U. S. SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   Form 10-QSB

/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
    EXCHANGE ACT OF 1934

               For the quarterly period ending September 30, 2000

                                       Or

/_/ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the transition period from _________ to ____________

                          Commission File No. 333-93475

                    CORNERSTONE MINISTRIES INVESTMENTS, INC.
                    ----------------------------------------
        (Exact name of small business issuer as specified in its charter)

Georgia                                                       58-2232313
--------------------------------------------------------------------------------
(State or other jurisdiction                (IRS Employer Identification Number)
of incorporation or organization)

6035 Atlantic Blvd, Suite C, Norcross, GA                        30071
--------------------------------------------------------------------------------
(Address of principal executive office)                       (Zip Code)

Issuer's telephone number, including area code: (404)-320-3311
                                                --------------

--------------------------------------------------------------------------------
Former name, address and former fiscal year, if changed since last report.

Check  whether  the issuer  (1) filed all  reports  required  to be filed by the
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for past 90 days.

                          Yes _X_              No___

As of October 30, 2000, there were issued and outstanding  303,852 shares of the
common stock of the issuer.

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [ ]

<PAGE>

                    Cornerstone Ministries Investments, Inc.

                                      Index

                                                                           Page

Form 10-QSB Title Page                                                       1

Index                                                                        2

PART I. FINANCIAL INFORMATION

         Item 1. Financial Statements

                 Balance Sheet at September 30, 2000                         3

                 Statement of Operations for three and nine
                 Months ending September 30, 1999 and 2000                   4

                 Statements of Cash Flow for nine months ended
                 September 30, 1999 and 2000                                 5

         Item 2. Management's Discussion and Analysis of
                 Financial Condition and Results of Operation                6


PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                           9

         Item 2. Changes in Securities                                       9

         Item 3. Defaults on Senior Securities                               9

         Item 4. Submission of Matters to a Vote of Security-Holders         9

         Item 5. Other Information                                           9

         Item 6. Exhibits and Reports on Form 8-K                            9

Signatures                                                                  10


                                                                               2

<PAGE>


                   Cornerstone Ministries Investments, Inc.
                                Balance Sheet
                                (unaudited)

                                                 $    36,799

Assets
              Current Assets
              Checking/Money Markets             $   326,060
              Accounts Receivable                $     6,229
                                                 -----------
              Total Current Assets               $   332,289

              Fixed Assets
              Land and Property                  $   280,509
              Amortizable Assets                 $   339,016
              Accumulated Amortization           $   (38,477)
                                                 -----------
              Total Fixed Assets                 $   581,048

              Other Assets
              Loan Interest Receivable           $   100,710
              Late Fees Receivable               $       437
              Loans                              $ 5,182,115
              Prepaid Commissions                $   118,563
                                                 -----------
              Total Other Assets                 $ 5,401,825
                                                 -----------

Total Assets                                     $ 6,315,163
                                                 ===========


Liabilities
              Current Liabilities
              Accounts Payable                   $    18,266
              Taxes Payable                      $     7,300
              Note Payable                       $   450,000
              Due PIF                            $    10,856
              Interest Payable of Certificates   $   172,950
              Rent Deposits Held                 $       700
                                                 -----------
              Total Current Liabilities          $   641,806

              Long Term Liabilities
              Investor Certificates              $ 3,813,729
                                                 -----------
              Total Long Term Liabilities        $ 3,813,729
                                                 -----------

Total Liabilities                                $ 4,473,801
                                                 ===========

Equity
              Capital Stock                      $     2,238
              Paid in Capital                    $ 1,869,284
              Retained Earnings                  $   172,953
              Net Income                         $    19,309
              Dividends Paid                     $  (222,421)
                                                 -----------
              Total Equity                       $ 1,841,363

Total Liabilities and Equity                     $ 6,315,163
                                                 ===========



                                                                               3
<PAGE>



                            Cornerstone Ministries Investments, Inc.
                                   Statement of Operations
                                         (unaudited)


<TABLE>
<CAPTION>
                                                     Three Months Ended                    Nine Months Ended
                                               September 30,      September 30,       September 30,     September 30,
                                                   1999               2000                1999              2000
<S>                                              <C>                <C>                <C>               <C>
Income
    Interest Income-Loans                        $  35,048          $ 121,872          $  79,731         $ 267,241
    Fees and Services                            $  44,200          $    --            $ 147,200         $ 136,000
    Mortgage Late Fees                           $   1,237          $     714          $   1,541         $   3,151
    Interest Income_Bank                         $  11,760          $   2,284          $  27,144         $  11,944
------------------------------------------------------------------------------------------------------------------
Total Income                                     $  92,244          $ 124,870          $ 255,256         $ 450,321

