Cooperativa De Ahorro Y Credito De Arecibo
- Assets
- $793.6m
- Revenue
- $37.3m
- Investments
- $23.3m
- Employees
- 289
- Location
- Arecibo, PR
- Founding
- Data as of
- 12/2021
- EIN
- 66-0190521
Organization Overview
Cooperativa De Ahorro Y Credito De Arecibo is located in Arecibo, PR. As of 12/2021, Cooperativa DE Ahorro Y Credito DE Arecibo employed 289 individuals. Cooperativa DE Ahorro Y Credito DE Arecibo 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 Arecibo generated $37.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $32.2m during the year ending 12/2021. 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
THIS IS A NON PROFIT ORGANIZATION AND IS PRIMARILY DEDICATED TO RECEIVE SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION GENERATED INCOME OF $37,267,661. THE CREDIT UNION HAD TOTAL EXPENSES OF $32,183,531 GAIN IN EXCESS OF EXPENSES WAS OF $5,084,130.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Mendez Executive President | 60 | $211,219 | |
Idalia Ortiz VP Of Finance | Officer | 60 | $89,304 |
Ana M Rodriguez VP Operations | Officer | 60 | $71,854 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Luis A Lopez Lopez Legal Advisor | 12/30/21 | $232,193 |
Atlas Monitoring Corp Security | 12/30/21 | $229,729 |
General Construction Contractor | 12/30/21 | $139,470 |
Total Quality Maintenance Service Of Maintenance | 12/30/21 | $214,471 |
Diebold Program And Printer Services | 12/30/21 | $131,043 |
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 | $29,476,085 |
| 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 | $37,267,661 |
| 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. | $372,377 |
| Compensation of current officers, directors, key employees. | $372,377 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,436,556 |
| Pension plan accruals and contributions | $373,094 |
| Other employee benefits | $0 |
| Payroll taxes | $741,388 |
| 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 | $731,853 |
| Advertising and promotion | $481,843 |
| Office expenses | $147,547 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $728,377 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $163,000 |
| Interest | $2,610,699 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,029,840 |
| Insurance | $4,146,363 |
| All other expenses | $6,344,835 |
| Total functional expenses | $32,183,531 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $95,962,288 |
| Savings and temporary cash investments | $38,825,036 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $269,289 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $434,181,497 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,483,929 |
| Investments—publicly traded securities | $181,770,129 |
| Investments—other securities | $23,304,993 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,793,303 |
| Total assets | $793,590,464 |
| Accounts payable and accrued expenses | $7,337,843 |
| 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 | $627,884,051 |
| Total liabilities | $635,221,894 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $127,538,399 |
| Paid-in or capital surplus, or land, building, or equipment fund | $29,474,454 |
| Retained earnings, endowment, accumulated income, or other funds | $1,355,717 |
| Total liabilities and net assets/fund balances | $793,590,464 |
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Hospital Damas Inc Ponce, PR | $56,244,610 | $73,414,103 |
Presbyterian Community Hospital Inc San Juan, PR | $49,406,530 | $70,919,559 |
Pontifical Catholic University Of Puerto Rico Ponce, PR | $161,066,580 | $97,269,712 |
Cossma Inc Cidra, PR | $107,333,150 | $66,362,775 |
Neomed Center Inc Gurabo, PR | $65,808,264 | $60,486,712 |
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Hpm Foundation Inc San Juan, PR | $29,670,863 | $56,807,836 |