Corporacion Para El Financiamiento Empresarial Del Comercio Y De Las
- Assets
- $5.3m
- Revenue
- $780.0k
- Investments
- $0.0
- Employees
- 14
- Location
- San Juan, PR
- Founding
- 10/2003
- Data as of
- 06/2022
- EIN
- 66-0398333
Organization Overview
Corporacion Para El Financiamiento Empresarial Del Comercio Y De Las, operating under the name Cofecc, is located in San Juan, PR. The organization was established in 2003. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Cofecc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cofecc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Cofecc generated $780.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $750.2k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 3 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE FACILITATE AND EXECUTE ECONOMIC DEVELOPMENT COMMUNITY REVITALIZATION LONG-TERM JOB CREATION AND RETENTION SELF-EMPLOYMENT BUSINESS AND CREDIT EDUCATION AND ENTREPRENEURSHIP THROUGH THE ESTABLISHMENT OR EXPANSION OF MICRO SMALL AND MEDIUM-SIZED ENTERPRISES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SBA MICROLOAN DEMONSTRATION PROGRAM - 11 NEW LOANS WERE CLOSED DURING THE YEAR TOTALLING $252,614.
SBA 504 LOANS PROGRAM - 7 NEW LOANS WERE CLOSED DURING THE YEAR TOTALLING $1,279,000.
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND - NO NEW LOAN WERE CLOSED DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Giovanna Piovanetti Executive Director | 40 | $105,000 | |
Everardo Velez Pineiro Loan Dept Director | Officer | 40 | $61,350 |
Paul Vilaro Nelms President Board Of Directors | OfficerTrustee | 2 | $900 |
Harry O Vega Diaz Vice President Board Of Directors | OfficerTrustee | 1 | $900 |
Emilio Torres Hernandez Secretary Board Of Directors | OfficerTrustee | 2 | $625 |
Raul O Barreras Rivera Treasurer Board Of Directors | OfficerTrustee | 2 | $1,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $174,504 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,218 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $201,722 |
| Total Program Service Revenue | $539,362 |
| Investment income | $0 |
| 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 | $779,991 |
| 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. | $179,110 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,627 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $112,779 |
| Payroll taxes | $36,447 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,133 |
| Fees for services: Accounting | $16,170 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,824 |
| Advertising and promotion | $9,016 |
| Office expenses | $4,270 |
| Information technology | $13,122 |
| Royalties | $0 |
| Occupancy | $71,910 |
| Travel | $14,478 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,727 |
| Interest | $6,475 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $999 |
| Insurance | $23,912 |
| All other expenses | $17,347 |
| Total functional expenses | $750,191 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225 |
| Savings and temporary cash investments | $2,566,148 |
| Pledges and grants receivable | $715,552 |
| Accounts receivable, net | $86,168 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,863,519 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,268 |
| Net Land, buildings, and equipment | $2,617 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,257,497 |
| Accounts payable and accrued expenses | $221,808 |
| 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 | $1,696,970 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $565,475 |
| Total liabilities | $2,484,253 |
| Net assets without donor restrictions | $1,075,779 |
| Net assets with donor restrictions | $1,697,465 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,257,497 |