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, 2002

                                       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                           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 March 31, 2002,  there were issued and  outstanding  528,975 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

                  Accountant's Review Report                                 3

                  Balance Sheet at March 31, 2002                            4

                  Statement of Operations for three
                  Months ending March 31, 2001 and 2002                      5

                  Statements of Cash Flow for three
                  Months ending March 31, 2001 and 2002                      6

                  Footnotes 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                                                                  13


                                                                               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.
Cumming, Ga 30040

I have  reviewed  the  accompanying  balance  sheet  of  Cornerstone  Ministries
Investments,  Inc. as of March 31, 2002 and the  statements of income,  retained
earnings,  and cash flows for the 3 months  ended  March 31,  2002 and March 31,
2001, 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.


/s/  T. JACKSON McDANIEL III CPA

May 15, 2002


                                                                               3
<PAGE>

PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
BALANCE SHEET
March 31, 2002

ASSETS

CURRENT ASSETS
 CASH                                                              $  3,673,924
 ACCOUNTS RECEIVABLE                                                    303,630
 ACCRUED INTEREST RECEIVABLE                                          1,193,809
 OTHER RECEIVABLES                                                      292,696
 PREPAID INCOME TAXES                                                    48,392
                                                                   ------------
                 TOTAL CURRENT ASSETS                                 5,512,451

REAL ESTATE LOANS RECEIVABLE                                         33,749,469

FIXED ASSETS-NET OF ACCUMULATED
 DEPRECIATION                                                           222,608

INTANGIBLE ASSETS-NET OF ACCUMULATED
  AMORTIZATION                                                        1,252,358

INVESTMENTS
 REAL ESTATE HELD                                                       333,864

OTHER ASSETS
 BOND HOLDINGS                                                        5,134,000
 LIMITED LIABILITY COMPANY INTEREST                                     564,635
 PREPAID EXPENSES                                                         7,913
 DEPOSIT                                                                  2,800
                                                                   ------------
                 TOTAL  ASSETS                                     $ 46,780,098
                                                                   ============

LIABILITIES AND SHAREHOLDER'S EQUITY

CURRENT LIABILITIES
 ACCOUNTS PAYABLE                                                  $     64,543
 INTEREST PAYABLE                                                     2,861,454
 PAYROLL TAX LIABILITIES                                                 16,873
 DUE TO INVESTORS                                                       533,478
 DUE TO CHURCH GROWTH FOUNDATION                                           --
 OTHER CURRENT LIABILITIES                                                1,689
                                                                   ------------
                 TOTAL CURRENT LIABILITIES                            3,478,037

LONG TERM LIABILITIES
 BUILDING LOAN                                                          195,359
 INVESTOR CERTIFICATES                                               39,164,894
                                                                   ------------
                 TOTAL LONG TERM LIABILITIES                         39,360,253

 DEFERRED INCOME TAXES                                                   33,941
                                                                   ------------
                 TOTAL LIABILITIES                                   42,872,231

COMMON STOCK, .01 PAR VALUE,
 10,000,000 SHARES AUTHORIZED,
 528,975 ISSUED AND OUTSTANDING                                           5,289

PREFFERRED STOCK                                                        500,000

PAID IN CAPITAL                                                       3,433,322

RETAINED EARNINGS (DEFICIT)                                             (30,744)
                                                                   ------------
                 TOTAL SHAREHOLDER'S EQUITY                           3,907,867
                                                                   ------------

TOTAL LIABILITIES AND MEMBER'S EQUITY                              $ 46,780,098
                                                                   ============

     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 3 months ended March 31, 2002 and March 31, 2001

                                                         03/31/02      03/31/01
                                                       -----------    ---------

REVENUES
 Interest Income-Loans                                 $   775,079    $ 670,526
 Tax Free Interest Income                                  115,048         --
 Fees Earned                                               207,974      194,000
 Rental Income                                               6,335        2,779
 Other income                                                 --          2,911
                                                       -----------    ---------

 TOTAL REVENUES                                          1,104,436      870,216

OPERATING EXPENSES
 Interest Expense-Investor Certificates                    836,323      609,870
 Interest Expense-other                                      4,472        1,537
 Marketing Expenses                                        106,997       56,163
 Operating Expenses                                        276,647      228,277
                                                       -----------    ---------

 TOTAL OPERATING EXPENSES                                1,224,439      895,847

NET INCOME FROM OPERATIONS                                (120,003)     (25,631)

OTHER INCOME (EXPENSE)
 Interest Income-Banks                                      10,983       23,194
 Dividend Income                                             2,111         --
 Income Tax Expense                                           --           --
                                                       -----------    ---------

 TOTAL OTHER INCOME (EXPENSE)                               13,094       23,194

NET INCOME                                             $  (106,909)   $  (2,437)

