Cooperativa De Credito Cabo Rojo
- Assets
- $326.0m
- Revenue
- $22.9m
- Investments
- $11.1m
- Employees
- 97
- Location
- Cabo Rojo, PR
- Founding
- 10/2005
- Data as of
- 12/2023
- EIN
- 66-0270259
Organization Overview
Cooperativa De Credito Cabo Rojo, operating under the name Cooperativa De Ahorro Y Credito De Cabo Rojo, is located in Cabo Rojo, PR. The organization was established in 2005. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Cooperativa DE Ahorro Y Credito DE Cabo Rojo employed 97 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperativa DE Ahorro Y Credito DE Cabo Rojo 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 DE Cabo Rojo generated $22.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $17.3m during the year ending 12/2023. While expenses have increased by 14.0% 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
A NON PROFIT ORGANIZATION ENGAGED PRIMARILY TO RECEIVED SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION KEEPS PROVIDING FINANCIAL SERVICES TO ITS MEMBERS AND TO THE COMMUNITY. THE CREDIT UNION IS PROVIDING FINANCING OPTIONS TO THE MEMBERS THAT NEED IT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kerwin Morales Rivera Executive President | 60 | $200,848 | |
Jorge I Ferrer Lopez VP Of Finance | Officer | 60 | $95,625 |
Luisette Ayala Santana VP Of Credit | Officer | 60 | $54,837 |
Mayra Figueroa Lopez Software System Manager | Officer | 60 | $89,152 |
Victor Mendez Zapata Internal Auditor | Officer | 60 | $82,633 |
Mariangely Cruz Aquino Human Resources Director | Officer | 60 | $83,758 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Helvetia Del Caribe Llc It Solutions | 12/30/23 | $136,580 |
Jr Private Police Security | 12/30/23 | $104,824 |
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 | $16,432,647 |
| 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 | $22,910,793 |
| 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. | $606,853 |
| Compensation of current officers, directors, key employees. | $606,853 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,834,724 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $552,360 |
| Advertising and promotion | $449,697 |
| Office expenses | $131,466 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $191,940 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $87,861 |
| Interest | $1,744,722 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $748,625 |
| Insurance | $1,194,901 |
| All other expenses | $1,851,869 |
| Total functional expenses | $17,311,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,041,265 |
| Savings and temporary cash investments | $20,051,676 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,973,395 |
| Loans from Officers, Directors, or Controlling Persons | $2,547,499 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $214,649,042 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,182,110 |
| Net Land, buildings, and equipment | $10,042,475 |
| Investments—publicly traded securities | $41,983,703 |
| Investments—other securities | $11,082,713 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,438,786 |
| Total assets | $325,992,664 |
| Accounts payable and accrued expenses | $3,944,080 |
| 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 | $237,778,734 |
| Total liabilities | $241,722,814 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $62,268,434 |
| Paid-in or capital surplus, or land, building, or equipment fund | $20,751,416 |
| Retained earnings, endowment, accumulated income, or other funds | $1,250,000 |
| Total liabilities and net assets/fund balances | $325,992,664 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cooperativa De Ahorro Y Credito De Rincon Rincon, PR | $738,053,311 | $27,176,725 |
Cooperativa De Credito Cabo Rojo Cabo Rojo, PR | $325,992,664 | $22,910,793 |
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 La Sagrada Familia Corozal, PR | $278,709,926 | $18,355,245 |
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 |