U. S. SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   Form 10-QSB

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

     For the quarterly period ending June 30, 2003

                                       Or

/_/  TRANSITION REPORT UNDER 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)

2450 Atlanta Highway, Suite 904, Cumming, GA                    30040
--------------------------------------------------------------------------------
(Address of principal executive office)                       (Zip Code)

Issuer's telephone number, including area code: (678)-455-1100
                                                --------------


--------------------------------------------------------------------------------
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 June 30, 2003,  there were issued and  outstanding  531,529  shares of the
common stock of the issuer.

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

<PAGE>

                    Cornerstone Ministries Investments, Inc.

                                      Index

<TABLE>
<CAPTION>
                                                                                      Page
                                                                                      ----

<S>                                                                                     <C>
Form 10-QSB Title Page                                                                  1

Index                                                                                   2

PART I. FINANCIAL INFORMATION

         Item 1. Financial Statements

                  Accountant's Review Report                                          F-1

                  Consolidated Balance Sheet as of June 30, 2003                      F-2

                  Consolidated Statements of Income (Loss) and Retained Earnings
                  (Deficit) for the Six Months ended June 30, 2002 and 2003           F-3

                  Consolidated Statements of Changes in Stockholders Equity
                  For the Six Months ended June 30, 2002 and 2003                     F-4

                  Consolidated Statements of Cash Flows for the Six
                  Months ended June 30, 2002 and 2003                                 F-5

                  Notes to Financial Statements                                       F-6

         Item 2. Management's Discussion and Analysis of
                  Financial Condition and Results of Operation                          3

         Item 3. Controls and Procedures                                                5

PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                                      5

         Item 2. Changes in Securities and Use of Proceeds                              5

         Item 3. Defaults on Senior Securities                                          5

         Item 4. Submission of Matters to a Vote of Security Holders                    5

         Item 5. Other Information                                                      5

         Item 6. Exhibits and Reports on Form 8-K                                       5

Signatures                                                                              5

Certifications                                                                          6
</TABLE>

                                                                               2
<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2002 & 2003

                                                       06/30/02        06/30/03
ASSETS
Cash in banks                                      $  4,122,876    $  6,773,656
Loans in process                                        335,229         824,227
Real estate loans, net                               37,506,146      77,191,845
Bond holdings & accrued interest                      5,339,199       2,701,600
Fixed assets, net                                       290,212         900,998
Deferred tax asset, net                                 556,371         538,443
Goodwill                                                450,997         450,997
Deferred financing costs, net                           699,628       1,694,439
Real estate held for sale                               333,864         340,000
Other assets                                             65,425          45,376
                                                   ------------    ------------
TOTAL ASSETS                                       $ 49,699,947    $ 91,461,581
                                                   ============    ============

LIABILITIES & SHAREHOLDER'S EQUITY
Investor certificates & accrued interest           $ 45,570,202    $ 83,946,739
Mortgage participation agreements &
  accrued interest                                            0       4,183,323
Accounts and other payables                           1,093,168         305,871
Building mortgage                                       193,336         184,660
Dividends payable                                       172,232         169,085
Capital lease obligation                                      0          16,146
                                                   ------------    ------------
TOTAL LIABILITIES                                    47,028,938      88,805,824
                                                   ------------    ------------
SHAREHOLDER'S EQUITY
Series A Convertible Preferred Stock,
  no par value; 235,000 shares authorized,
  no shares issued & outstanding                              0               0
Common Stock, $0.01 Par Value, 10 million
  shares authorized; 529,943 & 531,529 shares
  issued & outstanding                                    5,299           5,315
Paid in capital                                       3,287,149       3,297,435
Retained earnings (deficit)                            (621,439)       (573,744)
Treasury Stock                                                0         (73,249)
                                                   ------------    ------------
TOTAL SHAREHOLDER'S EQUITY                            2,671,009       2,655,757
                                                   ------------    ------------
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY           $ 49,699,947    $ 91,461,581
                                                   ============    ============

SEE ACCOMPANYING NOTES                                                       F-1

<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) & RETAINED EARNINGS (DEFICIT)
FOR THE THREE MONTHS & SIX MONTHS ENDED JUNE 30, 2002 & 2003

<TABLE>
<CAPTION>
                                                               3 Months          6 Months            3 Months           6 Months
                                                             Ended 06/30/02    Ended 06/30/02      Ended 06/30/03     Ended 06/30/03
<S>                                                           <C>                <C>                <C>                <C>
INCOME
Loan interest & fees earned                                   $   946,691        $ 2,108,391        $ 2,032,829        $ 3,908,037
Real estate & other income                                        153,089            287,928            110,959            174,233
                                                              -----------        -----------        -----------        -----------
TOTAL INCOME                                                    1,099,780          2,396,319          2,143,788          4,082,270
                                                              -----------        -----------        -----------        -----------
Investor interest expense                                         942,072          1,785,364          1,797,058          3,354,375
Marketing expenses                                                121,737            228,734            180,738            287,225
Salaries, wages, payroll taxes and benefits                       207,478            346,769            256,714            471,215
Operating expenses                                                 91,116            270,644            142,277            456,386
                                                              -----------        -----------        -----------        -----------
TOTAL EXPENSES                                                  1,362,403          2,631,511          2,376,787          4,569,201
                                                              -----------        -----------        -----------        -----------
Operating income (loss)                                          (262,623)          (235,192)          (232,999)          (486,931)
Income tax (provision) benefit                                    215,716            174,701            107,805            221,751
                                                              -----------        -----------        -----------        -----------

NET INCOME (LOSS)                                             $   (46,907)       $   (60,491)       $  (125,194)       $  (265,180)
                                                              ===========        ===========        ===========        ===========

Retained earnings as previously reported                      $  (402,300)       $   (30,744)       $  (279,465)       $  (139,479)
Correction of error, Note 2                                             0           (357,972)                 0                  0
                                                              -----------        -----------        -----------        -----------

