Cooperativa De Ahorro Y Credito Morovena
- Assets
- $104.2m
- Revenue
- $4.1m
- Investments
- $14.0m
- Employees
- 35
- Location
- Morovis, PR
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 66-0329330
Organization Overview
Cooperativa De Ahorro Y Credito Morovena is located in Morovis, PR. The organization was established in 0000. 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 12/2021, Cooperativa DE Ahorro Y Credito Morovena employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperativa DE Ahorro Y Credito Morovena 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 Morovena generated $4.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.3%) 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 (3.3%) 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
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
THE PRIMARY PURPOSE OF THE COOPERATIVE IS TO RECEIVE DEPOSITS FROM ITS PARTNERS IN THE FORM OF SAVINGS AND STOCK AND PROVIDE A SOURCE OF FINANCING AT LOWER COST THAN OFFERED BY OTHER FINANCIAL INSTITUTIONS. THE COOPERATIVE OFFERS A VARIETY OF FINANCIAL SERVICES INCLUDING BUT NOT LIMITED TO SAVINGS AND CHECKING ACCOUNTS PERSONAL LOANS COMMERCIAL LOANS RESOLVING CREDIT LINES AND OTHER FINANCING SERVICES TOTAL INCOME OF $4,097,760 AND TOTAL EXPENSES OF $3,662,086.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Yajaira Rivera Nazario Comptroller | Officer | 40 | $66,571 |
Maria Ocasio Cintron VP Operations | Officer | 40 | $58,557 |
Ivis N Valles Rivera Executive President | 40 | $43,667 | |
Jessica Cortes Davila Officer Of Compliance | Officer | 40 | $35,103 |
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 | $2,939,297 |
| 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 | $4,097,760 |
| 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. | $203,898 |
| Compensation of current officers, directors, key employees. | $203,898 |
| Compensation to disqualified persons | $689,849 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $57,705 |
| Other employee benefits | $0 |
| Payroll taxes | $86,654 |
| 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 | $183,235 |
| Advertising and promotion | $70,197 |
| Office expenses | $26,268 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,000 |
| Travel | $5,558 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $251,989 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $221,497 |
| Insurance | $347,671 |
| All other expenses | $1,072,800 |
| Total functional expenses | $3,662,086 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,980,531 |
| Savings and temporary cash investments | $6,701,132 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $37,859,061 |
| Loans from Officers, Directors, or Controlling Persons | $834,309 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,771,061 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,986,987 |
| Investments—program-related | $4,045,801 |
| Intangible assets | $0 |
| Other assets | $1,016,680 |
| Total assets | $104,195,562 |
| Accounts payable and accrued expenses | $386,911 |
| 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 | $75,612,339 |
| Total liabilities | $75,999,250 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $22,582,498 |
| Paid-in or capital surplus, or land, building, or equipment fund | $5,463,814 |
| Retained earnings, endowment, accumulated income, or other funds | $150,000 |
| Total liabilities and net assets/fund balances | $104,195,562 |
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 |