The Rachel and Tom Cortese Foundation Inc
The Rachel and Tom Cortese Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in SARATOGA SPRINGS, NY. IRS filing data is available from 2021 through 2024. As of 2024, the organization holds $2.4M in total assets. In 2024, it awarded 2 grants totaling $300K. Net investment income was $125K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$2.4M
+3.2% YoY
Annual Giving
$300K
+25.0% YoY
Grant Count
2
+100.0% YoY
Avg Grant Size
$150K
-37.5% YoY
Under IRS private-foundation payout rules, The Rachel and Tom Cortese Foundation Inc reported a distributable amount of $114K for 2024 — the minimum it must pay out in qualifying distributions.
About The Rachel and Tom Cortese Foundation Inc
Based on IRS filings
The Rachel and Tom Cortese Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in SARATOGA SPRINGS, NY. IRS filing data is available from 2021 through 2024. As of 2024, the organization holds $2.4M in total assets. In 2024, it awarded 2 grants totaling $300K. Net investment income was $125K.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $2,389,204 | $2,315,748 | $2,448,181 |
| Revenue | $372,467 | $114,990 | $236,744 |
| Expenses | $307,253 | $247,600 | $2,809 |
| Qualifying Distributions | $300,119 | $240,025 | $25 |
| Net Investment Income | $124,692 | $108,649 | $84,449 |
| Distributable Amount | $114,009 | $114,273 | $111,190 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 2 recipients in 2024
Grant Size Distribution
3 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Morgan Stanley Global Impact Funding Trust Inc ($251,528), Morgan Stanley Global Impact Funding Trust Inc ($48,472).
| Recipient | Purpose | Amount |
|---|---|---|
| Morgan Stanley Global Impact Funding Trust Inc New York, NY | GENERAL CHARITABLE PURPOSES | $48,472 |
| Morgan Stanley Global Impact Funding Trust Inc New York, NY | GENERAL CHARITABLE PURPOSES | $251,528 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Thomas Cortese | President-1HR/WEEK | — | — |
| Rachel Cortese | Treasurer & Secretary-1hr/week | — | — |
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What is The Rachel and Tom Cortese Foundation Inc?
The Rachel and Tom Cortese Foundation Inc is a private foundation focused on Philanthropy, Voluntarism & Grantmaking, based in SARATOGA SPRINGS, NY. It holds $2.4M in total assets as of 2024.
How large is The Rachel and Tom Cortese Foundation Inc?
As of 2024, The Rachel and Tom Cortese Foundation Inc holds $2.4M in total assets with $372K in annual revenue. It awarded 2 grants totaling $300K in 2024.
Where does The Rachel and Tom Cortese Foundation Inc operate?
The Rachel and Tom Cortese Foundation Inc has awarded grants in New York.
What size grants does The Rachel and Tom Cortese Foundation Inc award?
In 2024, The Rachel and Tom Cortese Foundation Inc awarded 2 grants totaling $300K — an average of about $150K per grant, based on its IRS Form 990 filings.
How much is The Rachel and Tom Cortese Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Rachel and Tom Cortese Foundation Inc reported a distributable amount of $114K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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 2021–2024.
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Browse active grant opportunities in The Rachel and Tom Cortese Foundation Inc's focus areas in our free grants database
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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