2025-09-29T13:52:19-07:00 2024-12-31 990 2024-01-01 660329330 COOPERATIVA DE AHORRO Y CREDITO MOROVENA COOP 7878627440 PO BOX 577 MOROVIS PR 00687 IVIS N VALLES RIVERA EXECUTIVE PRESIDENT 7878627440 2025-09-26 1 2024 2025-03-06 01:10:19Z IVIS N VALLES RIVERA PO BOX 577 MOROVIS PR 00687 6691691 0 X https://coopmorovena.com/ X CREDIT UNION 1953 PR TO PROVIDE FINANCIAL SERVICES AS LOANS SAVINGS AND ACCOUNTS MAINLY TO LOW INCOME SECTOR OF PEOPE IN PUERTO RICO. ALSO, CREDIT UNION MAKEA SOCIAL INVESMENT IN THE COMMUNITY. 7 7 60 0 0 0 0 0 0 0 4713288 5121848 3935666 1569843 8648954 6691691 0 0 0 0 1298454 1403077 0 0 0 3367984 3498930 4666438 4902007 3982516 1789684 105307292 102146141 75359201 71006027 29948091 31140114 TO PROVIDE FINANCIAL SERVICES AS LOANS, SAVINGS AND ACCOUNTS MAINLY TO LOW INCOME SECTOR OF PEOPLE IN PUERTO RICO. ALSO CREDIT UNION MAKE A SOCIAL INVESTMENT IN THE COMMUNITY. 0 0 0 0 0 THE PRIMARY PURPOSE OF THE COOPERATIVE IS TO RECEIVE DEPOSITS FROM ITS PARTNERS IN THE FORM OF SAVINGS AND STOCK, AND PROVIDE A SOURCE OF FINANCING AT LOWER COST THAN OFFERED BY OTHER FINANCIAL INSTITUTIONS. THE COOPERATIVE OFFERS A VARIETY OF FINANCIAL SERVICES, INCLUDING BUT NOT LIMITED TO SAVINGS AND CHECKING ACCOUNTS, PERSONAL LOANS, MORTGAGE LOANS, COMMERCIAL LOANS, RESOLVING CREDIT LINES AND OTHERS FINANCING SERVICES. INTEREST INCOME OF $6,691,691 AND TOTAL EXPENSES OF $4,902,007. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 60 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 0 0 0 0 1 1 0 PR X COOPERATIVA DE AHORRO Y CREDITO DE MOROVIS 7878627440 PO BOX 577 MOROVIS PR 00687 IVIS N VALLES RIVERA EXECUTIVE PRESIDENT 40 0 X 92053 0 0 YAJAIRA RIVERA NAZARIO CONTROLLER 40 0 X 56986 0 0 JONATHAN ROSA QUINONEZ OFFICER OF COMPLIANCE 40 0 X 43230 0 0 JESSICA I QUIJANO MORELL VP OPERATIONS 40 0 X 25458 0 0 217727 0 0 0 0 0 0 HELVETIA DEL CARIBE 386 Calle Via 11 390 CAROLINA PR 00983 PROGRAM SERVICES 214359 TRIPLE S SALUD PO BOX 71548 SAN JUAN PR 009368648 HEALT INSURNACE 164514 2 0 0 5121848 5121848 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1569843 1569843 0 0 1569843 6691691 6691691 0 0 X 0 0 0 0 0 0 0 0 217727 0 217727 0 0 0 0 0 1009434 0 1009434 0 51851 0 51851 0 0 0 0 0 124065 0 124065 0 0 0 0 0 4164 0 4164 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 202828 0 202828 0 100018 0 100018 0 38693 0 38693 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25000 0 25000 0 551235 0 551235 0 0 0 0 0 310235 0 310235 0 446092 0 446092 0 MAINTENANCE 224299 0 224299 0 UTILITIES 148909 0 148909 0 HEALTH INSURANCE 164514 0 164514 0 PROVISION FOR LOAN LOSSES 77500 0 77500 0 1205443 0 1205443 0 4902007 0 4902007 0 16507529 8977049 5357682 6570201 58586625 59272330 80110 0 0 0 0 0 0 0 0 366344 8188586 3986291 4298537 4202295 0 0 15174449 17935973 4274334 4522262 0 0 1028026 299687 105307292 102146141 963373 821621 74395828 70184406 75359201 71006027 X 22049811 21418905 7698280 9421209 200000 300000 29948091 31140114 105307292 102146141 X 1789684 0 0 0 0 -597661 X 0 1 X 1 1 1 880000 0 880000 4039267 0 1723722 2315545 1650979 0 1388105 262874 1576446 0 832571 743875 41894 0 41893 1 4202295 0 C 0 C AVAILABLE FOR SALE 11101790 F HELD TO MATURITY 6769147 C SPECIAL INVESTMENT IN PR 65036 C 17935973 DEPOSITS 55412939 CERTIFICATE OF DEPOSITS 14771467 70184406 6691691 0 0 0 0 0 6691691 0 0 0 6691691 4902007 0 0 0 0 0 4902007 0 0 0 4902007 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, EACH YEAR THE ORGANIZATION PERFORMS ITS ANNUAL STOCKHOLDERS MEETING, Form 990, Part VI, Section A, Line 7b WHERE MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR THREE YEAR PERIOD. 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 15 THE BOARD OF DIRECTORS PERFORMS ITS ANNUAL STOCKHOLDERS MEETING WHERE MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR A THREE-YEAR PERIOD. ALSO AUDITED FINANCIAL STATEMENTS MEMBERS OF THE GOVERNING BOARD ARE ELECTED FOR A THREE-YEAR PERIOD. ALSO AUDITED FINANCIAL STATEMENTS AT THE ANNUAL MEETING. 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 LECTED 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 11g OTHER PROFESSIONAL SERVICES Form 990, Part IX, Line 24e OTHER EXPENSES Form 990, Part XI, Line 9 DECREASES IN SHARE $630906; INCREASES IN THE INDIVISIBLE CAPITAL RESERVE $58,404; INCREASES IN SOCIAL CAPITAL RESERVE $88,083; INCREASES CONTINGENCIES RESERVE $1,321,535; INCREASES IN RESERVE CONTIGENCIES REQUIRED BY COSSEC $ 109,744; INCREASES ACCUMULATED COMPRESSIVE LOSS $145,162; Form 990, Part VI, Section C, Line 19 - ALSO THE CEO HAS AN EMPLOYMENT FORMAL CONTRACT OR AGREEMENT EACH YEAR SURPLUS $1,789,684. The organization's Form 990 for the year 2024 was not filed on time due to the change in auditor in the current year. As a result the request for extension was not submitted. This delay was unintentional and not due to willful neglect. The Credit Union has taken steps to ensure this does not recur, the corrective measures implementing a compliance calendar assigning multiple employees and retaining an external CPA to prepare future returns. We also note that our organization has a history of timely compliance with IRS filing requirements. Given these facts, we respectfully request abatement of the penalties . Thank you for your consideration.