Cornerstone Credit Union League

Organization Overview

Cornerstone Credit Union League is located in Plano, TX. The organization was established in 1947. According to its NTEE Classification (W03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Cornerstone Credit Union League employed 28 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Cornerstone Credit Union League is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 12/2021, Cornerstone Credit Union League generated $7.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.0%) each year. All expenses for the organization totaled $6.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.8%) 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

TO PROTECT CREDIT UNIONS, AND PROMOTE THEIR GROWTH, STRENGTH AND UNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

INFORMATION CENTRAL PROVIDES PHONE AND EMAIL SERVICE TO CREDIT UNIONS TO PROVIDE INFORMATION ON COMPLIANCE AND REGULATORY ASSISTANCE FOR MEMBER CREDIT UNIONS. REGULATORY & COMPLIANCE GENERATES ANNUAL VIDEOS FOR COMPLIANCE ISSUES SUCH AS BSA AND DIRECTOR DUTIES AND RESPONSIBILITIES. THE INFORMATION CENTRAL DIVISION ANSWERS OVER 3,000 PHONE CALLS AND PROVIDES REGULATORY AND LEGAL UPDATES TO THE LEAGUE INFOSIGHT ONLINE COMPLIANCE MANUAL AND DISTRIBUTES MONTHLY COMPLIANCE E-NEWSLETTERS TO MEMBER CREDIT UNIONS.


ENGAGEMENT CONSULTANTS. THE FOCUS OF THIS GROUP IS TO ACT AS THE PRIMARY POINT OF CONTACT AND DAY-TO-DAY LINK BETWEEN CORNERSTONE AND ITS CREDIT UNIONS. THEY PROVIDE HIGH TOUCH AND HIGH TECH TO ENHANCE THE MEMBER EXPERIENCE AND MAXIMIZE THE VALUE OF LEAGUE MEMBERSHIP.


COMPLIANCE AND REGULATORY. COMMUNICATES WITH REGULATORS, PROVIDES ANALYSIS OF NEW PROPOSALS, ASSISTS CREDIT UNIONS IN CRAFTING PERSUASIVE RESPONSES TO GOVERNING AGENCIES, AND PROVIDES INTERPRETATION AND FEEDBACK ON HOW BEST TO COMPLY WITH EXISTING REGULATIONS.


ASSET/LIABILITY MANAGEMENT SERVICES. PROVIDE ANALYSIS, INSTRUCTION, AND GUIDANCE TO PROMOTE THE FINANCIAL WELL-BEING OF CREDIT UNIONS.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $482,022
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$482,022
Total Program Service Revenue$6,740,401
Investment income $19,989
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $61,385
Net Gain/Loss on Asset Sales $37,435
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,406,645

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