Cooperativa De Ahorro Y Credito San Rafael De Que
- Assets
- $226.7m
- Revenue
- $20.0m
- Investments
- $10.1m
- Employees
- 56
- Location
- Quebradillas, PR
- Founding
- 08/1984
- Data as of
- 12/2023
- EIN
- 66-0224450
Organization Overview
Cooperativa De Ahorro Y Credito San Rafael De Que is located in Quebradillas, PR. The organization was established in 1984. 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, Cooperativa DE Ahorro Y Credito San Rafael DE Que employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperativa DE Ahorro Y Credito San Rafael DE Que 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, Cooperativa DE Ahorro Y Credito San Rafael DE Que generated $20.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $10.2m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 9 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
TO PROVIDE FINANCIAL SERVICES AS LOANS, SAVINGS AND ACCOUNTS MAINLY TO LOW INCOME SECTOR OF THE PUERTO RICO. ALSO, CREDIT UNION MAKE A SOCIAL INVESTMENT IN THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST INCOME AND OTHER INCOME OF$20,006,028 AND TOTAL EXPENSES OF $10,185,718.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sara M Jimenez Gonzalez Presidente Ejecutiva | 55 | $118,843 | |
Annie Rodriguez VP Operations | Officer | 45 | $70,789 |
Laritza Millet Torres Director Of Finance | Officer | 45 | $62,862 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Program Service | 12/30/23 | $316,886 |
Caribbean Temporary Services Consulting | 12/30/23 | $126,202 |
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 | $5,909,828 |
| Investment income | $12,315,660 |
| 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 | $20,006,028 |
| 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. | $252,494 |
| Compensation of current officers, directors, key employees. | $252,494 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,628,332 |
| Pension plan accruals and contributions | $84,228 |
| Other employee benefits | $280,896 |
| Payroll taxes | $180,350 |
| 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 | $675,262 |
| Advertising and promotion | $439,826 |
| Office expenses | $140,657 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $101,593 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $24,748 |
| Conferences, conventions, and meetings | $43,063 |
| Interest | $1,788,194 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $413,525 |
| Insurance | $960,724 |
| All other expenses | $886,470 |
| Total functional expenses | $10,185,718 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,109,854 |
| Savings and temporary cash investments | $8,100,044 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $126,664 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $123,835,885 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,338,270 |
| Investments—publicly traded securities | $60,186,200 |
| Investments—other securities | $10,140,093 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,831,630 |
| Total assets | $226,668,640 |
| Accounts payable and accrued expenses | $1,393,495 |
| 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 | $159,406,860 |
| Total liabilities | $160,800,355 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $45,812,514 |
| Paid-in or capital surplus, or land, building, or equipment fund | $18,655,771 |
| Retained earnings, endowment, accumulated income, or other funds | $1,400,000 |
| Total liabilities and net assets/fund balances | $226,668,640 |
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 |