Overview
What is Cornerstone Charitable Foundation?
The Cornerstone Charitable Foundation, based in Beloit, Kansas, is a nonprofit organization with a strong mission to strengthen local Catholic communities for future generations. They accomplish this by offering financial support and programs through grants, loans, bond financing, structured giving, and endowment building. Their unique endeavor involves maintaining and administering an insurance program, where they pay life insurance premiums on a pool of policies, acting as both the owner and beneficiary. This nonprofit primarily focuses on Catholic schools, parishes, foundations, and mission-supported organizations in Beloit, Kansas, and across the nation.
Official website here: www.cornerstoncharitablefoundation.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning a Two-Star out of Four Star rating
Cornerstone Charitable Foundation has received a rating of 73% from Charity Navigator, indicating a moderate level of accountability and financial health. The organization excels in governance, with a fully independent board and robust oversight committees, contributing positively to its overall score. Notably, it maintains a high program expense ratio of 85.23%, suggesting a strong focus on its mission-related activities.
However, the rating also highlights some significant limitations. The foundation is missing key policies such as a whistleblower policy and a document retention and destruction policy, which are essential for transparency and ethical governance. Additionally, the liabilities to assets ratio is concerning at 134.61%, indicating potential financial risks that could impact its operations.
Overall, while Cornerstone Charitable Foundation demonstrates strengths in board independence and program spending, it faces challenges in financial stability and governance policies that warrant attention. Stakeholders may want to consider these factors when evaluating the organization's overall effectiveness and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Cornerstone Charitable Foundation legitimate?
Cornerstone Charitable Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cornerstone Charitable Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $10,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.cornerstoncharitablefoundation.com
What is the mission statement of Cornerstone Charitable Foundation?
The Cornerstone Charitable Foundation's mission is centered around strengthening local Catholic communities for future generations. They accomplish this by offering financial aid and programming to Catholic schools, parishes, foundations, and mission-aligned non-profit organizations, not just in Beloit, KS, but nationwide. Their services encompass grant provision, loans, bond financing, structured giving, and endowment building. Additionally, they have an endowment funding program that involves administering an insurance program, paying life insurance premiums on a pool of policies, with Cornerstone serving as both the owner and beneficiary.
Official website here: www.cornerstoncharitablefoundation.com
Who is the CEO of Cornerstone Charitable Foundation?
Douglas Thiessen is the Chairman/Trustee of Cornerstone Charitable Foundation.
Official website here: www.cornerstoncharitablefoundation.com
What is the revenue of Cornerstone Charitable Foundation?
Cornerstone Charitable Foundation's revenue in 2022 was $1,284,970.
Official website here: www.cornerstoncharitablefoundation.com
Who are the executives of Cornerstone Charitable Foundation and what are their salaries?
The average compensation at Cornerstone Charitable Foundation during 2022 was $10,000. There is 1 employee and 8 volunteers at Cornerstone Charitable Foundation.
Here are 9 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $10,000
- Related: $0
- Other: $0
Official website here: www.cornerstoncharitablefoundation.com
Where can I find the form 990 for Cornerstone Charitable Foundation?
Cornerstone Charitable Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cornerstoncharitablefoundation.com
Learn more at the official website: www.cornerstoncharitablefoundation.com
Mission Statement of Cornerstone Charitable Foundation
Cornerstone Charitable Foundation, a non-profit organization, is committed to strengthening local Catholic communities for future generations. They accomplish this mission by offering grants, financing programs, loans, bond financing, structured giving, and endowment building capabilities to Catholic schools, parishes, foundations, and mission-supported non-profit organizations both in Beloit, KS, and nationwide. In addition, the foundation maintains and administers an insurance program through its endowment funding program. This insurance program involves the payment of life insurance premiums on a pool of insurance policies, with Cornerstone serving as the owner and beneficiary. The goal of these initiatives is to support and empower Catholic communities, ensuring their continued growth and impact for generations to come.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Cornerstone Charitable Foundation plays a vital role in strengthening local Catholic communities for future generations. By providing grants, loans, bond financing, structured giving, and endowment-building capabilities, it empowers Catholic schools, parishes, and mission-supportive organizations, both in Beloit, KS, and across the nation.
One of its key initiatives includes the administration of an insurance program under its endowment funding program, which enables the payment of life insurance premiums on a pool of policies that Cornerstone owns and benefits from. This innovative approach helps generate sustainable funding, ensuring that vital resources are available to support the growth and development of Catholic communities.
Through its various programs and funding opportunities, Cornerstone Charitable Foundation fosters a culture of philanthropy that enhances the capacity of these organizations to serve their communities, ultimately contributing to a stronger and more vibrant faith-based network.
This information is meant to be a general summary of Cornerstone Charitable Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $57,188
- Program Service Revenue: $581,217
- Gross Receipts: $1,284,970
Assets and Liabilities:
- Total Assets: $8,845,009
- Total Liabilities: $11,906,372
- Net Assets: -$3,061,363
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEATH BENEFITS
Revenue
$550,424
CONDUIT BOND FEES
Revenue
$30,793
Organization Details
Founding Year
2005
Phone
(785) 534-9409Principal Officer
Douglas Thiessen
Main Address
1110 N INDEPENDENCE AVE, BELOIT, KS, 67420
NTEE Category
Code: T30 - Philanthropy
If you are a representative of Cornerstone Charitable Foundation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.