Expense
    Interest Expense                             $  64,010          $  99,831          $ 141,665         $ 267,241
    Operating Expenses                           $  26,638          $  55,220          $  78,219         $ 143,574
    Marketing Expenses                           $    --            $   7,435          $     385         $   7,435
    Income Taxes                                 $   1,838          $    --            $  13,581         $  16,500
------------------------------------------------------------------------------------------------------------------
Total Expense                                    $  92,486          $ 162,035          $ 233,850         $ 434,750
------------------------------------------------------------------------------------------------------------------

Net Income                                       $    (242)         $ (37,165)         $  21,407         $  15,571
==================================================================================================================
</TABLE>



                                                                               4
<PAGE>



<TABLE>
                            Cornerstone Ministries Investments, Inc.
                                   Statement of Cash Flows
                                         (unaudited)
<CAPTION>
                                                                 Nine Months Ended
                                                      September 30, 1999     September 30, 2000
<S>                                                      <C>                   <C>
Operating Activities
              Net Income                                 $    21,407
              Adjustments to Reconcile
              Net Income to Net Cash
              Accounts Rec
              Deposit on Real Estate                     $    (5,000)          $     5,000
              Accounts Payable                                                 $   (24,915)
              Taxes Payable                              $     5,771           $   (13,790)
              Note Payable                                                     $   450,000
              Due PIF                                    $    35,704           $    10,856
              Interest Payable on Certificates           $    83,834           $    88,767
              Legal Fees Payable                         $  (144,255)
              Dividends Payable                                                $   (29,776)
              Loan Draws Payable                         $   351,592           $   (40,619)
              Net Cash Provided by                       -----------           -----------
              Operating Activities                       $   348,603           $   454,686


Investing Activities
              Fixed Assets                                                     $  (280,509)
              Amorizable Assets                          $   (35,868)          $   (79,317)
              Accumulated Amortization                   $    10,091           $    17,296
              Loan Interest Rec                          $   (14,918)          $   (56,605)
              Late Fees Rec                              $      (629)          $     1,625
              Loans                                      $(1,752,006)          $(1,769,136)
              Prepaid Commissions                        $   (59,496)          $   (24,882)
              Net Cash Provided by                       -----------           -----------
              Investing Activities                       $(1,852,826)          $(2,191,528)


Financing Activities
              Investors Certificaes                      $ 2,459,839           $   757,453
              Capital Stock                              $       461           $     1,047
              Paid In Capital                            $   460,699           $   679,445
              Retained Earnings                                                $    (8,798)
              Dividends Declared                                               $    29,776
              Dividends Paid                             $   (52,340)          $  (102,056)
              Net Cash from Financing                    -----------           -----------
              Activities                                 $ 2,868,659           $ 1,356,867
                                                         -----------           -----------
Net Cash increase for period                             $ 1,364,436           $  (379,975)

Cash at beginning of period                              $   677,576           $   706,035
                                                         -----------           -----------
Cash at end of period                                    $ 2,042,012           $   326,060
                                                         ===========           ===========


</TABLE>



                                                                               5
<PAGE>



Item 2
MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS


Overview
Since our  inception we have been focused on serving only  non-profit  religious
institutions.   We  offer  specialized   financing  programs  for  churches  and
non-profit sponsors of senior adult housing and affordable housing programs.  To
date almost all of the business  conducted by CMI has been with churches engaged
in the  construction of new facilities,  however,  it is anticipated that in the
last  quarter of the year 2000 CMI will  realize  significant  fee  income  from
investment in loans for affordable housing.

CMI generates  income from  origination  and renewal fees on loans,  interest on
loans,  lease  payments,  gains on the sale of property and investments in money
market investments. We charge a 10% fee on new loans and renewal fees of as much
as 5%. Our interest rates currently are set at 10%. Fees and interest  represent
the bulk of CMI income for the first nine months of the year 2000.

