Cornerstone Credit Union League
- Assets
- $26.9m
- Revenue
- $8.1m
- Investments
- $14.6m
- Employees
- 26
- Location
- Plano, TX
- Founding
- 06/1947
- Data as of
- 12/2022
- EIN
- 75-0603700
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 12/2022, Cornerstone Credit Union League employed 26 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 12/2022, Cornerstone Credit Union League generated $8.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.5%) each year. All expenses for the organization totaled $7.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 4 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
2022
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.
ASSET/LIABILITY MANAGEMENT SERVICES
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Caroline Willard President/ceo | Officer | 20 | $363,564 |
James Phelps Svp/advocacy | Officer | 30 | $322,926 |
Suzanne Yashewski Regulatory & Compliance Counc | 40 | $207,373 | |
Michael Delker Cu Relations SVP | 40 | $210,695 | |
Shoaib Salamat SVP Finance And Administration | Officer | 20 | $47,244 |
Gilianne Carter Thomas Executive Director, Txcua | 40 | $160,291 |
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 | $7,544,188 |
| Investment income | $122,831 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $84,840 |
| 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 | $8,064,748 |
| 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. | $783,926 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,553,134 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $629,168 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137,466 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $281,526 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $431 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $373,534 |
| Travel | $247,194 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $148,446 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $276,847 |
| Insurance | $54,849 |
| All other expenses | $151,881 |
| Total functional expenses | $7,348,593 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,047,063 |
| Savings and temporary cash investments | $10 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $221,351 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $103,365 |
| Net Land, buildings, and equipment | $657,972 |
| Investments—publicly traded securities | $1,138,497 |
| Investments—other securities | $14,570,605 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $153,903 |
| Total assets | $26,892,766 |
| Accounts payable and accrued expenses | $1,177,537 |
| Grants payable | $0 |
| Deferred revenue | $2,178,861 |
| 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 | $267,274 |
| Total liabilities | $3,623,672 |
| Net assets without donor restrictions | $22,742,056 |
| Net assets with donor restrictions | $527,038 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $26,892,766 |