U.S. SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   Form 10-QSB

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

                 For the quarterly period ending March 31, 2001

                                       Or

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

For the transition period from _________ to ____________


                          Commission File No. 333-93475

                  PIF/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, #101, Cumming, GA                            30071
--------------------------------------------------------------------------------
(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 April 30, 2001,  there were issued and  outstanding  468,324 shares of the
common stock of the issuer.

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



<PAGE>


                  PIF/Cornerstone Ministries Investments, Inc.

                                      Index

                                                                          Page

Form 10-QSB Title Page                                                      1

Index                                                                       2

PART I. FINANCIAL INFORMATION

         Item 1. Financial Statements

                  Balance Sheet at March 31, 2000 and 2001                  3

                  Statement of Operations for thre
                  Months ending March 31, 2000 and 2001                     4

                  Statements of Cash Flow for three
                  Months ending March 31, 2000 and 2001                     5

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

PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                          8

         Item 2. Changes in Securities and Use of Proceeds                  8

         Item 3. Defaults on Senior Securities                              8

         Item 4. Submission of Matters to a Vote of Security Holders        8

         Item 5. Other Information                                          8

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

Signatures                                                                  9

                                                                               2

<PAGE>


<TABLE>

                                            PIF/Cornerstone Ministries Investments, Inc.
                                                           Balance Sheet
                                                   As of March 31, 2000 and 2001

<CAPTION>
                                                                                               -------------------------------------
                                                                                               Mar 31, 01                 Mar 31, 00
                                                                                               ----------                 ----------
<S>                                                                                             <C>                         <C>
ASSETS
    Current Assets
      Checking/Savings                                                                          2,723,206                    224,088
      Accounts Receivable                                                                          51,632                      6,593
      Other Current Assets                                                                         19,518

    Total Current Assets                                                                        2,794,356                    230,681

    Fixed Assets
      Fixed Assets
         Soddy Daisy property                                                                     326,963                    261,670
         PIF Office Equipment                                                                       6,689                          0
         PIF merger                                                                               500,955                          0
         Office Building                                                                          252,922                          0
         Accumulated Depreciation                                                                 -14,479                          0
                                                                                               ----------                 ----------
      Total Fixed Assets                                                                        1,073,050                    261,670
                                                                                               ----------                 ----------

    Total Fixed Assets                                                                          1,073,050                    261,670

    Other Assets
      Bond Holdings                                                                               248,500                          0
      Loan Interest Receivable                                                                    762,718                     35,878
      Bond interest receivable                                                                     12,312                          0
      Late fees receivable                                                                            401                         19
      Loans                                                                                    26,857,247                  3,534,006
      Amortizable Assets                                                                          342,751                    290,205
      Accumulated Amortization                                                                    -64,854                    -25,369
      Prepaid Commissions                                                                         201,560                     87,871
                                                                                               ----------                 ----------
    Total Other Assets                                                                         28,360,635                  3,922,610
                                                                                               ----------                 ----------

TOTAL ASSETS                                                                                   32,228,041                  4,414,961
                                                                                               ==========                 ==========
LIABILITIES & EQUITY
    Liabilities
      Current Liabilities                                                                          32,466
         Other Current Liabilities
           Payroll Liabilities
             FICA, Med. & Fed. Withholding                                                          8,595                          0
             State withholding                                                                      1,353                          0
             Federal unemployment                                                                      21                          0
             State unemployment                                                                     1,105                          0
                                                                                               ----------                 ----------
           Total Payroll Liabilities                                                               11,074                          0
           Income Taxes Payable                                                                     3,570                        600
           due to investors                                                                        18,988                          0
           Due to Church Growth Found                                                              39,563                          0
           Due to CDF                                                                                   0                      5,838
                                                                                                                         Page 1 of 2
</TABLE>

<PAGE>

<TABLE>
                                            PIF/Cornerstone Ministries Investments, Inc.
                                                           Balance Sheet
                                                   As of March 31, 2000 and 2001

<CAPTION>

                                                                                               -------------------------------------
                                                                                               Mar 31, 01                 Mar 31, 00
                                                                                               ----------                 ----------
<S>                                                                                             <C>                        <C>

           Interest payable on certificate                                                      2,394,629                    126,801
           Rent deposits held                                                                           0                        700
                                                                                               ----------                 ----------
         Total Other Current Liabilities                                                        2,467,824                    133,939
                                                                                               ----------                 ----------

