Cobimet Inc

Nonprofit profile at a glance

EIN
660698414
IRS 990 coverage
2019–2022
Forms available
Form 990 2022
Location
Bayamon, PR, USA
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Libraries

Reported finances

Revenue
$380,654
Expenses
$380,615
Assets
$423,405
Liabilities
$120,895

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

1 person listed

Highest reported compensation

  • CARLOS A CRESP (EXECUTIVE DIRE): $53,688 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Collaboration through the integration of teamwork to promote effectiveness in the virtual services of member institutions

What it reported doing in 2022

Collaboration through the integration of teamwork to promote

Operating model

Revenue model
Membership-supported. 100% of the money available for current operations came from membership dues.
Distribution model
Member-benefit provider. The nonprofit used 76% of its reported program spending for member benefits.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Expenses are high relative to revenue and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.7%; rating input score 66
  • Program expense ratio: 65.7%; rating input score 66
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 41; 41st percentile among comparable filings
  • Total-asset coverage ratio: 1.11; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.29; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 14.1%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: 8.3% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 8% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: -4.7% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 65.7% of revenue deployed · 65.7% of spending went to programs
  • Governance: 6 of 6 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $761K in reported program spending
  • Leadership: top reported pay $54K · 1 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2019 to 2022
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Moderate — Sustainability: Operating margin scored 41/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.