Cornerstone Charitable Foundation

Analysis

Cornerstone Charitable Foundation is a registered charity in United States, based in Beloit, KS. It received its IRS tax-exemption ruling in June 2006, 20 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Cornerstone Charitable Foundation reported income of $2.0m and spending of $3.5m, spending 173% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.8m to $2.0m (+13%), an average of +3.1% a year. The sharpest change came in the year to December 2020, when income rose by 67%. Over the whole period it spent 101% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Cornerstone Charitable Foundation sits at the 87th percentile: it is larger than about 87% of them. Against every charity in United States with reported income it ranks in the 86th percentile, and in the 87th percentile within KS. Charities of a similar size with the same main cause include Westminster-Canterbury of the Blue ($2.0m), California Tax Education Council ($2.0m) and United Way of Union County Inc ($2.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 13% and program service revenue 84% of the total. Compensation of current officers, directors and key employees was $50k (1.4% of expenses). At year end it held assets of $7.4m against liabilities of $11.9m, net assets of -$4.6m. It reported 1 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.