dedicatoria - Hermanos Unidos

Transcription

DEDICATORIA
La Junta de Directores de la Cooperativa de Ahorro y Crédito Hermanos Unidos dedica
su 41th Asamblea Anual a la Congregación Mita, Inc., en su 75 aniversario. Además,
hace un reconocimiento muy especial a Aarón, Presidente y a Rosinín Rodríguez, Vicepresidenta de la Congregación por la encomiable labor realizada durante los pasados
75 años.
La Congregación Mita, Inc., iglesia cristiana, surgió en el año 1940 en el pueblo de
Arecibo. Una dama puertorriqueña, Juanita García Peraza, fue escogida por Dios para
llevar a cabo una gran obra espiritual y social. Ella comenzó esta obra con 11
hermanos y entre ellos, Aarón.
Él fue el primer Obrero ordenado de esta
Congregación, enviado por diferentes campos y pueblos de Puerto Rico para llevar
este mensaje de vida, el primer Guarda, administrador de los bienes de la Iglesia y
músico de percusión de la Banda. Aarón se ha distinguido por su amor por las almas,
por sus valores espirituales, morales y sociales. Se ha destacado por la enseñanza de
estos valores a través del ejemplo. Su vida ha sido una de entrega, de compromiso, de
dedicación y entrega al servicio de su Dios y de su Pueblo.
Rosinín Rodríguez, Vicepresidenta de la Congregación, se unió a la Iglesia en el año
1962 y desde entonces ha trabajado con mucho amor por el bienestar de todos/as y
por ende del pueblo de Mita. Ella se ha distinguido por sus grandes valores espirituales
y morales, por su amor por las almas, por su compromiso con este pueblo, por su
lealtad, fidelidad, por sus innumerables cualidades, por su inteligencia y sus grandes
capacidades.
En el año 1970 la persona de Mita, antes de su deceso frente a unos hermanos y a
Rosinín le dijo a Aarón: “cuida de mis hijos que yo te pagaré”. El ha cumplido
cabalmente con esta encomienda. La Obra se ha extendido por todo Puerto Rico, este
mensaje ha traspasado los mares y ha llegado hasta: República Dominicana, Estados
Unidos, Colombia, Venezuela, México, Costa Rica, Panamá, El Salvador, Ecuador,
Canadá y España. Ha sido grande la Obra espiritual y social que Aarón y Rosinín han
llevado a cabo. Ejemplo de esto es la transformación de miles de seres humanos que
hoy son ciudadanos de provecho en sus comunidades y en la sociedad en general.
También, se han establecido diversas instituciones que han sido de gran beneficio a
toda la comunidad puertorriqueña entre ellas se destacan: Colegio Congregación Mita,
Égida e Institución El Paraíso, Oficina de Orientación y Trabajo Social de la
Congregación Mita, Los Hermanos Memorial Park, la Corporación Los Hermanos y el
Centro de Salud Médico Duarte.
Es importante resaltar que Aarón y Rosinín han sido promotores y gestores del
movimiento cooperativista en nuestra Comunidad y han fomentado el desarrollo
económico de su pueblo. Nos han enseñado la importancia de trabajar arduamente
para lograr los objetivos propuestos en la vida. En un sinnúmero de ocasiones les
hemos oído decir que “el trabajo es una terapia cuando se hace con amor”.
Por tanto, la Junta de Directores, comités, gerencia, empleados y socios de la
Cooperativa de Ahorro y Crédito Hermanos Unidos se unen a este magno evento de la
Celebración de los 75 años de la Congregación Mita en Puerto Rico. Reconocemos la
excelente labor y al trabajo admirable que han realizado Aarón y Rosinín en beneficio
de nuestro pueblo.
¡FELICITACIONES!
¡Trabajando mano a mano con el
Movimiento Cooperativista Puertorriqueño!
Clasiﬁcación ﬁnanciera de A, Excelente, con perspectiva Estable
según A.M. Best.
Nombrada una de las Compañías Más Éticas del Mundo por Ethispere
por dos años consecutivos (2013 y 2014).
Servicio de excelencia, con productos diseñados para satisfacer las
necesidades de las cooperativas y sus socios.
Con nosotros,
¡tú y tu familia estarán protegidos!
Propósito Común. Compromiso Total.
¡Contáctanos!
Tel. 787.272.4455
Fax 787.272.0985
Cooperativa de Ahorro y Crédito Hermanos Unidos
“Unidos seguimos creciendo”
229 Calle Duarte, San Juan, Puerto Rico 00917 * Tel. 787-756-6161 * Fax. 787-274-8665
Apartado 195245 San Juan PR 00919-5245 * www.cachupr.com
Orden del Día
Que Dios nos bendiga a todos y nos dirija en esta Cuadragésima Primera Asamblea
Anual de socios.
A continuación la Orden del día:

Presentación de Invitados

Himnos Nacionales

Dedicatoria de Asamblea

Iniciación de los trabajos por el Presidente

Demostración de que la Convocatoria para la Asamblea llenó los requisitos del
Reglamento.

Determinación del Quórum

Invocación

Lectura, discusión y aprobación de la asamblea anterior

Presentación y Lectura de los Informes

Benjamín Rosario Rosario, CPA

Intermedio Musical

Elección de Directores y miembros de comités

Propuestas para enmiendas al reglamento general

Clausura y Oración

Sorteo para Socios Presentes
VENCIMIENTOS DE TERMINOS DIRECTIVOS
Junta de Directores
NOMBRE
POSICION
TERMINO
FECHA DE VENCIMIENTO
Brenda Quiles
Alexandra Soto
Manuel Pérez
Gerardo Merced
Fred Villanueva
Lisett Ruiz
Wilvin Bonilla
Presidenta
Vicepresidenta
Secretario
Tesorero
Vocal
Vocal
Vocal
Segundo
Segundo
Segundo
Segundo
Segundo
Segundo
Segundo
30 de junio de 2015
30 de junio de 2015
30 de junio de 2016
30 de junio de 2017
30 de junio de 2015
30 de junio de 2017
30 de junio de 2016
Comité de Supervisión
NOMBRE
POSICION
TERMINO
FECHA DE VENCIMIENTO
Dorcas Toledo
Rubiliany Sánchez
Laura Lebrón
Presidenta
Vicepresidenta
Secretaria
Segundo
Primer
Tercer
11 de noviembre de 2017
Informe de la Presidenta de la Junta de Directores
Año 2014-2015
Amado Aarón y Amada Rosinín Rodríguez, líderes espirituales de la Congregación Mita,
compañeros miembros de la Junta de Directores, miembros de los diversos Comités de la
Cooperativa, Presidente Ejecutivo, empleados, socios, invitados y público en general,
bienvenidos todos a nuestra Cuadragésima primera asamblea anual de socios.
Es para mí un honor dirigirme a ustedes para rendirles el Informe de la Junta de Directores
de nuestra Cooperativa para el año fiscal terminado el 30 de junio de 2015.
Este año deseamos dedicarle esta Asamblea a nuestros líderes espirituales, Teófilo Vargas
Seín (Aarón) y Rosinín Rodríguez Pérez y la Congregación Mita que celebra sus 75 años de
fundación.
Para nuestra Cooperativa, este año ha sido uno de muchos retos dada la situación actual por
la que atraviesa nuestro País y el Gobierno de Puerto Rico. Sin embargo, nuestra
Cooperativa ha sobrepasado las expectativas y tenemos la satisfacción de poderles brindar a
nuestros socios y clientes unos Estados Financieros que reflejan los cambios positivos que
hemos realizado.
Al 30 de junio de 2015, la Cooperativa cuenta con unos Activos de $66,700,097 lo que
representa un aumento de $1,660,071 comparado con el año 2014. Los depósitos de los
socios y no socios han aumentado en $1,492,821 lo que muestra que han confiado en
nosotros, han confiado en su Cooperativa y por esto queremos darle las gracias por su
patrocinio.
En los pasados meses, se ha difundido en los medios, la situación actual de los Bonos del
Gobierno de Puerto Rico y de cómo se han visto afectadas muchas Cooperativas. En un
momento en que el Gobierno de Puerto Rico necesitó un apoyo económico, fue el sector
Cooperativista quien brindó esa ayuda. Sin embargo, nuestra Cooperativa, fue muy
prudente y conservadora al momento de realizar inversiones en Bonos de Puerto Rico. El
95% de nuestra cartera actual de Inversiones son Bonos clasificados AAA. En los Estados
Financiero Auditados se detalla esta información para una mayor tranquilidad de nuestros
socios. La Administración, en conjunto con el Comité de Inversiones, está en constante
monitoreo de las Inversiones y realiza los cambios necesarios para mantener una Cartera de
Calidad.
Dentro de los trabajos que hemos realizado durante el pasado año se encuentran los
siguientes:
 Hemos creado alternativas para nuestros socios que por diversas razones han
disminuido sus ingresos. Se creó la Política de “Loss Mitigation” para poder ayudar
a que nuestros socios no pierdan su hogar en caso de disminución de ingresos. El








