Cooperativa De Ahorro Y Credito De Arecibo
- Assets
- $794.6m
- Revenue
- $44.0m
- Investments
- $24.3m
- Employees
- 296
- Location
- Arecibo, PR
- Founding
- Data as of
- 12/2022
- EIN
- 66-0190521
Organization Overview
Cooperativa De Ahorro Y Credito De Arecibo is located in Arecibo, PR. As of 12/2022, Cooperativa DE Ahorro Y Credito DE Arecibo employed 296 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 12/2022, Cooperativa DE Ahorro Y Credito DE Arecibo generated $44.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $34.3m during the year ending 12/2022. While expenses have increased by 0.7% per year over the past 8 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
2022
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 $44,038,603. THE CREDIT UNION HAD TOTAL EXPENSES OF $34,323,202 GAIN IN EXCESS OF EXPENSES WAS OF $9,715,401.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Mendez Executive President | 60 | $227,942 | |
Idalia Ortiz VP Of Finance | Officer | 40 | $89,797 |
Ana M Rodriguez VP Operations | Officer | 60 | $77,671 |
Wilfredo Gonzalez Irrizary VP Of Administrative | Officer | 60 | $68,465 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Luis A Lopez Lopez Legal Advisor | 12/30/22 | $150,233 |
Helvetia Del Caribe Program And Printer Services | 12/30/22 | $137,085 |
Jm Contractors Contractor | 12/30/22 | $198,082 |
Total Quality Maintenance Service Of Maintenance | 12/30/22 | $141,875 |
Atlas Monitoring Corp Security | 12/30/22 | $152,833 |
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 | $32,541,331 |
| 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 | $44,038,603 |
| 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. | $463,874 |
| Compensation of current officers, directors, key employees. | $463,874 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,979,110 |
| Pension plan accruals and contributions | $396,762 |
| Other employee benefits | $829,592 |
| 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 | $925,340 |
| Advertising and promotion | $478,546 |
| Office expenses | $159,407 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $780,513 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $149,000 |
| Interest | $2,502,584 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $997,675 |
| Insurance | $4,110,121 |
| All other expenses | $6,508,755 |
| Total functional expenses | $34,323,202 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,626,635 |
| Savings and temporary cash investments | $28,200,036 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $398,432 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $523,451,789 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,271,407 |
| Investments—publicly traded securities | $150,353,784 |
| Investments—other securities | $24,321,376 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,991,342 |
| Total assets | $794,614,801 |
| Accounts payable and accrued expenses | $12,304,482 |
| 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 | $622,071,866 |
| Total liabilities | $634,376,348 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $130,706,138 |
| Paid-in or capital surplus, or land, building, or equipment fund | $26,450,428 |
| Retained earnings, endowment, accumulated income, or other funds | $3,081,887 |
| Total liabilities and net assets/fund balances | $794,614,801 |