Form 990 for tax year 2024
Filed by COOPERATIVA DE AHORRO Y CREDITO DE ARECIBO.
Totals
- Total revenue
- $51,688,505
- Total expenses
- $48,479,637
- Contributions and grants received
- $731,551
- Grants paid
- $0
- Program service revenue
- $37,587,235
- Investment income
- $8,186,539
- Other revenue
- $5,183,180
- Total assets, end of year
- $825,858,384
- Total liabilities, end of year
- $646,420,139
- Net assets or fund balances, end of year
- $179,438,245
- Program services expenses (Part IX)
- $45,168,370
- Management and general expenses
- $3,311,267
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $45,168,370
Program services were 93.2% 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.
-
1e · Government grants (contributions)
$731,551
-
2a · Program service revenue: MEMBERS' INTEREST LOANS
total $37,587,235 · related or exempt $37,587,235
-
3 · Investment income
total $8,186,539 · related or exempt $8,186,539
-
11a · Other revenue: REV FROM MEMB CARDS & LOANS
total $3,042,174 · related or exempt $3,042,174
-
11b · Other revenue: REV FROM MEMBERS SERV CHARGE
total $2,141,006 · related or exempt $2,141,006
-
11e · Other revenue, total
$5,183,180
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $412,297 · program services $350,452 · management and general $61,845
-
7 · Other salaries and wages
total $9,415,828 · program services $8,003,454 · management and general $1,412,374
-
8 · Pension plan contributions
total $480,903 · program services $408,768 · management and general $72,135
-
9 · Other employee benefits
total $1,431,397 · program services $1,216,687 · management and general $214,710
-
10 · Payroll taxes
total $1,107,985 · program services $941,787 · management and general $166,198
-
11g · Fees: other
total $778,849 · program services $778,849
-
12 · Advertising and promotion
total $674,779 · program services $674,779
-
13 · Office expenses
total $161,311 · program services $137,114 · management and general $24,197
-
14 · Information technology
total $1,956,387 · program services $1,662,929 · management and general $293,458
-
16 · Occupancy
total $803,067 · program services $803,067
-
19 · Conferences, conventions and meetings
total $150,000 · program services $127,500 · management and general $22,500
-
20 · Interest
total $6,764,045 · program services $6,764,045
-
22 · Depreciation, depletion and amortization
total $1,047,336 · program services $890,236 · management and general $157,100
-
23 · Insurance
total $4,526,820 · program services $4,526,820
-
24a · Other expenses: PROV FOR MEMB LOANS
total $10,962,212 · program services $10,962,212
-
24b · Other expenses: BANK & MASTER CARD CHARGE
total $2,133,464 · program services $2,133,464
-
24c · Other expenses: UTILITIES & SUT CHARGE
total $1,060,597 · program services $901,507 · management and general $159,090
-
24d · Other expenses: REPAIRS & MAINTENANCEEXP
total $997,929 · program services $848,240 · management and general $149,689
-
24e · All other expenses
total $3,614,431 · program services $3,036,460 · management and general $577,971
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $62,310,404 · end of year $69,355,568
-
2 · Savings and temporary cash investments
beginning of year $29,250,036 · end of year $22,750,036
-
5 · Loans and receivables from officers and key people
beginning of year $320,887 · end of year $298,326
-
7 · Other notes and loans receivable
beginning of year $548,154,313 · end of year $528,363,227
-
10a · Land, buildings and equipment: cost or other basis
$31,087,803
-
10b · Land, buildings and equipment: accumulated depreciation
$21,575,282
-
10c · Land, buildings and equipment, net
beginning of year $10,137,025 · end of year $9,512,521
-
11 · Investments: publicly traded securities
beginning of year $138,346,220 · end of year $155,087,899
-
12 · Investments: other securities
beginning of year $25,585,132 · end of year $26,799,029
-
15 · Other assets
beginning of year $15,452,922 · end of year $13,691,778
-
17 · Accounts payable and accrued expenses
beginning of year $14,302,573 · end of year $12,922,014
-
25 · Other liabilities
beginning of year $640,391,527 · end of year $633,498,125
-
29 · Capital stock, trust principal or current funds
beginning of year $132,520,273 · end of year $135,369,949
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $41,342,566 · end of year $43,268,296
-
31 · Retained earnings, endowment or other funds
beginning of year $1,000,000 · end of year $800,000
Mission and programs · 2024
Mission
TO IMPROVE THE QUALITY OF LINE OF OUR MEMBERS BY PROMOTING EFECTIVE VALUES, FINANCIAL SOURCES AND THE COOPERATIVE MOVEMENT PHILOSOPHY.
Activities or mission (Part I)
TO IMPROVE THE QUALITY OF LIFE OF OUR MEMBERS BY PROMOTING EFECTIVE VALUES, FINANCIAL SOURCES AND THE COOPERATIVE MOVEMENT PHILOSOPHY.
-
DURING THE FISCAL YEAR ENDED DECEMBER 31, 2024 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 AND CREDIT PRODUCTS TO MANAGE THEIR PERSONAL FINANCES.
Expenses $45,168,370 · Revenue $50,956,954
-
DURING THE FISCAL YEAR ENDED DECEMBER 31, 2024 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 AND CREDIT PRODUCTS TO MANAGE THEIR PERSONAL FINANCES.
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Luis A Galarza PerezLUIS A GALARZA PEREZ
PRESIDENT
- Total calculated
- $0
- Hours/week
- 2
-
Felipe D Ruiz SosaFELIPE D RUIZ SOSA
VICE PRESIDE
- Total calculated
- $0
- Hours/week
- 2
-
Roberto Juarbe De ArceROBERTO JUARBE DE ARCE
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Domingo Salicrup De JesusDOMINGO SALICRUP DE JESUS
SUB SECRETAR
- Total calculated
- $0
- Hours/week
- 2
-
Luis G Rivera MarchandLUIS G RIVERA MARCHAND
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Rogelio Gonzalez VillanuevaROGELIO GONZALEZ VILLANUEVA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Myrna Y Rosario GalarzaMYRNA Y ROSARIO GALARZA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Jose A Gonzalez RiveraJOSE A GONZALEZ RIVERA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Nilda H Diaz DiazNILDA H DIAZ DIAZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Wilfredo Gonzalez IrrizaryWILFREDO GONZALEZ IRRIZARY
INTERIM PRES
- Total calculated
- $119,784
- From this org
- $108,267
- From related orgs
- $0
- Other
- $11,517
- Hours/week
- 60
-
Luis Genera PerezLUIS GENERA PEREZ
FORMER PRESI
- Total calculated
- $82,248
- From this org
- $77,903
- From related orgs
- $0
- Other
- $4,345
- Hours/week
- 60
-
Ana M Rodriguez SotoANA M RODRIGUEZ SOTO
VP OF OPERAT
- Total calculated
- $104,683
- From this org
- $95,463
- From related orgs
- $0
- Other
- $9,220
- Hours/week
- 60
-
Idalia Ortiz RodirguezIDALIA ORTIZ RODIRGUEZ
VP FIN, & IN
- Total calculated
- $105,582
- From this org
- $101,462
- From related orgs
- $0
- Other
- $4,120
- Hours/week
- 60
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 7 November 2025
- IRS schema version
- 2024v5.0
- Source object
- 202533169349305333
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