Cornerstone Credit Union: Form 990, tax year 2014

View the entire original 990 at ProPublica ↗

Organization
Cornerstone Credit Union (EIN 82-0234322)
Tax period
2014-01-01 to 2014-12-31
Filed
2015-10-23
IRS object ID
201512969349300621
Schema version
2014v5.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2015-10-23T10:01:00-07:00ReturnTs
Tax Period End2014-12-31TaxPeriodEndDt
Return Type990ReturnTypeCd
Tax Period Begin2014-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN820234322EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1CORNERSTONE CREDIT UNIONBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlCORNBusinessNameControlTxt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1416 S KIMBALLAddressLine1Txt
CityCALDWELLCityNm
State AbbreviationIDStateAbbreviationCd
ZIP83605ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonPAULA REEDYPersonNm
Person TitleCEOPRESIDENTPersonTitleTxt
Phone2084593500PhoneNum
Signature2015-10-07SignatureDt
FieldValueIRS element (for citing)
Tax2014TaxYr
Build TS2016-02-25 16:41:14ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Initial ReturnYes (X)InitialReturnInd
Principal OfficerPAULA REEDYPrincipalOfficerNm
Gross Receipts$1,088,263GrossReceiptsAmt
Group Return For AffiliatesfalseGroupReturnForAffiliatesInd
All Affiliates IncludedYes (true)AllAffiliatesIncludedInd
Group Exemption1231GroupExemptionNum
Organization501cYes (X)Organization501cInd
Website AddressWWW.CORNERSTONECU.COOPWebsiteAddressTxt
Type Of Organization OtherYes (X)TypeOfOrganizationOtherInd
Other Organization DscSTATE CHARTERED CREDIT UNIONOtherOrganizationDsc
Formation1955FormationYr
Legal Domicile StateIDLegalDomicileStateCd
Activity Or MissionPROMOTING THE FINANCIAL WELL-BEING OF 4671 MEMBERS BY PROVIDING LOAN AND SAVING SERVICES AT COMPETITIVE RATESActivityOrMissionDesc
Voting Members Governing Body9VotingMembersGoverningBodyCnt
Voting Members Independent0VotingMembersIndependentCnt
Total Employee18TotalEmployeeCnt
Total Volunteers9TotalVolunteersCnt
Total Gross UBI$51,814TotalGrossUBIAmt
CY Contributions Grants$0CYContributionsGrantsAmt
PY Program Service Revenue$1,010,179PYProgramServiceRevenueAmt
CY Program Service Revenue$1,022,596CYProgramServiceRevenueAmt
PY Investment Income$38,422PYInvestmentIncomeAmt
CY Investment Income$65,666CYInvestmentIncomeAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$1,048,601PYTotalRevenueAmt
CY Total Revenue$1,088,262CYTotalRevenueAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$521,310PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$469,035CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$561,552PYOtherExpensesAmt
CY Other Expenses$605,636CYOtherExpensesAmt
PY Total Expenses$1,082,862PYTotalExpensesAmt
CY Total Expenses$1,074,671CYTotalExpensesAmt
PY Revenues Less Expenses-$34,261PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$13,591CYRevenuesLessExpensesAmt
Total Assets BOY$18,128,933TotalAssetsBOYAmt
Total Assets EOY$17,444,504TotalAssetsEOYAmt
Total Liabilities BOY$69,677TotalLiabilitiesBOYAmt
Total Liabilities EOY$631,796TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$18,059,256NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$16,812,708NetAssetsOrFundBalancesEOYAmt
MissionPROMOTING THE FINANCIAL WELL BEING OF 4671 MEMBERS BY PROVIDING LOAN AND SAVING SERVICES AT COMPETITIVE RATESMissionDesc
Significant New Program SrvcfalseSignificantNewProgramSrvcInd
Significant ChangefalseSignificantChangeInd
Activity522130ActivityCd
DescPROMOTING THE FINANCIAL WELL BEING OF 4671 MEMBERS BY PROVIDING LOAN AND SAVING SERVICES AT COMPETITIVE RATESDesc
Described In Section501c3falseDescribedInSection501c3Ind
Schedule B RequiredfalseScheduleBRequiredInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Donor Advised FundfalseDonorAdvisedFundInd
Conservation EasementsfalseConservationEasementsInd
Collections Of ArtfalseCollectionsOfArtInd
Credit CounselingfalseCreditCounselingInd
Temp Or Permanent EndowmentsfalseTempOrPermanentEndowmentsInd
Report Land Building EquipmentYes (true)ReportLandBuildingEquipmentInd
Report Investments Other SecfalseReportInvestmentsOtherSecInd
Report Program Related InvstfalseReportProgramRelatedInvstInd
Report Other AssetsfalseReportOtherAssetsInd
Report Other LiabilitiesYes (true)ReportOtherLiabilitiesInd
Include FIN48 FootnotefalseIncludeFIN48FootnoteInd
Independent Audit Fincl StmtfalseIndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtfalseConsolidatedAuditFinclStmtInd
School OperatingfalseSchoolOperatingInd
Foreign OfficefalseForeignOfficeInd
