U. S. SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   Form 10-QSB

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

         For the quarterly period ending September 30, 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 October 31, 2001, there were issued and outstanding  560,013 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

                  Review Report                                               3

                  Balance Sheet at September 30, 2001                         4

                  Statement of Income and Retained Earnings for Nine
                  Months ending September 30, 2000 and 2001                   5

                  Statements of Cash Flow for Nine
                  Months ending September 30, 2000 and 2001                   6

                  Notes to Financial Statements                               7

         Item 2. Management's Discussion and Analysis of
                  Financial Condition and Results of Operation                11

PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                            13

         Item 2. Changes in Securities and Use of Proceeds                    13

         Item 3. Defaults on Senior Securities                                13

         Item 4. Submission of Matters to a Vote of Security Holders          13

         Item 5. Other Information                                            13

         Item 6. Exhibits and Reports on Form 8-K                             13


Signatures                                                                    14





                                                                               2
<PAGE>

                             T. JACKSON McDANIEL III

                           Certified Public Accountant
                               1439 McLendon Drive
                                     Suite C
                                Decatur, GA 30033
                                 (770) 491-0609


To the Board of Directors
Cornerstone Ministries Investments, Inc.


I have  reviewed  the  accompanying  balance  sheet  of  Cornerstone  Ministries
Investments,  Inc.  as of  September  30,  2001 and the  statements  of  income,
retained earnings,  and cash flows for the 9 months ended September 30, 2001 and
September 30, 2000, in accordance  with  standards  established  by the American
Institute of Certified  Public  Accountants.  All information  included in these
financial  statements is the representation of the management of PIF/Cornerstone
Ministries, 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, I do not express such an opinion.

Based on my review, I am not aware of any material  modifications that should be
made  to the  accompanying  financial  statements  in  order  for  them to be in
conformity with generally accepted accounting principles.


[GRAPHIC OMITTED]


November 14, 2001

                                                                               3


<PAGE>

PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
BALANCE SHEET
September 30, 2001


ASSETS

CURRENT ASSETS
 CASH                                                                $ 5,923,471
 ACCOUNTS RECEIVABLE                                                     367,289
 ACCRUED INTEREST RECEIVABLE                                             898,654
                                                                     -----------

           TOTAL CURRENT ASSETS                                        7,189,414


REAL ESTATE LOANS RECEIVABLE                                          26,439,969

FIXED ASSETS-NET OF ACCUMULATED
 DEPRECIATION                                                            221,525

INTANGIBLE ASSETS-NET OF ACCUMULATED
  AMORTIZATION                                                         1,115,611

INVESTMENTS
 REAL ESTATE HELD                                                        331,513

OTHER ASSETS
 BOND HOLDINGS                                                         2,472,500
 PREPAID EXPENSES                                                         13,734
 DEPOSIT                                                                     400
                                                                     -----------
           TOTAL  ASSETS                                             $37,784,666
                                                                     ===========

LIABILITIES AND SHAREHOLDER'S EQUITY

CURRENT LIABILITIES
 ACCOUNTS PAYABLE                                                    $    15,084
 INTEREST PAYABLE                                                      2,722,730
 INCOME TAXES PAYABLE                                                      7,439
 PAYROLL TAX LIABILITIES                                                  11,501
 DUE TO INVESTORS                                                           --
 DUE TO CHURCH GROWTH FOUNDATION                                            --
 RENT DEPOSITS HELD                                                         --
                                                                     -----------
           TOTAL CURRENT LIABILITIES                                   2,756,754

LONG TERM LIABILITIES
 BUILDING LOAN                                                           199,083
 INVESTOR CERTIFICATES                                                31,251,206
                                                                     -----------
           TOTAL LONG TERM LIABILITIES                                31,450,289

 DEFERRED INCOME TAXES                                                    45,677
                                                                     -----------
           TOTAL LIABILITIES                                          34,252,720

COMMON STOCK, .01 PAR VALUE,
 10,000,000 SHARES AUTHORIZED,
 528,541  ISSUED AND OUTSTANDING                                           5,285

PAID IN CAPITAL                                                        3,430,509

RETAINED EARNINGS (DEFICIT)                                               96,152
                                                                     -----------
           TOTAL SHAREHOLDER'S EQUITY                                  3,531,946
                                                                     -----------

TOTAL LIABILITIES AND MEMBER'S EQUITY                                $37,784,666
                                                                     ===========