Departamento de Cobros está en constante comunicación con los socios para
recordarles y ayudarles a realizar sus pagos. Es por esto que actualmente nuestra
Cooperativa tiene una tasa de 3.57% de morosidad, lo cual es muy favorable en
comparación con la Industria.
La creación de los préstamos comerciales con garantía. Este producto tiene la
oportunidad de ayudar al pequeño y mediano comerciante a desarrollar su negocio.
Este es un producto nuevo, el cual seguimos mejorando y trabajando con nuevas
propuestas en esta área.
La Junta de Directores ha estado actualizando las Políticas Prestatarias para
atemperarlas a la situación actual. Entre los cambios que se han realizado, es la
extensión de pago en los préstamos personales a 10 años. Esto es de gran ayuda al
socio que ha tenido una disminución de ingresos, para que pueda tener su préstamo al
día con un pago mensual más bajo.
Tanto los empleados, administración, miembros de los diversos Comités y la Junta,
hemos estado asistiendo a seminarios y/o adiestramientos para nuestro mejoramiento
profesional y poder estar al día en los cambios de la Industria.
Hemos revisado manuales y políticas para actualizarlas y atemperarlas a la situación
actual
Hemos revisado y actualizado los controles internos de la Cooperativa, para prevenir
señalamientos del Regulador.
Hemos realizado acuerdos estratégicos con la compañía Multi-Mortgage para trabajar
y ofrecer a nuestros socios y clientes prestamos para financiamiento de Hipotecas
FHA, Veteranos, Rural y Reverse entre otros.
Como parte de las mejoras y avances tecnológicos, nos encontramos realizando
acuerdos con la RED ATH para ofrecer servicio de ATH móvil a nuestros clientes el
cual permite enviar dinero entre cuentas de otras instituciones financieras.
Además nos proponemos incluir la Red NYCE a nuestro sistema de tarjetas ATH
para el beneficio de aquellos socios y clientes que se encuentran fuera de Puerto
Rico. Esto permitirá que nuestra tarjeta ATH comparta las mismas características que
nuestra Tarjeta MasterCard Debito y pueda ser utilizada en otras partes del mundo.
Muchos de estos trabajos se han logrado con la colaboración de la Administración y de los
empleados de la Cooperativa. Tenemos un personal comprometido con la Cooperativa y
que está dispuesto a ayudar a los socios, clientes y a la comunidad en general.
La participación de todos los Comités ha sido muy activa, enfocados, con nuevas iniciativas
y trabajando mano a mano con la Administración y con la Junta de Directores.
Este año fiscal la Junta de Directores se ha reunido en 34 ocasiones, de las cuales 3
reuniones fueron ordinarias y 31 extraordinarias. Hemos tenido reuniones con el personal,
administración y con los diversos comités, con el fin de juntos poder lograr las metas que
nos hemos propuesto.
Tenemos la satisfacción de informarles a nuestros socios que la Cooperativa terminó con
una economía neta de $607,402 que representa un aumento de $120,330 si lo comparamos
con el 2014 donde la ganancia fue de $487,072.
En la asamblea del año 2011, la Junta de Directores presentó una propuesta para crear una
cuenta de contingencia con el propósito de mantener una reserva en caso de alguna situación
imprevista. En dicho año, se reservaron $50,000 y se descontaron de los sobrantes a
distribuir. Este año, nuevamente deseamos proponer aumentar dicha reserva debido a los
pronósticos que presenta el Gobierno de Puerto Rico. Por tal razón, queremos presentar,
que de los sobrantes sin distribuir de $577,032 se destinen $40,000 para aumentar la reserva
de contingencia a $90,000 y repartir en dividendos la cantidad de $537,032 que
representaría un 3.00%. Aun reservando esta cantidad, tendríamos un rendimiento mayor,
comparado con el pasado año, por lo que les exhortamos a mantener la confianza en su
Cooperativa, incrementando progresivamente el balance de sus acciones y utilizando todos
nuestros servicios.
Recuerden que unidos seguimos creciendo.
Cordialmente,
Brenda Quiles Borrero
Presidente Junta de Directores
INFORME DEL TESORERO
2014-2015
Amados Aarón y Rosinin Guías y Padres Espirituales de la Congregación Mita, compañeros de la
Junta de Directores, Miembros de Comités, Asesores, Presidente Ejecutivo, Empleados de Nuestra
Cooperativa, Hermanos Socios, Distinguidos Invitados, bienvenidos a nuestra Cuadragésima Primera
Asamblea Anual.
Comparezco ante ustedes a presentar un resumen del informe del estado financiero del año fiscal
que finalizó el 30 de junio de 2015. Parte integral de este informe son los Estados Financieros
auditados por la firma de Contadores Públicos Autorizados del Auditor Benjamín Rosario Rosario
CPA. A continuación les presento las partidas más significativas en el Informe de Auditoría Externa
de este año fiscal:
Acciones
2014
$18,053,172.00
2015
$17,875,458.00
($177,714.00)
Depósitos
2014
$43,150,437.00
2015
$44,929,457.00
$1,779,020.00
Activos
2014
$65,040,026.00
2015
$66,700,097.00
$1,660,071.00
Economía Neta
2014
$487,072.00
2015
$607,402.00
$120,330.00
Préstamos
2014
$36,973,802.00
2015
$36,580,232.00
($393,570.00)
Sobrante sin Distribuir
2014
2015
$463,287.00
$577,032.00
$113,745.00
Los dividendos que se acreditan a los socios, producto de las ganancias de la Cooperativa serán
distribuidos conforme a la Ley 255 que rige las Cooperativas. Confiamos en nuestro Dios que el
próximo año sea mas fructífero y poderles ofrecer más y mejores servicios.
Agradezco la oportunidad de permitirme ser parte de esta Junta de Directores, donde seguimos con
la bendición de nuestro Dios trabajando para que nuestra Cooperativa continúe creciendo de forma
positiva y brindando los mejores servicios para de esta forma alcanzar el grado de excelencia
deseado por todos. Igualmente expreso mi agradecimiento por el respaldo recibido durante este año
de todos los miembros de la Junta de Directores, Comités, Administradores, empleados y muy
especialmente a nuestro Padre y Guía Espiritual, Aarón y a nuestra amada Madre Espiritual Rosinín
Rodríguez.
Cordialmente,
Gerardo Merced
Tesorero de la Junta de Directores
INDEPENDENT AUDITOR'S REPORT
To: Board of Directors and members of
“Cooperativa de Ahorro y Crédito Hermanos Unidos”
San Juan, Puerto Rico
Report on the Financial Statements
I have audited the accompanying balance sheet of “Cooperativa de Ahorro y Crédito
Hermanos Unidos” as of June 30, 2015 and 2014, and the related statements of Income,
changes in member’s equity, comprehensive income and cash flows for the year then ended,
and the related noted to financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States
of America; this includes the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
My responsibility is to express an opinion on these financial statements based on my audit. I
conducted my audit in accordance with auditing standards generally accepted in the United
States of America. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
In making those risk assessments; the auditor considers internal control relevant to the
entity's preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purposes of expressing
opinion on the effectiveness of the entity's internal control. Accordingly, I express no such
opinion.
Page 1
INDEPENDENT AUDITOR'S REPORT (CONTINUATION)
An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements. I believe that the audit
evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Basis for Qualified Opinion
As described in Note 1, the Credit Union prepares its financial statements in accordance with
statutory accounting principles required by COSSEC. These accounting principles differ in
some aspects from generally accepted accounting principles used in United States of America
and Puerto Rico. The main difference is related to the financial presentation of members’
shares which are included as part of members’ equity. According to generally accepted
accounting principles these shares are similar to deposit accounts, therefore, their
presentation must be included as part of the Credit Union’s liabilities. If members’ shares
were presented in accordance with United States generally accepted accounting principles,
total liabilities would have increased and members’ equity would have decreased by
$17,875,458 as of June 30, 2015. The statement of income and expenses would include
dividends credited to members for $462,718 as an interest expense in the fiscal year ended
June 30, 2015.
Qualified opinion
In my opinion, except for the effects caused by the difference among the accounting
principles related to members’ shares already mentioned in the previous section, the financial
statements referred to above present fairly in all material respects, the Financial Position of
“Cooperativa de Ahorro y Crédito Hermanos Unidos” as of June 30, 2015 and the results of its
operations and its cash flows for the year then ended, in accordance with United States (US)
of America generally accepted accounting principles.
Other Matters
The Financial Statements as of June 30, 2014 were audited by another Certified Public
Accountant, who expressed a qualified opinion, dated on September 25, 2014 because the
Credit Union presented members’ shares and related dividends as established by the Public
Corporation for the Supervision and Insurance of Puerto Rico Credit Unions (known as
“COSSEC” its Spanish acronym) and not in accordance with United States generally accepted
accounting principles.
Those financial statements are presented to provide additional
information.
Benjamín Rosario Rosario, CPA
License 4727
