore, MD | $398,354,670 | $42,510,470 |
American Express Foundation New York, NY | $66,234,265 | $62,922,703 |
Essel Foundation Inc Purchase, NY | $100,106,056 | $12,292,478 |
Beth And Ravenel Curry Foundation New York, NY | $0 | $44,744,046 |
Kz Family Foundation New York, NY | $10,936,301 | $30,139,672 |
The Freeman Foundation P-01644-00-7 New York, NY | $343,405,683 | $35,941,951 |
Hearst Foundation Inc New York, NY | $439,249,947 | $42,040,987 |
Fred F Silk Charitable Foundation Louisville, OH | $0 | $2,703,630 |