     See accompanying accountant's report and notes to financial statements

                                                                               4

<PAGE>

PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC
STATEMENT OF INCOME
   AND RETAINED EARNINGS
For the 9 months ended September 30, 2001 and September 30, 2000


                                                       09/30/01       09/30/00
                                                     -----------    -----------

REVENUES
 Interest Income-Loans                               $ 2,016,310    $   301,377
 Fees Earned                                             895,925        136,000
 Gain on Sale of Real Estate                             183,429           --
 Rental Income                                            14,596           --
 Other income                                              6,340          1,000
                                                     -----------    -----------
 TOTAL REVENUES                                        3,116,600        438,377

OPERATING EXPENSES
 Interest Expense-Investor Certificates                1,944,152        217,881
 Interest Expense-other                                   10,281         49,360
 Management Fees                                            --
 Marketing Expenses                                      150,351         54,463
 Operating Expenses                                      623,774         94,371
                                                     -----------    -----------
 TOTAL OPERATING EXPENSES                              2,728,558        416,075

NET INCOME FROM OPERATIONS                               388,042         22,302


OTHER INCOME (EXPENSE)
 Interest Income-Banks                                    98,228         11,944
 Income Tax Refunds                                       17,731           --
 Income Tax Expense                                     (190,189)        (6,785)
                                                     -----------    -----------
 TOTAL OTHER INCOME (EXPENSE)                            (74,230)         5,159

NET INCOME                                           $   313,812    $    27,461

RETAINED EARNINGS (DEFICIT)-BEGINNING OF PERIOD              339         10,130

DIVIDENDS                                               (217,999)       (72,046)
                                                     -----------    -----------
RETAINED EARNINGS (DEFICIT)-END OF PERIOD            $    96,152    $   (34,455)
                                                     ===========    ===========

     See accompanying accountant's report and notes to financial statements

                                                                               5

<PAGE>

PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
STATEMENT OF CASH FLOWS
For the 9 months ended September 30, 2001
  and September 30, 2000

                                                     09/30/01         09/30/00
                                                   -----------      -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
Cash from Operations:
   Net income (loss)                               $   313,812      $    27,461

  Items that do not use
    Cash:
     Depreciation and Amortization                      81,527           20,119
  (Increase) Decrease in
    Accounts Receivable                               (300,204)          (6,229)
  (Increase) Decrease in
    Accrued Interest Receivable                        (29,588)         (54,980)
  (Increase) Decrease in
    Intangible Assets                                 (195,962)        (104,199)
  (Increase) Decrease in
    Other Assets                                        (8,227)           5,000
  Increase (Decrease) in
    Accounts Payable                                   (11,253)         (24,915)
  Increase (Decrease) in
    Interest Payable                                   509,040           88,767
  Increase (Decrease) in
    Dividends Payable                                 (151,974)         (29,776)
  Increase (Decrease) in
    Rent Deposit Payable                                  (701)            --
  Increase (Decrease) in
    Income taxes payable                              (105,125)         (34,734)
  Increase (Decrease) in
   Payroll taxes payable                               (23,370)            --
  Increase (Decrease) in
   Other liabilities                                   (22,940)         (41,764)
  Increase (Decrease) in
    Deferred tax liability                              22,854            3,409
                                                   -----------      -----------
Net Cash Provided (Used) by
  Operating Activities                                  77,889         (151,841)

Cash Flows From Investing Activities:
  Real estate purchased                               (451,392)        (280,509)
  Real estate sold                                     614,578             --
  Plant, property and equipment purchased             (257,460)            --
  Tax-exempt bonds purchased                        (2,325,000)            --
  Net loans made                                       (44,874)      (1,769,136)
                                                   -----------      -----------
Net Cash Provided (Used) by
  Investing Activities                              (2,464,148)      (2,049,645)

Cash Flows From Financing Activties:
  Stock subscriptions sold                             853,356          680,492
  Net certificates of Indebtedness Issued            5,294,010          757,453
  Loan-PIF                                                --            460,856
  Building loan                                        199,083             --
  Dividends                                           (217,999)         (72,280)
                                                   -----------      -----------
Net Cash Provided by Financing Activities            6,128,450        1,826,521

Net Increase (Decrease)
  in Cash:                                           3,742,191         (374,965)
Cash-Beginning of Period                             2,181,280          706,035
                                                   -----------      -----------
Cash-End of Period                                 $ 5,923,471      $   331,070
                                                   ===========      ===========

     See accompanying accountant's report and notes to financial statements

                                                                               6
<PAGE>

                  PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001



NOTE 1 - Summary of Significant Accounting Policies

(A) Conformity  with  Generally  Accepted  Accounting  Principles and Accounting
Method

The accounting  policies of the Company conform to generally accepted accounting
principles  consistent to its industry.  The Company uses the accrual  method of
accounting.


