Mcdowell Cornerstone Credit Union
- Assets
- $34.9m
- Revenue
- $750.1k
- Investments
- $0.0
- Employees
- 7
- Location
- Marion, NC
- Founding
- 08/1969
- Data as of
- 12/2021
- 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 12/2021, Mcdowell Cornerstone Credit Union employed 7 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 12/2021, Mcdowell Cornerstone Credit Union generated $750.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $726.1k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 7 years. 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
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 2737 TOTAL SHARES $29,098,450 TOTAL OPEN LOAN ACCOUNTS 513 TOTAL LOAN AMOUNT $10,541,379
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy B Johnson CEO | Officer | 40 | $77,000 |
Pat Estes Pres Bod/ Chair Credit Comm | Trustee | 0 | $0 |
Freddie Ward Sec Bod | Trustee | 0 | $0 |
Judy W Thompson Treas Bod | Trustee | 0 | $0 |
Robert Brendle Director/supervisory Comm | Trustee | 0 | $0 |
Lisa Morgan VP Bod | 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 | $659,965 |
| Investment income | $58,035 |
| 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 | $750,086 |
| 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. | $77,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $202,867 |
| Pension plan accruals and contributions | $6,627 |
| Other employee benefits | $61,895 |
| Payroll taxes | $21,772 |
| 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 | $10,436 |
| Advertising and promotion | $10,344 |
| Office expenses | $199,140 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,610 |
| Travel | $5,591 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $26,700 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $11,500 |
| Total functional expenses | $726,121 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $365,686 |
| Savings and temporary cash investments | $14,004,900 |
| 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 | $10,752,952 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,343 |
| Net Land, buildings, and equipment | $349,968 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,161,101 |
| Intangible assets | $0 |
| Other assets | $263,273 |
| Total assets | $34,921,223 |
| Accounts payable and accrued expenses | $340,576 |
| 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 | $29,100,565 |
| Total liabilities | $29,441,141 |
| 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 | $5,480,082 |
| Total liabilities and net assets/fund balances | $34,921,223 |
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