Puerto Rico Manufacturing Extension Primex Inc

Nonprofit profile at a glance

EIN
660522632
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
San Juan, PR, USA
Phone
7877560505
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Small Business Development

Official website

Reported finances

Revenue
$2,828,889
Expenses
$2,761,940
Assets
$3,983,909
Liabilities
$276,502

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

Leadership & pay

9 people listed

Executive titles in this filing

  • Ramon Vega (Executive Director)

Highest reported compensation

  • Ramon Vega (Executive Director): $112,345 total reported compensation

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

Overview

Mission

Innovation and growth strategies, improve processes and systems, cybersecurity, commercialization, lean production, workforce training, supply chain optimization, exporting, among others.

What it reported doing in 2024

The Supply Chain program seeks to encourage and help all small businesses to optimize their supply chain with access to an exclusive database to connect with the different suppliers on the island. The program seeks to identify the capabilities and needs of companies that purchase products outside of Puerto Rico, to provide them with a tool to obtain local products and identify where they are located. It also helps to explore a detailed electronic map of manufacturing in Puerto Rico so that small businesses can connect with other entrepreneurs on the island.

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. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 86
  • Accountability: 95
  • Sustainability: 49
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.8%; rating input score 90
  • Program expense ratio: 92%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 10th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 2.4%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 1.44; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 65; 65th percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: -0.4% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: -6.4% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: 2.4% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 89.8% of revenue deployed · 92% of spending went to programs
  • Governance: 8 of 8 board members independent · 7 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $2.5M in reported program spending
  • Leadership: top reported pay $112K · 9 people listed
  • Highest-paid contractors: 1 contractor listed · $111K reported
  • Consistency: 39 of 40 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 6 filing years from 2019 to 2024
  • 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.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.