Puerto Rico Manufacturing Extension Primex Inc
- Assets
- $3.9m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 11
- Location
- San Juan, PR
- Founding
- 12/1996
- Data as of
- 09/2022
- EIN
- 66-0522632
Organization Overview
Puerto Rico Manufacturing Extension Primex Inc is located in San Juan, PR. The organization was established in 1996. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Puerto Rico Manufacturing Extension Primex Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Puerto Rico Manufacturing Extension Primex 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 09/2022, Puerto Rico Manufacturing Extension Primex Inc generated $3.6m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 0.0% each year. All expenses for the organization totaled $3.5m during the year ending 09/2022. While expenses have increased by 4.4% per year over the past 3 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVE THE COMPETITIVE POSITION OF PUERTO RICO SMALL AND MEDIUM INDUSTRIES BY PROVIDING TECHNICAL SUPPORT, TRAININGS AND COST ASSISTANCE IN NEW TECHNOLOGIES AND BUSINESS PRACTICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PUERTO RICO MANUFACTURING EXTENSION INC. (PRIMEX) IS A PRIVATE NON-PROFIT ORGANIZATION, ORGANIZED IN 1996 THROUGH THE INITIATIVE OF PUERTO RICO INDUSTRIAL DEVELOPMENT COMPANY (PRIDCO) AND THE MANUFACTURING EXTENSION PARTNERSHIP (MEP), A PROGRAM UNDER THE NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY (NIST). AS PART OF A NATIONAL NETWORK, PRIMEX SUPPORTS THE NEEDS OF ALL PUERTO RICO'S SMALL AND MEDIUM ENTERPRISES (SME'S) BY PROVIDING SERVICES TO IMPROVE THEIR TECHNICAL KNOW-HOW AND BUSINESS PROCESSES.
PUERTO RICO RESILIENCY AND BUSINESS CONTINUITY INITIATIVE (PR-RBCI) IS DESIGNED TO HELP SMALL AND MEDIUM COMPANIES TO RETAIN JOBS BY ENHANCING THEIR CAPACITY TO RECOVER FROM MAJOR INTERRUPTIONS TO THEIR OPERATIONS DUE TO NATURAL DISASTERS. IT ALSO AIMS TO MINIMIZE THE EXTENT OF POTENTIAL ECONOMIC DISLOCATIONS. THIS PROJECT PROMOTES THE CRITICAL IMPORTANCE OF HAVING IN PLACE A BUSINESS CONTINUITY PLAN (BCP) FOR SME'S TO SPEED UP THEIR DISASTER RECOVERY AND RESILIENCY. THE PROJECT WAS DIRECTED PRINCIPALLY TO THOSE COMPANIES LOCATED IN AREAS THAT WERE HIT THE HARDEST BY HURRICANES IRMA AND MARIA, PARTICULARLY THE NORTHERN, EASTERN, SOUTHEASTERN AND CENTRAL REGIONS OF PUERTO RICO.
THE PROJECT BENEFITS SMALL AND MEDIUM COMPANIES LOCATED IN THIRTEEN (13) RURAL MUNICIPALITIES OF PUERTO RICO WITH ACCESS TO PRIMEX'S PROVEN INDUSTRY-TESTED BUSINESS METHODOLOGIES, RESOURCES, AND TOOLS. THE PROJECT FOCUSES FIRST ON AN ASSESSMENT OF THE BUSINESS TO IDENTIFY GAPS AND AREAS FOR IMPROVEMENT RELATED TO FOCUS AREAS WITH THE GOAL OF REDUCING THE GAPS AND MAKING THEM MORE COMPETITIVE AND RESILIENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ramon Vega Executive Director | Officer | 40 | $91,431 |
Felipe Hernandez Chair Bod | Trustee | 1 | $0 |
Jose Felix Ballester Director | Trustee | 1 | $0 |
Alejandra Saldana Director | Trustee | 1 | $0 |
Rafael Diaz Director | Trustee | 1 | $0 |
Luis Cintron Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fernando L Cardin Arroyo Professional Services | 9/29/22 | $110,991 |
Csa Arquitects And Engineers Llc Professional Services | 9/29/22 | $205,425 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,667,585 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,894,792 |
| Noncash contributions included in lines 1a–1f | $21,812 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,562,377 |
| Total Program Service Revenue | $0 |
| 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 | $3,562,377 |
| 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 | $593,551 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $110,858 |
| Fees for services: Management | $373,055 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,046,316 |
| Advertising and promotion | $25,422 |
| Office expenses | $55,571 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $61,339 |
| Travel | $29,878 |
| 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 | $8,296 |
| Insurance | $8,523 |
| All other expenses | $0 |
| Total functional expenses | $3,485,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,654,779 |
| Savings and temporary cash investments | $847,723 |
| Pledges and grants receivable | $369,052 |
| Accounts receivable, net | $0 |
| 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 | $6,645 |
| Net Land, buildings, and equipment | $13,340 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,602 |
| Total assets | $3,895,141 |
| Accounts payable and accrued expenses | $236,196 |
| Grants payable | $0 |
| Deferred revenue | $17,413 |
| 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 | $0 |
| Total liabilities | $253,609 |
| Net assets without donor restrictions | $3,641,532 |
| 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 | $3,895,141 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Invest Puerto Rico Inc San Juan, PR | $9,043,861 | $16,374,498 |
Alianza De Centros De Salud Comunitaria Inc Guaynabo, PR | $5,233,156 | $6,190,020 |
Colegio De Ingenieros Y Agrimensores De Pr San Juan, PR | $33,678,511 | $6,136,424 |
Foundation For Puerto Rico Inc San Juan, PR | $5,842,849 | $6,329,800 |
Puerto Rico Manufacturing Extension Primex Inc San Juan, PR | $3,895,141 | $3,562,377 |