      Total Current Liabilities                                                                 2,500,290                    133,939

      Long Term Liabilities
         Debt certificates
           Investor's certificates                                                              7,314,457                  3,056,276
           Mortgage Fund certificates                                                           6,941,588                          0
           Church Development certificates                                                     11,904,842                          0
           Bond Fund certificates                                                                 474,145                          0
                                                                                               ----------                 ----------
         Total Debt certificates                                                               26,635,032                  3,056,276

         Building Loan                                                                            207,229                          0
                                                                                               ----------                 ----------
      Total Long Term Liabilities                                                              26,842,261                  3,056,276
                                                                                               ----------                 ----------
    Total Liabilities                                                                          29,342,551                  3,190,215

    Equity
      Capital Stock                                                                                 4,436                      1,832
      Paid in Capital                                                                           2,879,434                  1,189,198
      Retained Earnings                                                                           382,022                    181,751
      Dividends paid                                                                             -374,395                   -150,376
      Net Income                                                                                   -6,007                      2,238
                                                                                               ----------                 ----------
    Total Equity                                                                                2,885,490                  1,224,643
                                                                                               ----------                 ----------

TOTAL LIABILITIES & EQUITY                                                                     32,228,041                  4,414,858
                                                                                               ==========                 ==========

                                                                                                                         Page 2 of 2
</TABLE>


<PAGE>


                  PIF/Cornerstone Ministries Investments, Inc.
                             Statement of Operations
                 For three months ending March 31, 2000 and 2001


                                                      --------------------------
                                                      Jan - Mar 01  Jan - Mar 00
                                                      ------------  ------------
    Income
       Interest Income
          Interest earned - loans                        660,561        82,589
          Interest earned - bonds                          5,044             0
          Mortgage late fees                               1,546         1,097
          Early Redemption Penalty                         3,375             0
          Interest - bank accounts                        23,194         7,399
                                                         -------       -------
       Total Interest Income                             693,720        91,085

       Fees and services                                 194,000        33,500
       Rental Income                                       2,779             0
       Miscellaneous                                       2,911         1,000
                                                         -------       -------
    Total Income                                         893,410       125,585

    Expense
       Interest Expenses
          Interest on Line of Credit                           0        11,300
          Interest on certificates                       609,870        68,859
          Interest on Building Loan                        1,537             0
                                                         -------       -------
       Total Interest Expenses                           611,407        80,159

       Marketing Expenses
          Amortization expense                            11,729         4,188
          Commissions                                      7,913         5,810
          Compliance and registration                        450             0
          Printing expense                                 1,430             0
          Promotion expense                               25,656             0
          Travel expense                                   8,984             0
                                                         -------       -------
       Total Marketing Expenses                           56,162         9,998

       Operating Expenses
          Audit & Tax Services                            16,328             0
          Accounting expense                              21,285         9,849
          Bank service charges                               502           189
          Consulting fee                                   1,450           400
          Equipment rental                                 1,895             0
          Appraisal expense                                1,850             0
          Loan closing costs                               9,760             0
          Insurance expense                                2,754             0
          Depreciation                                    14,479             0
          Legal expense                                   18,612         1,271
          Meals and entertainment                            950             0
          Management fees                                      0        15,927
          Building Repairs & Maintenance                   1,436             0
          Office expense                                   4,379             0
          Postage and courier expense                      2,711           233
          Printing expense                                   759             0
          Taxes and licenses                                   0           765
          Rent expense                                     3,177             0

                                                                     Page 1 of 2

<PAGE>


                  PIF/Cornerstone Ministries Investments, Inc.
                             Statement of Operations
                 For three months ending March 31, 2000 and 2001


                                                      --------------------------
                                                      Jan - Mar 01  Jan - Mar 00
                                                      ------------  ------------
          Trust service fees                              15,263         3,955
          Telephone expense                                8,958             0
          Ttrustees expense                                4,422             0
          Utilities                                          345             0
                                                         -------       -------
       Total Operating Expenses                          131,315        32,589

       Personnel Expenses
          Salary                                          85,673             0
          FICA & Medicare                                  6,554             0
          Unemployment taxes                               1,384             0
          Medical Benefits                                 3,349             0
                                                         -------       -------
       Total Personnel Expenses                           96,960             0

