Form 990 for tax year 2023
Filed by COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC.
Totals
- Total revenue
- $21,196,699
- Total expenses
- $15,222,216
- Contributions and grants received
- $3,000,000
- Grants paid
- $0
- Program service revenue
- $13,317,182
- Investment income
- $1,514,221
- Other revenue
- $3,365,296
- Total assets, end of year
- $295,329,329
- Total liabilities, end of year
- $242,958,667
- Net assets or fund balances, end of year
- $52,370,662
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $15,222,216
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $0
Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$3,000,000
-
1f · All other contributions, gifts and grants
$0
-
1g · Noncash contributions included above
$0
-
2a · Program service revenue: MEMBERS LOANS INTEREST
total $13,317,182 · related or exempt $13,317,182 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $1,514,221 · related or exempt $1,514,221 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
7c · Gain or loss
securities $0 · other assets $0
-
8a · Fundraising events: contributions included on line 1c
$0
-
11d · All other revenue
total $3,365,296 · related or exempt $3,365,296 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$3,365,296
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $877,285 · management and general $877,285
-
7 · Other salaries and wages
total $2,361,072 · management and general $2,361,072
-
8 · Pension plan contributions
total $249,797 · management and general $249,797
-
9 · Other employee benefits
total $358,092 · management and general $358,092
-
10 · Payroll taxes
total $373,218 · management and general $373,218
-
11g · Fees: other
total $463,116 · management and general $463,116
-
12 · Advertising and promotion
total $531,042 · management and general $531,042
-
13 · Office expenses
total $300,378 · management and general $300,378
-
14 · Information technology
total $111,595 · management and general $111,595
-
17 · Travel
total $116,757 · management and general $116,757
-
19 · Conferences, conventions and meetings
total $61,836 · management and general $61,836
-
20 · Interest
total $2,623,836 · management and general $2,623,836
-
22 · Depreciation, depletion and amortization
total $683,638 · management and general $683,638
-
23 · Insurance
total $1,223,869 · management and general $1,223,869
-
24a · Other expenses: REPAIRS AND MAINTENACE
total $573,290 · program services $0 · management and general $573,290 · fundraising $0
-
24b · Other expenses: UTILITIES
total $400,085 · program services $0 · management and general $400,085 · fundraising $0
-
24c · Other expenses: BANK & CREDIT CARD SERV EXP
total $250,138 · program services $0 · management and general $250,138 · fundraising $0
-
24d · Other expenses: AMORTIZATION LOSS LAW 220
total $454,445 · program services $0 · management and general $454,445 · fundraising $0
-
24e · All other expenses
total $3,208,727 · management and general $3,208,727
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $5,740,999 · end of year $11,406,857
-
2 · Savings and temporary cash investments
beginning of year $9,201,926 · end of year $7,800,000
-
5 · Loans and receivables from officers and key people
beginning of year $3,759,291
-
7 · Other notes and loans receivable
beginning of year $127,394,755 · end of year $184,839,274
-
9 · Prepaid expenses and deferred charges
beginning of year $656,738
-
10a · Land, buildings and equipment: cost or other basis
$18,812,735
-
10b · Land, buildings and equipment: accumulated depreciation
$9,540,450
-
10c · Land, buildings and equipment, net
beginning of year $7,741,290 · end of year $9,272,285
-
11 · Investments: publicly traded securities
beginning of year $47,885,747 · end of year $46,723,196
-
12 · Investments: other securities
beginning of year $10,981,000 · end of year $15,758,052
-
15 · Other assets
beginning of year $3,741,725 · end of year $19,529,665
-
17 · Accounts payable and accrued expenses
beginning of year $3,658,855 · end of year $5,421,848
-
25 · Other liabilities
beginning of year $177,925,664 · end of year $237,536,819
-
29 · Capital stock, trust principal or current funds
beginning of year $25,768,477 · end of year $37,786,384
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $9,750,475 · end of year $14,584,278
Mission and programs · 2023
Mission
TO OBTAIN SAVINGS DEPOSITS FROM ITS MEMBERS AS SHARES AND DEPOSITS AND PROVIDES FINANCING SOURCES IN ACCORDANCE WITH THE COOPERATIVE MOVEMENT PHILOSOPHY.
Activities or mission (Part I)
TO OBTAIN SAVINGS DEPOSITS FROM ITS MEMBERS AS SHARES AND DEPOSITS AND PROVIDES FINANCNIG SOURCES IN ACCORDANCE WITH THE COOPERATIVE MOVEMENT PHILOSOPHY.
