Cooperativa De Credito Cabo Rojo
- Assets
- $305.8m
- Revenue
- $13.1m
- Investments
- $10.3m
- Employees
- 74
- Location
- Cabo Rojo, PR
- Founding
- 10/2005
- Data as of
- 12/2021
- EIN
- 66-0270259
Organization Overview
Cooperativa De Credito Cabo Rojo, operating under the name Cooperativa De Ahorro Y Credito De Cabo Rojo, is located in Cabo Rojo, PR. The organization was established in 2005. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Cooperativa DE Ahorro Y Credito DE Cabo Rojo employed 74 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperativa DE Ahorro Y Credito DE Cabo Rojo is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Cooperativa DE Ahorro Y Credito DE Cabo Rojo generated $13.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $10.8m during the year ending 12/2021. While expenses have increased by 4.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A NON PROFIT ORGANIZATION ENGAGED PRIMARILY TO RECEIVED SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION GENERATED INTEREST INCOME FROM ITS OPERATIONS OF $10,701,669 AND ALSO EARNED OTHER INCOME OF $2,403,921 FOR A TOTAL REVENUE OF $13,105,590. TOTAL EXPENSES AMOUNTED $10,821,405 FOR A NET INCOME OF $2,284,185.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kerwin Morales Rivera Executive President | 40 | $111,872 | |
Jorge I Ferrer Lopez VP Finance | Officer | 40 | $74,820 |
Mayra Figueroa Lopez Software System Manager | Officer | 40 | $69,196 |
Nancy Ferrer Padilla Manager | Officer | 40 | $66,833 |
Victor Mendez Zapata Internal Auditor | Officer | 40 | $65,243 |
Avelisse A Torres Negron Security Manager | Officer | 40 | $58,372 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $10,701,669 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,105,590 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $738,327 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,650,000 |
| Pension plan accruals and contributions | $111,587 |
| Other employee benefits | $0 |
| Payroll taxes | $204,249 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $125,970 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $352,808 |
| Advertising and promotion | $300,102 |
| Office expenses | $110,431 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $107,429 |
| Interest | $880,552 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $637,545 |
| Insurance | $1,263,677 |
| All other expenses | $2,232,392 |
| Total functional expenses | $10,821,405 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,471,478 |
| Savings and temporary cash investments | $21,106,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,984,550 |
| Loans from Officers, Directors, or Controlling Persons | $551,008 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $168,420,737 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,197,822 |
| Net Land, buildings, and equipment | $9,048,858 |
| Investments—publicly traded securities | $23,782,956 |
| Investments—other securities | $10,287,698 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,908,824 |
| Total assets | $305,759,931 |
| Accounts payable and accrued expenses | $3,794,774 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $230,270,376 |
| Total liabilities | $234,065,150 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $57,011,812 |
| Paid-in or capital surplus, or land, building, or equipment fund | $13,833,393 |
| Retained earnings, endowment, accumulated income, or other funds | $849,576 |
| Total liabilities and net assets/fund balances | $305,759,931 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Corporacion Para La Promocion De Puerto Rico Como Destino Inc San Juan, PR | $33,922,109 | $48,155,156 |
Cooperativa De Ahorro Y Credito De Rincon Rincon, PR | $738,053,311 | $27,176,725 |
Cooperativa De Ahorro Y Credito De Isabela Isabela, PR | $367,825,812 | $13,991,392 |
Cooperativa De Credito Cabo Rojo Cabo Rojo, PR | $305,759,931 | $13,105,590 |
Cooperativa De Ahorro Y Credito Maunabo Maunabo, PR | $212,883,371 | $10,434,361 |
Cooperativa De Ahorro Y Credito Camuy Camuy, PR | $291,444,292 | $14,864,863 |
Cooperativa De Ahorro Y Credito De Manati Inc Manati, PR | $229,473,590 | $11,596,977 |
Cooperativa De Ahorro Y Credito Dr M Zeno Gandia Arecibo, PR | $269,257,849 | $11,746,637 |
Cooperativa De Ahorro Y Credito Hatillo Hatillo, PR | $145,726,446 | $10,204,313 |
Cooperative De Ahorro Y Credito De Lare Lares, PR | $207,270,857 | $12,993,672 |
Cooperativa La Sagrada Familia Corozal, PR | $269,936,365 | $12,965,494 |
Cooperativa De Ahorro Y Credito San Rafael De Que Quebradillas, PR | $229,762,461 | $11,060,077 |