COOPERATIVA DE AHORRO Y CREDITO DE LARES

Address
CARR 111 KM 38
LARES, PR 006692505
RQ
Contact
Website: http://larcoop.com
Phone: +1 (787) 897-2220
Nonprofit
NTEE: W60 - Financial Institutions, Services (Non-Government Related)
EIN: 66-0206444

Mission

SAVINGS AND CREDIT UNION OPERATION
 20172016201520142013
Basic features of the organization
Year of formation1949
Subsection code14
PF filing required0    
Form of organization
CorporationTrue
Human resources, including compensation
Summary compensation info
Total compensation of current key personnel$0.00   $205,198.00
Sum of reportable (W2/1099) compensation$329,872.00$285,926.00  $205,198.00
Number of employees6163  61
Number of people compensated >$100k11  1
Number of volunteers00  0
Number of highly compensated contractors32  0
Personnel
Cuevas, Jaheira
TitleACCOUNTIN SUPERVISORACCOUNTIN SUPERVISOR  ACCOUNTING SUPERVISOR
Name of key/compensated personJAHEIRA CUEVASJAHEIRA CUEVAS  JAHEIRA CUEVAS
Position of compensated person
Current key employee (> $150k)TrueTrue  True
Average hours per week working for org4040  50
Reportable compensation from org$40,922.00$39,226.00  $33,568.00
Other comp, non-reportable, from org and related orgs$0.00$0.00  $0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00  $0.00
Average hours per week working for related orgs00  0
Marrero, Jose
Title    PRESIDENT
Name of key/compensated person    JOSE A MARRERO
Position of compensated person
Average hours per week working for org    50
Reportable compensation from org    $129,226.00
Other comp, non-reportable, from org and related orgs    $0.00
Corresponding comp from related orgs
Reportable compensation from related orgs     $0.00
Average hours per week working for related orgs    0
Marrrero, Jose
TitlePRESIDENTPRESIDENT   
Name of key/compensated personJOSE MARRREROJOSE MARRRERO   
Position of compensated person
Average hours per week working for org4040   
Reportable compensation from org$145,799.00$154,306.00   
Other comp, non-reportable, from org and related orgs$0.00$0.00   
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00   
Average hours per week working for related orgs00   
Medina, Jose
TitleINTERNAL AUDITOR    
Name of key/compensated personJOSE J MERCADO MEDINA    
Position of compensated person
Current key employee (> $150k)True    
Average hours per week working for org40    
Reportable compensation from org$29,300.00    
Other comp, non-reportable, from org and related orgs$0.00    
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00    
Average hours per week working for related orgs0    
Soto, Enid
TitleCOMPLINCE OFFICERCOMPLINCE OFFICER  COMPLIANCE OFFICER
Name of key/compensated personENID SOTOENID SOTO  ENID SOTO
Position of compensated person
Current key employee (> $150k)TrueTrue  True
Average hours per week working for org4040  50
Reportable compensation from org$48,370.00$47,855.00  $42,404.00
Other comp, non-reportable, from org and related orgs$0.00$0.00  $0.00
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00  $0.00
Average hours per week working for related orgs00  0
de Jesus, Carlos
TitleMANAGER OF OPERATIONSMANAGER OF OPERATIONS   
Name of key/compensated personCARLOS DE JESUSCARLOS DE JESUS   
Position of compensated person
Current key employee (> $150k)TrueTrue   
Average hours per week working for org4040   
Reportable compensation from org$65,481.00$44,539.00   
Other comp, non-reportable, from org and related orgs$0.00$0.00   
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00   
Average hours per week working for related orgs00   
Purpose: mission, activities, & accomplishments
Mission or significant activitiesIT IS A NON PROFIT ORGANIZATION AND IS PRIMARILY DEDICATED TO RECEIVE SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITSIT IS A NON PROFIT ORGANIZATION AND IS PRIMARILY DEDICATED TO RECEIVE SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS  IT IS A NON PROFIT ORGANIZATION AND IS PRIMARILY DEDICATED TO RECEIVE SAVINGS FROM ITS MEMBERS IN THE FORM OF SHARES AND DEPOSITS