Foreign ActivitiesfalseForeignActivitiesInd
More Than5000 K To OrgfalseMoreThan5000KToOrgInd
More Than5000 K To IndividualsfalseMoreThan5000KToIndividualsInd
Professional FundraisingfalseProfessionalFundraisingInd
Fundraising ActivitiesfalseFundraisingActivitiesInd
Gaming ActivitiesfalseGamingActivitiesInd
Operate HospitalfalseOperateHospitalInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Grants To IndividualsfalseGrantsToIndividualsInd
Schedule J RequiredfalseScheduleJRequiredInd
Tax Exempt BondsfalseTaxExemptBondsInd
Engaged In Excess Benefit TransfalseEngagedInExcessBenefitTransInd
Loan OutstandingfalseLoanOutstandingInd
Grant To Related PersonfalseGrantToRelatedPersonInd
Business Rln With Org MemfalseBusinessRlnWithOrgMemInd
Business Rln With Fam MemfalseBusinessRlnWithFamMemInd
Business Rln With Officer EntfalseBusinessRlnWithOfficerEntInd
Deductible Non Cash ContrifalseDeductibleNonCashContriInd
Deductible Art ContributionfalseDeductibleArtContributionInd
Terminate OperationsfalseTerminateOperationsInd
Partial LiquidationfalsePartialLiquidationInd
Disregarded EntityfalseDisregardedEntityInd
Related EntityfalseRelatedEntityInd
Related Organization Ctrl EntfalseRelatedOrganizationCtrlEntInd
Transaction With Control EntfalseTransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd OrgfalseTrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted PrtshpfalseActivitiesConductedPrtshpInd
Schedule O RequiredYes (true)ScheduleORequiredInd
IRP Document0IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Employee18EmployeeCnt
Employment Tax Returns FiledYes (true)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over LimitYes (true)UnrelatedBusIncmOverLimitInd
Form990 T FiledYes (true)Form990TFiledInd
Foreign Financial AccountfalseForeignFinancialAccountInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Taxable Party NotificationfalseTaxablePartyNotificationInd
Nondeductible ContributionsfalseNondeductibleContributionsInd
Indoor Tanning ServicesfalseIndoorTanningServicesInd
Form720 FiledfalseForm720FiledInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members9GoverningBodyVotingMembersCnt
Independent Voting Member0IndependentVotingMemberCnt
Family Or Business RlnfalseFamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesfalseDelegationOfMgmtDutiesInd
Change To Org DocumentsfalseChangeToOrgDocumentsInd
Material Diversion Or MisusefalseMaterialDiversionOrMisuseInd
Members Or StockholdersYes (true)MembersOrStockholdersInd
Election Of Board MembersYes (true)ElectionOfBoardMembersInd
Decisions Subject To ApprovafalseDecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (true)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (true)MinutesOfCommitteesInd
Officer Mailing AddressfalseOfficerMailingAddressInd
Local ChaptersYes (true)LocalChaptersInd
Policies Reference ChaptersYes (true)PoliciesReferenceChaptersInd
Form990 Provided To Gvrn BodyYes (true)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (true)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (true)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcfalseRegularMonitoringEnfrcInd
Whistleblower PolicyYes (true)WhistleblowerPolicyInd
Document Retention PolicyYes (true)DocumentRetentionPolicyInd
Compensation Process CEOYes (true)CompensationProcessCEOInd
Compensation Process OtherYes (true)CompensationProcessOtherInd
Investment In Joint VenturefalseInvestmentInJointVentureInd
States Where Copy Of Return Is FldIDStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonPAULA REEDYPersonNm
Phone2084593500PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1416 S KIMBALLAddressLine1Txt
CityCALDWELLCityNm
State AbbreviationIDStateAbbreviationCd
ZIP83605ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (11 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtOfficerOfficerIndKey EmployeeKeyEmployeeIndHighest Compensated EmployeeHighestCompensatedEmployeeInd
LARRY TAYLOR
CHAIRMAN OF THE BOARD1Yes (X)$0$0$0
MIKE AYERS
BOARD OF DIRECTORS1Yes (X)$0$0$0
MARK CHILES
VICE CHAIRMAN OF THE BOARD1$0$0$0
DEBORAH HERRING
SECRETARY OF THE BOARD1$0$0$0
DICK CROWLEY
BOARD OF DIRECTORS1$0$0$0
RICK SHELTON
BOARD OF DIRECTORS1$0$0$0
JOHN LILLY
BOARD OF DIRECTORS1$0$0$0
JOY HANSEL
BOARD OF DIRECTORS1$0$0$0
TONI GIBSON
BOARD OF DIRECTORS1$0$0$0
PAULA REEDY
PRESIDENTCEO40$65,258$0$0Yes (X)Yes (X)Yes (X)
LORI CASADY
EVPCOO40$20,329$0$0Yes (X)Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$85,587TotalReportableCompFromOrgAmt
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KfalseTotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp

