Banco De Desarrollo Centro Oriental Inc

Nonprofit profile at a glance

EIN
660703347
IRS 990 coverage
2023–2023
Forms available
Form 990 2023
Location
Caguas, PR, USA
Phone
7873378833
Rating
54
Verdict
MIXED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$185,733
Expenses
$287,789
Assets
$747,273
Liabilities
$849,329

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

6 people listed

People named in this filing

  • WILLIAM MIRANDA TORRES (Board Chair)
  • MARIA DEL MAR LOPEZ (VP Academic Sector)
  • CARLOS JIMENEZ (VP Entrepreneurial Sec)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To encourage economic development in the central and eastern areas of Puerto Rico through non-depository credit intermediation.

What it reported doing in 2023

During FY2023, BADECO strengthened its role as a key economic develop- ment institution in PR by operating programs focused on improving acc- ess to capital by small and medium businesses, and furthering entre- preneurial education. BADECO participated in the ARPA/PAFE, Capital Access for Rural Areas, Caguas Compite, and SBA Lenders Match - Path to Prosperity programs. It also hosted educational sessions and work- shops to provide financial and entrepreneurial education to founders and college students.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - The filed numbers largely add up. A relatively small share of voting board members are independent and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 50
  • Transparency & Controls: 90
  • Accountability: 30
  • Sustainability: 30
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.1%; rating input score 65
  • Program expense ratio: 42%; rating input score 42
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -54.9%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 2.6; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 1.14; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 65.1% of revenue deployed · 42% of spending went to programs
  • Governance: 0 of 6 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $121K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 42/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.