RETAINED EARNINGS (DEFICIT)-BEGINNING OF PERIOD             76,165          339

DIVIDENDS                                                     --        (72,010)
                                                       -----------    ---------

RETAINED EARNINGS (DEFICIT)-END OF PERIOD              $   (30,744)   $ (74,108)
                                                       ===========    =========

     See accompanying accountant's report and notes to financial statements


                                                                               5
<PAGE>

PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
STATEMENT OF CASH FLOWS
For the 3 months ended March 31, 2002
  and March 31, 2002

                                                      03/31/02       03/31/01
                                                    -----------     -----------

CASH FLOWS FROM OPERATING ACTIVITIES:
Cash from Operations:
   Net income (loss)                                $  (106,909)    $    (2,437)

  Items that do not use
    Cash:
     Depreciation and Amortization                       49,274          26,207
  (Increase) Decrease in
    Accounts Receivable                                 144,994          (1,535)
  (Increase) Decrease in
    Accrued Interest Receivable                        (126,265)         94,036
  (Increase) Decrease in
     Other Liabilities                                 (292,696)
  (Increase) Decrease in
    Intangible Assets                                  (105,916)        (25,186)
  (Increase) Decrease in
    Other Assets                                          1,583           3,385
  Increase (Decrease) in
    Accounts Payable                                    (13,680)         25,117
  Increase (Decrease) in
    Interest Payable                                   (177,324)        180,939
  Increase (Decrease) in
    Dividends Payable                                  (171,834)       (151,974)
  Increase (Decrease) in
    Rent Deposit Payable
  Increase (Decrease) in
    Income taxes payable                                               (112,264)
  Increase (Decrease) in
   Payroll taxes payable                                  5,698         (23,797)
  Increase (Decrease) in
   Other liabilities                                      1,689          17,245
  Increase (Decrease) in
    Deferred tax liability
                                                    -----------     -----------

Net Cash Provided (Used) by
  Operating Activities                                 (791,386)         29,736

Cash Flows From Investing Activities:
  Real estate costs capitalized                          (2,351)        (31,464)
  Plant, property and equipment purchased               (21,977)       (252,922)
  Bond holdings liquidated                               38,500          25,000
  Net loans made                                     (3,498,053)       (387,438)
                                                    -----------     -----------
Net Cash Provided (Used) by
  Investing Activities                               (3,483,881)       (646,824)

Cash Flows From Financing Activties:
  Stock subscriptions sold                               12,225         301,612
  Net certificates of Indebtedness Issued             5,132,759         650,173
  Loan-PIF
  Building loan principal payments made                  (1,835)        207,229
  Dividends
                                                    -----------     -----------

Net Cash Provided by Financing Activities             5,143,149       1,159,014

Net Increase (Decrease)
  in Cash:                                              867,882         541,926
Cash-Beginning of Period                              2,806,042       2,181,280
                                                    -----------     -----------

Cash-End of Period                                  $ 3,673,924     $ 2,723,206
                                                    ===========     ===========

     See accompanying accountant's report and notes to financial statements


                                                                               6
<PAGE>

                  PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2002

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
                                 MARCH 31, 2002

(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 has no material lease commitments at March 31, 2002.

NOTE 3 - REAL ESTATE LOANS RECEIVABLE

At March 31, 2002 the Company had Real Estate Loans Receivable from Churches and
Church related properties totaling $33,749,469. These loans mature over a period
beginning in 2002 and ending in 2012.

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,  4) commissions  paid
and/or  accrued on the sale of debt  securities  and equity  securities  and the
costs of acquiring  assets and or assuming  liabilities in  acquisitions.  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
                                 MARCH 31, 2002

NOTE 5 - INCOME TAXES

For the 3 months periods ended March 31, 2002 and March 31, 2001 the Company has
recorded no income tax expense.  For each of these periods the Company  incurred
operating  losses for which no tax expense  would be recorded.  No provision has
been made for any potential tax benefit of these interim operating losses due to
the uncertainty of their availability by the end of each year.

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

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 March 31, 2002 The Company had cash
in banks in excess of FDIC insured amounts totaling $1,410,227.

NOTE 7-SECURITIES OFFERINGS

During  the  year  ended  December  31,  2001  the  Company  filed  2 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 bears 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". These
certificates  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  for  paying  the
certificates on maturity is required.


                                                                               9
<PAGE>

                  PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2002

NOTE 7-SECURITIES OFFERINGS (continuted)

Also  during  the year  ended  December  31,  2001  the  Company  offered  up to
$17,00,000 of Series B Certificates of  Indebtedness.  Of the $17,000,000  being
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.

