Instituto Socio-Economico Comunitario Inc
- Assets
- $8.6m
- Revenue
- $10.4m
- Investments
- $0.0
- Employees
- 59
- Location
- San Juan, PR
- Founding
- 02/1988
- Data as of
- 09/2023
- EIN
- 66-0425840
Organization Overview
Instituto Socio-Economico Comunitario Inc is located in San Juan, PR. The organization was established in 1988. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 09/2023, Instituto Socio-Economico Comunitario Inc employed 59 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Instituto Socio-Economico Comunitario Inc 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 09/2023, Instituto Socio-Economico Comunitario Inc generated $10.4m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $10.4m during the year ending 09/2023. While expenses have increased by 2.2% per year over the past 4 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
IT WAS CREATED TO ENCOURAGE THE OVERCOMING OF POVERTY THROUGH THE PROVISION OF INTEGRATED SERVICES WITH TECHNICAL AND EDUCATIONAL TOOLS THAT PROMOTE ECONOMIC AND SOCIAL SELF-SUFFICIENCY OF INDIVIDUALS, FAMILY AND COMMUNITIES OF LOW INCOME IN PUERTO RICO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CSBG PROGRAM, PROMOTES THE OVERCOMING OF POVERTY OF INDIVIDUALS, FAMILIES AND LOW-INCOME COMMUNITIES IN PUERTO RICO, WITH THE INTEGRATION OF TECHNICAL TOOLS, SOCIAL, ECONOMIC AND EDUCATIONAL. THIS IS ACCOMPLISHED THROUGH THE FOLLOWING PROGRAMS: ON THE JOB TRAINING; EMERGENCY SERVICES, COMMUNITY DEVELOPMENT AND ECONOMIC DEVELOPMENT.
CDBG PROMOTES A BETTER LIFE ENVIRONMENT THROUGH HOUSING REHABILITATION OF LOW INCOME COMMUNITIES IN THE MUNICIPALITY OF MAYAGÜEZ.
CONTRIBUTIONS WITH DONOR-IMPOSED RESTRICTIONS ARE RECORDED AS INCREASES NET ASSETS WITH DONOR RESTRICTION, DEPENDING ON THE NATURE OF THE RESTRICTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jose M Baez Escribano Executive Director ( Present March 2023) | Officer | 40 | $37,046 |
Laysha M Seguinot Mendez Executive Director (ending January 2023) | Officer | 40 | $23,884 |
Harry O Vega Diaz President | Trustee | 0 | $0 |
Nelson E Galarza Vega Vice-President | Trustee | 0 | $0 |
Suleira M Quinones Fontanez Treasury | Trustee | 0 | $0 |
Jose Rodriguez Otero Vocal | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,400,502 |
| 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 | $10,400,502 |
| Total Program Service Revenue | $0 |
| Investment income | $558 |
| 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 | $10,401,060 |
| 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. | $102,530 |
| Compensation of current officers, directors, key employees. | $102,530 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,802,235 |
| Pension plan accruals and contributions | $3,649 |
| Other employee benefits | $232,531 |
| Payroll taxes | $223,428 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,131 |
| Fees for services: Accounting | $17,532 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $228,588 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $57,878 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $59,891 |
| Insurance | $90,601 |
| All other expenses | $123,442 |
| Total functional expenses | $10,442,618 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,351,794 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,885,198 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,750 |
| Net Land, buildings, and equipment | $139,419 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,175,980 |
| Total assets | $8,573,141 |
| Accounts payable and accrued expenses | $3,562,860 |
| Grants payable | $0 |
| Deferred revenue | $3,495,629 |
| 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 | $1,189,264 |
| Total liabilities | $8,247,753 |
| Net assets without donor restrictions | $325,388 |
| Net assets with donor restrictions | $0 |
| 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 | $8,573,141 |