Contractor Name ContractorName

FieldValueIRS element (for citing)
PersonNAPersonNm
FieldValueIRS element (for citing)
Cntrct Rcvd Greater Than100 K0CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDescBusinessBusinessCdTotal Revenue ColumnTotalRevenueColumnAmtRelated Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmtUnrelated Business RevenueUnrelatedBusinessRevenueAmt
LOANS TO MEMBERS522130$560,726$560,726
FEES AND CHARGES522130$407,483$365,309$42,174
MISCELLANEOUS INCOME522130$54,387$44,747$9,640
FieldValueIRS element (for citing)
Total Program Service Revenue$1,022,596TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$65,666TotalRevenueColumnAmt
Related Or Exempt Func Income$65,666RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,088,262TotalRevenueColumnAmt
Related Or Exempt Func Income$1,036,448RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$51,814UnrelatedBusinessRevenueAmt
Exclusion$0ExclusionAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$85,587TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$324,084TotalAmt

Pension Plan Contributions PensionPlanContributionsGrp

FieldValueIRS element (for citing)
Total$1,053TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

FieldValueIRS element (for citing)
Total$22,202TotalAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$36,109TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$12,722TotalAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$14,613TotalAmt

Advertising AdvertisingGrp

FieldValueIRS element (for citing)
Total$14,060TotalAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$73,134TotalAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$38,565TotalAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$689TotalAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$55,218TotalAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$23,346TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmt
CARD SERVICES BANK CHARGESMISC OPERATING EXPENSE$264,725
FUNDS EXPENSE$7,562
LOAN SERVICING$24,601
PROVISIONS FOR LOAN & DEPOSIT-$6,346

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$82,747TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$1,074,671TotalAmt
Program Services$0ProgramServicesAmt
Management And General$0ManagementAndGeneralAmt
Fundraising$0FundraisingAmt
FieldValueIRS element (for citing)
Info In Schedule O Part XYes (X)InfoInScheduleOPartXInd

