Cornerstone Television Inc
- Assets
- $10.7m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 65
- Location
- Wall, PA
- Founding
- 05/1971
- Data as of
- 12/2020
- EIN
- 23-7112560
Organization Overview
Cornerstone Television Inc is located in Wall, PA. The organization was established in 1971. According to its NTEE Classification (X82) the organization is classified as: Religious Television, under the broad grouping of Religion-Related and related organizations. As of 12/2021, Cornerstone Television Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Television 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 12/2020, Cornerstone Television Inc generated $5.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $5.3m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Cornerstone Television Inc has awarded 78 individual grants totaling $859,751. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PRODUCTION AND BROADCASTING OF RELIGIOUS AND EDUCATIONAL PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BROADCASTING & PRODUCTION - TELEVISION BROADCASTING OF IN-HOUSE, NATIONALLY SYNDICATED, AND LOCAL RELIGIOUS AND EDUCATIONAL ORIENTED PROGRAMS, SERVING WESTERN AND CENTRAL PENNSYLVANIA AND OTHER PARTS OF THE UNITED STATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Johnson President/ceo | OfficerTrustee | 40 | $100,367 |
Paul Bixler Director | Trustee | 1 | $66,117 |
Rev Gary Mitrik Director | Trustee | 1 | $27,200 |
Leon Haynes Director | Trustee | 1 | $600 |
Ms Michelle Agatston Vice Chairman | Trustee | 1 | $600 |
Thomas Scott Treasurer | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
North Coast Litho Printing | 12/30/19 | $190,475 |
Vertical Technology Services Inc Tower Work | 12/30/19 | $229,000 |
Micahtek Inc Call Center | 12/30/19 | $113,780 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,147,165 |
| Investment income | $102,097 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $359 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $290,347 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $396,740 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,370,294 |
| Statement of Expenses | |
|---|---|
| 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. | $220,441 |
| Compensation to disqualified persons | $48,294 |
| Other salaries and wages | $1,991,490 |
| Pension plan accruals and contributions | $19,520 |
| Other employee benefits | $225,177 |
| Payroll taxes | $180,935 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,066 |
| Fees for services: Accounting | $22,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $396,853 |
| Advertising and promotion | $0 |
| Office expenses | $179,757 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $184,137 |
| Travel | $15,815 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,532 |
| Interest | $9,411 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $349,847 |
| Insurance | $61,787 |
| All other expenses | $0 |
| Total functional expenses | $5,307,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $465,987 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $308,314 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $59,951 |
| Prepaid expenses and deferred charges | $37,501 |
| Investments—publicly traded securities | $5,319,753 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,719,548 |
| Accounts payable and accrued expenses | $324,455 |
| Grants payable | $0 |
| Deferred revenue | $19,622 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,232 |
| Total liabilities | $356,309 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $10,363,239 |
Grants Awarded
Over the last fiscal year, Cornerstone Television Inc has awarded $139,647 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
Monroeville, PA PURPOSE: MINISTRY | $18,000 |
Pittsburgh, PA PURPOSE: MINISTRY | $16,400 |
Bedford, TX PURPOSE: MINISTRY | $13,947 |
Altoona, PA PURPOSE: MINISTRY | $12,000 |
NO WALLS MINISTRIES PURPOSE: MINISTRY | $12,000 |
Pittsburgh, PA PURPOSE: MINISTRY | $12,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cornerstone Television Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Christian Broadcasting Network Inc Virginia Beach, VA PURPOSE: Christian Broadcasting | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cornerstone Television Inc Wall, PA | $10,719,548 | $5,370,294 |
Sonshine Family Television Corp Allentown, PA | $6,761,093 | $1,290,037 |
Sonshine Media Group Allentown, PA | $95,672,246 | $2,407,357 |
Danbi Christian Tv Inc Flushing, NY | $705,409 | $547,930 |
Domestic Church Media Foundation Trenton, NJ | $1,838,243 | $415,588 |
Isaac Tv canfield, OH | $29,397 | $0 |
Scala Media Inc Ridgewood, NY | $28,230 | $0 |
John J Cummings Charitable Tr Buffalo, NY | $1,024,573 | $92,151 |
Jake Tv Inc Brooklyn, NY | $6,048 | $0 |
Communitas Dei Association New York, NY | $9,714 | $22,643 |
Perfect Peace Ministries Inc Williamstown, NJ | $10,000 | $0 |
Gdm Broadcasting Foundation Cincinnati, OH | $23,365 | $0 |