Beginning retained earnings (deficit)
  as restated                                                    (402,300)          (388,716)          (279,465)          (139,479)
Net income (loss)                                                 (46,907)           (60,491)          (125,194)          (265,180)
Dividends declared                                               (172,232)          (172,232)          (169,085)          (169,085)
                                                              -----------        -----------        -----------        -----------

Ending retained earnings (deficit)                            $  (621,439)       $  (621,439)       $  (573,744)       $  (573,744)
                                                              ===========        ===========        ===========        ===========

Basic & Diluted Earnings (Loss) per
  Common Share                                                $     (0.09)       $     (0.11)       $     (0.24)       $     (0.51)
</TABLE>

SEE ACCOMPANYING NOTES                                                       F-2

<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2002 & 2003

<TABLE>
<CAPTION>
                                                                                              RETAINED
                                      COMMON STOCK:                 PAID-IN     PREFERRED      EARNINGS     TREASURY        TOTAL
                                         SHARES        AMOUNT       CAPITAL       STOCK       (DEFICIT)      STOCK         EQUITY
<S>                                       <C>        <C>           <C>          <C>          <C>           <C>           <C>
BALANCE, DECEMBER 31, 2001                528,721    $    5,287    $3,279,491   $        0   $ (388,716)   $        0    $2,896,062
Net income (loss)                                                                               (60,491)                    (60,491)
Capital contributed                         1,222            12         7,658                                                 7,670
Dividend declared                                                                              (172,232)                   (172,232)
                                       ----------    ----------    ----------   ----------   ----------    ----------    ----------
BALANCE, JUNE 30, 2002                    529,943    $    5,299    $3,287,149   $        0   $ (621,439)   $        0    $2,671,009
                                       ==========    ==========    ==========   ==========   ==========    ==========    ==========
BALANCE, DECEMBER 31, 2002                530,944    $    5,309    $3,293,641   $        0   $ (139,479)   $        0    $3,159,471
Net income (loss)                                                                              (265,180)                   (265,180)
Capital contributed                           585             6         3,794                                                 3,800
Dividend declared                                                                              (169,085)                   (169,085)
Treasury shares acquired                                                                                      (73,249)      (73,249)
                                       ----------    ----------    ----------   ----------   ----------    ----------    ----------
BALANCE, JUNE 30, 2003                    531,529    $    5,315    $3,297,435   $        0   $ (573,744)   $  (73,249)   $2,655,757
                                       ==========    ==========    ==========   ==========   ==========    ==========    ==========
</TABLE>

SEE ACCOMPANYING NOTES                                                       F-3
<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 & 2003

                                                       06/30/02        06/30/03
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                  $    (60,491)   $   (265,180)
Adjustments to reconcile net income to cash
  from operations-
Depreciation & amortization                             157,734         227,699
Changes in-
Loans in process                                       (130,645)       (465,207)
Accrued bond interest, net                              (81,085)          1,312
Accrued loan interest & deferred loan fees              284,088        (147,528)
Deferred taxes                                         (312,893)       (264,210)
Deferred financing costs                               (266,451)       (893,058)
Investor interest payable                            (1,096,453)      1,006,288
Accounts & other payables                               960,990          23,747
Other                                                    (4,738)         (7,184)
                                                   ------------    ------------
NET CASH PROVIDED (USED) BY OPERATIONS                 (549,944)       (783,321)
                                                   ------------    ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate loans made                               (7,387,265)    (20,235,814)
Loan principal payments received                        276,077       7,946,195
Bonds redeemed                                           62,000          31,250
Fixed assets purchased                                  (37,998)       (587,326)
Treasury stock acquired                                       0         (73,249)
Real estate costs capitalized                            (2,351)              0
                                                   ------------    ------------
NET CASH (USED) BY INVESTING                         (7,089,537)    (12,918,944)
                                                   ------------    ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Investor certificates sold                           12,263,123      17,975,412
Investor certificates matured and/or redeemed        (3,240,201)     (2,844,132)
Mortgage participation agreements sold                        0       4,015,112
Building mortgage principle payments                     (3,858)         (4,566)
Capital lease principle payments                              0          (1,564)
Common stock issued                                       7,670           3,800
Dividends paid                                         (171,834)       (168,640)
                                                   ------------    ------------
NET CASH PROVIDED BY FINANCING                        8,854,900      18,975,422
                                                   ------------    ------------
Net Change in cash                                    1,215,419       5,273,157
Cash at beginning of period                           2,907,457       1,500,499
                                                   ------------    ------------
CASH AT END OF PERIOD                              $  4,122,876    $  6,773,656
                                                   ============    ============
Supplemental Information-
Interest paid during the period                    $  2,907,083    $  2,299,445
Income taxes paid during the period                $          0    $          0
Non-cash transactions-
Fixed asset lease financing                                        $     17,710

SEE ACCOMPANYING NOTES                                                       F-4

<PAGE>

             CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The  accompanying  Consolidated  Financial  Statements  include the  accounts of
Cornerstone  Ministries  Investments,  Inc.,  Wellstone  Communities,  Inc.  and
Wellstone  Financial  Group,  LLC  (collectively  "The  Company").  The  Company
originates and purchases mortgage loans made to faith-based  organizations.  The
Company offers  specialized  programs for churches,  not-for-profit  sponsors of
senior  housing and  affordable  housing  programs.  The Company also invests in
similar real estate projects for the purpose of selling at a profit, or leasing.
Substantially all of the Company's loans and investments are in projects located
in the Southeastern  United States.  On February 12, 2003 the Board of Directors
approved  amending  the  Articles of  Incorporation  and changed the name of the
Corporation from "PIF/Cornerstone Ministries Investments,  Inc." to "Cornerstone
Ministries Investments, Inc.".

Loans are stated at unpaid principal balances, less an allowance for loan losses
and net deferred loan fees and unearned discounts. Interest income is recognized
monthly  as it is  earned,  in  accordance  with  loan  terms.  Interest  income
generally is not recognized on specific  impaired loans unless the likelihood of
further loss is remote.  Interest payments received on such loans are applied as
a reduction of the loan  principal  balance.  Interest  income on other impaired
loans is  recognized  only to the extent of  interest  payments  received.  Loan
origination fees are deferred and amortized as a yield adjustment over the lives
of the related loans using the interest  method.  Amortization  of deferred loan
fees is discontinued when a loan is placed on nonaccrual status.

