Cooperative De Ahorro Y Credito De Barranquitas
- Assets
- $469.3m
- Revenue
- $31.2m
- Investments
- $21.0m
- Employees
- 99
- Location
- Barranquitas, PR
- Founding
- 06/1987
- Data as of
- 12/2023
- EIN
- 66-0266453
Organization Overview
Cooperative De Ahorro Y Credito De Barranquitas is located in Barranquitas, PR. The organization was established in 1987. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Cooperative DE Ahorro Y Credito DE Barranquitas employed 99 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 Barranquitas 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 Barranquitas generated $31.2m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $20.9m during the year ending 12/2023. While expenses have increased by 8.1% 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
A NON PROFIT ORGANIZATION PRIMARILY DEDICATED TO RECEIVE SAVINGS FORM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST INCOME AND OTHER INCOME OF $31,231,571 AND TOTAL EXPENSES OF $20,896,132.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Miguel Ortiz Santos President | 50 | $222,903 | |
Angel Ortiz Vazquez VP Operations | Officer | 50 | $94,388 |
Carmen Torres Zayas VP Human Resources | Officer | 50 | $83,576 |
Ada Morales La Santa Manager | Officer | 50 | $65,408 |
Damaris Ramirez Ocasio Manager | Officer | 50 | $60,263 |
Jorge Luis Gines Lopez Manager | Officer | 50 | $59,601 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gcit Inc Technology | 12/30/23 | $140,159 |
Evertec Group Services Of Program | 12/30/23 | $158,738 |
Alta Comunication Promotions | 12/30/23 | $248,485 |
Document Solutions Partners Maintencen | 12/30/23 | $144,658 |
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 | $20,916,305 |
| 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 | $31,231,571 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,454,111 |
| Pension plan accruals and contributions | $566,981 |
| Other employee benefits | $0 |
| Payroll taxes | $235,759 |
| 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 | $2,737,115 |
| Advertising and promotion | $642,842 |
| Office expenses | $92,123 |
| Information technology | $0 |
| 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 | $76,250 |
| Interest | $2,796,628 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $625,160 |
| Insurance | $1,543,571 |
| All other expenses | $6,083,731 |
| Total functional expenses | $20,896,132 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,293,481 |
| Savings and temporary cash investments | $3,100,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $961,453 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $315,934,749 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,379,296 |
| Investments—publicly traded securities | $83,839,447 |
| Investments—other securities | $20,999,064 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,835,312 |
| Total assets | $469,342,802 |
| Accounts payable and accrued expenses | $6,430,242 |
| 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 | $357,927,328 |
| Total liabilities | $364,357,570 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $81,198,846 |
| Paid-in or capital surplus, or land, building, or equipment fund | $22,286,386 |
| Retained earnings, endowment, accumulated income, or other funds | $1,500,000 |
| Total liabilities and net assets/fund balances | $469,342,802 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperative De Ahorro Y Credito De Barranquitas Barranquitas, PR | $469,342,802 | $31,231,571 |
Ciencia Puerto Rico Inc San Juan, PR | $1,062,408 | $1,131,366 |
Love In Motion Foundation Inc Bayamon, PR | $75,748 | $268,939 |
Centro De Impacto Social Mujeres Entendidas En Los Tiempos Corp Maunabo, PR | $1,982 | $0 |
Hera Institute Inc San Juan, PR | $3,419 | $0 |
Third Sector Connect Inc Toa Baja, PR | $0 | $0 |
Centro De Servicios Manantial De Vida Inc Ponce, PR | $0 | $0 |