Cornerstone Center Foundation
- Assets
- $1.9m
- Revenue
- $64.0k
- Investments
- $1.5m
- Employees
- 0
- Location
- West Chicago, IL
- Founding
- 10/1998
- Data as of
- 12/2022
- EIN
- 36-4248583
Organization Overview
Cornerstone Center Foundation is located in West Chicago, IL. The organization was established in 1998. 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 Center 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 Center Foundation generated $64.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.9%) each year. All expenses for the organization totaled $244.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (6.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Cornerstone Center Foundation has awarded 255 individual grants totaling $1,020,103. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
GUEST HOUSE PROVIDED FOR VISITING MISSIONARIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Virginia Johnson Trustee | 15 | $34,992 | |
Jeffrey Vandermolen Trustee | 7 | $15,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $2,527 |
| Interest on Savings | $429 |
| Dividends & Interest | $54,067 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $7,020 |
| Capital Gain Net Income | $7,020 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $64,043 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $49,992 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $1,938 |
| Depreciation | $10,950 |
| Occupancy | $23,591 |
| Travel, conferences, and meetings | $1,063 |
| Printing and publications | $0 |
| Other expenses | $1,391 |
| Total operating and administrative expenses | $107,704 |
| Contributions, gifts, grants paid | $136,446 |
| Total expenses and disbursements | $244,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $176,223 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—other | $12,000 |
| Net Land, buildings, and equipment | $252,768 |
| Other assets | $0 |
| Total assets | $1,949,667 |
| 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 Center Foundation has awarded $136,446 in support to 36 organizations.
| Grant Recipient | Amount |
|---|---|
A FAMILY FOR EVERY ORPHAN PURPOSE: ADVOCACY | $250 |
AFRICA INLAND MISSION PURPOSE: RELIGIOUS | $2,400 |
CASA VIVA PURPOSE: RELIGIOUS | $1,400 |
CARING NETWORK PURPOSE: ADVOCACY | $4,500 |
CHICAGO WESTSIDE CHRISTIAN SCHOOL PURPOSE: RELIGIOUS | $5,000 |
CORNERSTONE ACADEMY PURPOSE: RELIGIOUS | $2,000 |