Comparison of periods ending September 30, 1999 and September 30, 2000
General
         Gross income for the first nine months  ending  September  30, 1999 was
$255,256  and $450,321  for 2000.  Net income for these  periods was $21,407 and
$15,571 respectively. For  the  three-month periods July to September,  1999 and
July to September  2000 gross  income was $92,244  and  $124,870. Net income for
these  periods was $(242) and  $(37,165).  The large increase in gross income is
due to the  overall  increase in assets  available  for  investment.  Assets for
investment  on September 30, 1999 and  September  30, 2000 were  $4,721,131  and
$6,315,163. Total loans outstanding were $2,377,185 and $5,182,115 at the end of
the respective periods.

Income
         Interest  Income.  Interest income on loans increased in the first nine
months of 2000 to $299,226  from  $79,371  during the same  period in 1999.  The
increase  in loan  interest  income  was the  result  of an  increase  of  loans
outstanding of $2,804,930,  from $2,377,185 to $5,182,115, as well as loans from
1999 being  outstanding for the full period in  2000.Investment  interest income
for the first nine months of 1999 and 2000 respectively was $27,144 and $11,944.
The decline in  investment  interest  income was the outcome of having a smaller
investment  in money  market funds and  interest  bearing  accounts and a larger
investment in loans.

         For the three months  ending  September 30, 1999 and September 30, 2000
loan interest income  was $35,048 and $121,872. Again the increase is the result
of significantly larger balance in outstanding loans.

         Fee  Income.  Fee  income for the first  nine  months of 2000  declined
vis-a-vis the same period in 1999, from $147,200 to $136,000. The decline is the
result of two  factors;  first,  CMI was able to close  more  loans in the first
three quarters of 1999 because it had more un-invested cash, and second, a delay
in a significant  closing until the fourth quarter of 2000,  delaying earning of
the loan  closing  fees.  During the fourth  quarter CMI expects to recognize as
much as $300,000 in loan fee income.

Expenses
         Interest Expenses.  CMI experienced an increase in interest expense for
the comparable  nine-month  periods ending  September 30, 1999 and September 30,
2000  of  $125,576,  from  $141,665  to $267,241.  This  change  represents  the
interest on an increased in the amount of  certificates  outstanding of $745,390
and Series A Certificates  remaining  outstanding for the period in 2000. In May
of 2000 CMI began sales of its Series B  certificates.  From May until September
2000 an  additional  $757,453 in  certificates  were  outstanding.  In the first
quarter of 2000 CMI obtained a line of credit from Presbyterian  Investors Fund,
Inc. to fund commitments  while CMI raised additional  capital.  The outstanding
balance as of September  30, 2000 was  $450,000.  To September  30, 2000 CMI had
paid interest on the line of credit of $49,360.


                                                                               6
<PAGE>


For the three-month  periods ending  September 30, 1999 and 2000 the increase in
interest  expense was $17,378 from $64, 010 to $81, 381 as a result of increased
certificates  outstanding.  During this  three-month  period CMI paid $17,993 in
interest on its line of credit with  Presbyterian  Investors  Fund.  During this
period CMI reduced the  outstanding  balance of the line of credit from $604,456
June 30, 2000 to $450,000 on September 30, 2000.

         Marketing  and  Selling  expenses.  CMI to date  has not had to  commit
resources  to  marketing  its lending  capabilities  because of the  significant
backlog of projects with which it has been approached. Total promotional expense
for the first nine  months of 1999 was $385 and for the same  period in 2000 CMI
had spent $7,435, all in the three-month period ending September 30, 2000.

         Operating and  administrative  expenses.  Operating and  administrative
expenses,  including brokerage expenses totaled $78,219 in the first nine months
of 1999 and $143,574.  This  increase of 84% can be attributed  primarily to the
increase  in the  assets  of CMI,  and  additional  sales of  securities  by the
company,  thereby increasing its amortization expense. CMI pays a management fee
of 1.5% of assets to Presbyterian Investors Fund. As the assets of CMI increase,
the management fee increases,  during this  nine-month  period,  from $35,550 to
$50,980, an increase of 43%. Commission expense (selling commissions are paid in
cash but capitalized  and amortized over three,  five, and seven years depending
on whether a  three-year,  five-year,  or common stock is sold)  increased  from
$12,063 to $17,296 as securities  were sold from the new offering  commenced May
17,  2000.  The  commission  expense  will  continue to  increase as  additional
securities are sold to increase lending capability. In addition, amortized legal
expenses  increased as a result of the new offering.  Legal  expenses  connected
with the new offering and the transfer of trust  services  from  Colonial  Trust
Company to Computershares,  Inc. are capitalized and amortized.  The increase in
amortized  cost was $7,205 or 71%.  Accounting  fees  increased  to $12,373 as a
result of costs of the 1999 Audit by T. Jackson McDaniel.

