U.S. SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                  Form 10-QSB/A

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

                 For the quarterly period ending March 31, 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)

6030 Bethelview Rd, #203, 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 February 28, 2003, there were issued and outstanding 531,136 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/A Title Page                                                            1

Index                                                                               2

PART I.  FINANCIAL INFORMATION

         Item 1. Financial Statements

                 Accountant's Review Report                                         F-1

                 Consolidated Balance Sheets as of March 31, 2002 and 2003          F-2

                 Consolidated Statements of Income and Retained Earnings (Deficit)
                 for the three months ended March 31, 2002 and 2003                 F-3

                 Consolidated Statements of Changes in Shareholder's Equity
                 for the three months ended March 31, 2002 and 2003                 F-4

                 Consolidated Statements of Cash Flows for the three
                 months ended March 31, 2002 and 2003                               F-5

                 Notes to Consolidated 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>
                           ROBERT N. CLEMONS, CPA, PA
                                   PO BOX 1670
                           DELAND, FLORIDA 32721-1670

To The Board of Directors
Cornerstone Ministries Investments, Inc.

We have  reviewed the  accompanying  balance  sheets of  Cornerstone  Ministries
Investments,  Inc.  as of March 31, 2003 & 2002 and the  related  statements  of
income,  retained  earnings,  and cash flows for the three  months then ended in
accordance  with  Statements on Standards  for  Accounting  and Review  Services
issued  by  the  American  Institute  of  Certified  Public   Accountants.   All
information  included in these financial statements is the representation of the
management of Cornerstone Ministries Investments, Inc.

A review consists  principally of inquiries of Company  personnel and analytical
procedures  applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion  regarding the financial  statements taken
as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the accompanying  financial statements and supplementary  information
in  order  for  them to be in  conformity  with  generally  accepted  accounting
principles.


/s/ Robert N. Clemons, CPA, PA

DeLand, Florida
May 13, 2003

                                                                             F-1
<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2003 and 2002

                                                                     Restated
                                                     3/31/2003       3/31/2002
ASSETS
Cash in banks                                      $  4,159,125    $  3,695,015
Loans in process                                      1,042,325         596,326
Real estate loans, net                               71,655,754      34,226,079
Bond holdings, net                                    2,629,250       5,287,592
Fixed assets, net                                       877,349         285,055
Deferred tax asset, net                                 387,915         250,855
Goodwill                                                450,997         450,997
Unamortized debt issue costs                          1,340,094         599,220
Real estate held for sale                               340,000         333,864
Other assets                                             75,740          10,714
                                                   ------------    ------------

TOTAL ASSETS                                       $ 82,958,549    $ 45,735,717
                                                   ============    ============

LIABILITIES
Investor certificates and accrued interest         $ 79,156,351    $ 42,066,164
Accounts and other payables                             667,849         590,065
Building mortgage                                       186,863         195,359
                                                   ------------    ------------

TOTAL LIABILITIES                                    80,011,063      42,851,588
                                                   ------------    ------------

SHAREHOLDER'S EQUITY
Series A Convertible Preferred Stock, no par
  value; 235,000 shares authorized, no
  shares issued and outstanding                            --              --
Common Stock, $0.01 par value; 10 million shares
  authorized, 531,136 and 528,975 shares issued
  and outstanding                                         5,311           5,290
Paid in capital                                       3,294,889       3,281,139
Retained earnings (deficit)                            (279,465)       (402,300)
Treasury stock                                          (73,249)           --
                                                   ------------    ------------

TOTAL SHAREHOLDER'S EQUITY                            2,947,486       2,884,129
                                                   ------------    ------------

TOTAL LIABILITIES AND
SHAREHOLDER'S EQUITY                               $ 82,958,549    $ 45,735,717
                                                   ============    ============

SEE ACCOMPANYING NOTES                                                       F-2
<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED  STATEMENTS OF INCOME For the three months ended March 31, 2003 and
2002


