Cornerstone Credit Union

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.

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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Board, Officers & Key Employees

Name (title)Compensation
Gail Clore
President
$168,889
David Hoffert
VP Of Operations
$109,106
Scott Arnold
VP Of Lending
$103,559
Carla Homan
Treasurer
$0
Valerie Rothermel-Nelson
Secretary
$0
John Modica
Chair
$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

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