First Cornerstone Foundation Inc
- Assets
- $7.0m
- Revenue
- $1.1m
- Investments
- $6.7m
- Employees
- 0
- Location
- Pittsburgh, PA
- Founding
- 11/2005
- Data as of
- 06/2022
- EIN
- 42-1653252
Organization Overview
First Cornerstone Foundation Inc is located in Pittsburgh, PA. The organization was established in 2005. 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. First 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.
For the year ending 06/2022, First Cornerstone Foundation Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 34.9% each year . All expenses for the organization totaled $577.3k during the year ending 06/2022. While expenses have increased by 22.3% per year over the past 3 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 2021, First Cornerstone Foundation Inc has awarded 152 individual grants totaling $905,530. 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 |
|---|---|---|---|
Frances H Abbott Jr Secretary | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $177,871 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $924,309 |
| Capital Gain Net Income | $924,309 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $4,477 |
| Total Revenue | $1,106,657 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $12,789 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $2 |
| Total operating and administrative expenses | $68,745 |
| Contributions, gifts, grants paid | $508,530 |
| Total expenses and disbursements | $577,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $292,834 |
| 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 | $6,686,737 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $6,979,571 |
| 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, First Cornerstone Foundation Inc has awarded $508,530 in support to 78 organizations.
| Grant Recipient | Amount |
|---|---|
Nobleboro, ME PURPOSE: GENERAL OPERATING | $23,530 |
Beaverton, OR PURPOSE: GENERAL OPERATING | $20,000 |
BRANDYWINE CONSERVANCY PURPOSE: GENERAL OPERATING | $20,000 |
PHILADELPHIA ZOO PURPOSE: GENERAL OPERATING | $15,000 |
Absarokee, MT PURPOSE: GENERAL OPERATING | $15,000 |
CVIM PURPOSE: GENERAL OPERATING | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Druckenmiller Foundation New York, NY | $1,579,806,367 | $402,828,458 |
Rockefeller Brothers Fund Inc New York, NY | $1,654,004,790 | $94,665,303 |
Anna Maria And Stephen Kellen Foundation Inc New York, NY | $1,287,407,560 | $57,361,611 |
The Wallace Foundation New York, NY | $1,815,949,042 | $114,535,478 |
George Gund Foundation Cleveland, OH | $524,945,754 | $120,923,136 |
Oberkotter Foundation Philadelphia, PA | $83,021,123 | $23,009,013 |
Stephen A Schwarzman Foundation New York, NY | $124,156,635 | $61,557,254 |
Pepsico Foundation Inc Purchase, NY | $25,033,678 | $1,734,936 |
Pnc Foundation Pittsburgh, PA | $218,373,148 | $3,451,991 |
Foundation Mireille And James Levy Usa New York, NY | $36,878,233 | $277,701 |
Peter Alfond Foundation Bethesda, MD | $78,752,550 | $129,307,233 |
The Bat Hanadiv Foundation No 3 New York, NY | $1,717,297,999 | $245,079,951 |