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Nonprofiteer
← COOPERATIVA DE AHORRO Y CREDITO DE ARECIBO

Form 990 for tax year 2023

Filed by COOPERATIVA DE AHORRO Y CREDITO DE ARECIBO.

Totals

Total revenue
$48,904,768
Total expenses
$35,374,361
Contributions and grants received
$3,770,791
Grants paid
$0
Program service revenue
$0
Investment income
$38,485,565
Other revenue
$6,648,412
Total assets, end of year
$829,556,939
Total liabilities, end of year
$654,694,100
Net assets or fund balances, end of year
$174,862,839
Program services expenses (Part IX)
$0
Management and general expenses
$35,374,361
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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $3,770,791

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 3 · Investment income

    total $38,485,565 · related or exempt $38,485,565 · 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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

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

    $0

  • 11d · All other revenue

    total $6,648,412 · related or exempt $6,648,412 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $6,648,412

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $318,458 · management and general $318,458

  • 7 · Other salaries and wages

    total $8,915,251 · management and general $8,915,251

  • 8 · Pension plan contributions

    total $462,394 · management and general $462,394

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $917,503 · management and general $917,503

  • 11g · Fees: other

    total $706,418 · management and general $706,418

  • 12 · Advertising and promotion

    total $380,064 · management and general $380,064

  • 13 · Office expenses

    total $137,187 · management and general $137,187

  • 16 · Occupancy

    total $793,477 · management and general $793,477

  • 19 · Conferences, conventions and meetings

    total $147,981 · management and general $147,981

  • 20 · Interest

    total $4,716,428 · management and general $4,716,428

  • 22 · Depreciation, depletion and amortization

    total $1,011,258 · management and general $1,011,258

  • 23 · Insurance

    total $3,696,798 · management and general $3,696,798

  • 24a · Other expenses: UTILITIES

    total $614,831 · program services $0 · management and general $614,831 · fundraising $0

  • 24b · Other expenses: MEDICAL PLAN

    total $1,161,243 · program services $0 · management and general $1,161,243 · fundraising $0

  • 24c · Other expenses: PROVISION FOR BAD DEBTS

    total $2,997,349 · program services $0 · management and general $2,997,349 · fundraising $0

  • 24d · Other expenses: INFORMATION SYSTEM

    total $1,855,780 · program services $0 · management and general $1,855,780 · fundraising $0

  • 24e · All other expenses

    total $6,541,941 · management and general $6,541,941

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $40,626,635 · end of year $62,310,404

  • 2 · Savings and temporary cash investments

    beginning of year $28,200,036 · end of year $29,250,036

  • 5 · Loans and receivables from officers and key people

    beginning of year $398,432 · end of year $320,887

  • 7 · Other notes and loans receivable

    beginning of year $523,451,789 · end of year $548,154,313

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

    $30,664,971

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

    $20,527,946

  • 10c · Land, buildings and equipment, net

    beginning of year $10,271,407 · end of year $10,137,025

  • 11 · Investments: publicly traded securities

    beginning of year $150,353,784 · end of year $138,346,220

  • 12 · Investments: other securities

    beginning of year $24,321,376 · end of year $25,585,132

  • 15 · Other assets

    beginning of year $16,991,342 · end of year $15,452,922

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,304,482 · end of year $14,302,573

  • 25 · Other liabilities

    beginning of year $622,071,866 · end of year $640,391,527

  • 29 · Capital stock, trust principal or current funds

    beginning of year $130,706,138 · end of year $132,520,273

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

    beginning of year $26,450,428 · end of year $41,342,566

  • 31 · Retained earnings, endowment or other funds

    beginning of year $3,081,887 · end of year $1,000,000

Mission and programs · 2023

Mission

THE ORGANIZATION DOES SAVINGS AND DEPOSITS.

Activities or mission (Part I)

THIS IS A NON PROFIT ORGANIZATION AND IS PRIMARILY DEDICATED TO RECEIVE SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS

  • THE CREDIT UNION GENERATED INCOME OF $48,904,768. THE CREDIT UNION HAD TOTAL EXPENSES OF $35,374,361 GAIN IN EXCESS OF EXPENSES WAS OF $13,530,407.

As filed on the 2023 return.

Listed in Part VII

  • Luis Gerena Ruiz

    EXECUTIVE PRESIDENT

    Total calculated
    $93,692
    From this org
    $93,692
    From related orgs
    $0
    Other
    $0
    Hours/week
    60

  • Idalia Ortiz

    VP OF FINANCE

    Total calculated
    $89,677
    From this org
    $85,557
    From related orgs
    $4,120
    Other
    $0
    Hours/week
    50

  • Wilfredo Gonzalez Irrizary

    VP OF ADMINISTRATIVE

    Total calculated
    $80,412
    From this org
    $70,789
    From related orgs
    $9,623
    Other
    $0
    Hours/week
    50

  • Ana M Rodriguez

    VP OPERATIONS

    Total calculated
    $75,317
    From this org
    $68,420
    From related orgs
    $6,897
    Other
    $0
    Hours/week
    50

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
13 November 2024
IRS schema version
2023v5.0
Source object
202403209349304650

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