                                                                      Restated
                                                      3/31/2003      3/31/2002
REVENUES
Loan interest and fees                               $ 1,875,208    $ 1,161,700
Real estate gains and other income                        63,274        134,839
                                                     -----------    -----------

TOTAL REVENUES                                         1,938,482      1,296,539
                                                     -----------    -----------

EXPENSES
Investor interest expense                              1,557,317        843,292
Marketing expenses                                       106,487        106,997
Salaries, payroll taxes, and benefits                    214,501        139,291
Operating expenses                                       314,109        179,528
                                                     -----------    -----------

TOTAL EXPENSES                                         2,192,414      1,269,108
                                                     -----------    -----------

Income (Loss) Before Provision For Income Taxes         (253,932)        27,431

Income Tax (Provision) Benefit                           113,946        (41,015)
                                                     -----------    -----------

NET INCOME (LOSS)                                    $  (139,986)   $   (13,584)
                                                     ===========    ===========

Basic and Diluted Earnings (Loss)
per Common Share                                     $     (0.26)   $     (0.03)

SEE ACCOMPANYING NOTES                                                       F-3
<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED  STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY For the three months
ended March 31, 2003 and 2002
<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   $     --     $ (388,716)   $     --     $2,896,062
Net income (loss), as restated                                                                   (13,584)                   (13,584)
Common stock issued                            254             3         1,648                                                1,651
                                           -------    ----------    ----------   --------     ----------    ----------   ----------

BALANCE, MARCH 31, 2002, RESTATED          528,975    $    5,290    $3,281,139   $     --     $ (402,300)   $     --     $2,884,129
                                           =======    ==========    ==========   ========     ==========    ==========   ==========
BALANCE, DECEMBER 31, 2002                 530,944    $    5,309    $3,293,641   $     --     $ (139,479)   $     --     $3,159,471
Net income (loss)                                                                               (139,986)                  (139,986)
Common stock issued                            192             2         1,248                                                1,250
Treasury shares acquired                                                                                       (73,249)     (73,249)
                                           -------    ----------    ----------   --------     ----------    ----------   ----------


BALANCE, SEPTEMBER 30, 2003                531,136    $    5,311    $3,294,889   $     --     $ (279,465)   $  (73,249)  $2,947,486
                                           =======    ==========    ==========   ========     ==========    ==========   ==========
</TABLE>

SEE ACCOMPANYING NOTES                                                       F-4
<PAGE>

CORNERSTONE MINISTRIES INVESTMENTS, INC. & SUBSIDIARIES
CONSOLIDATED  STATEMENTS OF CASH FLOWS For the three months ended March 31, 2003
and 2002
                                                                    Restated
                                                     3/31/2003      3/31/2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                         $   (139,986)   $    (13,584)
Adjustments to reconcile net income to cash
from operations-
Depreciation and amortization                            21,162          36,785
Changes in-
Loans in process                                       (433,305)       (141,742)
Accrued bond interest, net                               14,312         (19,439)
Accrued loan interest and deferred loan fees           (318,873)       (501,927)
Deferred taxes                                         (113,682)         (7,377)
Unamortized debt issue costs                           (347,741)        (72,708)
Investor interest payable                               444,945        (170,308)
Accounts and other payables                             442,729         457,887
Other assets                                            (58,476)         44,746
                                                   ------------    ------------

NET CASH PROVIDED (USED) BY OPERATIONS                 (488,915)       (387,667)
                                                   ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate loans made                               (9,908,231)     (3,368,430)
Real estate loan principal payments received          3,078,398          86,785
Bonds redeemed or sold                                   31,250          38,500
Fixed assets purchased                                 (544,898)           --
Real estate costs capitalized                              --            (2,351)
                                                   ------------    ------------

NET CASH USED BY INVESTING ACTIVITIES                (7,343,481)     (3,245,496)
                                                   ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Investor certificates sold                           11,290,675       4,925,737
Investor certificates redeemed                         (556,651)       (332,998)
Building mortgage principal payments                     (2,363)         (1,835)
Common stock issued                                       1,250           1,651
Dividends paid                                         (168,640)       (171,834)
Treasury stock acquired                                 (73,249)           --
                                                   ------------    ------------

