Cornerstone Credit Union
- Assets
- $142.5m
- Revenue
- $7.9m
- Investments
- $15.5m
- Employees
- 40
- Location
- Freeport, IL
- Founding
- 09/1941
- Data as of
- 12/2023
- 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 12/2023, Cornerstone Credit Union employed 40 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 12/2023, Cornerstone Credit Union generated $7.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $7.4m during the year ending 12/2023. While expenses have increased by 1.6% per year over the past 8 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
2023
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 FINANCIAL SERVICES TO 9,519 MEMBERS, PROVIDED 4,944 CONSUMER AND REAL ESTATE LOANS, MAINTAINED 18,516 DEPOSIT ACCOUNTS FOR THE BENEFIT OF OUR MEMBERS/OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gail Clore President | Officer | 40 | $175,445 |
David Hoffert VP Of Operations | Officer | 40 | $138,862 |
Jim Coons VP Of Finance | Officer | 40 | $121,249 |
Scott Arnold VP Of Lending | Officer | 40 | $114,383 |
Charles Beyer Chair | OfficerTrustee | 1 | $0 |
Daniel Schoaf Vice Chair/treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Complete Data Products Inc Document Imaging | 12/30/23 | $101,600 |
Fiserv Data Processing | 12/30/23 | $751,934 |
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 | $6,266,582 |
| Investment income | $1,652,653 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,835 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,921,070 |
| 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. | $624,795 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,675,443 |
| Pension plan accruals and contributions | $55,841 |
| Other employee benefits | $103,971 |
| Payroll taxes | $174,188 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,928 |
| Fees for services: Accounting | $38,771 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $274,255 |
| Advertising and promotion | $158,075 |
| Office expenses | $221,674 |
| Information technology | $368,984 |
| Royalties | $0 |
| Occupancy | $227,003 |
| Travel | $2,279 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,965 |
| Interest | $1,136,823 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $269,925 |
| Insurance | $147,495 |
| All other expenses | $168,248 |
| Total functional expenses | $7,368,293 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,693,383 |
| Savings and temporary cash investments | $1,963,866 |
| 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 | $92,332,936 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,887,419 |
| Net Land, buildings, and equipment | $3,685,734 |
| Investments—publicly traded securities | $22,817,771 |
| Investments—other securities | $15,500,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,623,796 |
| Total assets | $142,504,905 |
| Accounts payable and accrued expenses | $2,124,910 |
| 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 | $125,715,539 |
| Total liabilities | $127,840,449 |
| 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 | $14,664,456 |
| Total liabilities and net assets/fund balances | $142,504,905 |