During the three months  ended  September 30, 1999 and  September 30, 2000 total
operating and administrative  expenses increased from $26, 639 to $55,220.  This
increase is  primarily  due to the increase in  management  fees from $11,850 to
$19,006; commissions from $5,329 to $15,320; amortization expense from $4,160 to
$8,921; and one time legal expenses connected with loans of $7,309.

         Taxes.  For the nine month periods total  estimated taxes for 1999 were
$13,851 and for 2000 $16,500.  If the anticipated loan income is realized in the
fourth quarter of 2000, an additional $130,000  (approximately) in taxes will be
due from this income after expenses and payment of expected  dividends.  For the
three months ended September 30, 2000 CMI had not set any funds aside for taxes.

Dividends

During the first nine months of 1999 CMI paid quarterly dividends totaling $0.60
per share for an  annualized  rate of 12%.  In January  2000 the Board  voted to
split the existing  shares,  reducing their price from $10.00 per share to $6.50
per share and increasing the total shares outstanding.  During the period ending
September  30, 2000 the Board of  Directors  elected to declare  dividends  on a
semi-annual  basis.  For  investors  of  record  on June 30,  2000 the  Board of
Directors  declared a  semi-annual  dividend of $0.39 per share or an annualized
return of 12%.

Liquidity and Capital Resources

         Cash from operations.  Net cash flow from operations in the nine-months
ending  September  30, 1999 and  September  30, 2000 was  $348,603  and $454,686
respectively.  Net cash flow from  investing  activities  was  $(1,852,826)  and
$(2,191,528.)  Net cash  flow  from  financing  activities  was  $2,868,659  and
$1,356,867.

         Cash from  financings.  CMI's first offering of stock and  certificates
raised a total of $3,747,306.  CMI began operations with an initial  investments
of $510,000 from individuals and Presbyterian Investors Fund, Inc.


                                                                               7
<PAGE>


         Current Offering. CMI is seeking new capital of $19,275,000, consisting
of 2,275,000 in common stock and $17,000,000 in unsecured debt. The offering was
declared  effective  May 17, 2000.  Through  September 30, 2000 CMI had received
$655,184 in common stock investments and $834,453 in unsecured debt investments.
We believe that the expected  amount of additional  sales from the offering,  as
well as cash on hand will be sufficient to meet our capital requirements for the
next quarter. The offering is a best efforts direct public offering.  The amount
and timing of our future capital requirements will depend on factors such as the
origination and funding of new investments, the costs of additional underwriting
and marketing efforts and general expenses of operations.

Effects of Inflation

Inflation,  which has been limited  during the course of our operating  history,
has had little effect on our  operations.  We do not believe that it will have a
significant  impact on our cost of capital or on the rates that we can charge on
our loans. Inflation resulting in increased real estate prices could potentially
increase the gains  realized on the sale of  properties,  while at the same time
decrease  the ability of some  potential  client to  purchase,  finance or lease
property.

Year 2000 issues

We have  upgraded all of our internal  computer and software  systems as well as
communications  equipment to be Year 2000  standards.  Since a large part of our
accounting and record keeping is done by outside sub-contractors, we have sought
and received  assurances  in writing from the major  service  providers of their
compliance with Y2K requirements.  This compliance  includes the transition from
the year 2000 to the year 2001.


                                                                               8
<PAGE>


Part II. Other Information

Item 1.  Legal Proceedings

         Not Applicable

Item 2.  Changes in Securities

         Not Applicable

Item 3.  Defaults upon Senior Securities

         Not Applicable

Item 4.  Submission of Matters to a Vote of Securities Holders

         Not Applicable

Item 5.  Other Information

         Not Applicable

Item 6.  Exhibits and Reports on Form 8-K

         Not Applicable


                                                                               9
<PAGE>

Signatures

In accordance  with the  requirements  of the  Securities  and Exchange Act, the
registrant  caused  this  report to be signed on its behalf by the  undersigned,
thereunto duly authorized.

                             Cornerstone Ministries Investments, Inc.
                            (Registrant)
                             Dated: November 15, 2000

                             By:     /S/John T. Ottinger
                                    ---------------------------------------
                                      John T. Ottinger
                                      Vice President and Chief Financial Officer


                                                                              10