Cornerstone Credit Union
- Assets
- $146.3m
- Revenue
- $5.5m
- Investments
- $16.5m
- Employees
- 41
- Location
- Freeport, IL
- Founding
- 09/1941
- Data as of
- 12/2021
- EIN
- 36-2217287
Organization Overview
Cornerstone Credit Union is located in Freeport, IL. The organization was established in 1941. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Cornerstone Credit Union employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Cornerstone Credit Union generated $5.5m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $5.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CORNERSTONE CREDIT UNION IS A COMMUNITY-FOCUSED FINANCIAL COOPERATIVE COMMITTED TO PROVIDING QUALITY, DIFFERENTIATED SERVICES TO ITS MEMBER-OWNERS. OUR PROFESSIONAL STAFF AND VOLUNTEERS WILL ENSURE FISCAL STABILITY THROUGH RESPONSIBLE LEADERSHIP AND GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 84,921 CONSUMER LOANS TO MEMBERS
PROVIDED 475 MORTGAGE AND HOME EQUITY LOANS TO MEMBERS
PROVIDED CHECKING SERVICES TO 6,477 MEMBERS;PROVIDED SAVINGS SERVICES TO 13,618 MEMBERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gail Clore President | Officer | 40 | $168,889 |
David Hoffert VP Of Operations | Officer | 40 | $109,106 |
Scott Arnold VP Of Lending | Officer | 40 | $103,559 |
John Modica Chair | OfficerTrustee | 1 | $0 |
Carla Homan Treasurer | OfficerTrustee | 1 | $0 |
Valerie Rothermel-Nelson Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,771,957 |
| Investment income | $746,789 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,518,746 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $408,022 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,639,650 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $240,056 |
| Payroll taxes | $148,750 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $615 |
| Fees for services: Accounting | $49,176 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,591 |
| Advertising and promotion | $165,276 |
| Office expenses | $830,014 |
| Information technology | $424,973 |
| Royalties | $0 |
| Occupancy | $229,078 |
| Travel | $1,466 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,478 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $323,995 |
| Insurance | $0 |
| All other expenses | $14,024 |
| Total functional expenses | $5,070,418 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,929,331 |
| Savings and temporary cash investments | $6,490,413 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $76,048,712 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,479,484 |
| Net Land, buildings, and equipment | $4,189,876 |
| Investments—publicly traded securities | $34,655,889 |
| Investments—other securities | $16,500,608 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,976,623 |
| Total assets | $146,270,936 |
| Accounts payable and accrued expenses | $2,271,751 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $131,137,247 |
| Total liabilities | $133,408,998 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $12,861,938 |
| Total liabilities and net assets/fund balances | $146,270,936 |
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