Stamp No. E144710 was affixed
to the original of this report
Gurabo, Puerto Rico
October 26, 2015
Page 2
"COOPERATIVA DE AHORRO Y CRÉDITO HERMANOS UNIDOS"
STATEMENTS OF FINANCIAL CONDITION
JUNE 30,
2015
2014
ASSETS
Cash and cash Equivalents (See notes 1 & 2)
$9,896,994
$6,971,290
2,265,000
5,089,394
Negotiable Investments (See notes 1 & 4)
11,654,989
9,437,362
Loans receivables net of allowance for doubtful accounts (See notes 1 & 5)
36,580,232
36,973,802
326,118
743,064
4,605,716
4,436,620
Other Cooperative entities (See note 8)
865,709
816,623
Other assets (See note 9)
505,339
571,871
$66,700,097
$65,040,026
$28,320,311
$26,827,490
137,013
137,591
12,580,427
12,367,459
3,891,706
3,817,897
44,929,457
43,150,437
427,009
456,301
$45,356,466
$43,606,738
17,875,458
18,053,172
577,032
462,718
50,000
50,000
2,841,141
2,867,398
$21,343,631
$21,433,288
$66,700,097
$65,040,026
Certificates of deposits with due dates over three months (See note 3)
Interest and other accounts receivable (See note 6)
Property and Equipment net of accumulated depreciation (See notes 1 & 7)
Total Assets
LIABILITIES AND MEMBERS' EQUITY
Liabilities
Members and nonmembers' deposits (See notes 1 & 10)
Savings accounts
Christmas and Summer club
Certificates of deposits
Checking accounts
Accounts payable and accrued expenses (See note 11)
Total Liabilities
Members' Equity
Shares (See note 1)
Accumulated earnings (deficit)
Reserve for contingencies
Statutory reserve (Appropriated) (See note 1)
Total Members' Equity
Total Liabilities and Members' Equity
See accompanying notes to financial statements
Page 3
STATEMENTS OF INCOME AND EXPENSES
YEARS ENDED ON JUNE 30,
2015
2014
Interest
Income from Loans
Income from Investments and savings accounts
Total
$2,496,710
$2,584,849
448,146
279,718
2,944,856
2,864,567
Interest Expenses
Savings and Certificates
(495,185)
(508,570)
Net Interest Income
2,449,671
2,355,997
(8,333)
(215,277)
Less Provision for loan losses
Net interest income after provision for Loan Losses
2,441,338
2,140,720
538,345
683,451
2,979,683
2,824,171
896,206
920,307
79,023
94,450
7,772
33,649
19,622
30,000
Depreciation and Amortization
262,941
169,068
Repairs and Maintenance
202,135
190,325
83,000
89,889
Insurance
100,181
84,875
Cossec - Insurance premium
207,448
169,080
Annual meeting
65,000
65,601
Credit expenses
16,854
9,594
432,099
480,261
2,372,281
2,337,099
$607,402
$487,072
Other Income (See note 12)
Net Income before General and Administrative Expenses
General and Administrative expenses
Compensation and Fringe Benefits (See note 13)
Professional Services
Publicity and Representation expenses
Education expenses
Printing and office supplies
Other administrative expenses (See note 14)
Total General and Administrative Expenses
Net Income
Page 4
STATEMENTS OF MEMBERS' EQUITY
YEARS ENDED ON JUNE 30, 2015 AND 2014
Shares
Balance as of June 30, 2013
Accumulated
Statutory
Reserve
Accumulated
Reserve
for
Earnings (Appropriated) Contingencies
$17,975,406
$463,287
$2,589,643
Total
$50,000 $21,078,336
Members' investments
2,210,038
-
-
-
2,210,038
Members' withdrawals
(2,595,559)
-
-
-
(2,595,559)
-
-
Dividends
463,287
(463,287)
Dormant accounts' transfers
-
-
253,401
-
Transfer to Statutory Reserve (Appropriated)
-
(24,354)
24,354
-
Net Income
-
487,072
-
-
$18,053,172
$462,718
$2,867,398
253,401
487,072
$50,000 $21,433,288
1,387,213
-
-
-
1,387,213
(2,027,645)
-
-
-
(2,027,645)
-
-
-
Dividends
462,718
(462,718)
Dormant accounts' disbursements
-
-
(56,627)
-
(56,627)
-
(30,370)
30,370
-
-
Net Income
-
607,402
-
-
$17,875,458
Page 5
$577,032
$2,841,141
607,402
$50,000 $21,343,631
STATEMENTS OF CASH FLOWS
2015
2014
Cash flows from operating activities
Net Income
$607,402
$487,072
262,941
169,068
8,333
215,277
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and Amortization
Provision for Loan Losses
Dividends
(20,348)
(Increase) Decrease in other assets and account receivables
483,478
(Decrease) Increase in accounts payable and accrued expenses
(29,292)
Total Adjustments
705,112
Net cash provided by operating activities
$1,312,514
(18,985)
(547,016)
23,295
(158,361)
$328,711
Cash flows from investing activities
Equipment Purchases
(432,037)
(Increase) Decrease in Loan receivables
385,237
Acquisition of investment securities
(2,217,627)
Investment on cooperative entities
(28,738)
2,824,394
Increase on Certificates
Net cash flows Used by investing activities
$531,229
(127,681)
1,890,504
(9,437,362)
1,705,483
($5,969,056)
Cash flows from financing activities
Increase on Members and nonmembers' Deposits
Payments for Dormant accounts
1,779,020
(56,627)
2,689,194
-
1,387,213
2,210,038
(2,027,645)
(2,595,559)
Net cash flows Provided b& financing activities
1,081,961
$2,303,673
Net Decrease Increase in cash and cash equivalents
2,925,704
(3,336,672)
Cash and cash equivalents at beginning of year
6,971,290
10,307,962
$9,896,994
$6,971,290
Cash and cash equivalents at end of year
Page 6
STATEMENTS OF CASH FLOWS (CONTINUATION)
2015
2014
Cash Paid during the year for interest
$494,754
$509,931
Loan Charge offs
$194,500
$182,570
Increase on foreclosed assets
$130,995
Supplemental Disclosure of Cash Flows Information:
Dormant accounts' transfers
-
$30,370
Page 7
$253,401
$24,354
“COOPERATIVA DE AHORRO Y CRÉDITO HERMANOS UNIDOS”
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2015 AND 2014
Note 1:
NATURE OF BUSINESS, REGULATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES
IN
ACCORDANCE
WITH
GENERALLY
ACCEPTED
ACCOUNTING PRINCIPLES
NATURE OF BUSINESS
“Cooperativa de Ahorro y Crédito Hermanos Unidos” is a Credit Union association created in
accordance with the provisions of Law 255 issued in October 28, 2002 and its operations are
principally related to holding deposits for and making loans to any person who wishes to
become a member.
REGULATION
“Public Corporation for the Supervision and Insurance of Puerto Rico Credit Unions
(known as “COSSEC” its Spanish acronym)
Law 114 issued in august 17, 2001 known as “Ley de la Corporación Pública para la
Supervisión y Seguro de Cooperativas de Puerto Rico” created a Public Corporation which
regulates and provides guidance on how Puerto Rico Credit Union must manage members’
deposits in order to maintain adequate internal controls and to provide excellent services to
the general public. Also, the Credit Union follows a bylaw known as “Reglamento 7051”
which specifies the provisions of Law 255 issued in October 28, 2002.
The Public Corporation (“COSSEC”) provides an insurance up to two hundred fifty thousand
($250,000) for deposits made by members in accordance with Law 114 issued in 2001. Each
Credit Union must maintain a deposit equal one percent (1%) of total members’ shares and
deposits as of June 30 of every year. “COSSEC” will decide the applicable policies and
procedures regarding an increase in the annual contribution for the shares and deposits
insurance.
Credit Unions are required to pay an annual insurance premium to COSSEC depending on
risks and rates approved by the Regulating agency Board of Directors. Rates are based on
actuarial projections.
Dormant accounts
Article 6.09 of Law 255 establishes that unclaimed deposits for a five year period will be
transfer to an unrestricted reserve used for social services or to the statutory reserve, at
management’s option. These deposits do not include members’ shares and the transfers can
be made as long as it is within the law requirements. The Credit Union must notify members
that dormant accounts will be transferred according to the law. The announcement must be
made within the Credit Union’s facilities and through a Puerto Rico newspaper. The Credit
Union is required to inform COSSEC the deposits to be transferred.
After transference has been made, members will have another five year period to withdraw
the deposits or to lose it completely. The Credit Union is authorized to charge members the
costs for newspaper notifications and other related costs to these dormant accounts.
Page 8
JUNE 30, 2015 AND 2014
Tax exemption
The Credit Unions’ and its subsidiaries are exempt from any kind of tax, which includes
income, property, county and excise taxes. Also, no payment is required for permits,
registration documents and any other services received from any of the governmental
instrumentalities.
Law Amendments
Article 6.08 of Law 255 was amended by law #40 issued on June 30, 2013, which establishes
that Credit Unions will not pay any kind of taxes, except sales and use taxes according to
sections 4020.01, 4020.02 and 6080.14 of the Puerto Rico Tax Code. Also, Credit Unions will
pay excise taxes in accordance with chapter 2, subtitle C of the Puerto Rico Tax Code.
Contribution to “Liga de Cooperativas”
Article 6.10 of Law 255 establishes that every Credit Union is required to pay no less than
one tenth of one percent (.1%) from its Gross Revenues up to a maximum of $4,000 for
Educational and other purposes regarding the Credit Union movement in Puerto Rico. In
case, a Credit Union’s Gross Revenues exceeds four million dollars an additional contribution
of 5% of net income up to a maximum of $6,000 will be made to the organization known as
“Liga de Cooperativas”.
Surplus
Every Credit Union, with prior recommendation of its Board of Directors, will distribute to its
members any accumulated surplus and the Credit Union might need the authorization of
“COSSEC”. Dividends can be paid to members after making required contributions of
earnings to other statutory reserves and/or any other voluntary appropriations decided by
