Mcdowell Cornerstone Credit Union
- Assets
- $36.0m
- Revenue
- $941.3k
- Investments
- $0.0
- Employees
- 6
- Location
- Marion, NC
- Founding
- 08/1969
- Data as of
- 12/2022
- EIN
- 56-6077585
Organization Overview
Mcdowell Cornerstone Credit Union is located in Marion, NC. The organization was established in 1969. 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, Mcdowell Cornerstone Credit Union employed 6 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mcdowell 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 12/2022, Mcdowell Cornerstone Credit Union generated $941.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $821.8k during the year ending 12/2022. 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
TO PROVIDE FINANCIAL SERVICES TO MEMBERS AT REASONABLE RATES AND PAY REASONABLE DIVIDENDS ON DEPOSITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL MEMBERS 2654 TOTAL SHARES $29,995,337 TOTAL OPEN LOAN ACCOUNTS 555 TOTAL LOAN AMOUNT $12,235,999
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy B Johnson CEO | Officer | 40 | $81,000 |
Pat Estes Vice Pres Bod/ Credit Comm Mbr | Trustee | 0 | $0 |
Lisa Morgan President Bod | Trustee | 0 | $0 |
Freddie Ward Sec Bod | Trustee | 0 | $0 |
Judy W Thompson Treas Bod | Trustee | 0 | $0 |
Mika Elliott Director | Trustee | 0 | $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 | $684,826 |
| Investment income | $237,630 |
| 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 | $941,300 |
| 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. | $81,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $222,106 |
| Pension plan accruals and contributions | $8,460 |
| Other employee benefits | $61,233 |
| Payroll taxes | $23,776 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,125 |
| Advertising and promotion | $4,018 |
| Office expenses | $204,697 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $67,916 |
| Travel | $28,799 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $22,290 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $821,846 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $555,177 |
| Savings and temporary cash investments | $3,514,408 |
| 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 | $12,652,016 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $34,362 |
| Net Land, buildings, and equipment | $318,255 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,621,101 |
| Intangible assets | $0 |
| Other assets | $293,618 |
| Total assets | $35,988,937 |
| Accounts payable and accrued expenses | $394,064 |
| 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 | $29,995,337 |
| Total liabilities | $30,389,401 |
| 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 | $5,599,536 |
| Total liabilities and net assets/fund balances | $35,988,937 |