Cornerstone Financial Credit Union
- Assets
- $584.4m
- Revenue
- $24.0m
- Investments
- $0.0
- Employees
- 134
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-0575774
Organization Overview
Cornerstone Financial Credit Union is located in Nashville, TN. The organization was established in 1952. 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 12/2022, Cornerstone Financial Credit Union employed 134 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Cornerstone Financial 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 12/2022, Cornerstone Financial Credit Union generated $24.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $18.4m during the year ending 12/2022. While expenses have increased by 4.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION PROVIDING FULL RANGE OF FINANCIAL SERVICE
Describe the Organization's Program Activity:
Part 3 - Line 4a
EMPLOYEE SALARIES AND BENEFITS
DEBIT/CREDIT CARD PROCESSING EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donna Young President | Officer | 40 | $498,522 |
Rob Byrd CFO | Officer | 40 | $195,376 |
Laura Williamson Executive VP | Officer | 40 | $313,375 |
Linda Summarell Chief Lending Officer | Officer | 40 | $228,816 |
Rod Payne Cio | Officer | 40 | $204,885 |
Kallar Mccown VP Branch Operations | Officer | 40 | $150,187 |
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 | $17,165,724 |
| Investment income | $517,572 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $82,226 |
| 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 | $23,967,218 |
| 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. | $1,591,161 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,625,017 |
| Pension plan accruals and contributions | $106,513 |
| Other employee benefits | $826,791 |
| Payroll taxes | $455,995 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$5,745 |
| Fees for services: Accounting | $37,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $480,902 |
| Office expenses | $776,994 |
| Information technology | $886,974 |
| Royalties | $0 |
| Occupancy | $832,418 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $94,847 |
| Interest | $1,198,216 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $953,812 |
| Insurance | $113,173 |
| All other expenses | $440,837 |
| Total functional expenses | $18,375,366 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,740,518 |
| Savings and temporary cash investments | $18,871,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $939,790 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $482,055,064 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,034,921 |
| Net Land, buildings, and equipment | $14,556,798 |
| Investments—publicly traded securities | $34,250,214 |
| Investments—other securities | $0 |
| Investments—program-related | $2,637,701 |
| Intangible assets | $0 |
| Other assets | $23,325,786 |
| Total assets | $584,412,377 |
| Accounts payable and accrued expenses | $7,063,655 |
| Grants payable | $0 |
| Deferred revenue | $474,000 |
| 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 | $8,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $522,580,232 |
| Total liabilities | $538,617,887 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $25,000,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $20,794,490 |
| Total liabilities and net assets/fund balances | $584,412,377 |