Corporacion Para El Financiamiento Empresarial Del Comercio Y De Las
- Assets
- $4.6m
- Revenue
- $874.9k
- Investments
- $0.0
- Employees
- 12
- Location
- San Juan, PR
- Founding
- 10/2003
- Data as of
- 06/2021
- EIN
- 66-0398333
Organization Overview
Corporacion Para El Financiamiento Empresarial Del Comercio Y De Las, operating under the name Cofecc, is located in San Juan, PR. The organization was established in 2003. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Cofecc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cofecc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Cofecc generated $874.9k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $721.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.7%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE FACILITATE AND EXECUTE ECONOMIC DEVELOPMENT COMMUNITY REVITALIZATION LONG-TERM JOB CREATION AND RETENTION SELF-EMPLOYMENT BUSINESS AND CREDIT EDUCATION AND ENTREPRENEURSHIP THROUGH THE ESTABLISHMENT OR EXPANSION OF MICRO SMALL AND MEDIUM-SIZED ENTERPRISES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SBA MICROLOAN DEMONSTRATION PROGRAM - 14 NEW LOANS WERE CLOSED DURING THE YEAR TOTALLING $275,072
SBA 504 LOANS PROGRAM - 13 NEW LOANS WERE CLOSED DURING THE YEAR TOTALLING $5,485,000
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND - 0 NEW LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Giovanna Piovanetti Executive Director | 40 | $100,318 | |
Everardo Velez Pineiro Loan Dept Director | Officer | 40 | $56,901 |
Omar M Contreras Gomez Director | Trustee | 2 | $1,425 |
Rodolfo A Rivera Herrera Director | Trustee | 1 | $1,325 |
Idelfonso Rodriguez Director | Trustee | 2 | $1,150 |
Emilio Torres Hernandez Secretary Board Of Directors | OfficerTrustee | 2 | $1,075 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $192,990 |
| All other contributions, gifts, grants, and similar amounts not included above | $110,424 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $303,414 |
| Total Program Service Revenue | $474,259 |
| Investment income | $0 |
| 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 | $874,892 |
| 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. | $167,894 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $144,223 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $96,530 |
| Payroll taxes | $35,312 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,262 |
| Fees for services: Accounting | $16,640 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,372 |
| Advertising and promotion | $43 |
| Office expenses | $4,008 |
| Information technology | $9,861 |
| Royalties | $0 |
| Occupancy | $64,824 |
| Travel | $12,382 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,056 |
| Interest | $6,330 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $857 |
| Insurance | $15,865 |
| All other expenses | $17,232 |
| Total functional expenses | $721,649 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225 |
| Savings and temporary cash investments | $2,397,033 |
| Pledges and grants receivable | $121,220 |
| Accounts receivable, net | $43,970 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,034,738 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,391 |
| Net Land, buildings, and equipment | $1,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,620,577 |
| Accounts payable and accrued expenses | $211,079 |
| 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 | $1,663,554 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,500 |
| Total liabilities | $1,877,133 |
| Net assets without donor restrictions | $1,039,131 |
| Net assets with donor restrictions | $1,704,313 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,620,577 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Corporacion Para El Financiamiento Empresarial Del Comercio Y De Las has recieved totaling $12.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $12 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hospital Menonita Caguas Inc Cidra, PR | $169,418,501 | $113,843,157 |
Salud Integral En La Montana Inc Naranjito, PR | $119,086,273 | $106,337,219 |
Migrant Health Center Mayaguez, PR | $87,969,112 | $107,297,310 |
Hospital De La Concepcion Inc San German, PR | $118,926,388 | $92,905,006 |
Hospital Damas Inc Ponce, PR | $56,244,610 | $73,414,103 |
Presbyterian Community Hospital Inc San Juan, PR | $49,406,530 | $70,919,559 |
Pontifical Catholic University Of Puerto Rico Ponce, PR | $161,066,580 | $97,269,712 |
Cossma Inc Cidra, PR | $107,333,150 | $66,362,775 |
Neomed Center Inc Gurabo, PR | $65,808,264 | $60,486,712 |
Hospital Menonita Guayama Inc Cidra, PR | $149,499,387 | $86,573,108 |
Hpm Foundation Inc San Juan, PR | $29,670,863 | $56,807,836 |
Ryder Memorial Hospital Inc Humacao, PR | $33,920,487 | $48,860,156 |