Cornerstone Credit Union League in Farmers Branch, Texas (TX)

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Cornerstone Credit Union League
Employer Identification Number (EIN)750603700
Name of OrganizationCornerstone Credit Union League
Address4455 Lbj Freeway Ste 1100, Farmers Branch, TX 75244-5998
ActivitiesOther school related activities, Propose, support, or oppose legislation
SubsectionBusiness League
Ruling Date06/1947
DeductibilityContributions are not deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$25,901,443
Amount of Income$9,555,723
Form 990 Revenue Amount$9,555,723
National Taxonomy of Exempt Entities (NTEE)Public, Society Benefit - Multipurpose and Other: Professional Societies, Associations


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Amount of income in 2013: $9,555,723
Cornerstone Credit Union League: 

 $9,555,723
Other organizations performing similar types of work: 

 $2,807,232

Assets in 2013: $25,901,443
Cornerstone Credit Union League: 

 $25,901,443
Other organizations performing similar types of work: 

 $5,004,095

Expenses in 2012: $8,439,200
Cornerstone Credit Union League: 

 $8,439,200
Other organizations performing similar types of work: 

 $2,976,880

Income to expenses ratio in 2012: 1.1
Cornerstone Credit Union League: 

 1.1
Other organizations performing similar types of work: 

 1.1

Grants share in income in 2012: 56.8%
Cornerstone Credit Union League: 

 56.8%
Other organizations performing similar types of work: 

 0.0%

Financial snapshot ($)

