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Nonprofiteer
← COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC

Form 990 for tax year 2022

Filed by COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC.

Totals

Total revenue
$12,946,475
Total expenses
$9,981,215
Contributions and grants received
$125,000
Grants paid
$0
Program service revenue
$9,329,756
Investment income
$1,770,309
Other revenue
$1,721,410
Total assets, end of year
$217,103,471
Total liabilities, end of year
$181,584,519
Net assets or fund balances, end of year
$35,518,952
Program services expenses (Part IX)
$7,190,175
Management and general expenses
$2,791,040
Fundraising expenses
$0
Program service expenses (Part III)
$7,190,175

Program services were 72.0% 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.

  • 1e · Government grants (contributions)

    $125,000

  • 2a · Program service revenue: MEMBERS' LOANS INTEREST

    total $9,329,756 · related or exempt $9,329,756

  • 3 · Investment income

    total $1,557,544 · related or exempt $1,557,544

  • 7a · Gross sales of assets other than inventory

    other assets $529,867

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

    other assets $317,102

  • 7c · Gain or loss

    other assets $212,765

  • 7d · Net gain or loss

    total $212,765 · related or exempt $212,765

  • 11a · Other revenue: REV FROM MEMB ACC&LOANS CHARG

    total $723,449 · related or exempt $723,449

  • 11b · Other revenue: REV FROM MEMB CRED&DEB CARDS

    total $591,823 · related or exempt $591,823

  • 11c · Other revenue: OTHER REV FROM MEMBERS SERVIC

    total $406,138 · related or exempt $406,138

  • 11e · Other revenue, total

    $1,721,410

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $81,448 · program services $81,448

  • 5 · Compensation of officers, directors and key employees

    total $295,005 · program services $141,699 · management and general $153,306

  • 7 · Other salaries and wages

    total $2,160,007 · program services $1,836,006 · management and general $324,001

  • 8 · Pension plan contributions

    total $180,995 · program services $180,995

  • 9 · Other employee benefits

    total $244,360 · program services $244,360

  • 10 · Payroll taxes

    total $221,301 · program services $221,301

  • 11b · Fees: legal

    total $95,819 · management and general $95,819

  • 11c · Fees: accounting

    total $30,065 · management and general $30,065

  • 11g · Fees: other

    total $110,217 · management and general $110,217

  • 12 · Advertising and promotion

    total $451,711 · program services $451,711

  • 13 · Office expenses

    total $154,089 · program services $154,089

  • 14 · Information technology

    total $93,401 · program services $93,401

  • 16 · Occupancy

    total $106,068 · program services $106,068

  • 17 · Travel

    total $13,181 · program services $13,181

  • 20 · Interest

    total $1,370,223 · program services $1,370,223

  • 22 · Depreciation, depletion and amortization

    total $670,838 · program services $570,212 · management and general $100,626

  • 23 · Insurance

    total $805,817 · program services $422,606 · management and general $383,211

  • 24a · Other expenses: BANK & CRED CARD SERV EXP

    total $829,374 · program services $829,374

  • 24b · Other expenses: UTILITIES,REPAIRS & MAINT

    total $557,060 · program services $473,501 · management and general $83,559

  • 24c · Other expenses: PROV FOR DOUBTFUL LOANS

    total $475,000 · management and general $475,000

  • 24d · Other expenses: AMORTIZATION LOSS LAW 220

    total $225,000 · management and general $225,000

  • 24e · All other expenses

    total $810,236 · management and general $810,236

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $46,663,786 · end of year $5,740,999

  • 2 · Savings and temporary cash investments

    beginning of year $7,516,316 · end of year $9,201,926

  • 4 · Accounts receivable

    beginning of year $2,423,110 · end of year $3,759,291

  • 7 · Other notes and loans receivable

    beginning of year $111,560,136 · end of year $127,394,755

  • 9 · Prepaid expenses and deferred charges

    beginning of year $413,719 · end of year $656,738

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

    $16,529,190

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

    $8,787,900

  • 10c · Land, buildings and equipment, net

    beginning of year $7,552,073 · end of year $7,741,290

  • 11 · Investments: publicly traded securities

    beginning of year $38,199,275 · end of year $47,885,747

  • 12 · Investments: other securities

    beginning of year $10,653,615 · end of year $10,981,000

  • 15 · Other assets

    beginning of year $4,491,560 · end of year $3,741,725

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,591,107 · end of year $3,658,855

  • 25 · Other liabilities

    beginning of year $184,834,495 · end of year $177,925,664

  • 29 · Capital stock, trust principal or current funds

    beginning of year $25,455,052 · end of year $25,768,477

  • 31 · Retained earnings, endowment or other funds

    beginning of year $16,592,936 · end of year $9,750,475

Mission and programs · 2022

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, 2022 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.

    Expenses $7,190,175 · Revenue $12,946,475

As filed on the 2022 return.

Listed in Part VII

  • Ricardo Alvarez

    BOARD TREASU

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Maria Freytes Colon

    BOARD OF DIR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Carlos Colon

    BOARD OF DIR

    Total calculated
    $1,990
    From this org
    $1,990
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Anibal Delgado

    BOARD SECRET

    Total calculated
    $4,250
    From this org
    $4,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Doris Class Nieves

    BOARD OF DIR

    Total calculated
    $3,950
    From this org
    $3,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Hector Aulet Mejias

    BOARD OF DIR

    Total calculated
    $1,850
    From this org
    $1,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Joel Rolon Alindato

    BOARD OF DIR

    Total calculated
    $950
    From this org
    $950
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Heriberto Martinez Gonzalez

    BOARD OF DIR

    Total calculated
    $2,550
    From this org
    $2,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Carmen Soto

    BOARD OF DIR

    Total calculated
    $2,692
    From this org
    $2,692
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Angel Nogueras

    BOARD OF DIR

    Total calculated
    $2,800
    From this org
    $2,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Candido Rivera

    EXECUTIVE PR

    Total calculated
    $202,427
    From this org
    $175,427
    From related orgs
    $0
    Other
    $27,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,413
    Bonus
    $15,014
    Other
    not reported
    Deferred
    $27,000
    Nontaxable benefits
    not reported
    Filer's total
    $202,427

  • Anderson Martinez

    CONTROLLER

    Total calculated
    $66,846
    From this org
    $66,846
    From related orgs
    $0
    Other
    $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

  • 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
8 September 2023
IRS schema version
2022v5.0
Source object
202322529349300112

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