Cornerstone Credit Union

Nonprofit profile at a glance

EIN
362217287
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Freeport, IL, USA
Phone
8152355855
Rating confidence
Limited
Sector
Credit Unions

Official website

Reported finances

Revenue
$9,439,660
Expenses
$8,665,479
Assets
$163,615,171
Liabilities
$148,008,612

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • GAIL CLORE (PRESIDENT)

Highest reported compensation

  • GAIL CLORE (PRESIDENT): $187,303 total reported compensation
  • DAVID HOFFERT (VP OF OPERATIONS): $160,156 total reported compensation
  • JIM COONS (VP OF FINANCE): $149,109 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Cornerstone credit union is a community-focused financial cooperative committed to providing quality, differentiated services to its member-owners. Our professional staff and volunteers will ensure fiscal stability through responsible leadership and growth.

What it reported doing in 2024

Provided financial services to 10,317 members, provided 4,497 consumer and real estate loans, maintained 22,436 deposit accounts for the benefit of our members/owners.

Operating model

Revenue model
Earned-program. 75% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 77
  • Accountability: 91
  • Sustainability: 61
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.2%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 18.88; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 7.3%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 29th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 7 of 7 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $187K · 13 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $691K reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.