Revenue for 2012

Functional expenses for 2012

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$9,134,953
Contributions, Gifts, Grants and Other Similar Amounts$5,184,798
Program Service Revenue$3,143,836
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$801,691
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$4,628
Gross amount from sales of assets other than inventory (Securities / Other)$1,151,626 / $0
Less: cost or other basis and sales expenses (Securities / Other)$1,146,998 / $0
Gain or (loss) (Securities / Other)$4,628 / $0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2012)
Total functional expenses$8,439,200
Compensation of current officers, directors, trustees, and key employees$566,171
Other salaries and wages$3,419,056
Payroll taxes$191,732
Professional fundraising services$0
Other$4,262,241
Balance Sheet (for 2012)
Total assets$23,137,629
Total liabilities$4,614,227
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$0
Unsecured notes and loans payable to unrelated third parties$0
Other$4,614,227
Total net assets or fund balances$18,523,402
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:Not provided
Revenue, Expenses, and Changes in Net Assets or Fund Balances
200220032004200520062007
Total revenue$5,745,421$6,502,247$7,403,505$7,571,630$7,255,176$8,125,115
Contributions, gifts, grants, and similar amounts received$512,984$495,322$736,177$735,949$740,267$786,883
Contributions to donor advised funds$0$0
Direct public support$0$495,322$736,177$735,949$740,267$786,883
Indirect public support$512,984$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0
Program service revenue including government fees and contracts$0$0$0$0$0$2,858,059
Membership dues and assessments$3,345,636$3,675,035$4,149,389$4,046,274$4,028,081$4,024,064
Interest on savings and temporary cash investments$9,515$4,629$5,476$19,782$39,746$36,847
Dividends and interest from securities$469,066$1,009,547$1,069,939$1,171,286$790,298$262,957
Net rental income or (loss)$0$0$0$0$0$0
Gross rents$0$0$0$0$0$0
Less: rental expenses$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$0
Gross amount from sales of assets other than inventory$0$0$0$0$0$0
Less: cost or other basis and sales expenses$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0
Other revenue$1,408,220$1,317,714$1,442,524$1,598,339$1,656,784$156,305
Total expenses$5,230,364$5,738,368$6,224,588$6,465,516$6,546,137$8,171,689
Program services$0$0$0$0$0$0
Management and general$0$0$0$0$0$0
Fundraising$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0
Net assets or fund balances at end of year$11,453,088$12,216,967$13,395,884$14,501,988$15,211,037$15,541,218
Excess or (deficit) for the year$515,057$763,879$1,178,917$1,106,114$709,039$-46,574
Net assets or fund balances at beginning of year$4,997,681$11,453,088$12,216,967$13,395,884$14,501,998$15,211,037
Other changes in net assets or fund balances$5,940,350$0$0$0$0$376,755
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$8,171,689$0$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$883,288$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$0$0$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$40,345$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$146,191$0$0$0
Legal fees$0$0$0$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$29,992$0$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$65,641$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$1,491,377$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$0$0$0$0
Other expenses not covered above$5,514,855$0$0$0
Balance Sheets
200220032004200520062007
Total assets$11,841,463$13,148,086$14,045,366$14,970,290$15,779,044$15,934,332
Cash - non-interest-bearing$1,096,436$1,821,690$3,742,252$3,941,431$3,665,901$208,361
Savings and temporary cash investments$2,250,000$1,850,000$100,000$100,000$1,240,000$4,415,050
Accounts receivable less allowance for doubtful accounts$105,217$134,718$129,207$82,526$69,648$111,507
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0
Inventories for sale or use$2,737$0$0$0$0$0
Prepaid expenses and deferred charges$82,937$192,525$90,967$94,880$132,902$122,582
Investments - publicly-traded securities$0$0
Investments - other securities$7,111,045$7,753,158$8,781,553$9,499,250$9,474,198$9,850,953
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0
Investments - other$296,512$280,375$279,110$342,396$327,489$376,921
Land, buildings, and equipment less accumulated depreciation$848,209$823,038$909,727$903,604$825,724$785,258
Other assets, including program-related investments$48,370$292,582$12,550$6,203$43,182$63,700
Total liabilities$388,375$931,119$649,482$468,292$568,007$393,114
Accounts payable and accrued expenses$375,179$377,143$228,240$379,357$407,014$340,980
Grants payable$0$0$0$0$0$0
Deferred revenue$13,196$553,976$421,242$88,935$160,993$52,134
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0
Mortgages and other notes payable$0$0$0$0$0$0
Other liabilities$0$0$0$0$0$0
Total liabilities and net assets/fund balances$11,841,463$13,148,086$14,045,366$14,970,290$15,779,044$15,934,332
Total net assets or fund balances$11,453,088$12,216,967$13,395,884$14,501,998$15,211,037$15,541,218
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
200220032004200520062007
Total revenue$5,745,421$6,502,247$7,403,505$7,571,630$7,255,176$8,125,115
Total revenue, gains, and other support per audited financial statements$5,745,421$6,502,247$7,403,505$7,571,630$7,255,176$8,501,870
Other expenses$0$0$0$0$0$376,755
Net unrealized gains on investments$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0
Other$0$0$0$0$0$376,755
Other revenue$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
200220032004200520062007
Total expenses$5,230,364$5,738,368$6,224,588$6,465,516$6,546,137$8,171,689
Total expenses and losses per audited financial statements$5,230,364$5,738,368$6,224,588$6,465,516$6,546,137$8,171,689
Other revenue$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0
Losses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0
Other$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
20$177,500$53,042$0
40$196,000$23,043$0
50$49,500$14,034$0
14$55,475$5,707$0
36$171,000$34,151$0
1$0$0$3,500
20$44,432$10,680$0
20$38,000$7,224$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings21
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$21,750
Did the organization file Form 1120-POL for this year?Yes
Were substantially all dues nondeductible by members?Yes
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200640
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$299,804$7,038,428
Program service revenue
Program service revenue 1000000$000$0$2,858,059
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$4,024,064
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$36,847$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$262,957$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$156,305
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
751250866100%$11,040,869$13,084,373
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
200120022003200420052006
Total$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0
Other income$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1American Bankers Association1120 Connecticut Ave Nw, Washington, DC 20036-3902DC1977-08$118,642,968
2Independent Community Bankers Of America518 Lincoln Rd, Sauk Centre, MN 56378-2001MN1944-05$38,266,407
3New York Clearing House Association450 W 33rd St, New York, NY 10001-2603NY1947-06$37,590,080
4Risk Management Association1801 Market St Ste 300, Philadelphia, PA 19103-1613PA1934-06$27,941,522
5World Council Of Credit Unions Inc5710 Mineral Point Rd, Madison, WI 53705-4454WI1971-11$21,914,962
6National Association Of Federal Credit Unions Inc3138 North 10th Street, Arlington, VA 22201-2160VA1972-08$18,926,308
7Iowa Credit Union League1500 Nw 118th St, Des Moines, IA 50325-8242IA1944-08$14,171,210
8Credit Union Executives Society, Wisconsin Council Of The Credit Union Executives Society5325 High Crossiing Blvd, Madison, WI 53718WI1984-09$12,246,011
9California Bankers Assoc1303 J St Ste 600, Sacramento, CA 95814-2939CA1942-09$10,217,355
10California Credit Union League2855 E Guasti Rd Ste 600, Ontario, CA 91761-1250CA1952-06$10,071,015
11Michigan Credit Union League38695 7 Mile Rd Ste 200, Livonia, MI 48152-7097MI1944-01$9,875,051
12Stichting Womens World Banking8 West 40th Street 10th Floor, New York, NY 10018-3902NY1982-04$9,647,131
13Cornerstone Credit Union League4455 Lbj Freeway Ste 1100, Farmers Branch, TX 75244-5998TX1947-06$9,555,723
14Massachusetts Bankers Association IncOne Washington Mall, Boston, MA 02108-2616MA1954-11$7,818,863
15New York Bankers Association Inc99 Park Ave Frnt 4, New York, NY 10016-1501NY1987-06$6,827,693
16Tennessee Bankers Association Incorporated211 Athens Way, Nashville, TN 37228-1371TN1942-09$6,654,719
17Texas Savings & Comm Banker Assn203 W 10th St, Austin, TX 78701-2321TX1958-11$265,617
18Fort Worth Chapter Of Credit Unions2309 Montgomery St, Fort Worth, TX 76107-4520TX1980-07$80,679
19Austin Chapter Of Credit UnionsPO BOX 14867, Austin, TX 78761-4867TX1980-07$40,383
20Cfa Society Of Louisville312 Sage Road, Louisville, KY 40207KY2014-09$48,962
Number of organizations performing similar types of work
Alabama1
Arkansas2
Arizona1
California3
Colorado1
District of Columbia1
Florida1
Georgia1
Iowa2
Illinois1
Indiana1
Kentucky2
Louisiana1
Massachusetts1
Maryland1
Maine1
Michigan2
Minnesota2
Missouri2
North Carolina1
North Dakota1
Nebraska1
New Jersey1
New York4
Ohio2
Oregon1
Pennsylvania4
South Carolina1
South Dakota1
Tennessee1
Texas4
Utah1
Virginia1
Washington2
Wisconsin3
Total56

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