Loans in process are amounts  advanced or expended on behalf of borrowers  prior
to completion of the loan documentation.  Generally,  interest is not accrued on
these  amounts  until  the  loan  documentation  is  complete  and the  borrower
acknowledges  the  debt  and  associated  interest.  Substantially  all of these
expenditures are converted to loans within one year or less.

Deferred  financing  costs  subject  to  amortization   include  the  costs  and
commissions associated with issuing investor certificates. These costs are being
amortized  on a  straight-line  basis over the term of the debt,  principally  5
years.

The allowance for loan losses is  maintained at a level which,  in  management's
judgment,  is adequate to absorb credit losses  inherent in the loan  portfolio.
The  amount  of  the  allowance  is  based  on  management's  evaluation  of the
collectibility  of the loan  portfolio,  including the nature of the  portfolio,
credit concentrations,  trends in historical loss experience,  specific impaired
loans,  economic  conditions,   and  other  risks  inherent  in  the  portfolio.
Allowances  for impaired  loans are  generally  determined  based on  collateral
values or the present value of estimated cash flows.  Although  management  uses
available  information to recognize  losses on loans,  because of  uncertainties
associated with local economic  conditions,  collateral  values, and future cash
flows on impaired loans, it is reasonably  possible that a material change could
occur in the allowance for loan losses in the near term. However,  the amount of
the change that is reasonably  possible  cannot be  estimated.  The allowance is
increased  by a  provision  for loan  losses,  which is charged  to expense  and
reduced by charge-offs, net of recoveries.  Changes in the allowance relating to
impaired  loans are charged or credited to the provision for loan losses.  As of
the balance  sheet dates no loans were in arrears;  therefore,  no allowance for
loan losses is reflected in the accompanying statements.

Cash and cash equivalents  include checking accounts and short term certificates
with original maturities of 90 days or less.

Bond holdings consist of tax-free local  government  securities and local church
bonds that  management has the positive  intent and ability to hold to maturity.
They are reported at cost,  adjusted for  amortization of premiums and accretion
of discounts that are recognized in interest income using methods  approximating
the interest  method over the period to maturity.  Declines in the fair value of
individual securities below their cost that are other than temporary,  result in
write-  downs of the  individual  securities  to their fair  value.  The related
write-downs are included in earnings as realized losses.

Property  and  equipment  are  valued at cost when  purchased.  Depreciation  is
provided on the  straight-line  method over the  estimated  useful  lives of the
assets,  which are generally  three to five years for furnishings and equipment,
and 40 years for the Company's owned offices.

Interest on Investor Certificates is accrued from the date of issuance,  and may
be paid semi-annually.  Investors holding five year certificates in multiples of
$10,000  may  receive  interest  monthly.  Interest  on  Mortgage  Participation
Agreements is accrued from the date of issuance and is paid monthly.

Income taxes are provided  for the tax effects of  transactions  reported in the
financial  statements  and consist of taxes  currently due plus  deferred  taxes
related  primarily  to the  difference  between  the methods of  accounting  for
depreciation  and loan  fees  for  financial  and  tax-reporting  purposes.  The
deferred taxes represent the estimated future tax consequences of those

                                                                             F-5
<PAGE>

differences,  which  will be either  taxable or  deductible  when the assets and
liabilities  are  recovered  or settled.  Accelerated  depreciation  methods and
shorter asset lives are used for tax reporting,  and straight-line  depreciation
is used for financial statement reporting. The Company calculates deferred taxes
under the  provisions of SFAS No. 109 which provides for deferred tax assets and
liabilities to be carried on the balance sheet at current tax rates.

Basic earnings  (loss) per common share are calculated by dividing net income or
net loss by the weighted average number of common shares  outstanding during the
year.  Diluted  earnings  (loss) per common  share are  calculated  by adjusting
weighted  average  outstanding  shares,  assuming  conversion of all potentially
dilutive shares of Series A Convertible Preferred Stock.

The   Financial   Accounting   Standards   Board  has  issued   several   recent
pronouncements,  none of which are expected to  materially  affect the financial
statements of the Company:

SFAS No. 144,  Accounting for the  Impairment or Disposal of Long-Lived  Assets,
effective  for fiscal years  beginning  after  December 15, 2001.  The Statement
establishes a single  accounting  model,  based on the framework  established in
Statement  121, for  long-lived  assets to be disposed of by sale. The Statement
also resolves  significant  implementation  issues related to Statement 121. The
Statement  retains the  requirements of Statement 121 to recognize an impairment
loss only if the carrying amount of a long-lived  asset is not recoverable  from
its  undiscounted  cash flows and measure an impairment  loss as the  difference
between the carrying amount and fair value of the asset.

SFAS No. 145,  Recision of FASB Statements No. 4, 44, and 64,  Amendment of FASB
Statement No. 13 and Technical Corrections, effective for fiscal years beginning
after May 15,  2002.  The  Statement  eliminates  an  inconsistency  between the
required accounting for sale-leaseback  transactions and the required accounting
for certain lease  modifications  that have economic effects that are similar to
sale-leaseback transactions.

SFAS No.146,  Accounting for Costs Associated with Exit or Disposal  Activities,
effective for  transactions  initiated  after December 31, 2002.  This Statement
improves financial reporting by requiring that a liability for a cost associated
with an exit or disposal  activity be recognized and measured  initially at fair
value only when the liability is incurred. The accounting for similar events and
circumstances  will  be  the  same,  thereby  improving  the  comparability  and
representational faithfulness of reported financial information.