       Estimated income taxes                              3,570           600
                                                         -------       -------
    Total Expense                                        899,414       123,346
                                                         -------       -------
Net Income                                                -6,004         2,239
                                                         =======       =======

                                                                     Page 2 of 2

<PAGE>


<TABLE>
                                            PIF/Cornerstone Ministries Investments, Inc.
                                                       Statement of Cash Flows
                                           For three months ending March 31, 2000 and 2001

<CAPTION>
                                                                                                    --------------------------------
                                                                                                    Jan - Mar 01        Jan - Mar 00
                                                                                                    ------------        ------------
<S>                                                                                                  <C>                    <C>
       OPERATING ACTIVITIES
         Net Income                                                                                     -6,007                2,238
         Adjustments to reconcile Net Income
         to net cash provided by operations:
             Accounts Receivable                                                                        42,453               -6,593
            Due from Church Growth Found                                                                 1,000                    0
            CMI stock for CGF                                                                          450,000                    0
            Notes rec. - for CGF                                                                       250,000                    0
            Sage advances                                                                               -1,318                    0
            CHI advances                                                                               -15,670                    0
            Prepaid Expense                                                                                623                    0
            Prepaid Insurance                                                                            2,754                    0
            Deposit on Real Estate                                                                           0                5,000
            Security deposits                                                                              631                    0
            Accounts payable                                                                             6,217              -46,816
            PIF Visa                                                                                       476                    0
            Payroll Liabilities:FICA, Med. & Fed. Withholding                                            8,595                    0
            Payroll Liabilities:State withholding                                                        1,353                    0
            Payroll Liabilities:Federal unemployment                                                        21                    0
            Payroll Liabilities:State unemployment                                                       1,105                    0
            Income Taxes Payable                                                                      -133,430              -20,670
            Income Taxes Payable:Georgia tax payments                                                    2,625                    0
            Income Taxes Payable:Fed. Income taxes paid                                                  6,575                    0
            Due to investors                                                                            18,425                    0
            Payroll Liabilities                                                                        -34,871                    0
            Due to Church Growth Found                                                                -711,000                    0
            Due to CDF                                                                                       0                5,838
            Interest payable on certificate                                                            180,938               42,618
            Dividends payable                                                                         -151,974              -29,776
            Loan draws to distribute                                                                         0              -40,619
            Rent deposits held                                                                            -700                    0
                                                                                                     ---------            ---------
       Net cash provided by Operating Activities                                                       -81,179              -88,780

       INVESTING ACTIVITIES
         Fixed Assets:Soddy Daisy property                                                             -31,464             -261,670
         Fixed Assets:PIF merger                                                                          -955                    0
         Fixed Assets:Office Building                                                                 -252,922                    0
         Fixed Assets:Accumulated Depreciation                                                          14,479                    0
         Bond Holdings                                                                                  25,000                    0
         Loan Interest Receivable                                                                       90,670                8,227
         Bond interest receivable                                                                        3,367                    0
         Late fees receivable                                                                              -78                2,042
         Loans:Church Loans-CDF                                                                     -1,909,929                    0
         Loans:Church loans - PIF                                                                    1,717,702                    0
         Loans:Church Loans                                                                           -195,210             -121,027
         Amortizable Assets                                                                                  0              -30,505
         Accumulated Amortization                                                                       11,729                4,188
         Prepaid Commissions                                                                           -35,960                5,810
                                                                                                     ---------            ---------

                                                                                                                         Page 1 of 2

<PAGE>


                                            PIF/Cornerstone Ministries Investments, Inc.
                                                       Statement of Cash Flows
                                           For three months ending March 31, 2000 and 2001


       Net cash provided by Investing Activities                                                      -563,571             -392,935
       FINANCING ACTIVITIES
         Debt certificates: Investor's certificates                                                  2,558,259                    0
         Debt certificates: Mortgage Fund certificates                                              -1,567,702                    0
         Debt certificates: Church Development certificates                                           -312,721                    0
         Building Loan                                                                                 207,229                    0
         Capital Stock                                                                                     464                  641
         Paid in Capital                                                                               301,148                 -641
         Dividends declared                                                                            151,974               29,776
         Dividends paid                                                                               -151,974              -30,010
                                                                                                     ---------            ---------
       Net cash provided by Financing Activities                                                     1,186,677                 -234
                                                                                                     ---------            ---------

    Net cash increase for period                                                                       541,927             -481,949

    Cash at beginning of period                                                                      2,181,280              706,035
                                                                                                     ---------            ---------
Cash at end of period                                                                                2,723,207              224,086
                                                                                                     =========            =========

                                                                                                                         Page 2 of 2
</TABLE>

<PAGE>


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

Overview

Since  our  inception,   we  have  been  focused  on  serving  only  faith-based
organizations,  principally  churches.  We also offer  specialized  programs for
churches  and  non-profit  sponsors  of senior  housing and  affordable  housing
programs.  While our earnings have  historically  come from financing  churches,
that  began to change  during  the last  quarter  of 2000 as we began to realize
revenues from investment in senior and affordable housing projects.

As previously reported,  Cornerstone Ministries  Investments,  Inc. acquired, by
merger  effective  December  29,  2000,  all of the  assets and  liabilities  of
Presbyterian  Investors Fund, Inc., a not for profit corporation.  No additional
shares were issued in the merger.

PIF/CMI generates  revenue from origination and renewal fees on loans,  interest
on these  loans,  gains on the sale of property  and  interest  on money  market
accounts.  We also receive limited lease income, but we are no longer pursuing a
lease/purchase  strategy. We currently charge a 10% fee on new loans and renewal
fees of as much as 5% of the  outstanding  balance  of the  renewing  loan.  Our
interest  rate on all new loans is  currently  from 10% to 12%.  Some  loans are
participating  loans,  enabling  PIF/CMI 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 March 31, 2000 and March 31, 2001

Income

General.  Assets  increased  from  $4,414,961  at  the  end  of  March  2000  to
$32,228,042 at the end of March 2001, as a result of the merger with PIF and the
sale of CMI's stock and  certificates.  The  December  29, 2000 merger has had a
material  effect on  quarterly  income.  Gross income was $125,584 for the first
quarter of 2000 and  $893,410  for 2001.  Net income for these  periods,  before
dividends but after taxes, was $2,238 and $(6,007).

Total loans  outstanding on March 31, 2000 were  $3,534,006  and  $26,857,247 on
March 31, 2001.  Our other assets at the end of March 2001 included  $273,500 in
investments  in church  bonds and $786,218 in interest  receivable.  We also had
investments in liquid securities of $2,723,206.

Interest  Income.  Interest  income on loans increased from $82,589 to $660,561,
largely as a result of the merger and additional  loans made during this period.
Investment  interest income increased from $7,399 to $23,194 for the three month
period, reflecting an increase in cash balances held.

Fee Income.  Fee income for the three months  ending March 31, 2001 was $194,000
versus  $33,500  for the same  period in 2000.  The  increase  is the  result of
additional  loans being made during the period out of  increased  funds  arising
from the sale of stock and certificates,  as well as some limited refinancing of
existing loans by third parties,  providing some additional  lendable assets and
the merger.

Income from the sale of  property.  CMI did not realize any income from the sale
of property  during the quarters ending March 31, 2000 or March 31, 2001. By the
end of 2000,  CMI had  disposed of most of the  property to which it held title.
None of its participating loans had sold property during the course of the year.
PIF/CMI  currently  holds title to one  property,  in Soddy Daisy,  TN, which it
expects to sell during the year 2001.

Expenses

Interest  Expense.  As a result of its  growth in assets  through  sales and the
merger,  PIF/CMI  experienced  an increase in interest  expense  from $80,159 to
$611,407, including interest expense in the quarter for a loan on its facilities
purchased in February of 2001. This increase in interest  expense is a result of
a  net  increase  in  outstanding  certificate  principal,  from  $3,056,276  to
$29,842,551.

                                                                               6

<PAGE>


Marketing  and Selling  Expenses.  To date,  CMI has not  committed  substantial
resources  for  marketing  its lending  capabilities  because of the  continuing
backlog  of  projects  with  which it has  been  approached.  Total  promotional
expenses in the first quarter of 2001 were $25,656 versus $0 in 2000.

Operating and Administrative  Expenses.  Operating and  administrative  expenses
totaled $131,317 in 2001 and $32,589 in 2000. This increase can be attributed to
having a larger  asset base on which  administrative  services  are  calculated.
Prior to the  merger,  CMI paid PIF an  administrative  services  fee of 1.5% of
assets.  After the merger,  all operating and  administrative  costs,  including
selling commissions and legal expenses, are paid directly by PIF/CMI.

