Cornerstone Credit Union Foundation
- Assets
- $1.8m
- Revenue
- $1.3m
- Investments
- $72.5k
- Employees
- 0
- Location
- Plano, TX
- Founding
- 02/1965
- Data as of
- 12/2022
- EIN
- 75-6039968
Organization Overview
Cornerstone Credit Union Foundation is located in Plano, TX. The organization was established in 1965. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Credit Union Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Cornerstone Credit Union Foundation generated $1.3m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 2.1% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Cornerstone Credit Union Foundation has awarded 19 individual grants totaling $140,484. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
EMPOWERING PEOPLE TO IMPROVE THEIR FINANCIAL WELL BEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATIONAL GRANTS AND SCHOLARSHIPS FOR FINANCIAL LITERACY AND CONTINUED TRAINING AND EDUCATIONAL CLASSES FOR BENEFIT OF MEMBER CREDIT UNIONS IN THE STATES OF TEXAS, ARKANSAS AND OKLAHOMA. TRAINING AND EVENTS INCLUDED FINANCIAL LITERACY NEFE TRAINING, CUFINHEALTH CONFERENCE AND FINANCIAL COUNSELING CERTIFICATION PROGRAM TO BENEFIT THE PUBLIC.
PROVIDED DISASTER RELIEF GRANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Caroline Willard President/ceo Ccul | Officer | 0.5 | $0 |
Shoaib Salamat Vp/cfo Ccul | Officer | 0.5 | $0 |
Courtney Moran Executive Director - Fnd | Officer | 40 | $145,605 |
Dave Willis Chairman | OfficerTrustee | 0.5 | $0 |
Shelli Mccoy Vice-Chair | OfficerTrustee | 0.5 | $0 |
Mary Beth Spuck Treasurer | OfficerTrustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $100,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $790,348 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $890,348 |
| Total Program Service Revenue | $124,324 |
| Investment income | $105,369 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $131,073 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,281,131 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $435,911 |
| Grants and other assistance to domestic individuals. | $17,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $170,539 |
| Compensation of current officers, directors, key employees. | $71,606 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $275,440 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $32,021 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $500 |
| Office expenses | $14,312 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $35,174 |
| Travel | $39,530 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,131,957 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,435 |
| Savings and temporary cash investments | $1,397,308 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,082 |
| 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 | $6,239 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $72,467 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $85,580 |
| Total assets | $1,796,111 |
| Accounts payable and accrued expenses | $46,652 |
| Grants payable | $0 |
| Deferred revenue | $2,000 |
| 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 | $38,060 |
| Total liabilities | $86,712 |
| Net assets without donor restrictions | $1,468,450 |
| Net assets with donor restrictions | $240,949 |
| 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 | $1,796,111 |
Grants Awarded
Over the last fiscal year, Cornerstone Credit Union Foundation has awarded $55,662 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
ARBUCKLE FCU PURPOSE: CREDIT UNION DEVELOPMENT, FINANCIAL CAPABILITY, AND SCMS SCHOLARSHIP | $8,086 |
COASTAL COMMUNITY FCU PURPOSE: CREDIT UNION DEVELOPMENT AND SCMS SCHOLARSHIP | $5,691 |
CY-FAIR FCU PURPOSE: CREDIT UNION DEVELOPMENT AND SCMS SCHOLARSHIP | $5,390 |
RIVER CITY FCU PURPOSE: CREDIT UNION DEVELOPMENT AND FINANCIAL CAPABILITY | $7,000 |
TARRANT COUNTY'S CU PURPOSE: CREDIT UNION DEVELOPMENT AND FINANCIAL CAPABILITY | $8,500 |
IMPACT FINTECH SOLUTIONS INC PURPOSE: CREDIT UNION DEVELOPMENT AND FINANCIAL CAPABILITY | $10,000 |