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The Cornerstone Foundation Incorporated

Tax-deductible

Vernon, CT501(c)(3) EIN 22-2587192Revenue $2.7M in FY2024

On file with the IRScornerstone-rockville.org15 Prospect St, 06066-3215 · Vernon, CTTax-exempt since Jul 1985Publicly supported charity — 170(b)(1)(A)(vi)

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The Cornerstone Foundation is a non-profit organization based in rockville, connecticut, a former textile mill city about 15 miles northeast of hartford. The organization provides food, clothing, and shelter to those in need within their community. They also provide after school teen programs for at risk local teenagers.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
Run by 600 volunteers and 23 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $57K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Plus $223K in investments, Pt X · Ln 11–13
Fine: 0.4 months of spending in cash, plus $223K in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
10
named funders · $596K
Looks good: 10 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$179K
22% of total assets
Looks good: liabilities are 22% of assets; 50% or less.
Pt X · Ln 26
Independent board members
16
of 16 voting members
Looks good: 16 of 16 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.7M
-6% vs prior year
Spent
$2.5M
To programs
88%
Net assets
$652K
By yearFY2020–FY2024
Revenue
$2.7M
FY2024▼ -6%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.7M
FY2021$2.3M
FY2022$2.4M
FY2023$2.9M
FY2024$2.7M
Expenses
$2.5M
FY2024▼ -14%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.6M
FY2021$2.4M
FY2022$2.2M
FY2023$2.9M
FY2024$2.5M
Net assets
$652K
FY2024▲ +42%
Tap a bar for its year
Net assets by fiscal year
FY2020$440K
FY2021$385K
FY2022$500K
FY2023$459K
FY2024$652K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1985.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $2.2M Management & general 10% · $250K Fundraising 2% · $57K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

17 people listed on the 990.

Part VII, Section A · reportable compensation
Grace Boucher
Member-At-La
$0Pt VII · Sec A
Erika Brookman
Member-At-La
$0Pt VII · Sec A
Richard Carterud
Assistant Tr
$0Pt VII · Sec A
Matthew Couzens
Develop. Com
$0Pt VII · Sec A
Joel Defelice
Member-At-La
$0Pt VII · Sec A
Brian Motola
Assistant Vi
$0Pt VII · Sec A
John O'Connell
Member-At-La
$0Pt VII · Sec A
Martin Powers
Member-At-La
$0Pt VII · Sec A
See The Cornerstone Foundation Incorporated executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Provides food, clothing, shelter, and teen programs for community members in need.

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Provided by the organization

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3 programs · $2.2M · in their own filed words · FY2024
01

Community Kitchen

Provides a dignified environment serving between 3,500 and 4,000 meals per month. Also a food pantry that provides assistance to those needing some extra help who meet the federal guidelines for food assistance.

$1.1Mprogram expense
02

Clothing Bank

Donated clothing and household goods are taken in, sorted, and distributed free of charge wherever there is a need.

$574Kprogram expense
03

Shelter

A facility to provide temporary shelter for individuals in the area needing a warm, safe place to spend the night.

