2025-07-15T16:43:55-05:00 2024-12-31 390758449 WIPFLI LLP 4949 HARRISON AVENUE SUITE 300 ROCKFORD IL 61108 990 2024-01-01 362217287 CORNERSTONE CREDIT UNION CORN 8152355855 550 WEST MEADOWS DRIVE FREEPORT IL 610325072 GAIL CLORE PRESIDENT 8152355855 2025-05-23 1 0 DAVID R SCHROEPFER P00171692 8153997700 2025-05-22 2024 2025-03-06 01:10:19Z GAIL CLORE 550 WEST MEADOWS DRIVE FREEPORT IL 610325072 9439660 0 X WWW.CORNERSTONECU.ORG X 1939 IL 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. 7 7 48 7 0 0 0 0 6266582 7065352 1654488 2374308 0 0 7921070 9439660 0 7500 0 1916859 2634238 2875938 0 0 0 4734055 3865182 7368293 8665479 552777 774181 142504905 163615171 127840449 148008612 14664456 15606559 X 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. 1 1 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. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2254 0 48 1 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 X JAMES M COONS 8152355855 550 WEST MEADOWS DRIVE FREEPORT IL 610325072 CHARLES BEYER CHAIR 1.00 X X 0 0 0 DANIEL SCHOAF VICE CHAIR/TREASURER 1.00 X X 0 0 0 VALERIE ROTHERMEL-NELSON SECRETARY 1.00 X X 0 0 0 RANDY CHURCH DIRECTOR THRU MARCH 1.00 X 0 0 0 KENNETH EICHHOLZ JR DIRECTOR 1.00 X 0 0 0 CHRISTINE KLIPPING DIRECTOR 1.00 X 0 0 0 CONNIE KRAFT DIRECTOR 1.00 X 0 0 0 TRAVIS VOSS DIRECTOR 1.00 X 0 0 0 CHELSEA WHITE DIRECTOR THRU MAY 1.00 X 0 0 0 GAIL CLORE PRESIDENT 40.00 X 176115 0 11188 DAVID HOFFERT VP OF OPERATIONS 40.00 X 149498 0 10658 JIM COONS VP OF FINANCE 40.00 X 128763 0 20346 SCOTT ARNOLD VP OF LENDING 40.00 X 125308 0 14058 579684 0 56250 4 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSING 560470 ENTRE COMPUTER SOLUTIONS 8900 N STREET MACHESNEY PARK IL 61115 IT SERVICES COMPUTER SOFTWARE 130540 2 LOAN INTEREST 522100 5285323 5285323 FEES AND CHARGES 522100 1618082 1618082 OTHER INCOME 522100 161947 161947 7065352 2374308 2374308 9439660 7065352 0 2374308 7500 1916859 635933 1858100 60520 129473 191912 10113 47000 318662 151905 199211 504049 225788 3023 23257 1145884 243896 153200 BANK FEES 387548 LOAN CLOSING COSTS 255549 ASSOCIATION DUES 87497 REPAIRS & MAINTENANCE 30482 78118 8665479 1693383 2225970 1963866 25462143 92332936 95113986 2887419 3210446 8468569 4815265 3685734 3653304 22817771 18697309 15500000 13500000 1623796 1752013 142504905 163615171 2124910 1348425 264689 125715539 146395498 127840449 148008612 X 0 0 0 0 14664456 15606559 14664456 15606559 142504905 163615171 X 774181 167922 X X 0 1 X 1 0 3500 3500 3500 1 CREDIT UNION POLITICAL ACTION 1807 W DIEHL RD NAPERVILLE IL 60540 363092340 3500 0 PART I-A, LINE 1: SUPPORT FOR THE ILLINOIS CREDIT UNION LEAGUE'S CREDIT UNION POLITICAL ACTION COMMITTEE (CUPAC). THE CREDIT UNION POLITICAL ACTION COUNCIL (CUPAC) IS A VOLUNTARY ASSOCIATION OF CREDIT UNION MEMBERS, CHAPTERS AND CREDIT UNIONS. IT IS NOT AFFILIATED WITH ANY ONE POLITICAL PARTY AND IS AN INDEPENDENT AND AUTONOMOUS ORGANIZATION NOT SUPPORTED BY LEAGUE DUES. CUPAC'S PURPOSE IS TO PROMOTE GOOD GOVERNMENT AND FAVORABLE LEGISLATION FOR CREDIT UNIONS THROUGH RAISING AND DISBURSING FUNDS TO CANDIDATES AND LEGISLATORS SYMPATHETIC TO THE CREDIT UNION MOVEMENT. CONTRIBUTIONS TO CUPAC ARE USED ALMOST EXCLUSIVELY TO SUPPORT CANDIDATES. 