Cooperative De Ahorro Y Credito De Lare
- Assets
- $207.3m
- Revenue
- $13.0m
- Investments
- $5.6m
- Employees
- 46
- Location
- Lares, PR
- Founding
- 02/1991
- Data as of
- 12/2021
- EIN
- 66-0206444
Organization Overview
Cooperative De Ahorro Y Credito De Lare is located in Lares, PR. The organization was established in 1991. 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, Cooperative DE Ahorro Y Credito DE Lare employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperative DE Ahorro Y Credito DE Lare 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, Cooperative DE Ahorro Y Credito DE Lare generated $13.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $8.4m during the year ending 12/2021. While expenses have increased by 1.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
IT 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
INTERES INCOME AND OTHER INCOME OF $12,993,672 AND TOTAL EXPENSES OF $8,430,499.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlos DE Jesus President | 40 | $127,067 | |
Pedro A Santiago Rivera Manager | Officer | 40 | $70,734 |
Jose J Mercado Medina Manager Of Operations | Officer | 40 | $62,679 |
Carlos J Centeno Perez Manager Of Deparmet Con System | Officer | 40 | $60,119 |
Jhonny Montanez Vergas Controller | Officer | 40 | $58,208 |
Israel Rivera Rivera Manager | Officer | 40 | $57,866 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sheriff Security Services Inc Security | 12/30/18 | $123,615 |
Caribe General Constructor Inc Constructor | 12/30/18 | $753,556 |
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 | $9,432,258 |
| 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 | $12,993,672 |
| 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. | $631,374 |
| Compensation of current officers, directors, key employees. | $631,374 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,643,886 |
| Pension plan accruals and contributions | $97,933 |
| Other employee benefits | $0 |
| Payroll taxes | $223,095 |
| 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 | $235,143 |
| Advertising and promotion | $193,010 |
| Office expenses | $154,189 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,551 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75,000 |
| Interest | $488,449 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $883,999 |
| Insurance | $736,110 |
| All other expenses | $1,244,374 |
| Total functional expenses | $8,430,499 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,409,142 |
| Savings and temporary cash investments | $1,050,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $113,587,377 |
| Loans from Officers, Directors, or Controlling Persons | $512,886 |
| 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 | $14,947,912 |
| Investments—publicly traded securities | $33,558,721 |
| Investments—other securities | $5,609,983 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,594,836 |
| Total assets | $207,270,857 |
| Accounts payable and accrued expenses | $1,191,189 |
| 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 | $149,239,439 |
| Total liabilities | $150,430,628 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $39,066,877 |
| Paid-in or capital surplus, or land, building, or equipment fund | $17,403,914 |
| Retained earnings, endowment, accumulated income, or other funds | $369,438 |
| Total liabilities and net assets/fund balances | $207,270,857 |
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 |