the Board of Directors based on future plans. Dividends are paid by an increase on members’
shares, not by cash, and are based on average share balance and sponsorship.
“COSSEC” Letter to Credit Unions #2015-01
On April 24, 2015 the Regulator, known as “COSSEC” issued a letter to Credit Unions in
which it establishes, temporarily, the requirements to pay dividends to members. This letter
applies to all State Credit Unions with unrealized losses on its negotiable investments in
excess of 20% of total amortized cost at the end of the fiscal year. The unrealized loss has
to be calculated to all investments classified as available for sale and held to maturity. The
Letter establishes statutory capital requirements and net income for the last two consecutive
fiscal years. The restricted amount on earnings ranges from 30% to 75% of total net
income.
The Credit Unions must show evidence of compliance before receiving any
authorization to distribute dividends. This letter will expire on December 31, 2015.
Page 9
JUNE 30, 2015 AND 2014
Statutory Reserve
Law No. 255, Article 6.02, establishes that Credit Unions are required by regulation to
maintain a statutory reserve. This reserve, which represents a regulatory restriction of
retained earnings, is not available for the payment of dividends.
Starting January 1, 2011 all Credit Unions must maintain a minimum statutory reserve of
eight percent (8%) of total risky assets as defined by law 255. Failure to meet minimum
requirements can initiate certain mandatory and possibly additional discretionary actions by
regulators that, if undertaken, could have a direct material effect on the Credit Union’s
financial statements. Failure to meet minimum capital requirements would require the Credit
Union to submit a plan of action to correct the shortfall.
Any Credit Union with less than 8% of risky assets, as defined by law, is required to transfer
25% of Net Income until it reaches the minimum capital requirement. Any Credit Union with
more than 8% regarding the statutory reserve is required to transfer only 5% of net income.
In order to calculate the amount of statutory reserve needed as part of the already
mentioned required 8%, the following items are taken into consideration:
1. Appropriations from statutory reserves required by law 6 issued in 1990.
2. Any other voluntary reserve created by the Credit Union, except amounts recorded
as part of market value fluctuations regarding negotiable investments classified as
available for sale.
3. Fifteen percent (15%) of undistributed earnings.
4. The amount recognized in the allowance for doubtful accounts, as probable losses
on nondelinquent loan receivables.
5. Capital obligations issued by the Credit Union and any other financial instruments
authorized by COSSEC.
6. Other items approved by COSSEC.
Based on Regulation, the Credit Union must disclose to members the calculation regarding
the required 8% according to Law 255.
The computation to determine compliance with the require percentage of the statutory
reserve is disclosed as follows:
Page 10
JUNE 30, 2015 AND 2014
Elements of Statutory Reserve
2015
2014
$2,841,141
$2,867,398
15% of surplus
86,555
69,408
Other voluntary reserves
50,000
50,000
Amount reserved for nondelinquent loans
66,113
454,176
$3,043,809
$3,440,982
$66,700,097
$65,040,026
435,214
550,000
$67,135,311
$65,590,026
(898,829)
(467,583)
100% of loan balances fully guaranteed, unconditionally, by the Puerto
Rico Government or its agencies or by the United States Government or
its agencies.
(5,908,003)
(5,687,313)
100% of loan balances fully guaranteed by members' shares that are
being withheld by the Credit Union and cannot be withdrawn until loan
balances are paid off.
(7,290,124)
(7,707,763)
100% of the amount invested in the Public Corporation for the
Supervision and Insurance of Puerto Rico Credit Unions (known as
“COSSEC” its Spanish acronym)
(682,635)
(644,638)
Statutory reserve (Appropriated)
Total statutory reserve
(A)
ASSETS - ELEMENTS OF RISK
Total Assets
plus provision for loan losses
Total adjusted assets
Less:
Assets with no risk (0%) as defined by Law 255
100% of change fund received and in transit
Page 11
JUNE 30, 2015 AND 2014
Assets with 20% risk as defined by Law 255
80% of on demand deposits
(4,686,533)
(5,202,966)
(74,714)
(79,497)
80% of debt instruments issued and guaranteed by the Puerto Rico
Government or its agencies or by the United States Government or its
agencies. These debt instruments are not explicitly and unconditionally
guaranteed by the Puerto Rico or United States government, including the
following entities: Federal Home Loan Mortgage Corporacion (FHLMC),
Federal National Mortgage Association (FNMA), Farm Credit System,
Federal Home Loan Bank System, and Student Loan Marketing
Association.
(4,597,589)
(3,000,039)
80% of on demand deposits, loan balances, debt instruments issued and
secured or guaranteed by any of Puerto Rico or United States financial
institutions, including "Banco Cooperativo". Shares issued by regular for
profit corporations are excluded from these amounts.
(1,812,000)
(4,070,881)
80% of acquisition cost of real property or appraisal value based on an
appraisal report issued by a qualified professional, whichever is lower.
These real properties must be used or in process to be used as an office
facility, branch, service center, parking or any other necessary facilities.
The amounts to be included must be presented net of any related debt,
directly secured by the real property owned by the Cooperative.
(3,428,362)
(3,394,910)
80% of prepaid insurance related to the Credit Union's risks
(44,001)
(41,671)
80% of common or preferred stock invested in other Cooperative entities
known as "Banco Cooperativo", "Cooperativa de Seguros Múltiples" and
"Cooperativa de Seguros de Vida. This amount is included as long as the
investment maintains its par value, according to the financial statements
and are redeemable.
(33,797)
(32,728)
80% Interest receivable from on demand deposits accounts and
investments
Page 12
JUNE 30, 2015 AND 2014
Assets with 50% risk as defined by Law 255
50% of loan balances fully guaranteed by residential properties acquired
through first mortgages and used as a principal residence by any family.
These loans do not have to qualify to be sold in the secondary mortgage
markets but cannot be delinquent.
(8,702,903)
(8,646,315)
50% of loan balances fully guaranteed by Commercial properties. These
loans do not have to qualify to be sold in the secondary mortgage
markets but cannot be delinquent.
(1,841,715)
(1,899,237)
50% of total investment in other Cooperative entities knows as "Liga de
Cooperativas", "Cooperativa de Servicios Fúnebres" and "Fondo de
Inversión y Desarrollo Cooperativo".
(69,414)
(64,538)
$27,064,692
$24,649,947
11.25%
13.96%
Total assets at risk
(B)
Percentage of Statutory Reserve to total assets as risk (A/B)
Restricted Cash – Minimum requirements for liquidity
Law No. 255, Article 6.07, establishes that Credit Unions are required by regulation to
maintain a statutory liquidity. In order to maintain the minimum requirements for Restricted
Cash, law 255 specifies the amounts that must be reserved for liquidity purposes. The
requirements and details are disclosed as follows:
1. Thirty five percent (35%) of the Statutory Reserve must be maintained in liquid
assets.
2. Fifteen percent (15%) of total deposits and savings on demand will be maintained
in liquid funds.
3. Fifteen percent (15%) of total certificates of deposits; excluding those certificates
with maturity within 30 days, in which case, twenty five percent will be maintained.
Certificates of deposits that serve as collateral for loans will not be taken into
consideration.
4. The Credit Union must accumulate, on a monthly basis, 8.33% of total Christmas
and Summer club and any other savings reserved for special events. The 8.33%
accumulation ends, when it reaches 100% of total Christmas and Summer club.
5. Fifteen percent of any other financial instrument not included previously.
Page 13
JUNE 30, 2015 AND 2014
Information regarding available funds and statutory liquidity (restricted cash) is disclosed as
follows:
Description
Available funds
Cash, checking and savings accounts
Certificates of deposit
Negotiable investments
Accrued interest
Total available funds
Statutory liquidity
35% of statutory reserve
15% of on demand deposits net of
Cross-investments and pledged deposits
25% of certificates due within 30 days
Accumulated christmas and summer deposits
Total statutory liquidity
Excess
2015
2014
$9,896,994
2,265,000
11,436,027
93,393
$23,691,414
$6,971,290
5,089,394
9,419,950
99,371
$21,580,005
994,399
1,003,589
6,090,503
108,557
84,023
$7,277,482
5,549,988
120,253
83,131
$6,756,961
$16,413,932
$14,823,044
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
OF UNITED STATES OF AMERICA
Pervasiveness of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles of United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
Statutory accounting principles
The Credit Union prepares its financial statements in accordance with statutory accounting
principles required by COSSEC. These accounting principles differ in some aspects from
generally accepted accounting principles used in United States of America and Puerto Rico.
The main difference is related to the financial presentation of members’ shares which are
included as part of members’ equity.
Page 14
JUNE 30, 2015 AND 2014
According to Generally accepted accounting principles these shares are similar to deposit
