Cornerstone Foundation Inc
- Assets
- $24.5m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Des Plaines, IL
- Founding
- 04/1988
- Data as of
- 06/2023
- EIN
- 36-3289363
Organization Overview
Cornerstone Foundation Inc is located in Des Plaines, IL. The organization was established in 1988. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Cornerstone Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RESPONDING TO THE GOSPEL, THE CORNERSTONE FOUNDATION IS THE ENDOWMENT ENSURING THE MINISTRIES AND FUTURE OF LUTHERAN SOCIAL SERVICES OF ILLINOIS (LSSI). THE CORNERSTONE FOUNDATION IS RESPONSIBLE FOR DEVELOPING ACTIVE SUPPORT FOR THE SOCIAL SERVICES PROVIDED BY LSSI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LUTHERAN SOCIAL SERVICES OF ILLINOIS PROGRAM SERVICE GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark A Stutrud CEO | Officer | 1 | $0 |
David Novak VP Of Advancement | Officer | 1 | $0 |
Lisa Sroga VP Finance/cfo | Officer | 1 | $0 |
Dottie Garrity Exec Dir Strategic Information (term. 09/2022) | Officer | 1 | $0 |
David K Wilds Dir Of Treasury Services | Officer | 1 | $0 |
Pr Michel Clark Chairperson | OfficerTrustee | 0.4 | $0 |
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 | $1,384,563 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,384,563 |
| Total Program Service Revenue | $0 |
| Investment income | $505,040 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,279 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,877,324 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $580,386 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $19,161 |
| Fees for services: Legal | $15,552 |
| Fees for services: Accounting | $6,676 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $45,447 |
| Fees for services: Other | $193 |
| Advertising and promotion | $0 |
| Office expenses | $2,677 |
| Information technology | $13,426 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,232 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,207 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $687,957 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,042 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $22,995,752 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,342,835 |
| Total assets | $24,541,629 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $458,961 |
| Total liabilities | $458,961 |
| Net assets without donor restrictions | $14,856,482 |
| Net assets with donor restrictions | $9,226,186 |
| 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 | $24,541,629 |
Grants Awarded
Over the last fiscal year, Cornerstone Foundation Inc has awarded $558,331 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LUTHERAN SOCIAL SERVICES OF ILLINOIS PURPOSE: SUPPORT OF SOCIAL SERVICES | $478,081 |
LUTHERAN SOCIAL SERVICES OF MINNESOTA PURPOSE: SUPPORT OF SOCIAL SERVICES | $80,250 |