Cornerstone Foundation FY2023 filing

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EIN 23-2593411 Private foundation / grantmaker Elverson, PA
Form 990 (PDF)

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Revenue & expenses by yearFY2020–FY2024
Revenue
$979K
FY2023▲ +25%
Expenses
$2.4M
FY2023▲ +15%

Form 990 for the fiscal year ending December 2023 (IRS tax year 2023).


A private foundation based in Elverson, PA. For fiscal year 2023 it reported $979K in revenue, $2.4M in expenses, and $24.8M in net assets.Pt I

Type
Private foundation / grantmaker · Nonprofit
Location
Elverson, PA
Filings
5 on file (2020–2023)
Revenue
$979KFY2023
Expenses
$2.4M
Net assets
$24.8M
People
7
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Size
$100K–1M
What they do
A private foundation based in Elverson, PA.
Leadership
Edward H Cone · President/Treasurer
Money in and out
$979K revenue, $2.4M expenses
Bottom line
—

What Funders Ask

6 questions, answered from this org's own filings

Will my donation be tax-deductible?

GOOD

Yes — A charitable, religious, educational, scientific, or literary organization. Contributions are generally tax-deductible for donors.

IRS Business Master File records this organization as tax-exempt with deductible contributions. See detail →

Can I donate to this org right now?

GOOD

No revocation on IRS record

This EIN does not appear on the IRS auto-revocation list. See detail →

Is this organization up to date?

GOOD

Filed FY2024 (typical filing lag)

Most recent Form 990 on file is for fiscal year 2024 (2 years ago). See detail →

Is it receiving grants from reputable foundations?

NEUTRAL

No foundation grants on file

No Schedule I/Schedule R grants from other foundations are on file for this EIN. See detail →

How is the money spent?

NEUTRAL

Not on file

Program vs. overhead split is not on file for this EIN's most recent filing. See detail →

What's its financial size and trend?

NEUTRAL

$100K–1M · ↑ +25% vs prior year

Revenue band $100K–1M, +25% versus the prior filing year (up). See detail →

Grants paid & assets · FY2023
Total revenue
$979K
Pt VIII · Ln 12
Total expenses
$2.4M
Pt IX · Ln 25
Net assets
$24.8M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$1.4M
Total assets
24.8M
deployed as grants and operations
Grants paid
2.0M
in FY2023
Grants made
26grants
total in period
Payout rate
8%
of assets (5% rule)

Who They Fund

Part XV · grants paid · 26 grants · $1.7M · 2024–2024
Camp KanesatakePA · FY2024$300,000
Operation Renewed HopeFY2024$200,000
Deer Creek CampFY2024$150,000
Camp Loma DevidaFY2024$150,000
Grand View CampFY2024$145,000
Red Cliff Bible CampFY2024$124,000
Bay Cities Fellowship INCFL · FY2024$100,000
AbweFY2024$82,700
Bethany ChurchFY2024$45,000
Ironwood CampFY2024$40,000
Camp ChetekFY2024$40,000
All Points Baptist MissionFY2024$30,000
Woodlands CampFY2024$25,000
Longview CampFY2024$20,000
Grace Baptist ChurchFY2024$20,000
Building Great Leaders INCSC · FY2024$20,000
See all 26 grants →

Grantmaking Profile

Patterns in foundation giving
Distinct granteesPart XV11
Average grantPart XV$64K
Median grantPart XV$32K
Largest grantPart XV$300K
Top cause focusNTEEEducation (12%)

Summary of the Filing

Part I · fiscal year 2023 · Form 990-PF
Total assets
$24.8M
FY2023▼ -5%
Total liabilities
$0
FY2023
Total assetsPt II$24.8M

Identity & Classification

Form 990 Header · IRS Business Master File
Legal name (IRS)Hdr · item CCornerstone Foundation
EINHdr · item D23-2593411
Principal addressHdr · item CElverson, PA
WebsiteHdr · item Jnone reported
State of legal domicileHdr · item MPA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFMar 1990

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1apending
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12a—
Whistleblower policyPt VI · Ln 13—
Document retention policyPt VI · Ln 14—
CEO/top-official compensation independently reviewedPt VI · Ln 15a—
Family or business relationships among officers/directorsPt VI · Ln 2—

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2023 filing did not itemize Part VII
President/Treasurer
$0Pt VII · Sec A
Vice President/Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Cornerstone Foundation executive salaries →

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Statement of Revenue

Part VIII
Investment income$902K · 92%
Other revenue$77K · 8%
Investment income92%$902K
Other revenue8%$77K
Total revenueLn 12$979K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Grants & contributions paid $0.83 Operating & administrative $0.17
Grants & contributions paid83%$2.0M
Operating & administrative17%$415K
Total functional expensesLn 25$2.4M

Balance Sheet

Part X · end of year
CashLn 1$1.5M
Total assetsLn 16$24.8M
Total liabilitiesLn 26$0
Total net assetsLn 32$24.8M
Months of cash on handcomputed7.4

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Payout rate
Grants paid $0 · Total assets $24.8M
0%
Where the money comes from
Contribution dependence
Contributions & grants — · Total revenue $979K
—
Government reliance
not reported
Earned-income share
not reported
Investment reliance
Investment income $0 · Total revenue $979K
0%
Program self-sufficiency
not reported
Growth & trend
Revenue growth (YoY)
This year $979K · Prior year $784K
+25%
Net-asset trend (YoY)
End of year $24.8M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $979K · Expenses $2.4M
-144%
Liabilities-to-Assets
Total liabilities — · Total assets $24.8M
—
Net-asset ratio
Net assets $24.8M · Total assets $24.8M
100%
People & payroll
Highest Reported Total Compensation
Individual — · Reported title — · Highest reported compensation — · Total expenses $2.4M
No individual compensation reported on this filing
Personnel share
not reported
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Revenue growth 25%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$1.8M revenue · ⤓ 990 PDF
FY2023$979K revenue · viewing · ⤓ 990 PDF
FY2022$784K revenue · ⤓ 990 PDF
FY2021$3.2M revenue · ⤓ 990 PDF
FY2020$1.5M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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