Cooperative De Ahorro Y Credito De Lare
- Assets
- $222.1m
- Revenue
- $15.9m
- Investments
- $5.9m
- Employees
- 72
- Location
- Lares, PR
- Founding
- 02/1991
- Data as of
- 12/2023
- 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 12/2023, Cooperative DE Ahorro Y Credito DE Lare employed 72 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 12/2023, Cooperative DE Ahorro Y Credito DE Lare generated $15.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $10.1m during the year ending 12/2023. While expenses have increased by 2.9% 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
2023
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 $15,865,234 AND TOTAL EXPENSES OF $10,086,130.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlos DE Jesus President | 40 | $116,688 | |
Jose J Mercado Medina Manager Of Operations | Officer | 40 | $78,000 |
Carlos J Centeno Perez Manager Of Deparmet Con System | Officer | 40 | $72,280 |
Moises Tomassini Rodriguez Manager | Officer | 40 | $69,680 |
Johnny Montanez Vargas Controller | Officer | 40 | $66,040 |
Israel Rivera Rivera Manager | Officer | 40 | $65,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sheriff Security Services Inc Security | 12/30/22 | $129,629 |
Helvetia Del Caribe Inc Program Services | 12/30/22 | $155,307 |
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 | $11,508,702 |
| 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 | $15,865,234 |
| 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. | $783,848 |
| Compensation of current officers, directors, key employees. | $783,848 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,820,912 |
| Pension plan accruals and contributions | $122,642 |
| Other employee benefits | $180,184 |
| Payroll taxes | $252,610 |
| 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 | $170,430 |
| Advertising and promotion | $199,317 |
| Office expenses | $169,608 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,534 |
| Travel | $17,319 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $102,187 |
| Interest | $927,368 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $574,476 |
| Insurance | $776,489 |
| All other expenses | $1,499,029 |
| Total functional expenses | $10,086,130 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,226,092 |
| Savings and temporary cash investments | $1,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $129,441,481 |
| Loans from Officers, Directors, or Controlling Persons | $107,575 |
| 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 | $14,185,811 |
| Investments—publicly traded securities | $39,759,994 |
| Investments—other securities | $5,873,357 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,495,826 |
| Total assets | $222,090,136 |
| Accounts payable and accrued expenses | $1,871,114 |
| 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 | $159,351,734 |
| Total liabilities | $161,222,848 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $39,988,778 |
| Paid-in or capital surplus, or land, building, or equipment fund | $20,128,510 |
| Retained earnings, endowment, accumulated income, or other funds | $750,000 |
| Total liabilities and net assets/fund balances | $222,090,136 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperativa De Ahorro Y Credito De Rincon Rincon, PR | $738,053,311 | $27,176,725 |
Cooperativa De Ahorro Y Credito Camuy Camuy, PR | $320,383,128 | $20,587,482 |
Cooperativa De Ahorro Y Credito De Isabela Isabela, PR | $359,459,273 | $14,103,746 |
Cooperativa De Ahorro Y Credito Dr M Zeno Gandia Arecibo, PR | $275,358,165 | $16,104,186 |
Cooperativa De Ahorro Y Credito San Rafael De Que Quebradillas, PR | $226,668,640 | $20,006,028 |
Cooperative De Ahorro Y Credito De Lare Lares, PR | $222,090,136 | $15,865,234 |
Cooperativa De Ahorro Y Credito De Manati Inc Manati, PR | $217,103,471 | $12,946,475 |
Cooperativa De Ahorro Y Credito Maunabo Maunabo, PR | $235,618,166 | $16,255,291 |
Cooperative Ahorro Y Credito De Aguadilla Aquadilla, PR | $148,392,243 | $8,169,219 |
Cooperativa De Ahorro Y Credito Hatillo Hatillo, PR | $149,166,933 | $7,701,719 |
Cooperativa Ahorro Y Credito Pepiniana San Sebastian, PR | $116,485,705 | $5,412,427 |
Cooperativa De Ahorro Y Credito Morovena Morovis, PR | $105,307,292 | $8,648,954 |