Cooperativa De Ahorro Y Credito Maunabo
- Assets
- $212.9m
- Revenue
- $10.4m
- Investments
- $4.3m
- Employees
- 61
- Location
- Maunabo, PR
- Founding
- 07/1989
- Data as of
- 12/2020
- EIN
- 66-0271958
Organization Overview
Cooperativa De Ahorro Y Credito Maunabo is located in Maunabo, PR. The organization was established in 1989. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2020, Cooperativa DE Ahorro Y Credito Maunabo employed 61 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperativa DE Ahorro Y Credito Maunabo 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 12/2020, Cooperativa DE Ahorro Y Credito Maunabo generated $10.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $9.8m during the year ending 12/2020. While expenses have increased by 2.2% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES AS LOANS SAVINGS AND ACCOUNTS MAINLY TO LOW INCOME SECTOR OF PEOPLE IN PUERTO RICO. ALSO CREDIT UNION MAKE A SOCIAL INVESTMENT IN THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REVENUE $10,434,361 EXPENSES $9,810,625
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlos A Crespo Ramos Executive President | 40 | $179,400 | |
Melba L Soto Montanez VP Of Finance | Officer | 40 | $128,891 |
Angel M Rivera Ruiz VP Of Operation | Officer | 40 | $68,001 |
Noemi Sanchez Rodriguez Quality Manager | Officer | 40 | $62,230 |
Hector Melendez Rodriguez Branch Manager | Officer | 40 | $51,826 |
Lilliam Defendini Ortiz Branch Manager | Officer | 40 | $44,382 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jm Caribbean Builders Corp Construction | 12/30/18 | $431,331 |
Evertec Group Llc Service Of Master Card | 12/30/18 | $119,765 |
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 | $8,866,924 |
| 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 | $10,434,361 |
| 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. | $769,779 |
| Compensation of current officers, directors, key employees. | $769,779 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,869,847 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $289,990 |
| Advertising and promotion | $108,105 |
| Office expenses | $186,674 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $53,532 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $42,985 |
| Interest | $471,014 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $717,042 |
| Insurance | $935,469 |
| All other expenses | $1,088,780 |
| Total functional expenses | $9,810,625 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,960,870 |
| Savings and temporary cash investments | $32,790,138 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $964,360 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $100,591,316 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,638,734 |
| Investments—publicly traded securities | $4,686,468 |
| Investments—other securities | $4,294,234 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,957,251 |
| Total assets | $212,883,371 |
| Accounts payable and accrued expenses | $1,857,667 |
| 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 | $139,575,678 |
| Total liabilities | $141,433,345 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $60,502,161 |
| Paid-in or capital surplus, or land, building, or equipment fund | $10,355,316 |
| Retained earnings, endowment, accumulated income, or other funds | $592,549 |
| Total liabilities and net assets/fund balances | $212,883,371 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperativa De Ahorro Y Credito De Isabela Isabela, PR | $367,825,812 | $13,991,392 |
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 De Ahorro Y Credito San Rafael De Que Quebradillas, PR | $229,762,461 | $11,060,077 |
Cooperative Ahorro Y Credito De Aguadilla Aguadilla, PR | $124,747,566 | $6,490,918 |
Cooperativa Ahorro Y Credito Pepiniana San Sebastian, PR | $107,433,726 | $3,932,481 |
Cooperativa De Ahorro Y Credito Morovena Morovis, PR | $104,195,562 | $4,097,760 |