Cooperativa De Ahorro Y Credito De Manati Inc.

Overview Cooperativa De Ahorro Y Credito De Manati Inc. is a state-chartered credit union and mutual reserve fund located in Manati, Puerto Rico. The organization operates as a nonprofit, focusing on providing financial services to its members.

Mission The mission of Cooperativa De Ahorro Y Credito De Manati Inc. is to gather savings deposits from its members and offer financing sources in accordance with the principles of the cooperative movement. This approach enables the cooperative to provide support and financial services tailored to the needs of its community.

Activities This credit union offers a range of financial products and services, including mortgages and business support. Their offerings are designed to help individuals and businesses manage financial requirements effectively. The cooperative's services typically include:

• Mortgage Services: Provides assistance with purchasing or refinancing homes, helping members navigate the process seamlessly.
• Business Support: Offers a variety of products and services designed to support the growth and development of local businesses.

Financial Overview As of 2023, Cooperativa De Ahorro Y Credito De Manati Inc. reported:

• Revenue: $21.2 million
• Expenses: $15.2 million
• Total Assets: $295 million
• Total Liabilities: $243 million

A significant portion of their revenue comes from program services (72.1%), investment income (12.0%), and other revenue sources (13.3%) [2]. Expenses are distributed across various areas, with a notable allocation to salaries and executive compensation.

Key Personnel The leadership includes key figures such as Candido Rivera, who serves as a chief executive officer. Other notable positions include board members like Carlos Colon, Ricardo Alvarez, Maria Freytes Colon, Anibal Delgado, and Hector Aulet Mejias [2].

Nonprofit Status Although designated as a state-chartered credit union, donations to this organization are not tax-deductible. This status aligns with its function as a mutual financial institution rather than a charitable organization [2].

[1] https://www.dnb.com/business-directory/company-profiles.cooperativa_de_ahorro_y_credito_de_manati_inc.12636d5c63b2bff0078d34a854bf48cb.html [2] https://projects.propublica.org/nonprofits/organizations/660220429 [3] https://www.coopmanati.com [4] https://www.guidestar.org/profile/66-0220429 [5] https://www.charitynavigator.org/ein/660220429