Selling commissions are paid in cash but capitalized over three, five, and seven
years depending on whether a three-year  certificate,  five-year  certificate or
common stock is sold.  Amortized  commissions  increased  from $5,810 in 2000 to
$7,913 in 2001 as  certificates  and common  stock have been sold in the current
offering,  which commenced in May 2000.  Commission expense and the accompanying
capitalized assets will increase as securities continue to be sold.

Amortized  legal expenses  increased as a result of the new offering in the year
2000.  Legal  expenses  associated  with  both  the 1998  offering  and the 2000
offering are  capitalized  and amortized.  We capitalized and are amortizing the
costs  associated  with the transfer of  registrar,  paying  agent,  and trustee
services as well.

Taxes.  CMI  accrued  taxes of  $3,600  in 2000 on  pre-tax  income  of  $2,838,
anticipating  significant additional income. We estimate taxes for the year 2001
will be approximately $172,000 based on projected income estimates for the year.

Liquidity and Capital Resources

Cash from  Operations.  Net cash provided from operating  activities in 2000 was
$(88,780) and for 2001 was $(81,179).

Cash from Financings. CMI began operations in 1996 with an initial investment of
$510,000  from   individuals   and  PIF.  CMI's  first  offering  of  stock  and
certificates in 1998 raised a total of $3,747,306.

Current  Offering.  CMI is currently  seeking new capital of up to  $19,275,000,
consisting of $2,275,000 in common stock (shares  priced at $6.50 per share) and
$17,000,000 in unsecured  debt.  This offering began in May 2000.  Through March
31, 256,730 in new shares had been sold,  raising  $1,668,745 in new equity, and
an additional $4,267,919 in certificates had been sold, including rollovers from
maturing  certificates.  The  total  realized  from  this  ongoing  offering  is
$5,936,664. A portion of these new investments came from maturing investments in
PIF.

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

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.

                                                                               7

<PAGE>


Part II. Other Information

Item 1. Legal Proceedings

         Not Applicable

Item 2. Changes in Securities

(d)      The following information is furnished as required by Rule 463 and Item
         701(f)  of  Regulation  S-B,  for  the  offering  of  securities  under
         PIF/CMI's first  registration  statement filed under the Securities Act
         of 1933:

         (1)      Effective date of the registration  statement was May 1, 2000.
                  Effective date of Post-Effective Amendment No. 1 was April 16,
                  2001. The Commission file number is 333-93475.

         (2)      The offering commenced May 1, 2000.

         (3)      Not applicable.

         (4)      (i) The offering has not terminated.

                  (ii) There is no underwriter.

                  (iii)  Securities  registered  are  common  stock and Series B
                  Certificates of Indebtedness.

                  (iv) For the common stock, 350,000 shares are registered at an
                  aggregate price of $2,275,000; 256,730 shares, at an aggregate
                  offering  price of $1,668,745  had been sold through March 31,
                  2001. For the Certificates of  Indebtedness,  $17,000,000 face
                  amount are  registered at an aggregate  price of  $17,000,000;
                  $4,267,919  had been sold through  March 31,  2001.  All sales
                  were  for the  account  of the  issuer.  There  is no  selling
                  security holder.

                  (v) The  total  amount  of cash  expenses  incurred  from  the
                  effective date of the registration statement to March 31, 2001
                  was  $  207  ,044,   including   $162,299  of  commissions  to
                  registered broker-dealers and $44,745 of other expenses.

                  (vi) The net offering proceeds to the issuer,  after deducting
                  total expenses were $5,729,620. .

                  (vii) From the effective date of the registration statement to
                  March 31, 2001, all of the net offering  proceeds were used to
                  finance  buying  and  building   churches  and  their  related
                  properties.  All of these payments of the net proceeds were to
                  persons  other  than  directors,  officers  or  other  persons
                  described in Regulation S-B Item 701(f)(4)(vii)(A).

                  (viii) This use of proceeds is as described in the  prospectus
                  for the offering.

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)      No exhibits are filed.

(b)      A report on Form 8-K was filed January 16, 2001, to report,  under Item
         2,  the  merger  of  Cornerstone  Ministries   Investments,   Inc.  and
         Presbyterian  Investors Fund, Inc. An amended Form 8-KA was filed March
         16,  2001 to furnish  audited  financial  statements  for the  combined
         entity.

                                                                               8

<PAGE>


Signatures

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

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



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

                                                                               9