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← PROMESA ADMINISTRATIVE SERVICES ORGANIZATION INC PASO

Form 990 for tax year 2023

Filed by PROMESA ADMINISTRATIVE SERVICES ORGANIZATION INC PASO.

Totals

Total revenue
$12,308,054
Total expenses
$12,307,794
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$12,307,774
Investment income
$0
Other revenue
$280
Total assets, end of year
$12,498,962
Total liabilities, end of year
$12,672,965
Net assets or fund balances, end of year
-$174,003
Program services expenses (Part IX)
$12,307,794
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$12,307,794

Program services were 100.0% 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.

  • 2a · Program service revenue: SERVICE FEES

    total $12,307,774 · related or exempt $12,307,774

  • 3 · Investment income

    total $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER INCOME

    total $280 · related or exempt $280

  • 11e · Other revenue, total

    $280

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,122,235 · program services $2,122,235

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $7,834,511 · program services $7,834,511

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $2,351,048 · program services $2,351,048

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $2,180,509

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $40

  • 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 $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $170,269 · end of year $176,828

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 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 $10,803,178 · end of year $10,141,585

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,147,710 · end of year $12,672,965

  • 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 $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year -$174,263 · end of year -$174,003

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

PROMESA ADMINISTRATIVE SERVICES ORGANIZATION, INC., ESTABLISHED AS A NOT-FOR-PROFIT, PROVIDES ALL SUPERVISORY/ADMIN SERVICES FOR EACH OF THE ACACIA NETWORK ENTITIES.

Activities or mission (Part I)

TO PROVIDE ALL SUPERVISORY AND ADMIN SERVICES FOR EACH OF THE ACACIA NETWORK ENTITIES.

  • PROMESA ADMINISTRATIVE SERVICES ORGANIZATION, INC., ESTABLISHED AS A NOT-FOR PROFIT, PROVIDES ALL SUPERVISORY/ADMIN SERVICES FOR EACH OF THE ACACIA NETWORK ENTITIES. THESE SERVICES INCLUDE HUMAN RESOURCES, FINANCE, ACCOUNTING, ADMINISTRATIVE, INFORMATION TECHNOLOGY, PURCHASING, AND COMPLIANCE Q&A. PROMESA ADMINISTRATIVE SERVICES ORG., INC. IS REIMBURSED AT COST FOR ALL EXPENSES INCURRED ON BEHALF OF ALL ACACIA NETWORK ENTITIES.

    Expenses $12,307,794 · Revenue $12,308,054

As filed on the 2023 return.

Listed in Part VII

  • RAUL RUSSI

    PRESIDENT

    Total calculated
    $980,006
    From this org
    $0
    From related orgs
    $909,372
    Other
    $70,634
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $698,458 related
    Bonus
    $0 + $210,914 related
    Other
    $0
    Deferred
    $0 + $22,875 related
    Nontaxable benefits
    $0 + $47,759 related
    Filer's total
    $0 + $980,006 related

  • Lymaris Albors

    CHIEF Executive OFFICER

    Total calculated
    $842,966
    From this org
    $0
    From related orgs
    $803,886
    Other
    $39,080
    Hours/week
    0 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $620,142 related
    Bonus
    $0 + $183,744 related
    Other
    $0
    Deferred
    $0 + $22,580 related
    Nontaxable benefits
    $0 + $16,500 related
    Filer's total
    $0 + $842,966 related

  • Jose A Rodriguez

    CHIEF LEGAL OFFICER/ Exec V.P

    Total calculated
    $639,637
    From this org
    $602,553
    From related orgs
    $0
    Other
    $37,084
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $504,163
    Bonus
    $98,390
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $21,834
    Filer's total
    $639,637

  • Vicky Gatell

    CHIEF FINANCIAL OFFICER

    Total calculated
    $497,576
    From this org
    $454,869
    From related orgs
    $0
    Other
    $42,707
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $381,001
    Bonus
    $73,868
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $27,457
    Filer's total
    $497,576

  • DAVID COLLYMORE

    CMO/Senior VP Clinical affairs

    Total calculated
    $472,741
    From this org
    $424,275
    From related orgs
    $0
    Other
    $48,466
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $386,030
    Bonus
    $38,245
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $33,216
    Filer's total
    $472,741

