Cooperativa De Ahorro Y Credito De Arecibo

“Classess of members or stockholders. The organization is composed of member who join voluntarily to meet their common economic and social needs.”

“The members of the organization have the power to elect the board of directors for differents terms as provided by the law 255. During the annual meeting of members which is held during the six months following the end of fiscal year of the organization, other committees are also elected such as the supervisory committee.”

“The board of directors is in charge of the governance decisions of the organization. Nevertheless, an administrative matter presented by a member in the anual meeting of memmbers by means of a formal proposal which is approved by the majority of the votes will be mandatory for the present and absent members as long as it is accordance with the general regulations of the instution and the applicable laws.”

“When form 990 is ready for review the board of director discuss it with the president of the credit union and the director of finance. Once this discussion is completed, the return is authorized to be filed with the irs.”

“The supervisory commited of the board of directors perform this task. In conformity with the dispositions of the law numbers 225, every transaction involving a director, officer or key employee are evaluated by them.”

“The board of director is involved in the process for determining compensation for the executive director of the credit union.”

“In the case of the key employees of the institution, the process is performed by the executive director along with the human resources director.”

“The credit unions has available its financial statements, members manuals, brochure and the privacy policy to public inspection.”

“During the fiscal year ended december 31, 2024 the institution obtained deposit from members and continue providing to them and the community financing sources alternatives with loans at affordable terms as well as accessibility to technology in checking, saving and credit products to manage their personal finances.”

“Shares contribution from members 46,060,602 dormant accounts 337,546 change in net comprehensive loss 1,360,983 issuance of capital obligations 250,000 withdrawal of shares from members -44,210,926 reclassification of redemption fund -2,215,000 surplus transferred to redemption fund -216,667 total 1,366,538”