Cooperativa De Ahorro Y Credito Oriental

“The organization has members called "socios". Each member must contribute $10 in shares (par value) upon admission and must contribute at least $120 in shares annually.”

“Each year the organization conducts its annual members meeting, where active members elect the members of board of directors for the next three years.”

“Only those affecting the general rules of the organization.”

“The organization has to send a report on compliance with laws and regulations each trimester to the regulator, in this case, cossec.”

“The board of directors evaluates ceo performance annually. The ceo has a formal employment contract or agreement.”

“Every year, the organization conducts its annual member meeting, where members of the board of directors are elected for the next three years. In this meeting, the audited financial statements are discussed and are made available to every member at the meeting.”

“Amortization of Loss under special amortization Act 220 $2,145,162; Goodwill amortization $113,040; Utilities $403,585; Bank charges $150,072; Governing bodies expenses $56,198; Credit report expenses $59,740; Hauling of funds and armored trucks $61,428; Security $118,460; Sales tax $148,416; Cooperative education $24,658; Contribution to Liga de Cooperativas de Puerto Rico $10,108; Employee and committees activities $69,579; Provision and losses in sales of repossessed properties $142,802; Sevicing and origination of mortgages expense $131,142; Debit and credit card claims $55,314; Employee deferred compensation plan $121,128; Other expenses $240,400”

“Additional investment from members in shares $26,234,922; Withdrawals of shares from members ($35,199,476); Undistributed Earnings capitalized into shares $500,000; Unclaimed accounts transferred to Indivisible capital reserve $177,396; Release of the special temporary reserve ($2,145,163); Contribution to indivisible capital reserve $68,484; Contribution to Contingency reserve $136,967; CDFI Funds received and transferred to contingency reserve $718,259; Undistributed earnings transferred to contingency reserve $1,311,401; Other changes in Undistributed Earnings ($2,735,111)”