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$343,979BOYAmt
EOY$350,269EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$5,518,303BOYAmt
EOY$4,908,762EOYAmt

Accounts Receivable AccountsReceivableGrp

FieldValueIRS element (for citing)
BOY$4,768BOYAmt
EOY$3,029EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

FieldValueIRS element (for citing)
BOY$9,960,299BOYAmt
EOY$10,371,976EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
BOY$75,522BOYAmt
EOY$59,848EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$2,325,138LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$824,715LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$1,970,011BOYAmt
EOY$1,500,423EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$256,051BOYAmt
EOY$250,197EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$18,128,933BOYAmt
EOY$17,444,504EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$61,688BOYAmt
EOY$68,157EOYAmt

Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp

FieldValueIRS element (for citing)
EOY$556,815EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$7,989BOYAmt
EOY$6,824EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$69,677BOYAmt
EOY$631,796EOYAmt

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

FieldValueIRS element (for citing)
BOY$16,942,036BOYAmt
EOY$16,137,081EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

FieldValueIRS element (for citing)
BOY$1,117,220BOYAmt
EOY$675,627EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$18,059,256BOYAmt
EOY$16,812,708EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$18,128,933BOYAmt
EOY$17,444,504EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$13,591ReconcilationRevenueExpnssAmt
Other Changes In Net Assets-$1,260,139OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or ReviewfalseAccountantCompileOrReviewInd
FS AuditedfalseFSAuditedInd
Federal Grant Audit RequiredfalseFederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Land LandGrp

FieldValueIRS element (for citing)
Investment Cost Or Other Basis$530,787InvestmentCostOrOtherBasisAmt
Book Value$530,787BookValueAmt

Buildings BuildingsGrp

FieldValueIRS element (for citing)
Investment Cost Or Other Basis$1,163,344InvestmentCostOrOtherBasisAmt
Depreciation$257,428DepreciationAmt
Book Value$905,916BookValueAmt

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Investment Cost Or Other Basis$631,006InvestmentCostOrOtherBasisAmt
Depreciation$567,287DepreciationAmt
Book Value$63,719BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$1,500,422TotalBookValueLandBuildingsAmt

Other Assets Org OtherAssetsOrgGrp (2 entries)

DescDescBook ValueBookValueAmt
ACCRUED INCOME$29,950
DEPOSIT IN ASI$220,246
FieldValueIRS element (for citing)
Total Book Value Other Assets$250,196TotalBookValueOtherAssetsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)

DescDescAmtAmt
DIVIDENDS PAYABLE$4
TAXES PAYABLE$3,676
ACCRUED EXPENSES$7,614
OTHER LIABILITIES-$4,470
FieldValueIRS element (for citing)
Total Liability$6,824TotalLiabilityAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
VIPART VI 11-THE FORM 990 WAS PREPARED BY THE ACCOUNTING MANAGER. THE MANAGEMENT COMMITTEE WHICH CONSISTS OF THE CHAIRMAN AND VICE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CEO EAS DELEGATED BY THE BOARD OF DIRECTORS TO REVIEW AND MAKE COMMENTS. PART VI 15A-THE BOARD OF DIRECTOR'S CHAIRMAN AND EXECUTIVE COMMITTEE REVIEW INDUSTRY SALARY SURVEY DATA AND CONDUCTS A PERFORMANCE REVIEW AND GETS APPROVAL FROM THE BOARD OF DIRECTORS PART VI 15B-THE CEO REVIEWS INDUSTRY SALARY SURVEY DATA AND CONDUCTS A PERFORMANCE REVIEW OF THE KEY EMPLOYEES AND DETERMINES COMPENSATION. PART VI 19- DISPLAYED IN THE CREDIT UNION'S LOBBIES AND AVAILABLE UPON REQUEST
XPART X 9-THE CREDIT UNION EXPERIENCED NON-OPERATING LOSSES OF 455185 AND A DECLINE OF 804955 IN MEMBER EQUITY.

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