SFAS No. 147,  Acquisition  of Certain  Financial  Institutions,  effective  for
transactions  after  October 1, 2002.  The  Statement  removed  acquisitions  of
financial  institutions  from the scope of  Statement  No.  72,  "Accounting  of
Certain  Acquisitions  of Banking or Thrift  Institutions,"  which permitted the
recognition  and  subsequent  amortization  of any  excess of the fair  value of
liabilities assumed over the fair value of tangible and identifiable  intangible
assets acquired as an unidentifiable intangible asset. For a transaction that is
a  business   combination,   the  Statement  requires  that  the  unidentifiable
intangible  asset  acquired be  recognized  as goodwill and  accounted for under
Statement No. 142. The Statement also amended Statement No. 144, "Accounting for
the  Impairment  or  Disposal  of  Long-Lived  Assets,"  to include in its scope
long-term borrower-relationship intangible assets of financial institutions such
as  depositor-and-borrower-relationship  intangible assets and credit cardholder
intangible assets. Consequently, those intangible assets are subject to the same
undiscounted cash flow  recoverability  test and impairment loss recognition and
measurement  provisions  that  Statement  No. 144  requires of other  long-lived
assets that are held and used.

SFAS No. 148,  Accounting  for  Stock-Based  Compensation,  effective for fiscal
years ending after  December 15, 2002. The Statement  amends  Statement No. 123,
"Accounting for Stock-Based  Compensation,"  to provide  alternative  methods of
transition for an entity that voluntarily changes to the fair value based method
of  accounting  for  stock-based  employee  compensation.  It  also  amends  the
disclosure  provisions of SFAS No. 123 to require prominent disclosure about the
effects on reported net income of an entity's  accounting  policy decisions with
respect to  stock-based  employee  compensation.  The Company has no stock-based
compensation.

SFAS  149,  Amendment  of  Statement  on  Derivative   Instruments  and  Hedging
Activities,  effective  for  contracts  entered into after June 30, 2003 and for
hedging  relationships  designated after June 30, 2003. This statement  improves
financial reporting by requiring that contracts with comparable  characteristics
be accounted similarly.

SFAS 150, Accounting for Certain Financial  Instruments with  Characteristics of
both Liability and Equity establishes standards for how an issuer classifies and
measures certain financial instruments,  including those that embody obligations
to issue equity  shares.  The statement is effective  for financial  instruments
entered into or modified after May 31, 2003.

FASB  Interpretation No. 45, Guarantor's  Accounting and Disclosure  Requirement
for  Guarantees,  Including  Indirect  Guarantees  of  Indebtedness  of  Others,
recognition  and  measurement is effective for  transactions  after December 31,
2002 and  disclosure  requirements  are  effective for fiscal years ending after
December 15,  2002.  The  Interpretation  improves  disclosures  to be made by a
guarantor about its obligations under certain  guarantees that it has issued. It
also  clarifies  that a guarantor is required to recognize,  at the inception of
the guarantee,  a liability for the fair value of the  obligation  undertaken in
issuing the guarantee.

FASB  Interpretation  No. 46,  Consolidation of Variable Interest  Entities,  is
effective  in all  financial  statements  issued  after  January 31,  2003.  The
interpretation  addresses  conditions  when  consolidation  may be required  for
variable  interest  entities  where the equity  investment is not  sufficient to
finance its activities without additional  financial support from other parties,
or the equity investors lack one or more of a controlling financial interest

                                                                             F-6
<PAGE>

Management   uses  estimates  and   assumptions  in  preparing  these  financial
statements in accordance with generally accepted  accounting  principles.  Those
estimates and assumptions affect the reported amounts of assets and liabilities,
the disclosure of contingent  assets and liabilities,  and the reported revenues
and expenses. Actual results could vary from the estimates that are used.

Certain report classifications used in prior year financial statements have been
reclassified to conform to current year presentation.


NOTE 2 - CORRECTION OF PREVIOUS FINANCIAL STATEMENTS

The Company has retroactively  restated prior period's financial  statements for
corrections to its method of recognizing fees associated with mortgage loans. As
of December 31, 2000 the Company  deferred  unearned  loan fees of $442,373 less
related taxes of $166,933,  together aggregating $275,440.  Restatement prior to
December 31, 2000 was not required as fees were recognized generally in the same
periods that the loans were outstanding. Additionally, costs associated with its
stock offerings ($152,183 with $0 income tax effect) have been reclassified from
deferred  financing  costs to a  reduction  of the  associated  paid-in  capital
account.


NOTE 3 - FIXED ASSETS

As of June 30, the Company's fixed assets are composed of:

                                                            2003        2002
                                                         ---------    ---------
Office Condominiums                                      $ 792,659    $ 252,922
Office Computers, Furnishings, Software & Equipment        116,054       26,173
Vehicles                                                    37,730       37,730
Capital Lease - phone system                                17,710          -0-
Less: Accumulated Depreciation                             (63,155)     (26,613)
                                                         ---------    ---------
Fixed Assets, net                                        $ 900,998    $ 290,212

Depreciation expense was $24,375 and $8,462 for the six months ending June 30,
2003 and 2002, respectively.


NOTE 4 - COMMITMENTS

As of June 30, 2003, the Company has a capital lease for the phone system at the
Company's headquarters.  The lease was recorded at the asset's fair value and is
being  amortized  over three  years  using the  straight-line  method.  Interest
expense is calculated based on the implied interest rate in the lease. The lease
payment, including principal and interest, is $628 per month.

Future minimum lease payments as of June 30, 2003:

July, 2003 - June, 2004                                                $  7,531
July, 2004 - June, 2005                                                   7,531
July, 2005 - June, 2006                                                   6,905
                                                                       --------
                                                                         21,967
Less: interest portion                                                   (5,821)
                                                                       --------
Capital lease obligation                                               $ 16,146

         The Company has entered into an Administrative  Services Agreement with
Cornerstone  Capital  Advisors,  Inc.  (CCA)  to  provide  loan  administration,
including the  application  and closing  process and loan  accounting;  investor
relations; marketing collateral;  administration of computers, computer networks
and management  information systems; photo copying; and, maintenance of records,
record  keeping,  bookkeeping  and accounting  after June,  2003. The Company is
obligated to pay directly or reimburse  actual  expenses to be billed monthly by
CCA. The base for good  performance is expected to be that all bond interest and
other  obligations are current and the common stock  shareholders  have received
dividends  equal to an annual rate of at least 10% on the price paid in a public
offering for all the time the shares were  outstanding.  The factors  above that
base,  and the amount of incentive  compensation  will relate to the  director's
judgment  on the extent to which CCA's  services  will have  contributed  to the
results.  The agreement is for renewable one-year terms and it may be terminated
by either party upon 60 days' written notice. It is anticipated that after 2003,
the Company will not have any employees of its own and accordingly,  CCA will be
subject to the  supervision of the Board of Directors.  As of June 30, 2003, CCA
had not incurred any material expenses to be billed to the Company.