NOTE 8-LOAN GUARANTEES

At March 31, 2002 the  Company was  guarantor  for loans  secured by  retirement
facilities owned by non-profit  entitites.  The total of such loan guarantees is
approximately  $20,310,000  at  March  31,  2002  with an  additional  potential
guarantee of approximately $3,445,000.

NOTE 9-PROFIT SHARING PLAN

During the year ended  December  31,  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. The Plan does
not have an employee contribution component. All contributions are to be made at
the discretion of the Company after approval by the board of directors.  For the
year ended  December  31, 2001 the Company  determined  that a  contribution  of
approximately $41,000 was to be made.

NOTE 10-ACQUISITION OF INTEREST IN LIMITED LIABILITY COMPANY

During the year ended December 31, 2001, the Company  acquired a 99% equity/100%
profits  interest in Wellstone  Financial  Group,  LLC (WFG), a Georgia  Limited
Liability  Company.  WFG was formed  for the  purpose  of  assisting  non-profit
entities  secure  financing  from sources other than the Company for  retirement
facilities,  childcare facilities and church and church related facilities.  WFG
receives  a fee  for  assisting  hese  non-profit  entities  secure  non-Company
financing.


                                                                              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 March 31, 2001 and March 31, 2002

Income

General.  Assets  increased  from  $32,228,042  at the  end  of  March  2001  to
$46,780,098  at the end of March  2002 as a result of the sale of the  Company's
stock and  certificates.  Gross income was $893,410 for the first quarter of 200
and $1,117,530 for 2002. Net income (loss) for these periods,  before  dividends
but after taxes, was $(2,437) and $(106,909).

Total loans  outstanding on March 31, 2001 were  $26,857,247  and $33,749,469 on
March 31, 2002.  Our other assets at the end of March 2002 included  $109,000 in
investments in church bonds, $1,190,809 in interest receivable and $5,025,000 in
tax free bonds. We also had  investments in cash and  otherliquid  securities of
$3,673,924.

Interest  Income.  Interest income on loans increased from $670,526 to $775,079,
largely as a result of the additional loans made during this period.  Investment
interest  income  increased from $23,194 to $128,142 for the three month period,
reflecting an increase in cash balances held.

Fee Income.  Fee income for the three  months  ending March 31, 2002 was 207,974
versus  $194,000  for the same  period in 2001.  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.

Income from the sale of  property.  CMI did not realize any income from the sale
of property during the quarters ending March 31, 2001 or March 31, 2002. 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 2002.

Expenses

Interest  Expense.  As a result of its growth in assets through  sales,  PIF/CMI
experienced  an increase in interest  expense from  $611,407 to  $840,795.  This
increase  in  interest  expense  is  primarily  a result  of a net  increase  in
outstanding certificate principal, from $29,842,551 to $39,164,894.


                                                                              11

<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 2002 were $106,997  versus  $56,163 in the same
period of 2001.

Operating and Administrative  Expenses.  Operating and  administrative  expenses
totaled  $276,647 in 2002 and $228,227 in 2001.  This increase can be attributed
to having a larger asset base on which administrative services are incurred.

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. 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  all  offerings  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. No income tax expense has been calculated for the periods ended March 31,
2002 and March 31, 2001. The Company  incurred  operating  losses during each of
those  periods.  It is not reasonable to calculate an "income tax benefit" based
upon these  initial  quarter  losses since the Company  anticipates  incurring a
profit  by the end of the  year.  We  estimate  taxes  for the year 2002 will be
approximately $200,000 based on projected income estimates for the year.

Liquidity and Capital Resources

Cash from Operations.  Net cash provided from (used in) operating  activities in
the first  quarter  of 2001 was  $29,736  and for the first  quarter of 2002 was
$(791,386).

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.  During the year ended December 31, 2001 we filed 2 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 we issued  securities  identified as "Access
Certificates". These certificates have no stated maturity, are purchased in $100
increments and bears 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".  These  certificates  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 for paying
the certificates on maturity is required.

Also  during the year ended  December  31, 2001 we offered up to  $17,00,000  of
Series  B  Certificates  of  Indebtedness.  Of the  $17,000,000  being  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.


                                                                              12
<PAGE>

We believe that additional sales of new investments from the current and planned
offerings,  as well as cash on hand, expected refinancings and sales of existing
loans,  will be sufficient  to meet our capital needs for the next quarter.  The
amount and timing of our future capital requirements will depend on factors such
as the  origination  and  funding of new  investments,  the costs of  additional
underwriting and marketing efforts, and general expenses of operations.

Effects of Inflation

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.

Part II. Other Information

Item 1. Legal Proceedings

         Not Applicable

Item 2. Changes in Securities
         There were no changes in securities

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.

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: May 15, 2002

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


                                                                              13