(B) Description of Company's Operations

The Company is in the business of originating  and purchasing  Mortgage loans on
Church and Church related  properties.  Costs associated with loan  applications
received directly from borrowers are expensed as period costs.

The Company is also in the business of  investing  in Church and Church  related
real estate for the purpose of 1)selling at a profit,  2)leasing to Churches and
Church related activities.

(C) Organizational Information

The Company is a corporation organized under the laws of the State of Georgia.

(D) Organizational Expenses

The expenses  associated with organizing the corporation and beginning  business
have been capitalized and are being amortized over 60 months.

(E) Provision for Loan Losses

Management  is of the opinion that losses  arising from the default of Church or
Church related loans are not probable or reasonably estimated. Management has an
aggressive  policy of working out any potential  problem loans before they reach
the  default  stage.  As of the  balance  sheet  date no loan is in arrears in a
material  amount.  Therefore,  no allowance  for loan losses is reflected in the
accompanying statements.

                                                                               7
<PAGE>

                  PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001




(F) Accrued Interest Income

Interest  income  is  accrued  monthly  on  the  outstanding  balance  of  loans
receivable.

(G) Accrued Interest Expense

Interest on Certificates of Indebtedness is accrued  semiannually  from the date
of  issuance,  and  may  be  paid  semiannually.  Investors  holding  five  year
certificates in multiples of $10,000 may receive interest monthly.

(H) Cash and Cash Equivalents

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

NOTE 2 - LEASE COMMITMENTS

The Company currently has no lease commitments at September 30, 2001.

NOTE 3 - REAL ESTATE LOANS RECEIVABLE

At September 30, 2001 the Company had Real Estate Loans Receivable from Churches
and Church related properties  totaling  $26,436,969.  These loans mature over a
period  beginning in 2001 and ending in 2012.  Of the total loans  receivable at
December 31, 2000,  $21,720,888 were acquired as a result of the PIF Acquisition
(See NOTE 11)


NOTE 4 - INTANGIBLE ASSETS

 Intangible assets consist of costs incurred to 1)organize the Company, 2) costs
of  registering  the Company's  equity and debt  securities,  3) developing  the
Prospectus for registering of the Company's securities,  and 4) commissions paid
and/or  accrued  on the sale of debt  securities  and  equity  securities.  Also
included in intangible assets is the premium of $500,955 paid as part of the PIF
acquisition  (SEE NOTE 10). These  intangibles  are amortized on a straight line
basis periods of 5 to 40 years.

                                                                               8
<PAGE>


                  PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001




NOTE 5 - INCOME TAXES

Income taxes payable and the  corresponding  expense on The Company's net income
for the 6 months  ended  September  30,  2001 and  September  30,  2000 has been
computed as follows:



                                09/30/2001         09/30/2000
                             ---------------    ---------------

Current:    Federal            $ 148,077          $  2,411
            State                 26,131               965

Deferred    Federal                7,897             2,435
            State                  1,394               974
                             ---------------    ---------------
                               $ 183,498         $   6,785
                             ===============    ===============


Deferred  income taxes arise  because of timing  differences  between  financial
accounting  and  tax  accounting  rules  for  the  deductibility  of  intangible
amortization expense.


NOTE 6 - CASH CONCENTRATION

A cash concentration risk arises when the Company has more cash in one financial
institution then is covered by insurance.  At September 30, 2001 The Company had
cash in banks in excess of FDIC insured amounts totaling $5,723,471..


NOTE 7-NAME CHANGE

Prior to the year ended  December 31, 1998,  the Company was named  "Cornerstone
Ministries  Fund,  Inc.".  During the year ended  December 31, 1998, the Company
changed its name to "Cornerstone  Ministries  Investments,  Inc." to allow it to
register its securities in all 50 states and to more correctly  identify it with
its mission.

At the end of the year ended  December  31, 2000 the Company  again  changed its
name as a result of the  acquisition  of assets  of the  Presbyterian  Investors
Fund, Inc. (See NOTE 10).  Effective December 29, 2000 the Company's name became
PIF/Cornerstone Ministries Investments, Inc.


                                                                               9
<PAGE>


                  PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001




NOTE 8-SECURITIES OFFERING

In December 1999 the Company filed a Form SB-2 Registration  Statement under the
Securities Act of 1933.  Under this  Registration  Statement it is the Company's
intent to raise approximately  $19,275,000 in additional capital.  This is to be
accomplished  through the issuance of $2,275,000 in additional  Common Stock and
$17,000,000 in new Certificates of Indebtedness.