                                                                             F-7
<PAGE>

NOTE 5 - REAL ESTATE LOANS RECEIVABLE

At March  31,  2003 the  Company  had Real  Estate  Loans on  church  and  other
not-for-profit properties as follows:

Mortgage Loans                                                     $ 78,260,212
Accrued Interest                                                        642,833
Unearned Loan Fees                                                   (1,711,200)
                                                                   ------------
Total Real Estate Loans                                            $ 77,191,845

These loans  mature  over a period  beginning  in 2003 and ending in 2006.  Loan
maturity  may be  accelerated  in  accordance  with loan terms,  generally  upon
certain  events  of  default  such  as  non-payment  of  scheduled  payments  or
bankruptcy.


NOTE 6 - GOODWILL & DEFERRED FINANCING COSTS

The  Company  has  adopted  SFAS 142  "Goodwill  and  Other  Intangible  Assets"
effective January 1, 2002. Goodwill associated with the Company's acquisition of
Presbyterian Investor's Fund, Inc. (PIF) is carried at $450,997. Management does
not believe impairment of this asset has occurred and accordingly,  no provision
for impairment loss has been recorded. Deferred financing costs consist of costs
incurred to register the  company's  debt  securities  and  commissions  paid or
accrued  on  the  sale  of  debt  securities.  The  costs  are  amortized  on  a
straight-line  basis over the period the securities are  outstanding,  generally
five years.

<TABLE>
<CAPTION>
At June 30, Deferred Financing Costs consist of:                                                  2003                      2002
                                                                                               -----------              -----------
<S>                                                                                            <C>                      <C>
Costs incurred to register the Company's debt securities                                       $   544,926              $   406,790
Commissions paid on the sale of debt securities                                                  1,894,202                  632,304
Less: Accumulated Amortization, generally over 5 years                                            (744,689)                (339,466)
                                                                                               -----------              -----------
                                                                                               $ 1,694,439              $   699,628
</TABLE>


NOTE 7 - BOND HOLDINGS Bond holdings at June 30:
                                                         2003            2002
                                                     -----------     -----------
St. Lucie Co., FL Subordinated Revenue Bonds
              Maturity 7/1/2036                      $ 2,325,000     $ 2,325,000
              Maturity 10/1/2036                       2,700,000       2,700,000
Undivided 50% interest sold to investor               (2,512,500)            -0-
Local Church Bonds, maturing 2003                         27,500          85,500
Accrued Interest Receivable                              161,600         228,699
                                                     -----------     -----------
                Totals                               $ 2,701,600     $ 5,339,199

The bonds are not traded on an exchange,  however management  estimates that the
fair  value  of the  individual  securities  approximate  their  original  cost.
Accordingly,  no loss provision has been recorded in the accompanying  financial
statements.


NOTE 8 - INCOME TAXES

The deferred tax asset results from a difference  in reporting  income from loan
fees and  represents  taxes  already  paid,  reduced  by a small  amount  of tax
depreciation in excess of book depreciation. As such, no valuation allowance has
been provided since the Company will realize the benefit of the prepaid taxes by
reducing  its federal and state  taxable  income in the future.  The Company has
pending with the Department of the Treasury,  a request to change its accounting
method with  respect to loan fees which  would  approximate  the book  treatment
under SFAS Nos. 65 and 91.

Income tax expense  (benefit)  consists of  estimated  federal and state  income
taxes on the company's taxable income,  and the change in components of deferred
tax assets and  liabilities.  The deferred tax asset is comprised of  provisions
for deductible temporary differences,  principally depreciation and amortization
methods and accelerated lives, and reporting of loan fees earned.

Components of income tax benefit for the period ended June 30 are:

                                                  2003         2002
                                               ---------    ---------

Current:  Federal                              $  36,090        $ -0-
          State                                    6,369          -0-
Deferred: Federal                               (224,578)    (161,345)
          State                                  (39,632)     (13,356)
                                               ---------    ---------
                                               $(221,751)   $(174,701)

                                                                             F-8
<PAGE>

NOTE 9 - CASH CONCENTRATION

A cash  concentration  risk arises when the Company has more cash in a financial
institution than is covered by insurance. At June 30, 2003, the Company had cash
in excess of insured limits totaling $6,545,186.


NOTE 10 - INVESTOR CERTIFICATES

During 2001, the Company filed two Form SB-2  Registration  Statements under the
Securities Act of 1933. Under these Registration Statements,  the Company issued
3 separate  securities.  Under the first of the SB-2 filings the Company  issued
securities  identified  as "Access  Certificates".  These  certificates  have no
stated maturity, are purchased in $100 increments and bear a rate of interest as
determined  by the  Company's  board of directors on the first of each  January,
April,  July and October.  The directors may also change the rates between these
dates if market  conditions  warrant  such a change.  Under this same filing the
Company  issued  5  year  "Graduated   Certificates"  which  require  a  minimum
investment of $500. Under the terms of the offering as filed, these certificates
carry a graduated interest rate based on how long the certificate is held by the
investor,  up to 5  years.  These  certificates  are not  collateralized  and no
sinking fund is required for paying the certificates upon maturity.  Also during
the year ended December 31, 2001 the Company offered up to $17,000,000 of Series
B Certificates of  Indebtedness.  Of the $17,000,000  offered,  $3,000,000 has a
March 13, 2003  maturity  date and bears an interest  rate of 7%. The  remaining
$14,000,000  will have a March 15, 2005  maturity  date and bear interest at 9%.
These  certificates  are not  collateralized  and no sinking fund for paying the
certificates  on  maturity  is  required.  Listed  below  are  the  certificates
outstanding as of June 30, 2003 by interest rate and date of maturity:

