Cornerstone Legacy Foundation
Cornerstone Legacy Foundation is a private foundation, based in Irvine, CA. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $785K in total assets. In 2024, it awarded 8 grants totaling $399K. Net investment income was $65K.
Cornerstone Legacy Foundation at a glance
In short: Cornerstone Legacy Foundation gave $399K across 8 grants in 2024 (avg $50K), mostly in California. Source: 2024 IRS Form 990-PF.
- Annual giving (2024)
- $398,640
- -76.9% vs 2023
- Grants made (2024)
- 8
- -27.3% vs 2023
- Average grant
- $49,830
- -68.3% vs 2023
- Median grant
- $11,000
- Total assets
- $784,663
- -17.0% vs 2023
- Primary geography
- California (89% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990-PF, 2024 View filing
Data from IRS Form 990-PF, 2024; updated September 2026.
Who Cornerstone Legacy Foundation funds
How this funder distributes its grants
Top Recipients
Top 8 recipients in 2024
The largest 2024 recipient was National Christian Foundation ($295K). Together the top 8 received $399K.
Grant Size Distribution
38 grants across all recorded years
The most common grant size was under $50K: 26 grants of 38 (68%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 8 itemized grants.
Cities
How Cornerstone Legacy Foundation gives
- Giving held roughly steady from 2021 to 2024 (−5%). Method
- In 2024 it paid out 896% of its IRS minimum distribution (the 5% rule). Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $399K (2024) to $1.7M (2023). In 2024 it made 8 grants totaling $399K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| National Christian Foundation Costa Mesa, CA | Support of Exempt Function | $295,000 |
| Hoag Hospital Foundation Newport, CA | Support of Exempt Function | $50,000 |
| Trinity Fellowship Church Amarillo, TX | Support of Exempt Function | $20,000 |
| Wycliff Bible Translators Orlando, FL | Support of Exempt Function | $12,000 |
| California Family Council Fresno, CA | Support of Exempt Function | $10,000 |
| Family Research Council Washington, DC | Support of Exempt Function | $9,640 |
| Mariners Church Irvine, CA | Support of Exempt Function | $1,000 |
| Samaritan's Purse Boone, NC | Support of Exempt Function | $1,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2024 | $784,663 | $123,732 | $405,270 | $398,640 | 8 | $401,640 | $65,487 | $44,839 |
| 2023 | $945,160 | $199,719 | $1,733,434 | $1,726,866 | 11 | $1,729,866 | $46,485 | $96,704 |
| 2022 | $2,329,636 | $46,487 | $804,908 | $799,900 | 4 | $802,338 | $45,015 | $140,316 |
| 2021 | $3,247,379 | $97,679 | $437,589 | $421,120 | 4 | $425,275 | $118,239 | $155,332 |
| 2020 | $3,502,180 | $699,132 | $844,774 | $782,325 | 11 | — | $134,722 | $165,628 |
Under IRS private-foundation payout rules, Cornerstone Legacy Foundation reported a distributable amount of $45K for 2024 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
Cornerstone Legacy Foundation is led by Gerald Pharris, CEO on every filing since 2020; none of the 5 officers listed in 2024 report compensation.
Officers on the 2024 filing
Gerald Pharris
CEO
On filings since 2020
2 hrs/week
No compensation reported
Brian Pharris
Director
On filings since 2020
0.5 hrs/week
No compensation reported
Catherine Anderson
Director
On filings since 2020
0.5 hrs/week
No compensation reported
Jonathan Pharris
Director
On filings since 2020
0.5 hrs/week
No compensation reported
Lynn Pharris
Secretary & CFO
On filings since 2020
2 hrs/week
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Cornerstone Legacy Foundation
How much does Cornerstone Legacy Foundation give each year?
Cornerstone Legacy Foundation gave $399K across 8 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $1.7M across 11 grants.
What is Cornerstone Legacy Foundation's typical grant size?
Cornerstone Legacy Foundation's median grant in 2024 was $11,000, and its average grant was $49,830, across 8 grants on its 2024 IRS Form 990-PF.
Where does Cornerstone Legacy Foundation give grants?
Cornerstone Legacy Foundation gives mostly in California: 89% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was Texas (5%).
Who are Cornerstone Legacy Foundation's largest grantees?
Cornerstone Legacy Foundation's largest 2024 grantees include National Christian Foundation ($295,000), Hoag Hospital Foundation ($50,000) and Trinity Fellowship Church ($20,000), according to its 2024 IRS Form 990-PF. Together they received 92% of its itemized 2024 grant dollars.
How large is Cornerstone Legacy Foundation?
Cornerstone Legacy Foundation reported $785K in total assets on its 2024 IRS Form 990-PF. It paid out $402K in qualifying distributions that year, against a required minimum of $45K (roughly 5% of its investment assets).
What is Cornerstone Legacy Foundation's EIN?
Cornerstone Legacy Foundation's EIN (Employer Identification Number) is 20-0470994. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(1)
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
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