Cooperativa De Ahorro Y Credito De Mayaguez
- Assets
- $97.8m
- Revenue
- $4.2m
- Investments
- $3.5m
- Employees
- 40
- Location
- Mayaguez, PR
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 66-0324225
Organization Overview
Cooperativa De Ahorro Y Credito De Mayaguez is located in Mayaguez, PR. The organization was established in 0000. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Cooperativa DE Ahorro Y Credito DE Mayaguez employed 40 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 Mayaguez is a 501(c)(16) and as such, is described as a "Cooperative Organization to Finance Crop Operations" by the IRS.
For the year ending 12/2021, Cooperativa DE Ahorro Y Credito DE Mayaguez generated $4.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 7 years. 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
PROVIDE QUALITY FINANCING AND SAVING SERVICES TO MEMBERS AND NONMEMBERS AS A COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REVENUES EARNED FROM LENDING AND SERVICES PROVIDED TO MEMBERS, ALSO FROM INVESTING ACTIVITIES. MEMBERS RECEIVE INTEREST PAYMENTS FOR THEIR DEPOSITS HELD IN THE STATE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mildred Perez Lebron General Manager | Officer | 40 | $57,370 |
Santos Valentin President Of Bod | Trustee | 4 | $0 |
Marta Irizarry Director | Trustee | 4 | $0 |
Raul A Pla Directo | Trustee | 4 | $0 |
Israel Valentin Treasurer | Trustee | 4 | $0 |
Osvaldo Ramirez Secretary | Trustee | 4 | $0 |
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 | $3,420,867 |
| 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 | $4,205,135 |
| 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. | $57,370 |
| Compensation of current officers, directors, key employees. | $57,370 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $697,906 |
| Pension plan accruals and contributions | $30,549 |
| Other employee benefits | $131,205 |
| Payroll taxes | $66,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,998 |
| Fees for services: Accounting | $8,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $57,795 |
| Advertising and promotion | $129,927 |
| Office expenses | $65,931 |
| Information technology | $43,116 |
| Royalties | $0 |
| Occupancy | $57,744 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,000 |
| Interest | $265,175 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,017 |
| Insurance | $296,261 |
| All other expenses | $354,454 |
| Total functional expenses | $3,736,834 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,675,613 |
| Savings and temporary cash investments | $15,160,314 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $371,068 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $37,643,345 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $318,570 |
| Net Land, buildings, and equipment | $938,262 |
| Investments—publicly traded securities | $28,202,168 |
| Investments—other securities | $3,484,729 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,021,762 |
| Total assets | $97,815,831 |
| Accounts payable and accrued expenses | $335,252 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $198,957 |
| 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 | $69,824,135 |
| Total liabilities | $70,358,344 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $19,791,924 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $7,665,563 |
| Total liabilities and net assets/fund balances | $97,815,831 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Cooperativa De Ahorro Y Credito De Mayaguez has recieved totaling $7,000.
| Awarding Organization | Amount |
|---|---|
Inclusiv Inc New York, NY PURPOSE: CREDIT UNION IMPACT CAPACITY BUILDING | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ponce Medical School Foundation Inc Ponce, PR | $11,600,859 | $25,661,618 |
Liga Puertorriquena Contra El Cancer San Juan, PR | $38,669,713 | $26,629,150 |
Universidad Central Del Caribe Inc Bayamon, PR | $35,289,249 | $27,377,681 |
Cooperativa De Ahorro Y Credito Oriental Humacao, PR | $433,041,205 | $23,460,952 |
Centros Sor Isolina Ferre Inc Ponce, PR | $22,315,489 | $16,849,878 |
Corp Serv Med Prim Y Prev De Hatillo Hatillo, PR | $36,236,018 | $21,541,946 |
Caribbean University Bayamon, PR | $48,412,485 | $17,932,008 |
Puerto Rico Legal Services Incorporated San Juan, PR | $18,895,657 | $19,069,485 |
Boys & Girls Clubs Of Puerto Rico Inc Carolina, PR | $20,563,847 | $15,690,113 |
Baldwin School Of Puerto Rico Inc Bayamon, PR | $21,469,124 | $15,474,261 |
Cooperative De Ahorro Y Credito De Barranquitas Barranquitas, PR | $321,931,771 | $17,940,942 |
Alianza Municipal De Servicios Caguas, PR | $4,966,942 | $12,673,262 |