Cornerstone Financial Credit Union
- Assets
- $522.9m
- Revenue
- $21.0m
- Investments
- $0.0
- Employees
- 124
- Location
- Nashville, TN
- Founding
- 06/1952
- Data as of
- 12/2021
- 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 12/2021, Cornerstone Financial Credit Union employed 124 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 12/2021, Cornerstone Financial Credit Union generated $21.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $15.5m during the year ending 12/2021. While expenses have increased by 3.2% 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
2021
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
LOAN RELATED EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donna Young President | Officer | 40 | $244,797 |
Laura Williamson Executive VP | Officer | 40 | $181,220 |
Linda Summarell Chief Lending Officer | Officer | 40 | $169,920 |
Rod Payne Cio | Officer | 40 | $161,976 |
Rob Byrd CFO | Officer | 40 | $154,561 |
Thom Rawls Indirect Lending Mgr | 40 | $125,372 |
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 | $14,935,645 |
| Investment income | $437,303 |
| 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 | $21,028,853 |
| 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. | $701,718 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,516,913 |
| Pension plan accruals and contributions | $356,185 |
| Other employee benefits | $887,717 |
| Payroll taxes | $457,636 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,679 |
| Fees for services: Accounting | $36,467 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $492,262 |
| Office expenses | $703,326 |
| Information technology | $741,020 |
| Royalties | $0 |
| Occupancy | $743,352 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,991 |
| Interest | $446,583 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $899,330 |
| Insurance | $105,719 |
| All other expenses | $375,996 |
| Total functional expenses | $15,466,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,518,363 |
| Savings and temporary cash investments | $47,037,728 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $542,834 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $395,563,538 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,037,775 |
| Net Land, buildings, and equipment | $14,624,231 |
| Investments—publicly traded securities | $31,798,642 |
| Investments—other securities | $0 |
| Investments—program-related | $3,748,187 |
| Intangible assets | $0 |
| Other assets | $16,072,161 |
| Total assets | $522,943,459 |
| Accounts payable and accrued expenses | $5,992,330 |
| 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 | $472,418,066 |
| Total liabilities | $478,410,396 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $21,000,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $23,533,063 |
| Total liabilities and net assets/fund balances | $522,943,459 |
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|---|---|---|
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Five Star Credit Union Dothan, AL | $661,046,497 | $37,991,386 |
First South Financial Credit Union Bartlett, TN | $775,898,594 | $36,735,546 |
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Corporate America Credit Union Irondale, AL | $4,460,889,725 | $54,551,160 |
Southeast Financial Credit Union Franklin, TN | $457,364,506 | $24,675,556 |