accounts, therefore, their presentation must be included as part of the Credit Union’s
liabilities. If members’ shares were presented in accordance with United States generally
accepted accounting principles total liabilities would have increased and members’ equity
would have decreased by $17,875,458, as of June 30, 2015.
Reclassification
In the accompanying financial statements, certain 2014 figures were reclassified to conform
to the 2015 presentation.
Cash and cash equivalents
For purposes of the statements of cash flows the Credit Union considers all highly liquid
financial instruments with original maturities of three months or less as cash equivalents.
Investments
Management determine the classification of investments in debt securities as: 1) Trading
securities, 2) Available for sale and 3) Held to Maturity.
Held to maturity Securities, for which management has the intent and the ability to hold to
maturity. These investments are reported at cost, adjusted for amortization of premiums and
accretion of discounts, which are recognized as adjustments to interest income.
Available for sale investment securities, that could be sold at any time in response to
economic and strategic factors. These securities are reported at fair market value. Unrealized
gains and losses on securities available for sale are recognized as a direct increase or
decrease in other comprehensive income.
Investments are made in accordance with the credit union's policies, which incorporate the
regulations of COSSEC; hence, they are principally in low risk instruments. However, since
2009 Puerto Rico Credit Unions are authorized to invest in Puerto Rico bonds, even though,
those bonds are classified as risky. Gains or losses on disposition are based on the net
proceeds and the adjusted carrying amount of the securities sold, using the specific
identification method. Premiums and discounts are amortized or accreted using the straight
line or effective interest method. Interest income is recorded on an accrual basis.
The Credit Union adopted “ASC 820” which provides a framework for measuring fair value,
and further defines fair value as the exchange price that would be received for an asset or
paid to transfer a liability (an exit price) in the principal or most advantageous market for the
asset or liability in an orderly transaction between market participants on the measurement
date. The Credit Union determines the fair values of its financial instruments based on the
fair value hierarchy established in ASC 820 which requires an entity to maximize the use of
observable inputs and minimize the use of unobservable inputs when measuring fair value.
This framework describes three levels of inputs that may be used to measure fair value.
Page 15
JUNE 30, 2015 AND 2014
Level 1 asset and liability fair values are based on quoted prices in active markets for
identical assets and liabilities.
Level 2 asset and liability fair values are based on observable inputs that include: quoted
market prices for similar assets or liabilities; quoted market prices that are not in an active
market; or other inputs that are observable in the market and can be corroborated by
observable market data for substantially the full term of the assets or liabilities.
Level 3 assets and liabilities are financial instruments whose value is calculated by the use of
pricing models and/or discounted cash flow methodologies, as well as financial instruments
for which the determination of fair value requires significant management judgment or
estimation.
Foreclosed assets
Properties foreclosed due to delinquency are recorded based on the lower of loan value or the
property’s market value. The Credit Union classifies the market value of repossessed assets
by using level 3 already mentioned according to ASC 820. Total net value of foreclosed
assets amounted to $353,350 as of June 30, 2015.
Other Credit Union entities
Investments in other Credit Union entities are not negotiable and are recorded at cost
reduced by any permanent impairment, if it does apply. Dividends received are recorded as
an increase in asset value.
Loans Receivable and Allowance for Loan Losses
Loans receivable are stated at unpaid principal balances, less an allowance for loan losses.
Interest on loans is recognized over the term of the loan and is calculated using the simple
interest method on principal amounts outstanding. Except for delinquent loans over ninety
days or more, where no calculations are made.
The Allowance for Loan Losses is increased by charges to income and decreased by charge
offs (net of recoveries). Management's periodic evaluation of the adequacy of the allowance
is based on the Credit Union's past loan-loss experience, known and inherent risks in the
portfolio, adverse situations that may affect the borrower's ability to repay, estimated values
of any underlying collateral and current economic conditions. In addition, the Credit Union’s
regulator, as an integral part of its examination process, periodically reviews the Credit
Union’s allowance for losses on loans. The regulator may require the Credit Union to
recognize additions to the allowance based on their judgments of information available to
them at the time of their examination. State Credit Unions must follow accounting practices
regarding the allowance based on guidance provided through a bylaw known as “Reglamento
6466” and by following “Cossec” letter to Credit Unions” #2012-04 and #2012-06.
Page 16
JUNE 30, 2015 AND 2014
Accrual of interest on a loan is discontinued when management believes, after considering
economics, business conditions, and collection efforts that the borrower's financial condition
is such that collection of interest is doubtful. Uncollectible interest previously accrued is
charged off or an allowance is established by means of a charge to interest income. Income
is subsequently recognized only to the extent cash payments are received until in
management's judgment, the borrower's ability to make periodic interest and principal
payments is back to normal, in which case the loan is returned to accrual status.
Financial statement disclosures related to the credit quality of loan receivables
(ASU 2010-20)
The Credit Union has established policies to evaluate application for loans using, among other
information, credit scores available through service providers and any other information in
order to receive enough information regarding the credit quality of the loan portfolio.
In case the Credit Union provides Commercial Loans, the following aspects must be taken
into consideration to evaluate associated risks within the loan portfolio:
Without exception – Debtor has adequate capital and ability to repay the loan, by following
the initial agreement signed and as part of the normal course of businesses.
Monitoring - The loan has proper collateral and is being paid according to agreement, but
with the probability to become delinquent. The debtor's financial position is becoming risky
and cash flow is beginning to become affected. Also, the Credit Union has unavailable recent
financial information and industry risks. These circumstances may cause possible future
default on payments.
Substandard - The loan does not have adequate guarantees due to the negative effects on
the market value of properties that serve as collateral and low profitability. The member has
a weak financial condition which affects loan repayment. There is a high probability that the
Credit Union may not receive total agreed payments and impairment must be recognized on
these loan receivables. Also, no accrued interest will be recognized and payments received
will be charged directly to loan principal.
Doubtful – The loan has the same characteristics as the ones presented in the “Substandard”
category. In addition, the collectability is highly unlikely and the possibility of loss is
extremely high. At this level there may be some specific conditions that may enhance the
likelihood of repayment of the loan. These conditions include an additional capital
contribution, new collateral, and refinancing or liquidation proceedings. The loan has not been
lost until assessing the effect of the specific conditions listed above. Also, no accrued interest
will be recognized and payments received will be charged directly to loan principal.
Page 17
JUNE 30, 2015 AND 2014
Property and Equipment
Property and Equipment are recorded at cost or in the case of assets under capital leases at
the present value of future minimum lease payments. The cost of property and equipment is
depreciated following the straight-line method. This method distributes ratably the asset cost
over its estimated useful live. Maintenance and repairs are charged to operations and
betterments and/or renewals are capitalized. When property and equipment are sold or
otherwise disposed of, the asset account and related accumulated depreciation account are
relieved, and any gain or loss is included in operations. Art collections are capitalized at their
cost at the date of purchase or, if the items were contributed, at their fair or appraised value
at the contribution date.
Impairment of Long-lived Assets
According to ASC 360 the Credit Union periodically reviews long-lived assets for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. No indications of impairment are evident as a result of such reviews
as of June 30, 2015.
Members’ Savings
The savings’ rates are set by the Trustee based on an evaluation of current and future