NET CASH PROVIDED BY FINANCING ACTIVITIES            10,491,022       4,420,721
                                                   ------------    ------------

Net change in cash                                    2,658,626         787,558
Cash at beginning of period                           1,500,499       2,907,457
                                                   ------------    ------------

CASH AT END OF PERIOD                              $  4,159,125    $  3,695,015
                                                   ============    ============

Supplemental Information-
  Interest paid during the period                  $  1,122,675    $  1,018,072
  Income taxes paid during the period              $       --      $       --
Non-cash transactions-
  Investor certificates matured and re-issued      $    995,206    $  2,916,201
  Loan interest included in principal              $    523,508    $    216,408

SEE ACCOMPANYING NOTES                                                       F-5

<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 of  deferred  loan  fees and  unearned  discounts.  Interest  income  is
recognized  monthly as it is earned,  in  accordance  with loan terms.  Interest
income is recognized on the cash basis for loans with a recorded impairment loss
if the  possibility of future loss is considered  remote.  If the possibility of
future loss is not remote,  then interest  income is not recognized and interest
payments are credited to the loan principal  balance.  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 non-accrual 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.

Unamortized  debt issue costs 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

                                                                             F-6
<PAGE>

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

Bond holdings consist of tax-free local  government  securities and local church
bonds.  The  Company  accounts  for  these   investments  using  SFAS  No.  115,
"Accounting  for  Certain  Investments  in  Debt  and  Equity  Securities",  and
classifies the bonds as "available for sale" securities.  The bonds are recorded
at cost  and  adjusted  for  unrealized  holding  gains  and  losses.  Temporary
unrealized  holding gains and losses are reported,  net of deferred  taxes, as a
separate  component of  shareholder's  equity until  realized.  If an unrealized
holding  loss is  judged  to be other  than  temporary,  the  cost  basis of the
security is written down to fair value and included in earnings.

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.
Certificate  holders  choose,  at the time of purchase,  to have  interest  paid
semi-annually or upon redemption.  Investors holding  five-year  certificates in
multiples of $10,000 may receive interest monthly. Unpaid interest is compounded
semi-annually.

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,  start-up  costs,  and loan fees for financial and tax-  reporting
purposes.  The deferred taxes represent the estimated future tax consequences of
those  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

                                                                             F-7
<PAGE>

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.

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.

                                                                             F-8
<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,  principally to it's method of  recognizing  fees  associated  with
mortgage  loans.  Additionally,  the  Company  corrected  its failure to provide
certain amortization and miscellaneous  expenses. The following table reconciles
previously  reported  amounts  with  the  restated  amounts  presented  in these
financial statements: 3 months ended

                                                                03/31/02
                                                             ------------
Interest & fees earned as previously reported                $  1,010,084
Effect of deferral of fees                                        151,616
                                                             ------------
Loan interest & fees earned as restated                      $  1,161,700

Income tax expense as previously reported                    $       (-0-)
Tax effect of corrections                                          41,015
                                                             ------------
Income tax expense as restated                               $     41,015

Loss as previously reported                                  $   (106,909)
Correction of miscellaneous income items, net                     (17,276)
Effect of deferral of fees                                        151,616
Income tax effect                                                 (41,015)
                                                             ------------
Net Income (Loss) as restated                                $    (13,584)

Earnings per share, basic & diluted as previously reported   $      (0.20)
Deferred fees & corrections noted above, net of taxes                0.17
                                                             ------------
Earnings per share, basic & diluted as restated              $      (0.03)

Loans & accrued interest as previously reported              $ 34,943,278
Reclassify bond and other interest receivable                    (126,515)
Deferral of previously recognized fees, cumulative               (590,684)
                                                             ------------
Real estate loans, net as restated                           $ 34,226,079

