The Rachel and Tom Cortese Foundation Inc
The Rachel and Tom Cortese Foundation Inc is a private foundation, based in Saratoga Springs, NY. IRS filing data is available from 2021 through 2025. As of 2025, the organization holds $2.7M in total assets. In 2025, it awarded 1 grant totaling $306K. Net investment income was $352K.
The Rachel and Tom Cortese Foundation Inc at a glance
In short: The Rachel and Tom Cortese Foundation Inc gave $306K across 1 grant in 2025 (avg $306K), mostly in New York. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $305,945
- +2.0% vs 2024
- Grants made (2025)
- 1
- -50.0% vs 2024
- Average grant
- $305,945
- +104.0% vs 2024
- Median grant
- $305,945
- Total assets
- $2,744,788
- +14.9% vs 2024
- Primary geography
- New York (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026.
Who The Rachel and Tom Cortese Foundation Inc funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was Morgan Stanley Global Impact Funding Trust Inc ($306K).
Grant Size Distribution
4 grants across all recorded years
The most common grant size was in the $250–500K range: 2 grants of 4 (50%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
States
Cities
How The Rachel and Tom Cortese Foundation Inc gives
- In 2025 it paid out 264% 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 2023 to 2025, annual grant giving ranged from $240K (2023) to $306K (2025). In 2025 it made 1 grant totaling $306K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Morgan Stanley Global Impact Funding Trust Inc New York, NY | General Charitable Purposes | $305,945 |
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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 |
|---|---|---|---|---|---|---|---|---|
| 2025 | $2,744,788 | $1,141,932 | $312,110 | $305,945 | 1 | $306,069 | $352,076 | $116,064 |
| 2024 | $2,389,204 | $372,467 | $307,253 | $300,000 | 2 | $300,119 | $124,692 | $114,009 |
| 2023 | $2,315,748 | $114,990 | $247,600 | $240,000 | 1 | $240,025 | $108,649 | $114,273 |
| 2022 | $2,448,181 | $236,744 | $2,809 | — | — | $25 | $84,449 | $111,190 |
| 2021 | $2,276,179 | $3,327,469 | $17,000 | — | — | — | $1,047,508 | — |
Under IRS private-foundation payout rules, The Rachel and Tom Cortese Foundation Inc reported a distributable amount of $116K for 2025 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
The Rachel and Tom Cortese Foundation Inc is led by Thomas Cortese, President-1hr & Week on every filing since 2021; none of the 2 officers listed in 2025 report compensation.
Officers on the 2025 filing
Thomas Cortese
President-1hr & Week
On filings since 2021
No compensation reported
Rachel Cortese
Treasurer, Secretary-1hr & Week
On filings since 2021
No compensation reported
Data from IRS Form 990 filings, 2021–2025. "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 The Rachel and Tom Cortese Foundation Inc
How much does The Rachel and Tom Cortese Foundation Inc give each year?
The Rachel and Tom Cortese Foundation Inc gave $306K across 1 grant in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $300K across 2 grants.
How large is The Rachel and Tom Cortese Foundation Inc?
The Rachel and Tom Cortese Foundation Inc reported $2.7M in total assets on its 2025 IRS Form 990-PF. It paid out $306K in qualifying distributions that year, against a required minimum of $116K (roughly 5% of its investment assets).
Where does The Rachel and Tom Cortese Foundation Inc operate?
The Rachel and Tom Cortese Foundation Inc has awarded grants in New York.
What is The Rachel and Tom Cortese Foundation Inc's EIN?
The Rachel and Tom Cortese Foundation Inc's EIN (Employer Identification Number) is 87-2779552. IRS Form 990 filing data is available on this page for 2021–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2021 (received by the IRS June 22, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 12, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS May 14, 2024)
- Updated Form 990-PF for fiscal year 2024 (received by the IRS April 29, 2025)
- Added Form 990-PF for fiscal year 2025 (received by the IRS April 28, 2026)
- IRS filings on file for fiscal years 2021–2024
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