5.0%          $  2,774,458                  2003                 $   6,599,644
7.0%             5,273,376                  2004                     4,145,056
7.5%             2,580,589                  2005                     4,862,921
8.0%               469,532                  2006                    10,857,455
9.0%            69,097,609                  2007/Beyond             53,730,488

On February 21, 2003  Wellstone  Communities,  Inc., a wholly owned  subsidiary,
filed a Form SB-2  Registration  Statement under the Securities Act of 1933 with
the Securities and Exchange Commission to sell up to $50,000,000 of its Series A
Preferred  Stock. Net proceeds from the offering are expected to be used to make
and purchase  loans  secured by  properties,  start or acquire a bank and add to
working capital.

On April 29, 2003 the Company filed a Form SB-2 Registration Statement under the
Securities Act of 1933 with the Securities and Exchange Commission to sell up to
$50,000,000 of its  Certificates  of  Indebtedness  along with $1,625,000 of its
Common Stock.


NOTE 11 - MORTGAGE PARTICIPATION AGREEMENTS

In 2003, the Company started issuing Mortgage  Participation  ("MP") Agreements.
MP Agreements  have not been  registered  and  therefore,  are only available to
accredited  investors  with a $100,000  minimum  investment.  The agreements are
collateralized by specific senior housing real estate loans owned by the Company
and entitle the investor to a proportionate  share of the interest earned on the
collateral.  Interest  is paid  monthly to the MP  investors  after the  Company
receives interest payments on the related  collateralized  loans. The agreements
have no maturity  date.  Principal  payments are made when the Company  receives
principal  payments  on the  collateralized  loans.  Losses that the Company may
incur on the  collateralized  loans are shared  pro-rata  with the MP  Agreement
holders.  The Company has the right,  but not the  obligation,  to redeem the MP
agreements at any time.  Interest  expense  related to MP Agreements was $27,020
for the six months ended June 30, 2003.  Principal and interest  outstanding and
related collateral as of June 30, 2003:


Collateral Description                                     MP Amount Outstanding
----------------------                                     ---------------------
Loan to Senior Housing Services; senior
    housing facility, Lewisville, TX                            $2,490,113
Loan to Senior Housing Services; senior
    housing facility, Garland, TX                                1,669,842
                                                                ----------
Total principal                                                  4,159,955
Accrued interest payable                                            23,368
                                                                ----------
                                                                $4,183,323

                                                                             F-9
<PAGE>

NOTE 12 - LOAN GUARANTEES

At June 30, 2003 the Company was guarantor for potential total of $34,776,000 of
loans secured by retirement facilities owned by not-for-profit entities. Certain
acquisition and development loans in which we choose to secure outside financing
may require a CMI  guarantee as a condition of the  extension of the loan by the
financial  institution.  The guarantee is solely  limited to amounts drawn under
credit facilities and only cover outstanding  principal and accrued interest and
terminate  upon  maturity and  principal  repayment.  At June 30,  2003,  actual
amounts drawn and therefore  guaranteed to a commercial bank total  $28,531,778.
Only  upon  an  uncured  payment  default  and  upon  demand  by  the  financial
institution  would CMI be required to perform under its  guarantee  obligations.
CMI's recourse would be limited to repossession of the underlying collateral and
subsequent resale of the facilities.  As of June 30, 2003, all loans which had a
guarantee  were current and  accordingly  no  obligation  is  recognized  in the
financial statements.


NOTE 13 - PROFIT SHARING PLAN

During 2001,  the Company  established a Profit  Sharing Plan for its employees.
The Plan allows for entry into the plan after one year of service, and immediate
vesting  of  contributed  amounts.  All  contributions  are  to be  made  at the
discretion of the Company after approval by the board of directors.  For the six
months ended June 30, 2003 the Company has not elected to contribute.


NOTE 14 - BUILDING MORTGAGE

In  connection  with the  acquisition  of office space,  the Company  obtained a
mortgage  and pledged  the real  estate as  collateral.  The  mortgage  requires
monthly payments of principle and interest  totaling $2,068 including  principal
reductions  and interest at 8.5%. The loan matures March 1, 2006 at which time a
balloon  payment of $158,637 will be required.  Estimated  principle  reductions
are-Year  2003-  $3,708;  Year  2004-  $9,791;  Year 2005-  $10,658;  Year 2006-
$160,503.


NOTE 15 - SERIES A CONVERTIBLE PREFERRED STOCK

In 2001, the Company  amended its Articles of  Incorporation  to provide for the
issuance of up to 235,000 shares of Series A Convertible  Preferred  Stock.  The
shares do not accrue  dividends  unless such dividends are declared by the Board
of Directors.  The shares entitle the preferred shareholder to have one vote per
share,  presently equal to the voting rights of Common shareholders.  Each share
is  convertible,  after 3  years,  into  shares  of  Common  Stock  based  on an
adjustable  formula.  Shares with a value of $500,000  were issued to  Wellstone
Financial Group, LLC (WFG) during 2001. As WFG is included in these consolidated
financial  statements,   the  shares  have  been  eliminated  in  consolidation.
Accordingly,  if the shares were converted at the balance sheet date herein,  an
additional  76,923 shares of Common Stock could be issued,  however those shares
would be eliminated in consolidation.