Deferred taxes as previously reported                        $    (33,941)
Refundable income taxes                                            48,392
Taxes from Wellstone Financial Group consolidation                 16,199
Tax effect of fee deferral, cumulative                            220,205
                                                             ------------
Deferred tax asset as restated                               $    250,855

                                                                             F-9
<PAGE>

Additionally, costs associated with its stock offerings ($152,183 with $0 income
tax effects) have been  reclassified  as of December 31, 2000 from an intangible
asset  classification  on the  balance  sheet to a reduction  of the  associated
paid-in capital  account.  There was no income statement  effect.  The following
table  reconciles  previously  reported  amounts with the  restated  amounts and
accounts presented in these financial statements:

                                                                      03/31/02
                                                                    -----------
Intangible assets, net as previously reported                       $ 1,252,358
Reclassification to Goodwill (gross)                                   (500,955)
Stock offering costs reclassified                                      (152,183)
                                                                    -----------
Unamortized debt issue costs as restated                            $   599,220

Paid in capital as previously reported                              $ 3,433,322
Stock offering costs reclassified                                      (152,183)
                                                                    -----------
Paid in capital, as restated                                        $ 3,281,139


NOTE 3 - FIXED ASSETS

As of March 31, the Company's fixed assets are composed of:

                                                           2003          2002
                                                         ---------    ---------
Office Condominiums                                      $ 792,659    $ 252,922
Office Computers, Furnishings, Software & Equipment         88,570       17,529
Vehicles                                                    37,730       30,351
Less: Accumulated Depreciation                             (41,610)     (15,747)
                                                         ---------    ---------
Fixed Assets, Net                                        $ 877,349    $ 285,055

Depreciation expense                                     $   8,810    $   3,577


NOTE 4 - COMMITMENTS AND RELATED PARTY TRANSACTIONS

The Company has no material lease commitments at March 31, 2003. The Company has
entered into a Personnel 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  bi-weekly  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. Two of the

                                                                            F-10
<PAGE>

Company's directors serve on CCA's Board of Directors. As of March 31, 2003, CCA
had not incurred any material expenses to be billed to the Company.

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                                                     $ 71,595,884
Accrued Interest                                                        573,180
Unearned Loan Fees                                                     (513,310)
                                                                   ------------
Total Real Estate Loans                                            $ 71,655,754

The loans mature as follows:  2003- $46,575,454;  2004-  $23,132,414;  2005- $0;
2006- $19,114; 2007 - $183,391; 2008 and thereafter - $1,685,511.  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.

As of March  31,  2003,  one  loan,  with a  carrying  amount  of  $134,458  was
considered impaired due to non-payment of interest.  No allowance for impairment
loss has been recorded  because the carrying  amount of the loan is less than or
equal to the present  value of  expected  future cash flows or the fair value of
the related collateral.  No loans were considered impaired as of March 31, 2002.
The weighted average investment in impaired loans for the period ended March 31,
2003 was $133,044.  Interest income  recognized on impaired loans was $2,832 and
$0 for the three months ended March 31, 2003 and 2002, respectively.

NOTE 6 -GOODWILL

The Company 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  and is not
subject to further amortization. Goodwill is tested for impairment at the end of
each calendar year using a present value of expected  future cash flows analysis
to determine  its fair value.  As of December 31,  2002,  goodwill's  fair value
exceeded its carrying cost; therefore, no provision for impairment loss has been
recorded as of March 31, 2003 and 2002. No  additional  goodwill was acquired or
sold in 2003 and 2002.