Program service expenses, total$0.00$0.00  $0.00
Programs, including revenue & expenses
INTERES INCOME AND OTHER INCOME OF $8,711,472 AND TOTAL EXPENSES OF 8,006,655.
Program descriptionINTERES INCOME AND OTHER INCOME OF $8,711,472 AND TOTAL EXPENSES OF 8,006,655.INTERES INCOME AND OTHER INCOME OF 8,576,151 AND TOTAL EXPENSES OF 8,008,848.  INTEREST INCOME AND OTHER INCOME 9,090,429 TOTAL EXPENSES OF 6,765,562.
Financial data
Revenue
Total revenue$8,711,472.00$8,576,151.00  $9,090,429.00
Revenue from contributions (total)$0.00$0.00$0.00$0.00$0.00
Investment income, current yr$7,590,233.00$7,546,290.00  $8,285,011.00
Total revenue from grants, etc., current yr$0.00$0.00  $0.00
Total unrelated business revenue$0.00$0.00  $0.00
Other revenue, current yr$1,121,239.00$1,029,861.00  $805,418.00
Net unrelated business taxable revenue$0.00$0.00  $0.00
Program service revenue (total)$0.00$0.00$7,198,194.00$7,315,150.00$0.00
Gross receipts$8,711,472.00$8,576,151.00  $9,090,429.00
Other types of revenue
Royalties (total)$0.00$0.00  $0.00
Miscellaneous revenue (total)$1,121,239.00$1,029,861.00  $805,418.00
Income from dividends, interest, and similar investments$7,590,233.00$7,546,290.00  $8,285,011.00
Net rental income  $0.00$0.00$0.00
Expense categories (totals)
Total functional expenses: sum of all$8,006,655.00$8,008,848.00  $6,765,562.00
Total functional expenses: program service $0.00$0.00  $0.00
Total functional expenses: management and general$8,006,655.00$8,008,848.00  $6,765,562.00
Total functional expenses: fundraising$0.00$0.00  $0.00
Fees for services
Fundraising service fees (total)$0.00$0.00  $0.00
Assets and liabilities
Total assets$147,537,713.00$135,106,360.00$137,413,730.00$133,174,821.00$122,021,907.00
Total assets, beginning of year$135,106,360.00$137,413,730.00  $119,815,239.00
Total liabilities$98,244,347.00$85,914,285.00$88,132,568.00$88,555,512.00$82,704,237.00
Total liabilities, beginning of year$85,914,285.00$88,132,568.00  $83,121,227.00
Loans & receivables from key persons$323,634.00$378,667.00  $343,705.00
Net assets$49,293,366.00$49,192,075.00  $39,317,670.00
Net assets, beginning of year$49,192,075.00$49,281,162.00  $36,694,012.00
Other liabilities$97,036,475.00$84,748,773.00  $81,763,525.00
Other assets$9,160,652.00$12,208,304.00  $1,957,201.00
Investments: other securities$4,812,675.00$4,708,041.00  $4,364,159.00
Investments: publicly traded securities$12,300,184.00$7,809,086.00  $18,776,094.00
Cash: non-interest bearing$15,657,045.00$11,689,968.00  $6,918,530.00
Cash: non-interest bearing, beginning of year$11,689,968.00$13,123,870.00  $8,340,478.00
Other financial variables
Revenue less expenses$704,817.00$567,303.00  $2,324,867.00
Advertising (total)$166,135.00$269,976.00  $328,694.00
Savings & temp cash investment$2,475,000.00$2,725,000.00  $1,950,000.00
Accounts receivable, net$89,820,042.00$89,082,300.00  $80,939,690.00
Accounts payable & accrued expenses$1,207,872.00$1,165,512.00  $940,712.00
Total net assets or fund balances$49,293,366.00$49,192,075.00  $39,317,670.00
Depreciation, depletion, amortization$373,913.00$281,193.00  $292,614.00
Governance and accountability
Number of voting members1111  11
Number of independent voting members1111  11
Financial sheets auditedTrueTrue  True
Accrual accountingTrueTrue  True
Tax year start date2017-01-012016-01-01  2013-01-01
Tax year end date2017-12-012016-12-012015-12-012014-12-012013-12-01
Has local chaptersTrueTrue   
Indicators for schedules (selected)
Outstanding loan to key person or disqualified personTrueTrue  True
Metadata about the filing
E-return type: 990, 990EZ, or 990PF990990  990
Date e-filing submitted2018-09-272017-09-14  2014-12-29
IRS schema version2017v2.02016v3.0  2013v3.0
Filing identifier201821839349300857201741659349300124  201441679349300609
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