Corner Stone Credit Union
- Assets
- $21.4m
- Revenue
- $1.6m
- Investments
- $6.1m
- Employees
- 11
- Location
- Lancaster, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- 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 12/2023, Corner Stone Credit Union employed 11 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 12/2023, Corner Stone Credit Union generated $1.6m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $1.5m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (4.4%) 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
2023
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 |
|---|---|---|---|
Kenneth Govan Chair | OfficerTrustee | 1 | $0 |
Randy Powledge Vice Chairman | OfficerTrustee | 1 | $0 |
Sandi Barton Secretary | OfficerTrustee | 1 | $0 |
Jeff Lemmond Treasurer | OfficerTrustee | 1 | $0 |
Pamla Wood Director | Trustee | 1 | $0 |
Jennifer Barnhill 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 | $1,410,261 |
| Investment income | $135,508 |
| 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 | $1,588,010 |
| 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. | $98,928 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $383,810 |
| Pension plan accruals and contributions | $4,442 |
| Other employee benefits | $77,543 |
| Payroll taxes | $45,305 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,633 |
| Fees for services: Accounting | $43,976 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $80,562 |
| Advertising and promotion | $15,113 |
| Office expenses | $129,762 |
| Information technology | $83,631 |
| Royalties | $0 |
| Occupancy | $90,632 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,712 |
| Interest | $268 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,616 |
| Insurance | $25,565 |
| All other expenses | $219,836 |
| Total functional expenses | $1,537,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $524,055 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $413,327 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,866,958 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $309,649 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,129,134 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $133,046 |
| Total assets | $21,376,169 |
| Accounts payable and accrued expenses | $230,701 |
| 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 | $19,269,649 |
| Total liabilities | $19,500,350 |
| 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 | $1,875,819 |
| Total liabilities and net assets/fund balances | $21,376,169 |