market conditions and may vary among .30% and 1.65%. The Credit Union process
withdrawals on any given day following policies and procedures approved. Also, Christmas
and Summer Club are due on November and May respectively, with an interest rate of 3%.
Members’ Shares
The internal bylaws require members to buy at least 12 shares with $10 par value every year
in order to maintain current status as members of the Credit Union. The Credit Union does
not issue share certificates, but maintain a detail of transactions performed by every
member. Members' share and savings accounts are subordinated to all other liabilities of the
Credit Union upon liquidation.
Revenue and Expense Recognition
Revenue is generally recognized when earned and expenses are recognized when incurred.
Funds received in advance are deferred and recognized as income in the year the fees are
earned.
Note 2:
Cash and cash equivalents.
Cash and cash equivalents are disclosed as follows:
Page 18
JUNE 30, 2015 AND 2014
Description
Change fund
Checking and savings accounts
Certificates of deposits with maturities with an
original maturity of three months or less
Total cash and cash equivalents
2015
2014
$898,829
5,858,165
$467,583
3,943,707
3,140,000
2,560,000
$9,896,994
$6,971,290
Note 3:
Certificates of Deposits with due dates over three months.
The certificates of deposits consist of investments in local banks, with due dates over three
months. The average yield is 1.28%. The due dates of these certificates are as follows:
Description
One year or less
More than one year and less than three
More than three years and less than five
Total certificates
2015
2014
$2,265,000
-
$5,089,394
-
$2,265,000
$5,089,394
Note 4:
Investments
The amortized cost and estimated market values of investments in debt securities, classified
as Held to Maturity, at June 30, 2015 and 2014 are as follows:
Page 19
JUNE 30, 2015 AND 2014
June 30, 2015
Negotiable investments classified
as Held to Maturity
Investments in Bonds issued by
Puerto Rico and/or its agencies
Amortized
Cost
Unrealized
Gains
$324,455
-
Investments in Bonds issued by US
Government and/or its agencies
6,507,655
Municipalities located in United States
3,959,025
Private Corporations
Totals
863,854
$11,654,989
Unrealized
Losses
Market
Value
($85,204)
$239,251
31,263
(83,973)
6,454,945
7,641
(92,516)
3,874,150
(4,967)
867,681
8,794
$47,698
($266,660) $11,436,027
June 30, 2014
as Held to Maturity
Puerto Rico and/or its agencies
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Market
Value
$241,392
-
($3,549)
$237,843
Investments in Bonds issued by US
Government and/or its agencies
5,687,313
24,741
(52,098)
5,659,956
Municipalities located in United States
1,498,030
14,734
-
1,512,764
Private Corporations
2,010,627
(1,240)
2,009,387
($56,887)
$9,419,950
Totals
$9,437,362
$39,475
The average yield of all negotiable instruments is 3.14%. Expected maturities will differ from
contractual maturities because borrowers may have the right to call or prepay obligations
with or without penalties. The amortized cost and the estimated market value of all
investment securities as of June 30, 2015 and 2014 by contractual maturities are shown
below.
Page 20
JUNE 30, 2015 AND 2014
June 30, 2015
as Held to maturity
Amortized
Cost
More than one year and less than five
More than five, less than fifteen
More than fifteen years
Totals
June 30, 2014
Market
Value
Amortized
Cost
Market
Value
$817,196
4,895,204
5,942,589
$831,170
4,891,850
5,713,007
$99,575
5,565,232
3,772,555
$100,228
5,589,064
3,730,658
$11,654,989
$11,436,027
$9,437,362
$9,419,950
Note 5:
Loans Receivable
The composition of loans to members is as follows:
Description
2015
2014
$53,148
3,630,281
$3,683,429
$118,826
3,679,648
$3,798,474
Consumer loans
Personal
Credit cards
Lines of credit
Mortgage
Guaranteed with members' deposits
Restructured loans
Total consumer loans
$6,575,916
478,396
38,135
22,280,177
2,722,878
1,037,562
$33,133,064
$7,129,146
461,737
53,137
21,657,255
2,940,929
1,285,764
$33,527,968
Total Préstamos
Provision for loan losses
$36,816,493
(435,214)
$37,326,442
(550,000)
Net loans
Loan origination costs capitalized
$36,381,279
198,953
$36,776,442
197,360
Total loans
$36,580,232
$36,973,802
Commercial loans
Companies
Not for profit organizations
Total commercial loans
Page 21
JUNE 30, 2015 AND 2014
ASC 310-20
Loan origination fees are deferred and recognized over the life of the loan as an adjustment
of yield. The unamortized balance of the net origination fees is reported as part of the loan
balance to which it relates. The periodic amortization is reported on the income statement as
part of interest income.
A summary of the activity in the Allowance for loan losses is as follows:
June 30, 2015
Consumer
Commercial
Total
Balance at beginning of year
Bad Debt Expense
Write – off Loans
Recoveries
$516,772
8,333
(194,500)
71,381
$33,228
-
$550,000
8,333
(194,500)
71,381
Balance at year end
$401,986
$33,228
$435,214
Consumer
Commercial
Total
Balance at beginning of year
Bad Debt Expense
Write – off Loans
Recoveries
$366,772
215,277
(182,570)
117,293
$33,228
-
$400,000
215,277
(182,570)
117,293
Balance at year end
$516,772
$33,228
$550,000
June 30, 2014
Characteristics of Loan Portfolio credit quality, which includes Commercial and
Consumer Loans.
The Credit Union has different types of consumer loans with different credit risks.
Delinquency, scoring and collateral values are indicators of the credit quality taken into
consideration by management when the allowance for doubtful accounts is recorded as an
estimate for probable losses. The main factor taken into consideration is delinquency among
loan types and the percentage of probable losses following the bylaw known as “Reglamento
6466” issued on May 23, 2002. The percentage method applied, provides an estimate based
on aged receivables. The following table summarizes Commercial loans according to their
risks and classification:
Page 22
JUNE 30, 2015 AND 2014
June 30, 2015
Companies
Totals
June 30, 2014
Companies
Totals
Without
exception
Monitoring
Substandard
Doubtful
Total
$53,148
3,630,281
-
-
-
$53,148
3,630,281
$3,683,429
-
-
-
$3,683,429
Without
exception
Monitoring
Substandard
Doubtful
Total
$118,826
3,679,648
-
-
-
$118,826
3,679,648
$3,798,474
-
-
-
$3,798,474
The following table summarizes the aged receivable on Commercial Loans as of June 30,
2015 and 2014:
Age Analysis of Loan to Members Receivables by Category
June 30, 2015
Companies
Total Commercial
Current or
0-60
61-180
181-364 365 or more
90 days and
Total Non-accruing
$53,148
3,630,281
-
-
-
$53,148
3,630,281
-
$3,683,429
-
-
-
$3,683,429
-
June 30, 2015
Personal and others
Credit cards
Lines of credit
Mortgage
Restructured
Current or
0-60
90 days and
Total Non-accruing
61-180
181-365 365 or more
6,480,487
478,396
38,135
21,089,233
2,722,878
1,011,385
86,548
229,647
-
8,881
961,297
26,177
-
6,575,916
478,396
38,135
22,280,177
2,722,878
1,037,562
52,155
1,076,121
26,177
$31,820,514
$316,195
$996,355
-
$33,133,064
$1,154,453
Page 23
JUNE 30, 2015 AND 2014
The following table summarizes the aged receivable on Consumer Loans as of June 30, 2015
and 2014:
June 30, 2014
Companies
Total Commercial
Current or
0-60
61-180
181-364 365 or more
90 days and
Total Non-accruing
$118,826
3,679,648
-
-
-
$118,826
3,679,648
-
$3,798,474
-
-
-
$3,798,474
-
June 30, 2014
Personal and others
Credit cards
Lines of credit
Mortgage
Restructured
Current or
0-60
61-180
181-365 365 or more
6,989,503
461,737
53,137
21,091,104
2,940,929
1,231,842
85,825
267,174
45,354
53,818
8,568
$32,768,252
$398,353
$62,386
Page 24
298,977
-
90 days and
Total Non-accruing
7,129,146
461,737
53,137
21,657,255
2,940,929
1,285,764
106,416
379,038
33,168
$298,977 $33,527,968
$518,622
JUNE 30, 2015 AND 2014
The following table summarizes the loan segregation based on compliance and noncompliance per loan type as of June 30, 2015 and 2014:
June 30, 2015
In Compliance Non-compliance
Commercials
Companies
$53,148
3,630,281
$3,683,429
-
TOTAL
$53,148
3,630,281
$3,683,429
Consumer
Personal and others
Credit cards
Lines of credit
Mortgages
Restructured
6,480,487
478,396
38,135
21,089,233
2,722,878
1,011,385
$31,820,514
95,429
1,190,944
26,177
$1,312,550
6,575,916
478,396
38,135
22,280,177
2,722,878
1,037,562
$33,133,064
Total loans
$35,503,943
$1,312,550
$36,816,493
June 30, 2014
In Compliance Non Compliance
Commercials
Companies
$118,826
3,679,648
$3,798,474
-
TOTAL
$118,826
3,679,648
$3,798,474
Consumer
Personal and others
Credit cards
Lines of credit
Mortgages
Restructured
6,989,503
461,737
53,137
21,091,104
2,940,929
1,231,842
$32,768,252
139,643
566,151
53,922
$759,716
7,129,146
461,737
53,137
21,657,255
2,940,929
1,285,764
$33,527,968
Total loans
$36,566,726
$759,716
$37,326,442
Page 25
JUNE 30, 2015 AND 2014
The following information presents a detail of loan to value to mortgage credit:
Balance of Loan to value
June 30, 2015
First Mortgage
Totals
0-80%
$19,012,769
$19,012,769
80-90%
90-100%
>100%
Total
$2,219,970 $1,047,437.87
-
$22,280,177
$2,219,970
-
$22,280,177
$1,047,438
Balance of Loan to value
June 30, 2014
0-80%
80-90%
90-100%
>100%
Total
First Mortgage
$18,456,969
$2,157,903
$1,018,153
$24,230
$21,657,255
Totals
$18,456,969
$2,157,903
$1,018,153
$24,230
$21,657,255
The following table includes the recorded investment and unpaid principal balances for
impaired loans receivables with associated allowance amount. The Credit Union determined
the specific allowance based on the associated risks and the percentage method applied.
End of year 2015
