Corner Stone Credit Union
- Assets
- $21.2m
- Revenue
- $1.5m
- Investments
- $6.6m
- Employees
- 12
- Location
- Lancaster, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-0992724
Organization Overview
Corner Stone Credit Union is located in Lancaster, TX. The organization was established in 1976. 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, Corner Stone Credit Union employed 12 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Corner Stone 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, Corner Stone Credit Union generated $1.5m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 8 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
NOT-FOR-PROFIT FINANCIAL COOP OWNED BY ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE OFFER A VARIETY OF LENDING PRODUCTS AT COMPETETIVE RATES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacey Mcdonald CEO | Officer | 40 | $104,606 |
Sandi Barton Secretary | OfficerTrustee | 1 | $0 |
Kenneth Govan Chair | OfficerTrustee | 1 | $0 |
Randy Powledge Vice Chairman | OfficerTrustee | 1 | $0 |
Jeff Lemmond Treasurer | OfficerTrustee | 1 | $0 |
Pamla Wood Director | Trustee | 1 | $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 | $1,315,954 |
| Investment income | $105,403 |
| 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 | $1,468,783 |
| 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. | $104,606 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $321,364 |
| Pension plan accruals and contributions | $12,533 |
| Other employee benefits | $72,163 |
| Payroll taxes | $40,694 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,767 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $152,871 |
| Advertising and promotion | $28,215 |
| Office expenses | $109,113 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $110,145 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,868 |
| Interest | $365 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,836 |
| Insurance | $22,722 |
| All other expenses | $180,516 |
| Total functional expenses | $1,262,604 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $573,550 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $119,401 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,387,540 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $343,242 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,620,012 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $116,232 |
| Total assets | $21,159,977 |
| Accounts payable and accrued expenses | $543,021 |
| 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 | $18,791,172 |
| Total liabilities | $19,334,193 |
| 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 | $1,825,784 |
| Total liabilities and net assets/fund balances | $21,159,977 |
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