Cooperativa Ahorro Y Credito Manati

“The organization has members called "socios" who join voluntarily to meet their economic and social needs. Members must contribute at least $10 in shares (par value) upon admission and at least $120 annually to enjoy member's benefits.”

“The organization's members have the power to nominate and elect the members of the board of directors at the annual member meeting. The board of directors is in charge of governance decisions of the organization.”

“The return is revised by the comptroller of the institution. The executive president and the president of the board of directors are then notified that the return was prepared in accordance with all irs requirements and is available for their review, as well as that of any members of the board of directors.”

“The compliance department of the institution is in charge of monitoring the process, transactions, and account details, among other aspects, related to matters related to conflict of interest. In accordance with the ethic code, all employees ar required to report any violation.”

“The compensation is assessed and compared using data of similar positions in other credit unions in puerto rico.”

“The credit union has available its financial statements, members, manual, brochure, and privacy policy for public inspection.”

“Elimination of loss under special amortization $1,838,755; current amortization of loss under special amortization act 220 2015 $206,250; utilities $406,361; atm network and e-transaction management expenses $245,130; sales tax $137,593; governing bodies expense $62,867; credit report services $46,030; donations and community aids $17,069; hauling of funds and freight $63,774; security and vigilance $82,082; employee activities $76,450; cooperative education and seminars $66,409; contribution to liga de cooperativas de puerto rico $7,500; repairs to repossessed properties $91,428; allowance and loss in sales of repossessed properties $90,831; other expenses $281,317”

“Additional investment in shares from members $6,949,791; shares withdrawals from members ($5,382,377); undistributed earnings capitalized into shares $550,000; preferred shares emitted net $1,220,500; claimed accounts previously transferred to indivisible capital reserve $276,383; contribution to indivisible capital reserve $267,383; contribution to contingency reserve $534,765; release f special temporary reserve as other income $1,838,755; transfer of special temporary reserve to contingency reserve ($714,707); special temporary reserve transferred to contingency reserve $714,707; undistributed earnings transferred to contingency reserve $3,908,003; dividends declared upon preferred shares; (337,500); other changes in undistributed earnings ($5,260,151)”