Overview
What is Cooperativa De Ahorro Y Credito Morovena?
Cooperativa De Ahorro Y Credito Morovena is a nonprofit financial institution based in Morovis, Puerto Rico. Its primary purpose is to offer affordable financing options, including savings and checking accounts, personal loans, mortgage loans, commercial loans, and resolving credit lines, to the lower-income sector of the population. The cooperative serves as a social investment in the community, providing essential financial services to its members. With approximately 46 employees, Cooperativa De Ahorro Y Credito Morovena aims to contribute positively to the financial well-being of its members and the community, generating an interest income of $4,630,080 while managing total expenses of $3,845,711.
Is Cooperativa De Ahorro Y Credito Morovena legitimate?
Cooperativa De Ahorro Y Credito Morovena is a legitimate nonprofit organization registered as a 501(c)(14) entity. Cooperativa De Ahorro Y Credito Morovena submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $216,907
Professional Fundraising Fees: $0
Other Salaries and Wages: $782,526
For more financial information, click here
What is the mission statement of Cooperativa De Ahorro Y Credito Morovena?
Cooperativa De Ahorro Y Credito Morovena's mission is centered around providing financial services, primarily in the form of loans, savings, and accounts, to the low-income sector of the population in Puerto Rico. The credit union also makes a social investment in the community by offering these financial services. The primary purpose of the cooperative is to offer a source of financing at lower costs than other financial institutions, providing services such as savings and checking accounts, personal loans, mortgage loans, commercial loans, and resolving credit lines. The cooperative aims to contribute positively to its community by providing these financial services.
Who is the CEO of Cooperativa De Ahorro Y Credito Morovena?
Ivis N Valles Rivera is the Executive President of Cooperativa De Ahorro Y Credito Morovena.
What is the revenue of Cooperativa De Ahorro Y Credito Morovena?
Cooperativa De Ahorro Y Credito Morovena's revenue in 2022 was $4,630,080.
Who are the executives of Cooperativa De Ahorro Y Credito Morovena and what are their salaries?
The average compensation at Cooperativa De Ahorro Y Credito Morovena during 2022 was $21,727. There are 46 employees at Cooperativa De Ahorro Y Credito Morovena.
Here are 4 key members and their salaries:
- Compensation: $82,463
- Related: $0
- Other: $0
- Compensation: $54,769
- Related: $0
- Other: $0
- Compensation: $45,592
- Related: $0
- Other: $0
- Compensation: $34,083
- Related: $0
- Other: $0
Where can I find the form 990 for Cooperativa De Ahorro Y Credito Morovena?
Cooperativa De Ahorro Y Credito Morovena's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Cooperativa De Ahorro Y Credito Morovena
Cooperativa de Ahorro y Credito Morovena, a credit union, is committed to providing financial services primarily to the low-income sector of the population in Puerto Rico. This non-profit organization's mission extends beyond merely offering financial services; it also invests in the community socially. The credit union receives deposits in the form of savings and stock from its members and acts as a more affordable financing source than other financial institutions.
The financial services provided by Cooperativa de Ahorro y Credito Morovena include savings and checking accounts, personal loans, mortgage loans, commercial loans, and resolving credit lines, among others. The credit union's financial services are tailored to meet the needs of its low-income members, offering them an opportunity to access credit and savings options that might be less accessible elsewhere. Moreover, the credit union's financial investments in the community contribute to its social mission, promoting financial inclusion and economic development within the community it serves.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Cooperativa De Ahorro Y Credito Morovena plays a significant role in enhancing financial stability for low-income individuals in Puerto Rico, offering essential services like savings accounts, personal loans, mortgage loans, and commercial loans. By providing financing options at lower costs compared to traditional financial institutions, it empowers members of the community to manage their finances more effectively and achieve their financial goals.
The cooperative not only focuses on financial transactions but also emphasizes social investment, contributing to the broader development of the community. This dual approach fosters economic growth and stability, making a profound impact on the lives of its members. With a strong mission to serve the underserved, the cooperative strengthens the local economy while helping individuals build credit, save for the future, and access necessary financial resources.
Additionally, the cooperative's operations reflect a sustainable model, generating interest income significantly higher than its total expenses, which supports its continued ability to serve the financial needs of the community. Through these efforts, Cooperativa De Ahorro Y Credito Morovena is a vital institution that fosters financial inclusion and empowers its members to improve their quality of life.
This information is meant to be a general summary of Cooperativa De Ahorro Y Credito Morovena. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,486,975
- Gross Receipts: $4,630,080
Assets and Liabilities:
- Total Assets: $102,430,082
- Total Liabilities: $75,220,258
- Net Assets: $27,209,824
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
1953
Phone
(787) 862-7440Principal Officer
Ivis N Valles Rivera
Main Address
PO BOX 577, MOROVIS, PR, 00687
NTEE Category
Code: W60 - Public benefit
If you are a representative of Cooperativa De Ahorro Y Credito Morovena and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.