NOTE 7 - UNAMORTIZED DEBT ISSUE COSTS

Unamortized debt issue 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. At March 31, unamortized debt issue costs
consist of:

                                                                            F-11
<PAGE>

<TABLE>
<CAPTION>
                                                               2003           2002
                                                           -----------    -----------
<S>                                                        <C>            <C>
Costs incurred to register the Company's debt securities   $   431,215    $   362,390
Commissions paid on the sale of debt securities              1,454,079        361,273
Less: Accumulated Amortization, generally over 5 years        (545,200)      (124,443)
                                                           -----------    -----------
                                                           $ 1,340,094    $   599,220
</TABLE>


Amortization  expense was $93,681 and $64,221 for the three  months  ended March
31, 2003 and 2002,  respectively,  and is included in marketing  expenses in the
accompanying  Consolidated  Statements of Income (Loss).  Estimated amortization
expense for the next five years:

April, 2003 through March, 2004 -       $420,765
April, 2004 through March, 2005 -       $321,166
April, 2005 through March, 2006 -       $278,291
April, 2006 through March, 2007 -       $241,675
April, 2007 through March, 2008 -       $ 78,197

NOTE 8 - BOND HOLDINGS

Bond holdings at March 31:

St. Lucie Co., FL Subordinated Revenue Bonds:           2003             2002
                                                    -----------      -----------
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                       116,750          262,592
                                                    -----------      -----------
        Totals                                      $ 2,629,250      $ 5,287,592

The bonds are not traded on an exchange; however, management estimates, based on
discounted expected cash flows, that the fair value of the individual securities
approximated  their  original  cost.  Accordingly,  no unrealized  holding gains
(losses) have been recorded.

Proceeds  from the sale or  maturity  of bonds were  $31,250 and $38,500 for the
three months ended March 31, 2003 and 2002,  respectively.  No realized gains or
losses  were  recognized  in  2003  or  2002.  The  Company  uses  the  specific
identification method to determine realized gains and losses.

In  2002,  the  Company  transferred  all of its bond  holdings,  with a cost of
$5,110,500,  from "held to  maturity" to  "available  for sale"  securities.  No
realized holding gains or losses were recognized as, when transferred,  the cost
of the bonds  approximated  their fair value.  An opportunity to utilize a major
investor's  funds  resulted in the sale of an undivided  50% interest in the St.
Lucie County,  Florida bonds for  $2,512,500.  The Company  reinvested the funds
from the sale in a real estate  loan,  which  management  believes  will provide
greater long-term returns than the bonds.

                                                                            F-12
<PAGE>

Tax-free  interest  income was $55,982 and  $117,434  for the three months ended
March 31, 2003 and 2002, respectively.

NOTE 9 - INCOME TAXES

The net deferred tax asset includes the following components:

                                                      2003               2002
                                                    ---------         ---------
Net deferred tax assets                             $ 400,162         $ 224,224
Refundable taxes                                          -0-            48,392
Net deferred tax liabilities                          (12,247)          (21,761)
Valuation allowance                                       -0-               -0-
                                                    ---------         ---------
Net deferred tax asset                              $ 387,915         $ 250,855

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.  The Company estimates that future
taxable  income  will be  sufficient  to  realize  the net  deferred  tax asset;
therefore, no valuation allowance has been provided for as of March 31, 2003 and
2002. 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.

Components of income tax expense (benefit) for the period ended March 31 are:

                             2003          2002
                          ---------      --------
Current:    Federal       $  (8,993)     $    -0-
            State            (1,834)          -0-
Deferred:   Federal         (87,651)       34,863
            State           (15,468)        6,152
                          ---------      --------
                          $(113,946)     $ 41,015

Reconciliation of the Company's income tax rate to statutory federal rates:

                                            2003
                                            ----
Statutory federal rate                      35.0%
Effect of graduated federal rates           (1.0%)
State taxes, net of federal benefit          3.7%
Effect of non-taxable bond interest         (7.5%)
Other, net                                   (.3%)
                                            ----
Effective tax rate                          44.9%

The effective  tax rate for the period  ending March 31, 2003 is not  meaningful
because, in lieu of recording a valuation allowance,  the Company did not record
a tax benefit for the estimated net operating loss for the period.

                                                                            F-13
<PAGE>

The effect of non-taxable  bond interest income decreased in 2003 as a result of
the sale of the undivided 50% interest in the St. Lucie County, Florida bonds in
September, 2002.

