TY 2020 Form 990 Schedule O

efile Public Visual Render ObjectId: 202143139349304214 - Submission: 2021-11-08 TIN: 66-0190521

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2020

Open to Public
Inspection

Name of the organization

COOPERATIVA DE AHORRO Y CREDITO DE ARECIBO

Employer identification number

66-0190521

Return Reference	Explanation
Form 990, Part VI, Section A, Line 6	THE ORGANIZATION HAS MEMBERS CALLED "SOCIOS". EACH MEMBER CONTRIBUTES AT LEAST 120 DOLLARS IN SHARES.
Form 990, Part VI, Section A, Line 7a	EACH YEAR THE ORGANIZATION PERFORMS ITS ANNUAL STOCKHOLDERS MEETING WHERE MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR THREE YEAR PERIOD.
Form 990, Part VI, Section A, Line 7b	ONLY THOSE AFFECTING GENERAL RULES.
Form 990, Part VI, Section B, Line 11b	THE ORGANIZATION HAS TO SEND EVERY THREE MONTHS A REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS TO THE REGULATOR IN THIS CASE COSSEC.
Form 990, Part VI, Section B, Line 12c	THE ORGANIZATION HAS TO SEND EVERY THREE MONTHS A REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS TO THE REGULATOR IN THIS CASE COSSEC.
Form 990, Part VI, Section B, Line 15	THE BOARD OF DIRECTORS PERFORMS ANNUAL EVALUATION OVER CEO PERFORMANCE. ALSO THE CEO HAS AN EMPLOYMENT FORMAL CONTRACT OR AGREEMENT
Form 990, Part VI, Section C, Line 19	ALSO THE CEO HAS AN EMPLOYMENT FORMAL CONTRACT OR AGREEMENT EACH YEAR THE ORGANIZATION PERFORMS ITS ANNUAL STOCKHOLDRS MEETING WHERE MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR A THREE YEAR PERIOD. ALSO AUDITED FINANCIAL STATEMENTS ARE DISCUSSED BY THE BOARD OF DIRECTORS WITH MEMBERS. FINANCIAL STATEMENTS ARE AVAILABLE FOR EACH MEMBER AT THE ANNUAL MEETING.
Form 990, Part IX, Line 24e	HUMAN RESOURCES EXPENSES $163,558, SECURITY EXPENSES $222,744 MAINTENANCE AND REPAIRS $948,288; BANK CHARGES $499,813; MAINTENANCE MASTER CARD $512,196; MAINTENANCE OF ATM $694,055; POSTAGE EXPENSES $548,426; RENT EQUIPMENT $99,441; CREDIT REPORTS $68,442; EDUCATION $114,385; DIRECTOR EXPENSES $36,519; REPRESENTATION EXPENSES $308,918; LEGAL EXPENSES $17,549; DELIVERY FUNDS $111,103;PROVISION FOR DISPOSAL ON REPOSSESSED PROPERTIES $102,403; LOSS ASSETS DISPOSITION $ 66,914; OTHER EXPENSES $ 1,211,834.
Form 990, Part XI, Line 9	INCREASES IN SHARE $4,586,938; INCREASES THE CAPITAL OBLIGATION $500,000; INCREASES IN RESERVE OF CAPITAL INDIVISIBLE $96,561; INCREASES REDEMPTION FUND OBLIGATIONS CAPITAL $895,000; INCREASES IN SOCIAL CAPITAL RESERVE $614,930; INCREASES IN COMPREHENSIVE NET INCOME $227,608; ACCUMULATED LOSS $-1,191,561.

Return Reference

Explanation

Form 990, Part VI, Section A, Line 6

THE ORGANIZATION HAS MEMBERS CALLED "SOCIOS". EACH MEMBER CONTRIBUTES AT LEAST 120 DOLLARS IN SHARES.

Form 990, Part VI, Section A, Line 7a

EACH YEAR THE ORGANIZATION PERFORMS ITS ANNUAL STOCKHOLDERS MEETING WHERE MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR THREE YEAR PERIOD.

Form 990, Part VI, Section A, Line 7b

ONLY THOSE AFFECTING GENERAL RULES.

Form 990, Part VI, Section B, Line 11b

THE ORGANIZATION HAS TO SEND EVERY THREE MONTHS A REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS TO THE REGULATOR IN THIS CASE COSSEC.

Form 990, Part VI, Section B, Line 12c

THE ORGANIZATION HAS TO SEND EVERY THREE MONTHS A REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS TO THE REGULATOR IN THIS CASE COSSEC.

Form 990, Part VI, Section B, Line 15

THE BOARD OF DIRECTORS PERFORMS ANNUAL EVALUATION OVER CEO PERFORMANCE. ALSO THE CEO HAS AN EMPLOYMENT FORMAL CONTRACT OR AGREEMENT

Form 990, Part VI, Section C, Line 19

ALSO THE CEO HAS AN EMPLOYMENT FORMAL CONTRACT OR AGREEMENT EACH YEAR THE ORGANIZATION PERFORMS ITS ANNUAL STOCKHOLDRS MEETING WHERE MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR A THREE YEAR PERIOD. ALSO AUDITED FINANCIAL STATEMENTS ARE DISCUSSED BY THE BOARD OF DIRECTORS WITH MEMBERS. FINANCIAL STATEMENTS ARE AVAILABLE FOR EACH MEMBER AT THE ANNUAL MEETING.

Form 990, Part IX, Line 24e

HUMAN RESOURCES EXPENSES $163,558, SECURITY EXPENSES $222,744 MAINTENANCE AND REPAIRS $948,288; BANK CHARGES $499,813; MAINTENANCE MASTER CARD $512,196; MAINTENANCE OF ATM $694,055; POSTAGE EXPENSES $548,426; RENT EQUIPMENT $99,441; CREDIT REPORTS $68,442; EDUCATION $114,385; DIRECTOR EXPENSES $36,519; REPRESENTATION EXPENSES $308,918; LEGAL EXPENSES $17,549; DELIVERY FUNDS $111,103;PROVISION FOR DISPOSAL ON REPOSSESSED PROPERTIES $102,403; LOSS ASSETS DISPOSITION $ 66,914; OTHER EXPENSES $ 1,211,834.

Form 990, Part XI, Line 9

INCREASES IN SHARE $4,586,938; INCREASES THE CAPITAL OBLIGATION $500,000; INCREASES IN RESERVE OF CAPITAL INDIVISIBLE $96,561; INCREASES REDEMPTION FUND OBLIGATIONS CAPITAL $895,000; INCREASES IN SOCIAL CAPITAL RESERVE $614,930; INCREASES IN COMPREHENSIVE NET INCOME $227,608; ACCUMULATED LOSS $-1,191,561.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2020

Software ID:	20012124
Software Version:	v1.00