Cornerstone Television Inc

Analysis

Cornerstone Television Inc is a registered charity in United States, based in Wall, PA. It received its IRS tax-exemption ruling in May 1971, 55 years ago. Its declared purposes cover religion-related, which this site groups under religion. 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 Television Inc reported income of $4.4m and spending of $4.9m, spending 110% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $3.6m to $4.4m (+24%), an average of +5.6% a year. The sharpest change came in the year to December 2020, when income rose by 51%. Over the whole period it spent 106% of the income it received.

Among 31,138 United States charities whose main cause is religion and that reported income, Cornerstone Television Inc sits at the 98th percentile: it is larger than about 98% of them. Against every charity in United States with reported income it ranks in the 91st percentile, and in the 90th percentile within PA. Charities of a similar size with the same main cause include The Fid Group ($4.4m), Coral Ridge Ministries Media Inc ($4.4m) and First Methodist Church of Fort Worth Foundation Inc ($4.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 45% and program service revenue 35% of the total. Compensation of current officers, directors and key employees was $187k (3.8% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $10.3m against liabilities of $297k, net assets of $10.0m. It reported 57 employees.