Cooperative Ahorro Y Credito De Aguadilla
- Assets
- $148.4m
- Revenue
- $8.2m
- Investments
- $5.3m
- Employees
- 45
- Location
- Aquadilla, PR
- Founding
- 12/1987
- Data as of
- 12/2023
- EIN
- 66-0217489
Organization Overview
Cooperative Ahorro Y Credito De Aguadilla is located in Aquadilla, PR. The organization was established in 1987. 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 Ahorro Y Credito DE Aguadilla employed 45 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperative Ahorro Y Credito DE Aguadilla 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 Ahorro Y Credito DE Aguadilla generated $8.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $7.3m during the year ending 12/2023. While expenses have increased by 5.1% per year over the past 6 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
THE ORGANIZATION IS A CREDIT UNION THAT PROVIDED SERVICES OF SAVINGS ACCOUNTS AND LOANS TO MEMBER AND NON MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOCAL CREDIT UNION, SAVINGS AND LOAN FOR MEMBERS. THESE ENTITIES ARE EXEMPT FROM INCOME TAXES, MUNICIPAL LICENSES AND PROPERTY TAX UNDER THE STATE LAW APPLIED TO COOPERATIVES. THESE ENTITIES DO NOT RECEIVE ANY FEDERAL OR STATE GRANT, NEITHER DONATIONS. THE MAIN ACTIVITY IS TO PROVIDE LOANS AND TO OFFER DIFFERENT SAVINGS ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carlos Camacho Executive President | Officer | 40 | $127,415 |
Sandra Laracuente Gerente Operaciones | Officer | 40 | $44,615 |
Raul Velez President | Trustee | 4 | $0 |
Carmen S Pagan Vicepresident | Trustee | 4 | $0 |
Fe Hurtado Secretary | Trustee | 4 | $0 |
Henry Falu Treasurer | Trustee | 4 | $0 |
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 | $6,207,495 |
| Tax Exempt Bond Proceeds | $551,174 |
| 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 | $8,169,219 |
| 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. | $172,030 |
| Compensation of current officers, directors, key employees. | $172,030 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,248,991 |
| Pension plan accruals and contributions | $71,271 |
| Other employee benefits | $290,003 |
| Payroll taxes | $122,282 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,268 |
| Fees for services: Accounting | $17,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $184,058 |
| Advertising and promotion | $62,193 |
| Office expenses | $53,239 |
| Information technology | $143,282 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,490 |
| Interest | $2,155,776 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $198,958 |
| Insurance | $573,052 |
| All other expenses | $220,770 |
| Total functional expenses | $7,305,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,022,503 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,105,763 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $100,849,629 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $172,092 |
| Net Land, buildings, and equipment | $12,189,022 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,309,534 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,743,700 |
| Total assets | $148,392,243 |
| Accounts payable and accrued expenses | $4,617,734 |
| 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 | $9,217,755 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $117,237,501 |
| Total liabilities | $131,072,990 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $13,558,010 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $3,761,243 |
| Total liabilities and net assets/fund balances | $148,392,243 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |