Nonprofit · EIN 36-2217287
CORNERSTONE CREDIT UNION
Tax-exempt · FREEPORT, IL 61032
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $9,439,660 | $8,665,479 | $774,181 | $163,615,171 | $148,008,612 | $15,606,559 |
| December 31, 2023 | 990 | $7,921,070 | $7,368,293 | $552,777 | $142,504,905 | $127,840,449 | $14,664,456 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $7,065,352
- Investment income
- $2,374,308
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $7,500
- Benefits paid to members
- $1,916,859
- Compensation of officers, directors and key employees
- $635,933
- Other salaries and wages
- $1,858,100
- Salaries, compensation and benefits (total)
- $2,875,938
- Professional fundraising fees
- $0
- Legal fees
- $10,113
- Accounting fees
- $47,000
- Occupancy
- $225,788
- Travel
- $3,023
- Depreciation
- $243,896
Balance sheet and other
- Total assets, start of year
- $142,504,905
- Total assets, end of year
- $163,615,171
- Total liabilities, end of year
- $148,008,612
- Net assets, end of year
- $15,606,559
- Land, buildings and equipment
- $3,653,304
- Publicly traded securities
- $18,697,309
- Gross receipts
- $9,439,660
- Employees
- 48
- Volunteers
- 7
- Year formed
- 1939
- State of legal domicile
- IL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| GAIL CLORE | PRESIDENT Officer | 40 | $176,115 | $11,188 |
| DAVID HOFFERT | VP OF OPERATIONS Officer | 40 | $149,498 | $10,658 |
| JIM COONS | VP OF FINANCE Officer | 40 | $128,763 | $20,346 |
| SCOTT ARNOLD | VP OF LENDING Officer | 40 | $125,308 | $14,058 |
| CHARLES BEYER | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| DANIEL SCHOAF | VICE CHAIR/TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| VALERIE ROTHERMEL-NELSON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| RANDY CHURCH | DIRECTOR THRU MARCH Trustee or director | 1 | $0 | $0 |
| KENNETH EICHHOLZ JR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CHRISTINE KLIPPING | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CONNIE KRAFT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TRAVIS VOSS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CHELSEA WHITE | DIRECTOR THRU MAY Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| GAIL CLORE | PRESIDENT Officer | 40 | $175,445 | $12,871 |
| DAVID HOFFERT | VP OF OPERATIONS Officer | 40 | $138,862 | $11,572 |
| JIM COONS | VP OF FINANCE Officer | 40 | $121,249 | $27,217 |
| SCOTT ARNOLD | VP OF LENDING Officer | 40 | $114,383 | $23,196 |
| CHARLES BEYER | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| DANIEL SCHOAF | VICE CHAIR/TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| CARLA HOMAN | TREASURER (THRU 5/23/23) Trustee or director, Officer | 1 | $0 | $0 |
| VALERIE ROTHERMEL-NELSON | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| RANDY CHURCH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JODI DIFFENDERFER | DIRECTOR (THRU 3/18/23) Trustee or director | 1 | $0 | $0 |
| KENNETH EICHHOLZ JR | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CHRISTINE KLIPPING | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CONNIE KRAFT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TRAVIS VOSS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CHELSEA WHITE | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 550 W MEADOWS DR, FREEPORT, IL 61032-5072
- Principal officer (990 for 2024)
- GAIL CLORE, 550 WEST MEADOWS DRIVE, FREEPORT, IL 610325072
- Signed the 990
- GAIL CLORE, PRESIDENT
- Phone
- (815) 235-5855
- Website
- WWW.CORNERSTONECU.ORG
- Return prepared by
- WIPFLI LLP
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.
Program accomplishments
- 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.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 36-2217287
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1941
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W61)
- Assets (IRS master file)
- $163,615,171
- Income (IRS master file)
- $9,439,660
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $9,439,660 | $8,665,479 | $163,615,171 | XML |
| 990 | December 2023 | $7,921,070 | $7,368,293 | $142,504,905 | XML |
| 990 | December 2022 | $6,965,510 | $5,613,826 | $145,441,779 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 36-2217287).
Questions about CORNERSTONE CREDIT UNION
- What is the EIN of CORNERSTONE CREDIT UNION?
- The employer identification number (EIN) of CORNERSTONE CREDIT UNION is 36-2217287.
- Is CORNERSTONE CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1941.
- Are donations to CORNERSTONE CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does CORNERSTONE CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CORNERSTONE CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CORNERSTONE CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CORNERSTONE CREDIT UNION?
- The 990 for the year ended December 31, 2024 names GAIL CLORE.
- Who are the officers and directors of CORNERSTONE CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 13 people; 4 received compensation from the organization, the highest $176,115 (GAIL CLORE, PRESIDENT).
- How much revenue does CORNERSTONE CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $9,439,660, expenses of $8,665,479 and total assets of $163,615,171 at year end.
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All nonprofits in FREEPORT · Illinois · Public and societal benefit