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Nonprofiteer
← COOPERATIVA DE AHORRO Y CREDITO MAUNABO

Form 990 for tax year 2022

Filed by COOPERATIVA DE AHORRO Y CREDITO MAUNABO.

Totals

Total revenue
$11,071,523
Total expenses
$8,923,943
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$8,910,807
Other revenue
$2,160,716
Total assets, end of year
$242,553,813
Total liabilities, end of year
$161,719,328
Net assets or fund balances, end of year
$80,834,485
Program services expenses (Part IX)
$0
Management and general expenses
$8,923,943
Fundraising expenses
$0
Program service expenses (Part III)
$8,923,943

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)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2b · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2c · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2d · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · 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 $8,910,807 · related or exempt $8,910,807 · 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

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11b · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11c · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $2,160,716 · related or exempt $2,160,716 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,160,716

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $714,834 · program services $0 · management and general $714,834 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $1,952,425 · program services $0 · management and general $1,952,425 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $344,510 · program services $0 · management and general $344,510 · fundraising $0

  • 12 · Advertising and promotion

    total $159,596 · program services $0 · management and general $159,596 · fundraising $0

  • 13 · Office expenses

    total $192,723 · program services $0 · management and general $192,723 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $72,000 · program services $0 · management and general $72,000 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $106,454 · program services $0 · management and general $106,454 · fundraising $0

  • 20 · Interest

    total $284,081 · program services $0 · management and general $284,081 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $685,520 · program services $0 · management and general $685,520 · fundraising $0

  • 23 · Insurance

    total $960,568 · program services $0 · management and general $960,568 · fundraising $0

  • 24a · Other expenses: PROVISION FOR LOAN LOSSES

    total $750,000 · program services $0 · management and general $750,000 · fundraising $0

  • 24b · Other expenses: ATH AND MASTER CARD SYSTEM MAINTENANCE

    total $388,487 · program services $0 · management and general $388,487 · fundraising $0

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $1,330,661 · program services $0 · management and general $1,330,661 · fundraising $0

  • 24d · Other expenses: UTILITIES

    total $414,065 · program services $0 · management and general $414,065 · fundraising $0

  • 24e · All other expenses

    total $568,019 · program services $0 · management and general $568,019 · fundraising $0

  • 26 · Joint costs (an allocation of the lines above)

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $84,318,150 · end of year $23,891,774

  • 2 · Savings and temporary cash investments

    beginning of year $25,718,627 · end of year $27,836,329

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,009,995 · end of year $1,211,878

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $103,892,255 · end of year $111,515,817

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $16,475,311

  • 10b · Land, buildings and equipment: accumulated depreciation

    $9,714,277

  • 10c · Land, buildings and equipment, net

    beginning of year $7,139,011 · end of year $6,761,034

  • 11 · Investments: publicly traded securities

    beginning of year $12,546,415 · end of year $61,589,989

  • 12 · Investments: other securities

    beginning of year $4,685,350 · end of year $4,746,324

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $4,048,205 · end of year $5,000,668

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,664,026 · end of year $3,128,481

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $157,587,585 · end of year $158,590,847

  • 29 · Capital stock, trust principal or current funds

    beginning of year $70,003,992 · end of year $68,230,479

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $11,839,411 · end of year $10,778,565

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,262,994 · end of year $1,825,441

Mission and programs · 2022

Mission

TO PROVIDE FINANCIAL SERVICES AS LOANS SAVINGS AND ACCOUNTS MAINLY TO LOW INCOME SECTOR OF PEOPLE IN PUERTO RICO. ALSO CREDIT UNION MAKES A SOCIAL INVESTMENT IN THE COMMUNITY.

Activities or mission (Part I)

TO PROVIDE FINANCIAL SERVICES AS LOANS SAVINGS AND ACCOUNTS MAINLY TO LOW INCOME SECTOR OF PEOPLE IN PUERTO RICO. ALSO CREDIT UNION MAKE A SOCIAL INVESTMENT IN THE COMMUNITY.

  • REVENUE $11,071,523 EXPENSES $8,923,943

    Expenses $8,923,943 · Revenue $11,071,523

As filed on the 2022 return.

Listed in Part VII

  • Carlos Crespo

    EXECUTIVE PRESIDENT

    Total calculated
    $180,983
    From this org
    $170,749
    From related orgs
    $0
    Other
    $10,234
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,749
    Bonus
    $10,234
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $180,983

  • Melba L Soto Montanez

    VP OF FINANCE

    Total calculated
    $88,145
    From this org
    $85,259
    From related orgs
    $0
    Other
    $2,886
    Hours/week
    40

  • Noemi Sanchez Rodriguez

    QUALITY MANAGER

    Total calculated
    $59,287
    From this org
    $55,931
    From related orgs
    $0
    Other
    $3,356
    Hours/week
    40

  • Hector Melendez Rodriguez

    BRANCH MANAGER

    Total calculated
    $52,705
    From this org
    $49,725
    From related orgs
    $0
    Other
    $2,980
    Hours/week
    40

  • Keila Y Sostre

    BRANCH MANAGER

    Total calculated
    $42,569
    From this org
    $40,162
    From related orgs
    $0
    Other
    $2,407
    Hours/week
    40

  • Lilliam Defendini Ortiz

    BRANCH MANAGER

    Total calculated
    $44,271
    From this org
    $42,570
    From related orgs
    $0
    Other
    $1,701
    Hours/week
    40

  • Angel M Rivera Ruiz

    VP OF OPERATION

    Total calculated
    $78,277
    From this org
    $75,000
    From related orgs
    $0
    Other
    $3,277
    Hours/week
    40

  • Eddie C Lebron

    MARKETING PROMOTION AND EDUCATION OFFICER

    Total calculated
    $33,784
    From this org
    $33,280
    From related orgs
    $0
    Other
    $504
    Hours/week
    40

  • Merilyn Rivera

    BRANCH MANAGER

    Total calculated
    $42,828
    From this org
    $40,406
    From related orgs
    $0
    Other
    $2,422
    Hours/week
    40

  • Rebeca Gutierrez Peralta

    COLLECTION MANAGER

    Total calculated
    $38,372
    From this org
    $36,721
    From related orgs
    $0
    Other
    $1,651
    Hours/week
    40

  • Erica Sanchez Ruiz

    HUMAN RESOURCES MANAGER

    Total calculated
    $49,497
    From this org
    $48,610
    From related orgs
    $0
    Other
    $887
    Hours/week
    40

  • Nelly Cruz Torres

    BRANCH MANAGER

    Total calculated
    $37,876
    From this org
    $36,421
    From related orgs
    $0
    Other
    $1,455
    Hours/week
    40

  • Willie Collazo Cuadra

    BOARD PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Nylsa Figueroa

    BOARD VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Carmen M Vazquez

    TREASURER

    Total calculated
    $0
    Hours/week
    0

  • Noemi Torres Rodriguez

    SECRETARY

    Total calculated
    $0
    Hours/week
    0

  • Rafael Rivera

    SUB TREASURER

    Total calculated
    $0
    Hours/week
    0

  • Juan A Lafuente Ortiz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Jorge L Delgado

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Eugenio Brito Ortiz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Ada I De Leon Ortiz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

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

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

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
2022
Filed
17 July 2023
IRS schema version
2022v5.0
Source object
202301989349300400

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