NOTE 16 - EARNINGS PER SHARE

Basic earnings (loss) per share have been calculated as follows:

                                               Current Quarter      Year-to-Date
                                               ---------------      ------------
2002    Net Income (Loss)                        $  (46,907)         $  (60,491)
        Average Common Shares Outstanding           529,629             572,166
        Earnings (Loss) per Common Share         $    (0.09)         $    (0.11)
2003    Net Income (Loss)                        $ (125,194)         $ (265,180)
        Average Common Shares Outstanding           519,965             523,088
        Earnings (Loss) per Common Share         $    (0.24)         $    (0.51)

Diluted  earnings  per share are the same as basic  earnings  per share  because
there are no shares of Series A Convertible  Preferred Stock  outstanding  after
elimination of the shares owned by Wellstone  Financial Group, LLC (a 100% owned
subsidiary) in these consolidated financial statements.  Other than the Series A
Convertible Preferred Stock, there are no other potentially dilutive securities,
stock options or warrants outstanding.

                                                                            F-10
<PAGE>

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

The following  discussion  should be read in conjunction  with the  accompanying
unaudited  consolidated  financial  statements and related notes This discussion
contains  certain  forward-looking  statements  with  respect  to the  Company's
operations,  industry,  financial condition and liquidity that involve risks and
uncertainties.  These statements, which are typically introduced by phrases such
as "the Company  believes",  "anticipates",  "estimates"  or  "expects"  certain
conditions to exist, reflect management's best current assessment of a number of
risks and  uncertainties.  The Company's actual results could differ  materially
from the results anticipated in these forward-looking  statements as a result of
certain risk factors described in this report,  including those set forth in the
Form 10-KSB for the year ended December 31, 2002.

Overview

Since its  inception,  the  Company  has  focused  on serving  only  faith-based
organizations,  principally  churches and non-profit sponsors of senior housing,
affordable housing, and school and daycare programs.

The Company  generates  revenue  primarily from  origination and renewal fees on
loans,  interest on these  loans,  gains on the sale of property and interest on
bonds and money market accounts. It currently charges a 10% fee on new loans and
renewal fees of as much as 5% of the  outstanding  balance of the renewing loan.
The interest rate on all new loans is currently  from 10% to 12%. Some loans are
participating  loans,  enabling the Company to receive  income from the gains on
the sale of property  for which it has  provided  financing.  The  participation
percentage varies between 25% and 33% of the gains on the sale of real estate.

Comparison of Periods Ending June 30, 2002 and June 30, 2001 Income

General.  Assets  increased from  $49,699,947 at June 30, 2002 to $91,461,581 at
June 30, 2003 for a net increase of $41,761,634 or 84.0%. This increase was as a
result of the sale of investment  certificates and the subsequent origination of
new  loans.  Total  revenue  increased  for the  six  months  ending  June 30 by
$1,685,951 or 70.4% from  $2,396,319 in 2002 to $4,082,270 in 2003. The net loss
for the six months  ending June 30, 2003 was $265,180  compared to a net loss of
$60,491 for the same period ending June 30, 2002.

Total investment in loans outstanding on June 30, 2003 was $77,191,845  compared
to  $37,506,146  as of June 30, 2002 for an increase of  $39,685,699  or 105.8%.
This  increase was a result of higher sales of investment  certificates  and the
subsequent origination or renewal of loans. All other assets, composed primarily
of cash,  bond  investments,  fixed  assets and  deferred  financing  costs were
$14,269,736  as of June 30, 2003.  Principal  and  interest  payable on Investor
Certificates and Mortgage  Participation ("MP") Agreements increased $42,559,860
or 93.4% from  $45,570,202  as of June 30,  2002 to  $88,130,062  as of June 30,
2003.

Loan interest and fees Earned. Interest income and fees earned increased by
$1,799,646 or 85.4% from $2,108,391 for the six months ended June 30, 2002 to
$3,908,037 for the same period ending June 30, 2003. The increase was due to the
following:

Increase in average outstanding loan principal
  ($70,242,776 in 2003 and $33,438,042 in 2002)                     $ 1,724,730

Decrease in weighted average interest rate
  (9.45% in 2003 and 10.01% in 2002)                                    (89,724)

Increase in loan fees recognized                                        164,640
                                                                    -----------
                                                                    $ 1,799,646

The increase in average  outstanding loan principal is due to the addition of 14
new loans with  outstanding  principal of  $29,641,731  and the  refinancing  of
existing loans of $7,163,003.

Real  estate  and  other  income.   The  Company   currently   owns  two  office
condominiums,  one that was acquired  during the first six months of 2003 and is
utilized as corporate offices and the other is leased to a third party. No other
real estate is owned but the Company  does engage in  participating  loans where
future  gains and losses  could be realized.  Most of the  Company's  investment
income is from the  purchase of bonds used as permanent  financing  for projects
funded  during  their  development  and initial  operations.  The Company  owned
$2,540,000  of bonds at June 30, 2003,  down from  $5,110,500  at June 30, 2002.
This  decrease  was driven by the sale on September  30,  2002,  of an undivided
interest  totaling  $2,512,500  in 8% and 10%  certificate  bonds.  Accordingly,
investment interest decreased by $114,946 or (41.8%) from $274,693 for the first
six months of 2002 to $159,747 for the first six months of 2003.

                                                                               3
<PAGE>

Investor  interest expense.  Investor  interest expense increased  $1,569,011 or
87.9% from  $1,785,354 to $3,354,375 for the six months ending June 30, 2002 and
2003, respectively. The increase is due to the following:

Increase in average outstanding loan principal, including
  Interest payable subject to compounding
  ($76,542,002 in 2003 and $40,440,452 in 2002)                     $ 1,570,042

Decrease in weighted average interest cost
  (8.77% in 2003 and 8.90% in 2002)                                     (28,051)

Increase in average outstanding Mortgage Participation                   27,020
                                                                    -----------
Agreement principal
  ($544,878 in 2003 and $0 in 2002)                                 $ 1,569,011


Marketing expenses.  CMI has not committed  substantial  resources for marketing
its lending  capabilities  because of the continuing backlog of projects.  Total
expenses for the marketing of  certificates  during the first six months of 2003
were $287,225 versus $228,734 in 2002.  Selling  commissions paid to brokers for
selling certificates are paid in cash and charged as an expense over the term of
the certificates  they sold. The unamortized  balance is on the Balance Sheet as
part of "Deferred  Financing  Costs." This account  balance was $1,403,570 as of
June 30, 2003.

