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 June 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 August 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

                  Report of Certified Public Accountant                  3

                  Balance Sheet at June 30, 2000 and 2001                4

                  Statement of Income and Retained Earnings for
                  Six Months ending June 30, 2000 and 2001               5

                  Statements of Cash Flow for three
                  Months ending June 30, 2000 and 2001                   6

                  Notes to Financial Statement                           7

         Item 2. Management's Discussion and Analysis of
                  Financial Condition and Results of Operation           12

PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                       14

         Item 2. Changes in Securities and Use of Proceeds               14

         Item 3. Defaults on Senior Securities                           14

         Item 4. Submission of Matters to a Vote of Security Holders     14

         Item 5. Other Information                                       14

         Item 6. Exhibits and Reports on Form 8-K                        14

Signatures                                                               15




                                       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 June 30, 2001 and the  statements  of income,  retained
earnings, and cash flows for the 6 months ended June 30, 2001 and June 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.






   /s/ T. Jackson McDaniel III
   ---------------------------
       T. Jackson McDaniel III

August 15, 2001



                                       3
<PAGE>


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

ASSETS

CURRENT ASSETS
 CASH                                                    $    2,743,742
 ACCOUNTS RECEIVABLE                                            287,772
 ACCRUED INTEREST RECEIVABLE                                    802,987
                                                         ---------------
           TOTAL CURRENT ASSETS                               3,834,501

REAL ESTATE LOANS RECEIVABLE                                 28,590,067

FIXED ASSETS-NET OF ACCUMULATED
 DEPRECIATION                                                   234,220

INTANGIBLE ASSETS-NET OF ACCUMULATED
  AMORTIZATION                                                1,032,286

INVESTMENTS
 REAL ESTATE HELD                                               746,891

OTHER ASSETS
 BOND HOLDINGS                                                  223,000
 PREPAID EXPENSES                                                 1,500
 DEPOSIT                                                            400
                                                         ---------------
           TOTAL  ASSETS                                 $   34,662,865
                                                         ===============

LIABILITIES AND SHAREHOLDER'S EQUITY

CURRENT LIABILITIES
 ACCOUNTS PAYABLE                                        $       13,468
 INTEREST PAYABLE                                             2,412,731
 INCOME TAXES PAYABLE                                           165,695
 PAYROLL TAX LIABILITIES                                         10,503
 DUE TO INVESTORS                                                89,915
 DUE TO CHURCH GROWTH FOUNDATION                                      -
 RENT DEPOSITS HELD                                                   -
                                                         ---------------
           TOTAL CURRENT LIABILITIES                          2,692,312

LONG TERM LIABILITIES
 BUILDING LOAN                                                  200,933
 INVESTOR CERTIFICATES                                       28,047,867
                                                         ---------------
           TOTAL LONG TERM LIABILITIES                       28,248,800

 DEFERRED INCOME TAXES                                           31,669
                                                         ---------------
           TOTAL LIABILITIES                                 30,972,781

COMMON STOCK, .01 PAR VALUE,
 10,000,000 SHARES AUTHORIZED,
 530,613  ISSUED AND OUTSTANDING                                  5,306

PAID IN CAPITAL                                               3,443,961

RETAINED EARNINGS (DEFICIT)                                     240,817
                                                         ---------------
           TOTAL SHAREHOLDER'S EQUITY                         3,690,084
                                                         ---------------
TOTAL LIABILITIES AND MEMBER'S EQUITY                    $   34,662,865
                                                         ===============


                                       4
<PAGE>


PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC
STATEMENT OF INCOME
   AND RETAINED EARNINGS


For the 6 months ended June 30, 2001 and June 30, 2000


                                                      06/30/01        06/30/00
                                                   --------------  -------------
REVENUES
 Interest Income-Loans                              $  1,348,948    $   178,791
 Fees Earned                                             795,925        136,000
 Rental Income                                             7,346              -
 Other income                                              2,965          1,000
                                                   --------------  -------------
 TOTAL REVENUES                                        2,155,184        315,791

OPERATING EXPENSES
 Interest Expense-Investor Certificates                1,249,017        136,494
 Interest Expense-other                                    5,927         31,367
 Management Fees                                               -         31,973
 Marketing Expenses                                      105,203         19,822
 Operating Expenses                                      431,575         31,559
                                                   --------------  -------------
 TOTAL OPERATING EXPENSES                              1,791,722        251,215

NET INCOME FROM OPERATIONS                               363,462         64,576

OTHER INCOME (EXPENSE)
 Interest Income-Banks                                    51,557          9,660
 Income Tax Expense                                     (174,541)       (12,253)
                                                   --------------  -------------
TOTAL OTHER INCOME (EXPENSE)                           (122,984)        (2,593)

NET INCOME                                          $    240,478    $    61,983

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

DIVIDENDS                                                      -        (72,010)
                                                   --------------  -------------
RETAINED EARNINGS (DEFICIT)-END OF PERIOD           $    240,817    $       103
                                                   ==============  =============


     See Accompanying accountant's report and notes to financial statements


                                       5
<PAGE>

PIF/CORNERSTONE MINISTRIES INVESTMENTS, INC.
  STATEMENT OF CASH FLOWS

For the 6 months ended June 30, 2001 and June 30, 2000

                                                  06/30/01         06/30/00
                                               -------------    ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash from Operations:
   Net income (loss)                            $   240,478      $   61,983

  Items that do not use
    Cash:
     Depreciation and Amortization                   59,809           8,375
  (Increase) Decrease in
    Accounts Receivable                            (220,687)        (46,229)
  (Increase) Decrease in
    Accrued Interest Receivable                      66,079         (12,146)
  (Increase) Decrease in
    Intangible Assets                              (106,939)        (70,463)
  (Increase) Decrease in
    Other Assets                                     55,138           5,000
  Increase (Decrease) in
    Accounts Payable                                (12,869)        (74,891)
  Increase (Decrease) in
    Interest Payable                                199,041          37,352
  Increase (Decrease) in
    Dividends Payable                              (151,974)         42,269
  Increase (Decrease) in
    Rent Deposit Payable                               (700)              -
  Increase (Decrease) in
    Income taxes payable                             53,431         (18,557)
  Increase (Decrease) in
   Payroll taxes payable                            (24,368)              -
  Increase (Decrease) in
   Other liabilities                                 67,675               -
  Increase (Decrease) in
    Deferred tax liability                            8,846           3,584
                                               -------------    ------------
Net Cash Provided (Used) by
  Operating Activities                              232,960         (63,723)

Cash Flows From Investing Activities:
  Real estate purchased                            (451,392)       (263,042)
  Plant, property and equipment purchased          (257,460)              -
  Net loans made                                 (2,120,258)       (798,387)
                                               -------------    ------------
Net Cash Provided (Used) by
  Investing Activities                           (2,829,110)      1,061,429)

Cash Flows From Financing Activties:
  Stock subscriptions sold                          867,009          41,987
  Net certificates of Indebtedness Issued         2,090,671         207,141
  Loan-PIF                                                -         606,607
  Building loan                                     200,933
  Dividends                                               -         (72,010)
                                               -------------    ------------
Net Cash Provided by Financing Activities         3,158,613         783,725

Net Increase (Decrease)
  in Cash:                                          562,463        (341,427)
Cash-Beginning of Year                              364,608         706,035
                                               -------------    ------------
Cash-End of Year                               $    927,071      $  364,608
                                               =============    ============

                                       6
<PAGE>

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

NOTE 3 - REAL ESTATE LOANS RECEIVABLE

At June 30, 2001 the Company had Real Estate Loans  Receivable from Churches and
Church related properties totaling $28,590,067. 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 intangile  assets is the premium of $500,955 paid as part of the PIF
acquisition  (SEE NOTE 11). 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
                                  JUNE 30, 2001


NOTE 5 - INCOME TAXES

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

                               06/30/2001         06/30/2000
                             ---------------    ---------------

Current:    Federal           $ 142,193          $      8,744
            State                23,502                 3,505

Deferred    Federal               7,447                 2,855
            State                 1,399                   729
                             ---------------    ---------------

                              $  174,541         $     15,837
                             ===============    ===============


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 June 30, 2001 The Company had cash
in banks in excess of FDIC insured amounts totaling $1,468,777.

NOTE 7 - SIGNIFICANT BUSINESS CONCENTRATION

At June  30,  2001  the  Company  has  loans  receivable  derived  from  lending
activities of $28,590,067.  Of this amount $6,129,597 or approximately 21.44% of
the total loan portfolio of the Company is from one entity. This entity borrowed
the funds to finance Phase I of an Assisted Living  Facility in Ft. Pierce,  Fl.
Subsequent to the quarter ended June 30, 2001 The Company's  loan was refinanced
and  the  Company  received  approximately  $3,800,000  in  cash  plus  acquired
$2,300,000 in tax free bonds in exchange for the balance.


                                       9
<PAGE>


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


NOTE 8-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 12).  Effective December 29, 2000 the Company's name became
PIF/Cornerstone Ministries Investments, Inc.

NOTE 9-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 374,000 shares of stock outstanding as a result of this offering.

NOTE 10-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 June 30, 2001


                                       10

<PAGE>



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








NOTE 11-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.







                                       11

<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 June 30, 2000 and June 30, 2001

Income

General.  Assets  increased  from  $5,337,845  at the  end of June  30,  2000 to
$34,650,051  at the end of June 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 $315,791 for the first 2
quarters of 2000 and $2,155,184  for 2001. Net income for these periods,  before
dividends but after taxes, was $61,983 and $240,478.

Total loans outstanding on June 30, 2000 were $4,211,366 and $28,590,067 on June
30,  2001.  Our  other  assets  at the end of June  2001  included  $223,000  in
investments  in church  bonds and $802,987 in interest  receivable.  We also had
investments in liquid securities of $2,745,742. (????)

Interest  Income.  Interest  income on loans increased from $44,322 to $188.354,
largely as a result of the merger and additional  loans made during this period.
Investment  interest  income  decreased from $15,384 to $9,660 for the six month
period

Fee Income.  Fee income for the six months  ending  June 30,  2001 was  $136,000
versus  $103,000  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 did not realize any income from the sale
of property  during the quarters  ending June 30, 2000 or June 30, 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 two properties,  one in Soddy Daisy, TN, which
it  expects  to sell  during the year  2001,  one in  Douglasville,  Ga which it
expects to sell at some time in the near future 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 $77,655 to
$167,860, including interest expense in the quarter for a loan on its facilities
purchased in February of 2001. This increase in interest  expense is primarily a
result of a net increase in outstanding certificate principal, from 3,263,416 to
$28,047,867.

                                       12
<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 two quarters of 2001 were $19,823 versus $14,022 in 2000.

Operating and Administrative  Expenses.  Operating and  administrative  expenses
totaled  $63,532 in 2001 and $37,943 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 $394,286 in 2000 to
$518,516 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  $12,898in  2000 on  pre-tax  income of  $74,236,
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 provided from operating  activities in 2000 was
$617,787 and for 2001 was $150,480.

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. For the quarter
ended June 30, 2001 87,000 in new shares had been sold,  raising $565,397 in new
equity,  and an additional  $1,412,835 in certificates had been sold,  including
rollovers  from  maturing  certificates.  The total  realized  from this ongoing
offering is $1,978,232.  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.

                                       13
<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 June 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  June 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  June  30,  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 June 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  June 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: August 15, 2001

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




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