  • Maria Del Carmen Arroyo

    Chief Administrative Officer

    Total calculated
    $469,013
    From this org
    $426,112
    From related orgs
    $0
    Other
    $42,901
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $387,867
    Bonus
    $38,245
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $27,651
    Filer's total
    $469,013

  • steve kadin

    EVP Finance

    Total calculated
    $341,515
    From this org
    $313,739
    From related orgs
    $0
    Other
    $27,776
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $313,739
    Bonus
    $0
    Other
    $0
    Deferred
    $15,040
    Nontaxable benefits
    $12,736
    Filer's total
    $341,515

  • giamara m rosado

    SVP/Executive Deputy Counsel

    Total calculated
    $323,259
    From this org
    $276,689
    From related orgs
    $0
    Other
    $46,570
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $276,689
    Bonus
    $0
    Other
    $0
    Deferred
    $13,354
    Nontaxable benefits
    $33,216
    Filer's total
    $323,259

  • jesus pedrosa

    SVP Facilities

    Total calculated
    $285,949
    From this org
    $250,007
    From related orgs
    $0
    Other
    $35,942
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $250,007
    Bonus
    not reported
    Other
    $0
    Deferred
    $12,030
    Nontaxable benefits
    $23,912
    Filer's total
    $285,949

  • KATRINA JONES

    SVP HR & talent management

    Total calculated
    $284,441
    From this org
    $248,588
    From related orgs
    $0
    Other
    $35,853
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $248,588
    Bonus
    $0
    Other
    $0
    Deferred
    $11,941
    Nontaxable benefits
    $23,912
    Filer's total
    $284,441

  • William Brooks

    Controller

    Total calculated
    $246,390
    From this org
    $208,987
    From related orgs
    $0
    Other
    $37,403
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $208,987
    Bonus
    $0
    Other
    $0
    Deferred
    $10,332
    Nontaxable benefits
    $27,071
    Filer's total
    $246,390

  • EDDIE KOCOVIC

    Assistant VP of IT/CISO

    Total calculated
    $207,073
    From this org
    $165,766
    From related orgs
    $0
    Other
    $41,307
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $165,766
    Bonus
    $0
    Other
    $0
    Deferred
    $8,091
    Nontaxable benefits
    $33,216
    Filer's total
    $207,073

  • Gabriela Gonzalez

    SVP of EA & strategic planning

    Total calculated
    $200,319
    From this org
    $159,304
    From related orgs
    $0
    Other
    $41,015
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $159,304
    Bonus
    $0
    Other
    $0
    Deferred
    $7,799
    Nontaxable benefits
    $33,216
    Filer's total
    $200,319

  • EDITH M Turnbull

    Director of Procurement

    Total calculated
    $200,113
    From this org
    $165,047
    From related orgs
    $0
    Other
    $35,066
    Hours/week
    0 + 35 related

    Schedule J breakdown matched by us

    Base
    $165,047
    Bonus
    $0
    Other
    $0
    Deferred
    $7,738
    Nontaxable benefits
    $27,328
    Filer's total
    $200,113

  • Wilfred Renta

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Henry Comas

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Elizer Rodriguez Esq

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Gilbert Hernandez

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Carmen J Villa-Lugo Esq

    CHAIR

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Walter Mack Esq

    BOARD Member

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kaleb H Sanchez Esq

    BOARD Member

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Federico Perez

    BOARD Member

    Total calculated
    $0
    Hours/week
    1 + 10 related

  • Carmen S Melero

    BOARD Member

    Total calculated
    $0
    Hours/week
    1 + 10 related

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

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J PART I Line 7
The Bonuses for the CEO and President are approved by the Board of the Parent entity. The remaining executive bonuses are approved by the CEO.
SCHEDULE J PART I LINE 3
PursuaNt to the Organization's bylaws, the Organization delegates to its parent entity the hiring of the CEO and President. The compensation of the executives is approved by the Parent entity, who hires a consultant to conduct a study. A standing compensation commitee of the Parent entity reviews a compensation study and votes on how to proceed

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202403209349308825

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