Cooperativa De Ahorro Y Credito Morovena
- Assets
- $105.3m
- Revenue
- $8.6m
- Investments
- $15.2m
- Employees
- 42
- Location
- Morovis, PR
- Founding
- 00/0000
- Data as of
- 12/2023
- EIN
- 66-0329330
Organization Overview
Cooperativa De Ahorro Y Credito Morovena is located in Morovis, PR. The organization was established in 0000. 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 Morovena employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cooperativa DE Ahorro Y Credito Morovena 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 Morovena generated $8.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.2% each year. All expenses for the organization totaled $4.7m during the year ending 12/2023. While expenses have increased by 0.3% per year over the past 7 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 PEOPE IN PUERTO RICO. ALSO, CREDIT UNION MAKEA SOCIAL INVESMENT IN THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRIMARY PURPOSE OF THE COOPERATIVE IS TO RECEIVE DEPOSITS FROM ITS PARTNERS IN THE FORM OF SAVINGS AND STOCK, AND PROVIDE A SOURCE OF FINANCING AT LOWER COST THAN OFFERED BY OTHER FINANCIAL INSTITUTIONS. THE COOPERATIVE OFFERS A VARIETY OF FINANCIAL SERVICES, INCLUDING BUT NOT LIMITED TO SAVINGS AND CHECKING ACCOUNTS, PERSONAL LOANS, MORTGAGE LOANS, COMMERCIAL LOANS, RESOLVING CREDIT LINES AND OTHERS FINANCING SERVICES. INTEREST INCOME OF $8,648,954 AND TOTAL EXPENSES OF $4,666,438.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ivis N Valles Rivera Executive President | Officer | 0 | $94,470 |
Yajaira Rivera Nazario Controller | Officer | 0 | $63,661 |
Jonthna Rosa Quinonez Officer Of Compliance | Officer | 0 | $41,884 |
Jessica I Quijano Morell VP Operations | Officer | 40 | $3,739 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Helvetia Del Caribe Program Services | 12/30/23 | $368,467 |
Triple S Salud Healt Insurnace | 12/30/23 | $172,033 |
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 | $4,713,288 |
| 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 | $8,648,954 |
| 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. | $203,754 |
| Compensation of current officers, directors, key employees. | $203,754 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $932,796 |
| Pension plan accruals and contributions | $48,287 |
| Other employee benefits | $0 |
| Payroll taxes | $113,617 |
| 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 | $157,091 |
| Advertising and promotion | $101,445 |
| Office expenses | $37,287 |
| 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 | $24,481 |
| Interest | $365,919 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $283,623 |
| Insurance | $448,878 |
| All other expenses | $1,201,079 |
| Total functional expenses | $4,666,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,507,529 |
| Savings and temporary cash investments | $5,357,682 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $58,586,625 |
| Loans from Officers, Directors, or Controlling Persons | $80,110 |
| 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 | $4,298,537 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $15,174,449 |
| Investments—program-related | $4,274,334 |
| Intangible assets | $0 |
| Other assets | $1,028,026 |
| Total assets | $105,307,292 |
| Accounts payable and accrued expenses | $963,373 |
| 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 | $74,395,828 |
| Total liabilities | $75,359,201 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $22,049,811 |
| Paid-in or capital surplus, or land, building, or equipment fund | $7,698,280 |
| Retained earnings, endowment, accumulated income, or other funds | $200,000 |
| Total liabilities and net assets/fund balances | $105,307,292 |
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 |