June 30, 2015 and 2014
Unpaid principal
of impaired loans
Commercials
Companies
-
End of year 2014
Specific
Specific
Unpaid principal
allowance for
allowance for
of impaired loans
impaired loans
impaired loans
-
-
-
Consumer
Personal and others
Mortgages
Restructured
$95,429
1,190,944
26,177
$1,312,550
$23,224
193,460
10,769
$227,453
$139,643
566,151
53,922
$759,716
$23,467
61,713
10,644
$95,824
Total delinquent loans
$1,312,550
$227,453
$759,716
$95,824
Page 26
JUNE 30, 2015 AND 2014
Restructured loans
In situations where, for economic or legal reasons related to a member's financial difficulties,
the Credit Union grants a concession for other than an insignificant period of time to the
member that the Credit Union would not otherwise consider, the related loan is classified as a
troubled debt restructuring (TDR). The Credit Union strives to identify members in financial
difficulty early and work with them to modify to more affordable terms before their loan
reaches nonaccrual status. In cases where the Credit Union grants to the member new terms
that provide for a reduction of either interest or principal (on non-collateral dependent loans)
measures any impairment based on the present value of expected future cash flows at the
loan effective interest rate.
The following information presents the restructured loans by category and by concessions
provided:
Restructured loans
June 30,2015
Amount of
loans
Loan
balance
Restructured loans
Specific
allowance
Amount of
loans
Loan
balance
Specific
allowance
Personals and others
79
$2,722,878
$18,034
3
$26,177
$10,769
79
$2,722,878
$18,034
3
$26,177
$10,769
Restructured loans
June 30,2014
Amount of
loans
Restructured loans
Loan
balance
Specific
allowance
Amount of
loans
Loan
balance
Specific
allowance
Personals
100
$1,285,764
$132,873
8
$53,922
$10,644
100
$1,285,764
$132,873
8
$53,922
$10,644
CONCESSIONS PROVIDED AMONG RESTRUCTURED LOANS
30-Jun-15
Changes on
Interest rates
Changes on
Due dates
Principal
reduction
Others
Total
Personal and others
-
$1,037,564
-
-
$1,037,564
Total
-
$1,037,564
-
-
$1,037,564
Page 27
JUNE 30, 2015 AND 2014
CONCESSIONS PROVIDED AMONG RESTRUCTURED LOANS
30-Jun-14
Changes on
Interest rates
Changes on
Due dates
Principal
reduction
Others
Total
Personal and others
-
$1,285,764
-
-
$1,285,764
Total
-
$1,285,764
-
-
$1,285,764
Note 6:
Interest and other accounts receivable
This item consists of the following:
Description
2015
2014
$170,228
93,393
2,153
24,200
12,505
23,639
$184,479
99,371
397,089
43,363
13,896
4,866
$326,118
$743,064
2015
2014
Building and improvements
Furniture and fixtures
Vehicles
Programming
Total
Less accumulated depreciation
$2,319,481
1,578,227
38,695
556,902
4,493,305
(1,864,689)
$2,266,538
1,206,502
38,695
549,533
4,061,268
(1,601,748)
Land
Property and Equipment net
1,977,100
$4,605,716
1,977,100
$4,436,620
Accrued interest on loans
Accrued interest on investments
Claims
Returned checks
Account receivables on rent
Other account receivables
Interest and other accounts receivable
Note 7:
Property and Equipment
Description
Page 28
JUNE 30, 2015 AND 2014
Note 8:
Other Credit Union entities
Description
"Cooperativa de Seguros Múltiples"
"Cooperativa de Seguros de Vida (COSVI)"
"Fondo de Inversión y Desarrollo Cooperativo"
"Depósito de seguro sobre acciones (COSSEC)"
"Liga de Cooperativas"
"Servicios Fúnebres"
Total other Cooperative entities
2015
2014
30,807
11,440
138,827
682,635
1,000
1,000
29,480
11,431
129,074
644,638
1,000
1,000
$865,709
$816,623
2015
2014
$55,001
91,260
353,350
5,728
$52,089
60,001
222,355
232,252
5,174
$505,339
$571,871
Note 9:
Other Assets
Description
Prepaid insurance
Other prepaid assets
Foreclosed properties
Advance to suppliers
Bonds and deposits
Total Other assets
Note 10:
Members’ deposits
At June 30, 2015 schedule maturities of regular deposits, checking accounts and certificates
of deposits are:
Description
Members' deposits
Nonmembers' deposits
Christmas and summer club
Checking accounts
Certificate of deposits
Totals
Average
interest rate
1.15%
0.90%
3.00%
1.65%
1.20%
1 year or less
1 to 3 years
more than
three years
Total
$11,448,563
16,871,748
137,013
3,891,706
11,143,216
853,184
584,027
$11,448,563
16,871,748
137,013
3,891,706
12,580,427
$43,492,246
$853,184
$584,027
$44,929,457
Page 29
JUNE 30, 2015 AND 2014
Note 11:
Accounts payable and accrued expenses
Description
Accounts payable
Disbursements of loans in process
Income tax withholdings
Health and retirement plan payable
Insurance payable
Dividends
Accrued Publicity expense
Accrued Education expense
Donations
Provision for losses
Bonds
Annual meeting accumulated
Vacations, sickness and bonuses
Accrued interest payable
Other accrued expenses
Accounts payable and accrued expenses
2015
2014
$79,044
14,912
4,834
14,766
132,446
14,806
32,833
11,500
10,888
28,948
59,741
11,541
10,750
$57,106
12,938
3,198
24,120
193,492
8,293
34,300
2,354
23,222
1,452
11,012
13,879
55,533
12,091
3,311
$427,009
$456,301
Note 12:
Other Income
Description
Service Fees and Late charges
Commissions
Late charges
Rent
Mortgages charges
ATM / ATH / POS Income
Sponsorship
Other accrued expenses
Total other income
Page 30
2015
2014
$64,742
67,709
48,324
155,073
61,575
82,585
39,332
19,005
$62,699
42,061
58,842
189,228
201,969
94,039
18,985
15,628
$538,345
$683,451
JUNE 30, 2015 AND 2014
Note 13:
Compensation and Fringe Benefits
Pension and Health care plan
The Credit Union has a defined contribution pension plan for all its employees. It is the
responsibility of the trustee to keep the information as to the benefits accumulated for each
employee. The Credit Union annual contribution is based on the salary of each employee, the
management cost is paid separately. Also, the entity offers, as a fringe benefit, a health plan
for qualified employees. The amount of the contribution from the Credit Union depends on
the kind of health plan adopted by the employee. The detail of salaries and fringe benefits is
disclosed as follows:
Description
Salaries and compensation
Vacations, sickness and bonuses
Social security and other payroll benefits
Pension plan
Uniforms
Health plan
Insurance
Compensation and fringe benefits
2015
2014
$647,861
42,008
52,140
17,410
4,076
115,124
17,587
$654,316
43,008
51,872
15,310
11,777
124,777
19,247
$896,206
$920,307
2015
2014
$72,057
21,477
3,022
90,000
45,687
14,600
1,406
18,482
3,516
115,071
32,851
13,930
$78,432
18,957
10,301
88,812
47,625
18,920
851
18,663
4,512
129,336
53,502
10,350
$432,099
$480,261
Note 14:
Other administrative expenses
Description
Bank charges
Dues
Security
Donations
Comunications
Utilities
Directors
Rent
Transportation
ATH and Master Card
Contingencies
Other additional expenses
Total other administrative expenses
Page 31
JUNE 30, 2015 AND 2014
Note 15:
Commitments and Contingencies
Lines of Credit - MasterCard
The Credit Union is a party to financial instruments with off-balance-sheet risk in the normal
course of business to meet the financing needs of its members and to reduce its own
exposure to fluctuations in interest rates. These financial instruments include commitments
to extend credit. These instruments involve, to varying degrees, elements of credit and
interest-rate risk in excess of the amount recognized in the statements of financial condition.
The Credit Union’s exposure to credit loss in the event of nonperformance by the other party
to the financial instrument for commitments to extend credit is represented by the
contractual amount of those instruments.
Commitments to extend credit are agreements to lend to a member as long as there is no
violation of any condition established in the contract. Commitments generally have fixed
expiration dates or other termination clauses. Since many of the commitments may expire
without being fully drawn upon, the total commitment amounts do not necessarily represent
future cash requirements.
As of June 30, 2015 and 2014 the Credit Union had outstanding commitments for unused
lines of credits and unused MasterCard for a total of $435,271 and $453,404 respectively,
that are not reflected in the accompanying financial statements. The Credit Union evaluates
each member credit union’s creditworthiness on a case-by-case basis. The amount of
collateral obtained, if any, is based on management’s credit evaluation of the member.
Lease of Real Estate Properties
The Credit Union has operating rent contracts that generate an average annual income
between ten to fifteen thousands, depending of the period and size of the premises. The
contract requires a monthly income between $300 and $2,000.
Leased Parking
The Credit Union pays $1,500 a month for the use of a parking lot for the benefit of people
that frequently visit the facilities. The contract expires in December 2016 and any change in
monthly payments is subject to the agreement between the parties involved.
Litigation
In the normal course of businesses, the Credit Union is involved in litigation to recover
delinquent loans.
There are some legal claims against the Credit Union.
The legal counsel and the
administration considered that the Credit Union shall prevail and if any financial impact arises
in the future, it will not have a material effect in the financial statements.
Page 32
JUNE 30, 2015 AND 2014
The administration registered a contingency of $11,500 regarding the legal claims, by
following the generally accepted accounting principles in the United States of America. Any
future difference in favor or against the Credit Union will be recorded as an expense.
Mortgage loans