NOTE 10 - CASH CONCENTRATION

A cash  concentration  risk arises when the Company has more cash in a financial
institution  than is covered by  insurance.  At March 31, 2003,  the Company had
cash in excess of insured limits totaling $3,465,605.

NOTE 11-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 March 31, 2003 by interest
rate and date of maturity-

5.0%    $  2,814,430            2003           $   6,757,563
7.0%       6,045,969            2004                 812,814
7.5%       1,448,558            2005               4,931,264
8.0%       1,240,878            2006              11,274,694
9.0%      64,393,316            2007/Beyond       52,166,816
                                               -------------
                                                  75,943,151

As of March 31,  2003 and 2002,  accrued  interest  payable was  $3,213,200  and
$2,868,470, respectively.

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

                                                                            F-14
<PAGE>

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
$40,000,000 of its  Certificates of Indebtedness  along with  $11,375,000 of its
Common Stock.

NOTE 12-LOAN GUARANTEES

At March 31, 2003 the Company was guarantor for a 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 the  borrower  chooses to
secure outside  financing may require a Company  guarantee as a condition of the
extension  of the loan by the  financial  institution.  The  guarantee is solely
limited to amounts drawn under the credit facilities and only covers outstanding
principal  and accrued  interest and  terminates  upon  maturity  and  principal
repayment. At March 31, 2003, actual amounts drawn and therefore guaranteed to a
commercial bank totaled  $23,766,451.  The guaranteed  loans will mature between
May 31 and  November  18, 2004.  Only upon an uncured  payment  default and upon
demand by the  financial  institution  would the  Company be required to perform
under its  guarantee  obligations.  The Company's  recourse  would be limited to
repossession  of  the  underlying   collateral  and  subsequent  resale  of  the
facilities.  As of March 31, 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
three months ended March 31, 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% per year.  The loan  matures  March 1, 2006 at
which time a balloon payment of $158,637 will be required.  Estimated  principle
reductions  are-Year 2003 - $8,274; 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.

                                                                            F-15
<PAGE>

During 2001, as part of the Company's  formation and initial  capitalization  of
Wellstone  Financial  Group,  LLC ("WFG"),  shares with a value of $500,000 were
issued to WFG in  return  for a 100%  ownership  interest  in WFG.  Since 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 follow-

2002    Net Income (Loss)                             $   (13,584)
----
        Average Common Shares Outstanding                 528,906
        Earnings (Loss) per Common Share                   ($0.03)
2003    Net Income (Loss)                               ($139,986)
----
        Average Common Shares Outstanding                 531,040
        Earnings (Loss) per Common Share                   ($0.26)

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-16

<PAGE>

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

Comparison of Periods Ending March 31, 2002 and March 31, 2003

General.  Assets  increased from $45,735,717 at March 31, 2002 to $82,958,549 at
March 31, 2003 for a net increase of  $37,222,832 or 81%. This increase was as a
result of the sale of investment  certificates and the subsequent origination of
new loans.  Total  revenue  increased  for the three  months  ended  March 31 by
$641,943 or 50% from  $1,296,539 in 2002 to $1,938,482 in 2003. The net loss for
the three  months  ended March 31, 2003 was  $139,936  compared to a net loss of
$13,584 for the same period ended March 31, 2002.

Total investment in loans outstanding on March 31, 2003 was $71,655,754 compared
to $34,226,079 as of March 31, 2002 for an increase of $37,429,675 or 109%. This
increase was a result of sales of  investment  certificates  and the  subsequent
origination  or  refinancing  of loans,  as  follows:  new loan  originations  -
$18,414,646;  refinances on existing loans, net of principal payments received -
$19,015,029.  All other assets,  composed  primarily of cash, bond  investments,
fixed assets and unamortized  debt issue costs were  $11,302,795 as of March 31,
2003.  Principal  and  interest  payable  on  Investor  Certificates   increased
$37,090,187  or 88% from  $42,066,164  as of March 31, 2002 to $79,156,351 as of
March  31,  2003.  The  Company  has  filed a  registration  statement  with the
Securities  and Exchange  Commission  to sell up to  $40,000,000  in  additional
Investor Certificates and $11,375,000 in Common Stock, which if approved, should
continue the substantial increase in outstanding certificates and the subsequent
investment in new loans.

