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Nonprofiteer
← COOPERATIVA DE AHORRO Y CREDITO DE MAYAGUEZ

Form 990 for tax year 2023

Filed by COOPERATIVA DE AHORRO Y CREDITO DE MAYAGUEZ.

Totals

Total revenue
$8,769,209
Total expenses
$4,602,270
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$4,017,881
Other revenue
$4,751,328
Total assets, end of year
$94,051,075
Total liabilities, end of year
$66,130,393
Net assets or fund balances, end of year
$27,920,682
Program services expenses (Part IX)
$0
Management and general expenses
$4,602,270
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.

  • 3 · Investment income

    total $3,020,304 · related or exempt $3,020,304 · unrelated business $0 · excluded $0

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

    total $997,577 · related or exempt $997,577 · 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

  • 11a · Other revenue: FEDERAL FUNDS

    total $3,853,758 · related or exempt $3,853,758 · unrelated business $0 · excluded $0

  • 11b · Other revenue: FEES TO MEMBERS

    total $897,570 · related or exempt $897,570 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $4,751,328

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $76,249 · management and general $76,249

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $945,170 · management and general $945,170

  • 8 · Pension plan contributions

    total $32,739 · management and general $32,739

  • 9 · Other employee benefits

    total $169,403 · management and general $169,403

  • 10 · Payroll taxes

    total $90,410 · management and general $90,410

  • 11b · Fees: legal

    total $46,734 · management and general $46,734

  • 11c · Fees: accounting

    total $15,600 · management and general $15,600

  • 11g · Fees: other

    total $90,968 · management and general $90,968

  • 12 · Advertising and promotion

    total $168,421 · management and general $168,421

  • 13 · Office expenses

    total $45,120 · management and general $45,120

  • 14 · Information technology

    total $12,786 · management and general $12,786

  • 16 · Occupancy

    total $64,900 · management and general $64,900

  • 19 · Conferences, conventions and meetings

    total $30,712 · management and general $30,712

  • 20 · Interest

    total $260,836 · management and general $260,836

  • 22 · Depreciation, depletion and amortization

    total $84,258 · management and general $84,258

  • 23 · Insurance

    total $299,048 · management and general $299,048

  • 24a · Other expenses: BANK CHARGES

    total $403,678 · program services $0 · management and general $403,678 · fundraising $0

  • 24b · Other expenses: PROVISION FOR LOAN LOSSES

    total $472,193 · program services $0 · management and general $472,193 · fundraising $0

  • 24c · Other expenses: PR BOND LOSSES BASED ON LAW 220

    total $722,906 · program services $0 · management and general $722,906 · fundraising $0

  • 24d · Other expenses: ANNUAL LICENSES FOR CORE PROGRAM

    total $132,330 · program services $0 · management and general $132,330 · fundraising $0

  • 24e · All other expenses

    total $437,809 · program services $0 · management and general $437,809 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $633,108 · end of year $645,409

  • 2 · Savings and temporary cash investments

    beginning of year $15,771,770 · end of year $15,287,598

  • 4 · Accounts receivable

    beginning of year $2,568,745 · end of year $445,850

  • 7 · Other notes and loans receivable

    beginning of year $37,860,887 · end of year $41,357,265

  • 9 · Prepaid expenses and deferred charges

    beginning of year $313,625 · end of year $285,163

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

    $3,327,066

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

    $2,451,421

  • 10c · Land, buildings and equipment, net

    beginning of year $860,618 · end of year $875,645

  • 11 · Investments: publicly traded securities

    beginning of year $24,330,357 · end of year $26,896,820

  • 12 · Investments: other securities

    beginning of year $3,624,984 · end of year $3,802,984

  • 15 · Other assets

    beginning of year $5,445,879 · end of year $4,454,341

  • 17 · Accounts payable and accrued expenses

    beginning of year $490,057 · end of year $461,248

  • 21 · Escrow or custodial account liability

    beginning of year $217,318 · end of year $239,929

  • 25 · Other liabilities

    beginning of year $66,137,583 · end of year $65,429,216

  • 29 · Capital stock, trust principal or current funds

    beginning of year $19,979,135 · end of year $19,350,449

  • 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 $4,585,880 · end of year $8,570,233

Mission and programs · 2023

Mission

THE ORGANIZATION IS A CREDIT UNION THAT PROVIDES QUALITY FINANCING AND SAVING SERVICES TO MEMBERS AND NONMEMBERS.

Activities or mission (Part I)

PROVIDE QUALITY FINANCING AND SAVING SERVICES TO MEMBERS AND NONMEMBERS AS A COOPERATIVE.

  • REVENUES EARNED FROM LENDING AND SERVICES PROVIDED TO MEMBERS, ALSO FROM INVESTING ACTIVITIES. MEMBERS RECEIVE INTEREST PAYMENTS FOR THEIR DEPOSITS HELD IN THE STATE CREDIT UNION.

As filed on the 2023 return.

Listed in Part VII

  • Mildred Perez Lebron

    Presidenta Ejecutiva

    Total calculated
    $76,249
    From this org
    $76,249
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Israel Valentin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Olga M Dobles Bisbal

    SECRETARY

    Total calculated
    $0
    Hours/week
    4

  • Enrique Matias

    President

    Total calculated
    $0
    Hours/week
    4

  • Marta Irizarry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    4

  • Nancy Rodriguez Gonzalez

    TREASURER

    Total calculated
    $0
    Hours/week
    4

  • Raul A Pla

    Vicepresident

    Total calculated
    $0
    Hours/week
    4

  • Rafael Caro Caro

    SUBTREASURER

    Total calculated
    $0
    Hours/week
    4

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
2023
Filed
15 November 2024
IRS schema version
2023v5.0
Source object
202433209349321953

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