The Credit Union sold Mortgages to “Banco Cooperativo” and to “Cooperativa de Ahorro y
Crédito of Rincón”. The agreement states that Hermanos Unidos Cooperative will collect and
administer everything related to those loans and will send payments to “Banco Cooperativo”
and “Cooperativa de Ahorro y Crédito of Rincón. The Bank and the “Cooperativa de Ahorro y
Crédito of Rincón” agree to pay a fee based on interest payments received. These loans are
with recourse; therefore, the Credit Union assumes the risk for probable losses.
The detail of Mortgages Loans sold is disclosed as follows:
Description
"Banco Cooperativo"
"Cooperativa de Ahorro y Crédito de Rincón"
Totals
2015
2014
$1,602,794
48,163
$1,724,504
69,657
$1,650,957
$1,794,161
Concentration of Risk
Deposits
The Federal Deposit Insurance Corporation (FDIC) and the Public Corporation for the
Supervision and Insurance of Puerto Rico Credit Unions (known as “COSSEC” its Spanish
acronym) provides an insurance up to two hundred fifty thousand ($250,000) for deposits
made in local and United States banks and state credit unions respectively. The amount of
Deposits in excess of the insured limits was $1,215,519 as of June 30, 2015.
The Credit Union has nonfederal or state insured deposits in “Banco Cooperativo”. These
deposits are necessary for members’ “MasterCard” transactions and any other operational
needs. The total as of June 30, 2015 was $4,370,823.
Also, the Credit Union has unsecured investments in “Cooperativa de Seguros Múltiples” and
“COSVI”, which amounted to $42,247 and an unsecure investment in “Fidecoop” for a total of
$138,827.
Negotiable investments
During February 2014 and subsequently the credit rating agencies downgraded Puerto Rico
bonds, its agencies and Public Corporations to high risk levels. As of June 30, 2015 the
Credit Union has $324,455 invested in Puerto Rico bonds (see note 4).
Page 33
JUNE 30, 2015 AND 2014
As of June 30, 2015 and after the close of the fiscal year prior to the issuance of the audited
financial statements, there has been no defaults or debt restructuring of any of the financial
instruments held by the Credit Union. Also, there has been nothing official or any other
information that will provide management with the exact amount of any impairment to be
recognized in the financial statements. Therefore, as of June 30, 2015 no impairment was
recorded in any of these bonds. However, if the government does not comply and a debt
restructure takes place, is probable that future cash flows could differ from the original
agreement, if that happens an impairment other than temporary must be recognized in the
Cooperative’s financial statements.
Note 16:
Related Party Transactions
Employees of the Credit Union have outstanding loans and deposits at the Credit Union. All
loans were made at the same rates and terms as those available to all other members of the
Credit Union. Deposit accounts earned interest at the same rates provided to all other
members of the Credit Union. The balance of the loans granted to directors, officers and
employees was $1,081,930 and $1,281,203 as of June 30, 2015 and 2014 respectively.
Commercial Credit Lines to related parties
The Credit Union maintains revolving lines of credit contracts with the Congregation Mita, inc.
and “Los Hermanos Corporation”. These contracts stipulate that the Credit Union reserves
the right to limit the available amount to be disbursed. The credit lines are secured by
borrower’s real estate properties. The applicable interest rate will be of 5.25% annually with
the possibility to changes after one year.
The detail Credit Lines are disclosed as follows:
June 30, 2015
Authorized
Used
Available
$10,000,000
750,000
$2,948,252
682,029
$7,051,748
67,971
$10,750,000
$3,630,281
$7,119,719
"Congregación Mita, inc."
"Corporación Los Hermanos"
Totals
Note 17:
Agreements
The Credit Union has an agreement with “Banco Cooperativo” of Puerto Rico to serve as an
outsourcing company in relation to members’ checking accounts. As part of this agreement,
the Credit Union assumes all associated risks, except when “Banco Cooperativo” employees
do not perform their duties within established policies and procedures. All incurred expenses
are being paid by the Credit Union, except “Banco Cooperativo” employees’ payroll. The
Credit Union must maintain an active bank account to respond for all related checking
account transactions. This account should always have funds and no overdrafts are allowed.
Page 34
JUNE 30, 2015 AND 2014
The Credit Union has an agreement with “Banco Popular” of Puerto Rico and the New York
Automated Clearinghouse (NYACH) to process all electronic transfers among members. All
incurred expenses are being paid by the Credit Union, except “Banco Popular” employees’
payroll.
Note 18:
Subsequent events
The Credit Union adopted the accounting principles related to subsequent events. These
concept establishes disclosure of events that have a significant impact on the financial
statements after the close of the fiscal year prior to the issuance of audited financial
statements.
Credit Union management understands that no material event occurred
subsequent to June 30, 2015 that required to be disclosed in the financial statements.
Note 19:
Fair Value of Financial Statements
The Credit Union adopted ASC 825 “Disclosures about Fair Value of Financial Instruments”
which requires disclosure of fair value information about financial instruments, whether or not
recognized in the statement of financial condition.
The fair value of a financial instrument is the current amount that would be exchanged
between willing parties, other than in a forced liquidation. Fair value is best determined
based upon quoted market prices. However, in many instances, there are no quoted market
prices for the Credit Union’s various financial instruments. In cases where quoted market
prices are not available, fair values are based on estimates using present value or other
valuation techniques. Those techniques are significantly affected by the assumptions used,
including the discount rate and estimates of future cash flows.
In that regard, the derived fair value estimates cannot be substantiated by comparison to
independent markets and, in many cases, could not be realized in immediate settlement of
the instruments. This Statement excludes certain financial instruments and all nonfinancial
instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts
presented do not represent the underlying value of the Credit Union. The following methods
and assumptions were used to estimate the fair value of each class of financial instrument:
Cash and cash equivalents: The carrying amounts reported in the statement of
financial condition for cash and cash equivalents approximate those assets’ fair
values.
Investment securities: Fair values of securities are usually based on quoted market
prices. If a quoted market price is not available, fair value is estimated using quoted
market prices for similar securities.
Accrued Interest and other account receivables: The carrying amounts of accrued
interest approximate the fair values because of short-term duration of these financial
instruments.
Page 35
JUNE 30, 2015 AND 2014
Loans to members: The fair value of fixed-rate loans is estimated by discounting the
future cash flows for each loan category using the current rates and estimated future
rates, which similar loans would be made to borrowers with similar credit ratings and
for the same remaining maturities. If information is unavailable, impairment is
calculated by using estimates of recoverability at year end.
Members’ deposits: The fair value of checking accounts, regular savings and money
market accounts is the amount payable on demand at the reporting date. The
carrying amounts reported approximate fair value.
The estimated fair values of the Credit Union’s financial instruments are as follows:
Market value
June 30, 2015
Book value
Level 1
Negotiable investments classified as
Held to Maturity
$11,654,989
$11,436,027
Foreclosed vehicles and properties
$353,350
-
Level 2
Level 3
-
-
-
$353,350
June 30, 2015
Book Value
Financial Instruments
Financial Assets:
Cash and cash equivalents
Negotiable investments held to maturity
Member loans
Accrued interest and account receivables
Total financial assets
Financial liabilities:
Deposits on demand
Accrued interest payable
Total financial liabilities
Unrecognized financial instruments:
Unused lines of credit
Page 36
Total
$11,436,027
$353,350
June 30, 2015
Estimated Market
Value
$9,896,994
11,654,989
37,015,446
326,118
$9,896,994
11,436,027
36,580,232
326,118
$58,893,547
$58,239,371
$44,929,457
34,510
$44,929,457
34,510
$44,963,967
$44,963,967
$435,271
$435,271
501,498
2011
2013
463,287
2014
462,718
Sobrante sin Distribuir
350,672
2012
577,032
2015
700000
600000
500000
400000
300000
200000
100000
0
529,359.00
2011
2013
488,240.00
2014
487,072.00
Economía Neta
355,598.00
2012
607,402.00
2015
18100000
18000000
17900000
17800000
17700000
17600000
17500000
17400000
17300000
$18,027,147.00
2012
$17,975,406.00
2014
$18,053,172.00
Capital en Acciones
$17,607,240.00
2011
2013
$17,875,458.00
2015
67000000
66000000
65000000
64000000
63000000
62000000
61000000
60000000
59000000
62,622,334
2011
62,225,986
Total de Activos
62,863,744
2012
2013
65,040,026
2014
66,700,097
2015
Galería
2014
&
2015
Unidos
Seguimos
Creciendo
www.
cachupr
.com
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dedicatoria - Hermanos Unidos

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