Operating and personnel expenses. Operating and personnel expenses were $927,601
for the six months  ending June 30,  2003,  which was $310,188 or 50.2% over the
$617,413 in expense for the same period  ending  June 30,  2002.  This  increase
reflects  additional  employees and  compensation  added to handle the Company's
growth, as well as the support facilities for the increased number of employees.
Starting in July 2003,  the  Company has  contracted  with  Cornerstone  Capital
Advisors  ("CCA") to provide  all  administrative  services.  The  Company  will
reimburse CCA for its expenses  which are expected to be similar to the expenses
incurred  by the Company  had it  continued  its  administrative  support  under
previous arrangements. There is no fee schedule but the Company may elect to pay
fees for good performance.

Income tax (provision) benefit. The income tax benefit for the six months ending
June 30,  2003 was  $221,751,  compared  to a benefit of  $174,701  for the same
period  ending  June 30,  2002.  This  change  resulted  from an increase in the
Company's pre-tax loss and a decrease in tax exempt bond interest received.  The
effective  tax  benefit  rate for 2003 was 45.5%  compared to 74.3% for the same
period in 2002. During the 1st quarter of 2002, the Company did not record a tax
benefit  associated with its estimated  year-to-date tax loss. A tax benefit was
recorded,  however,  for the taxes  associated with the current period change in
its deferred loan fees; thus, the net tax benefit exceeds the expected tax rates
through June 30, 2002.

Dividends

Dividends  declared  on June 30,  2003  and 2002  were  $169,085  and  $172,232,
respectively  and were paid during the subsequent  quarters ending September 30,
2003 and 2002.

Liquidity and Capital Resources

Cash flows from  operations.  Net cash used by the Company's  operations for the
six months  ending June 30, 2003 was  $783,321,  which  compares to $549,944 net
cash used from  operations  for the same  period  ending June 30, 2002 for a net
cash use  increase of  $233,377.  This  difference  was driven  primarily  by an
increase in the company's net loss and from changes in deferred  finance  costs,
real estate loan interest and fees, and accounts  payable,  partially  offset by
increases  in  Investor  Certificate  and  MP  Agreement  interest  payable  and
depreciation and amortization expense.

Cash flows from investing activities.  The Company used $12,918,944 in cash from
investing  activities which is an increase of $5,829,407 from $7,089,537 for the
same period  ending June 30,  2002.  This  increase was driven by an increase in
Real  Estate  loans made during the first six months of 2003,  net of  scheduled
principal  payments  received.  The  company  increased  its loan  portfolio  by
$12,437,147  for the six months  ending June 30,  2003.  This  compares to a net
increase in loans of $6,827,100 for the same six months ending June 30, 2002, an
82.2%  increase.   The  Company   currently  has  commitments  and  applications
sufficient to invest its excess cash on hand.

Additionally,  during the first six months of 2003,  the  Company  purchased  an
office  condominium  for $532,040 to house its corporate  offices and to provide
additional office space for future growth.

Cash from financing activities. During the first six months of 2003, the Company
raised $19,146,392 from the sale of new Investor Certificates and MP Agreements,
net of redemptions  on existing  certificates.  This  represented an increase of
$10,123,470 from net certificate  sales of $9,022,922 for the same period ending
June 30, 2002. The ratio of Investor Certificates and MP Agreements redeemed for
cash to Investor  Certificates  and MP Agreements sold for the six months ending
June 30, 2003 was 12.9%.

                                                                               4
<PAGE>

We believe that additional sales of new investments from the current and planned
offerings,  as well as cash on hand, expected refinancings and sales of existing
loans,  will be sufficient  to meet our capital needs for the next quarter.  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 or Deflation

Inflation,  which has been limited  during the course of our operating  history,
has had  little  effect  on  operations  and we do not  believe  it will  have a
significant  effect on our cost of capital or on the rates that we charge on our
loans. Inflation resulting in increased prices for real estate could potentially
decrease the ability of some potential clients to purchase,  finance, or lease a
property.  There is very limited  experience with a period of declining  prices,
deflation. It could make it more difficult for our borrowers to obtain long-term
financing  on  their  properties,  so that the  periods  of our  loans  could be
extended.


Item 3. Controls and Procedures

The principal executive officer and the principal financial officer of the small
business issuer,  Cornerstone Ministries Investments,  Inc., have, as of October
31,  2002,  evaluated  the  small  business  issuer's  disclosure  controls  and
procedures,  as defined by Sections  13a-14(C) and  15d-14(C) of the  Securities
Exchange Act of 1934. Based on their evaluation,  they have concluded that those
disclosure  controls and procedures are designed and implemented  effectively to
ensure that information required to be disclosed by the small business issuer in
the  reports  that it files or submits  under that Act is  recorded,  processed,
summarized and reported,  within the time periods  specified in the Commission's
rules and forms.

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

(a)      (1) Exhibit 15, Letter on unaudited interim financial information.

         (2)  Exhibit  99.1,  certifications  pursuant  to  Section  906  of the
              Sarbanes-Oxley Act of 2002.

(b)      No  reports on Form 8-K were filed  during the  quarter  for which this
         report is filed.

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.

Dated: June 13, 2003       Cornerstone Ministries Investments, Inc. (Registrant)


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

                                                                               5
<PAGE>

Certifications

I, Cecil A. Brooks, certify that:

1. I  have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Cornerstone
Ministries Investments, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date:  June 13, 2003                          s/Cecil A. Brooks
                                              ------------------
                                              Cecil A. Brooks,
                                              Chairman of the Board,
                                              President, Chief Executive Officer

I, John T. Ottinger, certify that:

1. I  have  reviewed  this  quarterly  report  on  Form  10-QSB  of  Cornerstone
Ministries Investments, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: June 13, 2003                           s/John T. Ottinger
                                              -------------------
                                              John T. Ottinger, Vice President,
                                              Chief Operating Officer and Chief
                                              Financial Officer

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