Loan  interest and fees  earned.  Interest  income and fees earned  increased by
$713,508 or 61% from  $1,161,700  for the three  months  ended March 31, 2002 to
$1,875,208 for the same period ended March 31, 2003. The increase was due to the
following:

Increase in average outstanding loan principal                  $843,406
($68,038,006 in 2003 and $31,765,660 in 2002)

Decrease in weighted average interest rate                       (46,861)
(9.43% in 2003 and 10.13% in 2002)

Decrease in loan fees recognized                                 (83,037)
                                                                --------
                                                                $713,508

The increase in average  outstanding  loan principal is due to the addition of 8
new loans with average outstanding  principal of $17,845,633 and the refinancing
of existing loans with average outstanding principal of $18,426,713.

Real estate and other  income.  For the three months ended March 31, real estate
and other income decreased $71,565 from $134,839 in 2002 to $63,274 in 2003. The
decrease was due to the  September 30, 2002 sale of an undivided 50% interest in
the Company's  St. Lucie County,  FL bonds for  $2,512,500,  which  subsequently
decreased  investment  income.  Other income also  includes  office  condominium
rental income of $7,836 and $6,335 for the three months ended March 31, 2003 and
2002, respectively.

Investor interest expense.  Investor interest expense increased  $714,025 or 85%
from $843,292 to $1,557,317  for the three months ended March 31, 2002 and 2003,
respectively. The increase is due to the following:

Increase in average outstanding loan principal, including
interest payable subject to compounding
($72,050,983 in 2003 and $38,471,034 in 2002)                       $726,155

Decrease in weighted average interest cost
(8.77% in 2003 and 8.89% in 2002)                                    (12,130)
                                                                    --------
                                                                    $714,025

Marketing  expenses.  Due to the  continuing  backlog of  projects,  the Company
continues  to  commit   substantial   resources   for   marketing  its  investor
certificates.  Total expenses for the marketing of investor  certificates during
the first three months of 2003 were $106,487 versus $106,997 in 2002.  Marketing
expenses will increase in the future as new investor certificates are sold.

Selling commissions paid to brokers for selling investor  certificates and costs
incurred to register  investor  certificates  are paid in cash and charged as an
expense over the term of the related  certificates.  The unamortized  balance is
classified as an asset on the Balance Sheet as  "Unamortized  debt issue costs".
The  balance  was  $1,340,094  and  $599,220  as of March  31,  2003  and  2002,
respectively.  Debt issue cost amortization  expense was $93,681 and $64,221 for
the three months ended March 31, 2003 and 2002, respectively.

                                                                               3
<PAGE>

Operating and personnel expenses.  Personnel expenses (salaries,  payroll taxes,
and benefits) were $214,501 for the three months ended March 31, 2003, which was
$75,210 or 54% over the  $139,291 in expense for the same period ended March 31,
2002. This increase is due to additional employees hired to handle the Company's
growth.  As a percentage of total  revenues,  personnel  expenses were 11.1% and
10.7% for the three months ended March 31, 2003 and 2002, respectively. Starting
in July 2003,  the Company has  contracted  with  Cornerstone  Capital  Advisors
("CCA") to provide all personnel  services.  The Company will  reimburse CCA for
its expenses (estimated at $750,000 over the next 12 months), which are expected
to be similar to the  expenses  incurred  by the Company  had it  continued  its
personnel support under previous arrangements.  There is no fee schedule but the
Company may elect to pay fees for good  performance,  which if paid, would be no
more than 10% of the reimbursed expenses for the previous 12 months. As of March
31,  2003,  CCA had not  incurred  any  material  expenses  to be  billed to the
Company.