$491Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Journey Home IncorporatedFY2024$285K
Donor Advised Charitable Giving INCFY2024$105K
The US Charitable Gift TrustFY2024$51K
Greater Hartford Gives FoundationFY2024$45K
American Online Giving Foundation INCFY2024$35K
Network for Good INCFY2024$30K
Fidelity Investments Charitable Gift FundFY2024$16K
Connecticut Association of Realtors Foundation INCFY2024$10K
Total grants receivedfrom 10 funders$596K
See all 10 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.7M
Ln 12
Gifts and grantsLn 1h$2.6M
Other incomeLn 4–11$63K
Investment incomeLn 3$14K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.2M
Managementcol C$250K
Fundraisingcol D$57K
Owns and owesPt X
$652K
net assets · Ln 32
Cash and savingsLn 1–2$75K
Total assetsLn 16$831K
LiabilitiesLn 26$179K
PeoplePt VI, VII
17
listed · VII A
PaidVII A0
Voting boardVI 1a16
IndependentVI 1b16
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.6M
Noncash giftsLn 1g$1.4M
Investment incomeLn 3$14K
Other incomeLn 4–11$63K
Gains on assetsLn 7$6K
Total revenueLn 12$2.7M
Assets in detailPt X, end of year
SavingsLn 2$75K
Cash and savings togetherLn 1–2$75K
InvestmentsLn 11–13$223K
Land, buildings, equipmentLn 10c$433K
Other assetsLn 15$40K
Total assetsLn 16$831K
LiabilitiesLn 26$179K
Net assetsLn 32$652K
OperationsPt I, VI
EmployeesI 523
VolunteersI 6600
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$54K$75K
InvestmentsLn 11–13$141K$223K
Land, buildings, equipmentLn 10c$449K$433K
Total assetsLn 16$721K$831K
LiabilitiesLn 26$262K$179K
Net assetsLn 32$459K$652K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$619K$480K$103K$37K
Other employee benefitsLn 9$19K$3K$16K$211
Payroll taxesLn 10$57K$44K$9K$3K
Accounting feesLn 11c$40K$509$28K$11K
Other fees for servicesLn 11g$5K$3K$1K$593
Office expensesLn 13$1.5M$1.5M$31K$3K
OccupancyLn 16$127K$110K$17K
TravelLn 17$5K$4K$1K
InterestLn 20$11K$11K
Depreciation, depletion and amortizationLn 22$41K$23K$18K
InsuranceLn 23$57K$45K$11K
Other expenses (24a–d)Ln 24$21K$16K$3K$2K
All other expensesLn 24e$539$539
Total functional expensesLn 25$2.5M$2.2M$250K$57K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $2.7M$2.5M$192K$652K 990 PDF
FY2023 $2.9M$2.9M−$43K$459K 990 PDF
FY2022 $2.4M$2.2M$117K$500K 990 PDF
FY2021 $2.3M$2.4M−$55K$385K 990 PDF
FY2020 $1.7M$1.6M$74K$440K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $2,699,566 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,864,212$2,622,942
I-9 Program service revenue$0
I-10 Investment incomePrior year $3,668$14,057
I-11 Other revenuePrior year −$129$62,567
I-12 Total revenuePrior year $2,867,751$2,699,566
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $710,842$694,930
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,200,293$1,813,028
I-18 Total expensesPrior year $2,911,135$2,507,958
I-19 Revenue less expensesPrior year −$43,384$191,608
Part VI · Governance 16 of 16 board members independent, 2 to look at
VI-1a Voting members of the governing body16
VI-1b Independent voting members16
VI-12a Written conflict of interest policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,699,566 across 9 lines filed
VIII-1f All other contributions, gifts and grants$2,622,942
VIII-1g Noncash contributions (included above)$1,425,052
VIII-1h Total contributions, gifts and grants$2,622,942
VIII-3 Investment incomeExcluded from tax $8,197$8,197
VIII-6 Net rental income or lossRelated to mission $2,244$2,244
VIII-7 Net gain or loss on sales of assetsRelated to mission $1,360 · Excluded from tax $4,500$5,860
VIII-8 Net income from fundraising events$41,340
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,773 · Excluded from tax $17,210$18,983
VIII-12 Total revenueRelated to mission $5,377 · Excluded from tax $29,907$2,699,566
Part IX · Statement of functional expenses $2,507,958 across 13 lines filed
IX-7 Other salaries and wagesPrograms $479,689 · Management $102,822 · Fundraising $36,677$619,188
IX-9 Other employee benefitsPrograms $3,097 · Management $15,634 · Fundraising $211$18,942
IX-10 Payroll taxesPrograms $44,066 · Management $9,370 · Fundraising $3,364$56,800
IX-11c Accounting feesPrograms $509 · Management $28,190 · Fundraising $11,042$39,741
IX-11g Other fees for servicesPrograms $3,451 · Management $1,088 · Fundraising $593$5,132
IX-13 Office expensesPrograms $1,472,496 · Management $31,260 · Fundraising $3,135$1,506,891
IX-16 OccupancyPrograms $110,037 · Management $16,832$126,869
IX-17 TravelPrograms $3,716 · Management $1,121$4,837
IX-20 InterestManagement $10,612$10,612
IX-22 Depreciation, depletion and amortizationPrograms $23,273 · Management $17,882$41,155
IX-23 InsurancePrograms $45,226 · Management $11,307$56,533
IX-24 Other expenses (24a–d)Programs $15,888 · Management $2,956 · Fundraising $1,875$20,719
IX-24e All other expensesManagement $539$539
IX-25 Total functional expensesPrograms $2,201,448 · Management $249,613 · Fundraising $56,897$2,507,958
Part X · Balance sheet $831,322 assets, 14 lines filed
X-2 Savings and temporary cash investmentsStart of year $53,608$74,582
X-4 Accounts receivableStart of year $60,375$48,957
X-9 Prepaid expenses and deferred chargesStart of year $14,845$10,756
X-10c Land, buildings and equipment, netStart of year $449,335$432,612
X-11 Publicly traded securitiesStart of year $140,750$223,050
X-14 Intangible assetsStart of year $2,058$1,554
X-15 Other assets$39,811
X-16 Total assetsStart of year $720,971$831,322
X-17 Accounts payable and accrued expensesStart of year $42,462$37,140
X-25 Other liabilitiesStart of year $70,795$63,958
X-26 Total liabilitiesStart of year $261,550$179,120
X-27 Net assets without donor restrictionsStart of year $459,421$652,202
X-32 Total net assets or fund balancesStart of year $459,421$652,202
X-33 Total liabilities and net assetsStart of year $720,971$831,322
Part XI · Reconciliation of net assets $652,202 net assets at year end
XI-1 Total revenue$2,699,566
XI-2 Total expenses$2,507,958
XI-3 Revenue less expenses$191,608
XI-4 Net assets at start of year$459,421
XI-5 Net unrealized gains (losses) on investments$1,174
XI-9 Other changes in net assets−$1
XI-10 Net assets at end of year$652,202

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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