-
DURING THE FISCAL YEAR ENDED DECEMBER 31, 2023 THE INSTITUTION OBTAINED DEPOSIT FROM MEMBERS AND CONTINUE PROVIDING TO THEM AND THE COMMUNITY FINANCING SOURCES ALTERNATIVES WITH LOANS AT AFFORDABLE TERMS AS WELL AS ACCESSIBILITY TO TECHNOLOGY IN CHECKING, SAVING ADN CREDIT PRODUCTS TO MANAGE THEIR PERSONAL FINANCES.
As filed on the 2023 return.
Listed in Part VII
-
Candido Rivera LopezCANDIDO RIVERA LOPEZ
EXECUTIVE PRESIDENT
- Total calculated
- $160,200
- From this org
- $160,200
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $160,200
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $160,200
-
Sorry AdrovetSORRY ADROVET
VICE PRESIDENT PRESIDENT COMMERCIAL AND MORTGAGE
- Total calculated
- $70,963
- From this org
- $70,963
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Anderson Martinez ColonANDERSON MARTINEZ COLON
VICE PRESIDENT OF FINANCE
- Total calculated
- $68,784
- From this org
- $68,784
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Josean Pagan KuilanJOSEAN PAGAN KUILAN
VICE PRESIDENT OF OPERATIONS
- Total calculated
- $58,920
- From this org
- $58,920
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Noraida Rodriguez ConcepcionNORAIDA RODRIGUEZ CONCEPCION
OFFICE COMPLIANCE
- Total calculated
- $47,278
- From this org
- $47,278
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Iris RomeroIRIS ROMERO
DEPARTMENT MANAGER SYSTEMS
- Total calculated
- $46,542
- From this org
- $46,542
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Milagros RomeroMILAGROS ROMERO
VICE PRESIDENT ADMINISTRATION
- Total calculated
- $46,041
- From this org
- $46,041
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Maria Melendez ZayasMARIA MELENDEZ ZAYAS
LOAN MANAGER
- Total calculated
- $44,211
- From this org
- $44,211
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Brigmarian SanchezBRIGMARIAN SANCHEZ
HUMAN RESOURCES OFFICER
- Total calculated
- $42,587
- From this org
- $42,587
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Diana Negron JimenezDIANA NEGRON JIMENEZ
INTERNAL AUDITOR
- Total calculated
- $42,090
- From this org
- $42,090
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Vanessa RomeroVANESSA ROMERO
SUCCESS MANAGER MANATI PLAZA
- Total calculated
- $40,601
- From this org
- $40,601
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Sherly MunozSHERLY MUNOZ
SUC MANAGER VEGA BAJA
- Total calculated
- $39,345
- From this org
- $39,345
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Yolanda OteroYOLANDA OTERO
SUCCESS MANAGER BARCELONETA
- Total calculated
- $37,283
- From this org
- $37,283
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Luis RoblesLUIS ROBLES
DEPARTMENT MANAGER COLLECTIONS
- Total calculated
- $35,663
- From this org
- $35,663
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Emily CarnevaleEMILY CARNEVALE
SUCCESS MANAGER CALES CENTER
- Total calculated
- $35,639
- From this org
- $35,639
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Zallia CardonaZALLIA CARDONA
EXECUTIVE SECRETARY
- Total calculated
- $31,310
- From this org
- $31,310
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Sager RodriguezSAGER RODRIGUEZ
SUCCESS MANAGER EXPRESS CALES
- Total calculated
- $29,828
- From this org
- $29,828
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Ricardo Alvarez ClasRICARDO ALVAREZ CLAS
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Joel Rolon AlindatoJOEL ROLON ALINDATO
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Carlos Colon RamosCARLOS COLON RAMOS
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Anibal DelgadoANIBAL DELGADO
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Doris ClassDORIS CLASS
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Hector Aulet MejiasHECTOR AULET MEJIAS
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Heriberto Martinez GonzalezHERIBERTO MARTINEZ GONZALEZ
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Carmen Soto CabanCARMEN SOTO CABAN
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
-
Angel NoguerasANGEL NOGUERAS
BOARD OF DIRECTORS
- Total calculated
- $0
- Hours/week
- 40
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 24 July 2024
- IRS schema version
- 2023v5.0
- Source object
- 202413009349300106
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