Operating  expenses  increased $134,581 or 75% from $179,528 to $314,409 for the
three months ended March 31, 2002 and 2003,  respectively.  The increase was due
to an increase in occupancy costs and recruiting fees related to the increase in
the number of Company  employees and accounting  services,  consulting fees, and
trust service fees, which increased due to the Company's growth in operations.

Income tax  provision  (benefit).  The income tax benefit  for the three  months
ended March 31, 2003 was  $113,946,  compared to a provision  of $41,015 for the
same period  ended March 31,  2002.  The  effective  tax rate for 2003 was 44.9%
compared to 149.5% for the same period in 2002.  This  change  resulted  from an
increase  in the  Company's  pre-tax  loss and a  decrease  in  tax-exempt  bond
interest  income.  A  reconciliation  of the  Company's  effective tax provision
(benefit) rate to the federal  statutory rate is included in the attached "Notes
to Consolidated Financial Statements" (Note 9).

Dividends.  Dividends  declared on December 31, 2002 and 2001 were  $168,640 and
$171,834,  respectively and were paid during the subsequent quarters ended March
31, 2003 and 2002. The Company does not intend to declare future  dividends that
will create negative retained earnings.

Liquidity and Capital Resources

Cash flows from operations.

Net cash used by the Company's  operations  for the three months ended March 31,
2003 was $488,915, which compares to $387,667 in net cash used by operations for
the same  period  ended  March  31,  2002 for an  increase  in net cash  used by
operations of $101,248. This difference was driven by increases in the Company's
net loss,  loans in process,  unamortized  debt issue costs,  and other  assets,
partially  offset by changes in investor  interest  payable,  and  accrued  loan
interest and deferred loan fees.

During 2003 and 2002,  accrued loan interest  decreased net cash from operations
by  $523,508  and  $216,408,  respectively,  due to the  capitalization  of loan
interest on the following types of loans: (1) development  loans that are in the
pre-construction  phase of the project;  (2) senior housing facility loans. Most
of the senior housing facilities are in need of renovation when purchased by the
respective  borrowers.  The  Company  develops  a loan  budget  when the loan is
originated which includes the original purchase price,  capital improvements and
short-term  working capital needs (which includes interest  capitalization).  As
part of the Company's regular loan management process, current loan balances are
compared to the original  budgets and the  renovation  progress  and  facility's
operating  results are analyzed to ensure the loan is properly valued.  No loans
were over their  respective  loan budgets as of September 30, 2003 and 2002. The
Company will receive the  capitalized  interest when the  facilities are sold or
re-financed  to an outside  lender;  normally two to three years after the loans
are originated.

Cash flows from investing activities.

The  Company  used  $7,343,481  in cash from  investing  activities  which is an
increase of $4,097,985 from $3,245,496 for the same period ended March 31, 2002.
The  increase  was driven by an increase in real estate  loans made during 2003,
net of principal payments received.  The Company increased its loan portfolio by
$6,829,833  for the three months ended March 31,  2003.  This  compares to a net
increase of  $3,281,645  for the same period  ended  March 31,  2002,  or a 108%
increase.

 The Company currently has commitments and applications sufficient to invest its
excess cash on hand.

During 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  three  months of 2003,  the
Company raised  $10,734,024 from the sale of new Investor  Certificates,  net of
redemptions on existing certificates.  This represents an increase of $6,141,285
from net  certificate  sales of  $4,592,739  for the same period ended March 31,
2002.  The  percentage  of Investor  Certificates  redeemed for cash compared to
Investor  Certificates  sold for the three  months ended March 31, 2003 and 2002
was 5% and 7%, respectively.

                                                                               4
<PAGE>

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 March 31,
2003,  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) Exhibit 32.1,  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: November 12, 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:  November 12, 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 factos 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: November 12, 2003            s/John T. Ottinger
                                   ------------------
                                   John T. Ottinger, Vice President, Chief
                                   Operating Officer and Chief Financial Officer

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