Corporacion Para El Financiamiento Empresarial Del Comercio Y De Las Comuni Dades

Nonprofit profile at a glance

EIN
660398333
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
San Juan, PR, USA
Phone
7877565080
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$1,701,706
Expenses
$1,503,914
Assets
$7,578,089
Liabilities
$4,267,904

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • Giovanna Piovanetti Lugo (Executive President)
  • Paul M Vilar Nelms (President of Board Director)
  • Harry O Vega Diaz (Vice-President of Board Director)

Highest reported compensation

  • Giovanna Piovanetti Lugo (Executive President): $120,314 total reported compensation
  • Carlos Abreu (Controller): $54,800 total reported compensation
  • Mayra Martinez (Acting Loan Department): $50,275 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote facilitate and execute economic development community revitalization long-term job creation and retention self-employment business and credit education and entrepreneurship through the establishment or expansion of micro small and medium-sized enterprises.

What it reported doing in 2024

Community development financial institution fund - 5 new loans were closed under a new cdfi fund; cdfi-erp-80 20. Total disbursed $59,200.00 loans + $14,800.00 grant

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 84
  • Accountability: 91
  • Sustainability: 59
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.2%; rating input score 87
  • Program expense ratio: 98.7%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: 7 of 9 controls in place; rating input score 78
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11.6%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 5.04; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.56; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 17.8%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: 19.6% per year; rating input score 100; 82nd percentile among comparable filings
  • Revenue growth: 19.3% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 12.7% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: 87.2% of revenue deployed · 98.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 7 of 9 filing controls reported
  • Programs: 10 filed program accomplishments · $1.5M in reported program spending
  • Leadership: top reported pay $120K · 16 people listed
  • Consistency: 44 of 45 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.