As of the  date of the  accompanying  accountant's  report  the  company  has an
additional 372,000 shares of stock outstanding as a result of this offering.


NOTE 9-STOCK SPLIT

In December of 1999 the board of  directors  authorized a stock split in a ratio
of  approximately  1.53 to 1. This split was effected for shareholders of record
on January 2, 2000, and effected as of January 15, 2000. The split has no effect
on the earnings or cash position of the company at September 30, 2001


NOTE 10-ACQUISITION OF ASSETS OF PRESBYTERIAN INVESTORS FUND, INC.

On October 11, 2000 the Board of Directors  agreed to acquire  certain assets of
the  Presbyterian  Investors  Fund,  Inc.  (PIF).  PIF  was in the  business  of
originating  and  purchasing  loans  made to  churches  that are  members of The
Presbyterian Church in America (PCA). The acquisition price was determined by an
evaluation of the loan  portfolio of PIF and was to be paid by the assumption of
certain liabilities of PIF plus a premium to be paid for the assets that was not
to be less than  $500,000.  This  acquisition  was closed on  December  29, 2000
effective as of that date. The financial statements to which these footnotes are
a part include the results of that acquisition.


                                                                              10
<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 September 30, 2000 and September 30, 2001

Income

General.  Assets  increased from $6,3173,341 at the end of September 30, 2000 to
$37,784,666 at the end of September 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 $450,321 for the first 3
quarters  of 2000 and  $4,276,619  for the same  period in 2001.  Net income for
these  periods,  before  dividends  but after  taxes,  was  $27,461and  $313,812
respectively.

Total loans outstanding on September 30, 2000 were $5,182,115 and $26,439,969 on
September  30,  2001.  Our other assets at the end of  September  2001  included
$147,500 in  investments  in church bonds,  $898,654 in interest  receivable and
$2,325,000  in  tax-exempt  securities.   We  also  had  investments  in  liquid
securities of $5,213,435.

Interest Income. Interest income on loans increased from $301,377 to $2,016,310,
largely as a result of the merger and additional  loans made during this period.
Investment  interest income increased from $11,944 to $98,228 for the nine month
period

Fee  Income.  Fee income  for the nine  months  ending  September  30,  2001 was
$895,925 versus $136,000 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  realized  a gain from the sale of real
estate held for  investment  during the nine months ended  September 30, 2001 of
$183,429.  No such gain was  realized  during the same  period in the year 2000.
PIF/CMI  currently holds title to two properties,  one in Soddy Daisy, TN, which
it expects to sell  during the year 2001 and one in  Cumming,  Ga which is being
used for corporate offices.

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 $267,241 in the
nine months ended September 30, 2000 to $1,954,433, during the nine months ended
September 30, 2001 This increase in interest  expense is primarily a result of a
net  increase  in  outstanding   certificate   principal,   from  $3,813,729  to
$31,251,206.



                                                                              11
<PAGE>

Marketing and Selling  Expenses.  CMI has not committed a substantial  amount of
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 three  quarters of 2001 were $33,130  versus $7,435 in the
same period of 2000.

Operating and Administrative  Expenses.  Operating and  administrative  expenses
totaled  $617,641in  the first 3 quarters of 2001 and $94,388 in the same period
of 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  salaries,  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 $457,579 at September
30, 2000 to $703,358 at September 30, 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 $6,785 at September  30, 2000 on pre-tax  income of
$34,238,  anticipating  significant additional income. We estimate taxes for the
year 2001 will be approximately $175,000 based on projected income estimates for
the year.

Liquidity and Capital Resources

Cash from Operations.  Net cash used in operating  activities in the nine months
ended  September 30, 2000 was $152,085.  For the nine months ended September 30,
2001 net cash provided from operations was $77,889.

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.  During the nine months ended
September 30, 2001 cash provided from financing activities was $6,128,450 versus
$1,826,755 for the same period in 2000.

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. For the quarter
ended September 30, 2001 no new shares had been sold. Additionally $5,294,010 in
certificates had been sold, including rollovers from maturing certificates.

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.

                                                                              12
<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  September 30, 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
         September 30, 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  September  30, 2001 was  $290,029,
         including  $245,284 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
         September  30,  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 September 16, 2001 to
     furnish audited financial statements for the combined entity.

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<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 14, 2001



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


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