0 1 X 507250 507250 5178911 2326121 2852790 2778137 2489144 288993 4271 4271 3653304 AGENCY BONDS 13500000 C 13500000 MEMBER SHARE AND SAVINGS ACCOUNTS 146395498 146395498 X 9439660 0 9439660 0 9439660 8665479 0 8665479 0 8665479 PART IV, LINE 2B: THE ORGANIZATION IS THE TRUSTEE OF CERTAIN MEMBER'S ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. PART X, LINE 2: THE CREDIT UNION IS GENERALLY EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES AND STATE CORPORTE BUSINESS TAX. HOWEVER, THE CREDIT UNION IS SUBJECT TO FEDERAL TAX ON NET UNREALIZED BUSINESS INCOME. THE CREDIT UNION MAY RECOGNIZE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS FROM UNCERTAIN TAX POSITIONS. UNRECOGNIZED TAX BENEFITS REPRESENT THE DIFFERENCE BETWEEN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN AND THE BENEFIT RECOGNIZED AND MEASURED IN THE FINANCIAL STATEMENTS. INTEREST AND PENALITIES RELATED TO UNRECOGNIZED TAX BENEFITS ARE CLASSIFIED AS INCOME TAX EXPENSE. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO FEDERAL OR STATE EXAMINIATION BY TAX AUTHORITIES FOR YEARS ENDING BEFORE 2022. 1 FOUNDER'S SCHOLARSHIPS 5 7500 X X 0 0 0 GAIL CLORE PRESIDENT 165424 0 4633 0 6058 0 6877 0 4311 0 187303 0 0 0 DAVID HOFFERT VP OF OPERATIONS 141136 0 3922 0 4440 0 6027 0 4631 0 160156 0 0 0 FORM 990, PART III, LINE 2 NEW CORE SYSTEM FORM 990, PART III, LINE 3 NEW CORE SYSTEM FORM 990, PART VI, SECTION A, LINE 6 MEMBERS LIVE OR WORK IN 11 COUNTIES: BOON, LEE, WINNEBAGO, BUREAU, OGLE, ROCK, CARROLL, STEPHENSON, GREEN, JODAVIES, WHITESIDE FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE BOARD OF DIRECTORS AT AN ANNUAL MEETING. THE ANNUAL MEETING OF MEMBERS FOR THE ELECTION OF DIRECTORS AND THE TRANSACTION OF SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING SHALL BE HELD AT A PLACE DESIGNATED BY THE BOARD OF DIRECTORS DURING THE MONTH OF MARCH. FORM 990, PART VI, SECTION A, LINE 7B APPROVAL BY MEMBERS IS NEEDED FOR MERGERS AND ANY CHANGES TO THE BYLAWS AT AN ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE VP OF ACCOUNTING AND APPROVED BY PRESIDENT/CEO PRIOR TO SUBMISSION TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL INSIDERS OF THE CREDIT UNION HAVE AN OBLIGATION AT ALL TIMES TO PRMOTE THE CREDIT UNION'S BEST INTERESTS. THE CREDIT UNION'S CODE OF ETHICS POLICY REQUIRES THAT ALL PERSONNEL AVOID ANY SITUATION, WHICH DOES OR MAY INVOLVE A CONFLICT, OR APPEARANCE OF CONFLICT, BETWEEN THEIR PERSONAL INTERESTS AND THE INTERESTS OF THE CREDIT UNION. ALL INSIDERS OF THE CREDIT UNION MUST SIGN AND UPDATE THEIR CONFLICT OF INTEREST WHEN HIRED AND ANNUALLY THEREAFTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR ALL POSITIONS IS APPROVED ANNALLY BY THE BOARD OF DIRECTORS THROUGH THE BUDGETARY PROCESS. THE CREDIT UNION HAS A COMPENSATION SYSTEM LICENSE WITH KOKER, GOODWIN & ASSOCIATIONS, INC. FOR COMPEASE SOFTWARE INCLUDING ANNUAL SALARY RANGES ADJUSTED FOR NORTHWEST ILLINOIS FOR ALL POSITIONS AT THE CREDIT UNION. ADDITIONALLY, AS A CONFIRMATION TO WAGE SCALES FOR THE CREDIT UNION INDUSTRY THE CREDIT UNION CONSULTS WITH THE ANNUAL "SALARY SURVEY" PREPARED AND DISTRIBUTED BY CUNA NATIONAL ASSOCIATION, MADISON, WI. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF ADOPTION OF ASU NO 2016-13 OTHER COMPREHENSIVE INCOME 167,922.