PUBLIC CORPORATION FOR THE SUPERVISION AND INSURANCE OF COOPERATIVES.

LEGAL AUTHORITY

Act No. 114 of August 17, 2001, as amended, known as the Public Corporation for the Supervision of Insurance of Cooperatives of Puerto Rico Law. Act No. 247 of August 10, 2008, the functions, resources and personnel of the Office of Inspector of Cooperatives is transferred to the Corporation (COSSEC, Spanish Acromym).

MISSION

Guarantee the continuation and permanence of the cooperatives of Puerto Rico and assure their solvency, protecting the participation of associates and depositors, through the effective use of our human and technical resources.

VISION

Become the best institution of Puerto Rico's public system, a leader in innovation, built on communication and trust, with financial strength and trained human capital, committed to offering a service of excellence to the cooperative movement and to our people.


ORGANIZATIONAL STRUCTURE

The Corporation is composed of the following organizational units:

  • Administration
  • Technical Support and Supervision
  • Legal Office
  • Human Resources
  • Board of Directors
  • Office of the Executive President
  • Office of the Executive Vice President


GEOGRAPHIC LOCATION

The Public Corporation for the Supervision and Insurance of Cooperatives is located in the Original Office of COSVI on Americo Miranda Avenue #400 Villa Nevarez, Rio Piedras.

PROGRAMMATIC STRUCTURE


POSITIONS FILLED

Authorized and Proposed Positions 2009 2010 2011 2012
Sept./08 Sept./09 Sept./10 Feb./11 Proj.

 

Total amount of positions 75 104 110 113 113

Data comes from the Agency's Certified Headcount Reports. Figures for Fiscal Year 2011-2012 were estimated during the budget formulation process.


PROGRAM

Cooperatives Intervention and Assistance

Program Description

Strengthen and stimulate the participation of cooperativism in the different productive sectors of the country. Regularly examine cooperatives to determine their financial state. Analyze financial reports and make sure the actions and deposits of the associates are insured against loss resulting from economic insufficiencies. Revoke the authorization of the cooperatives to do business as insurance entities and act as administrative receiver or liquidator of cooperatives. Inspire confidence and security in associates so they remain active. Also examine incorporated cooperatives under the Special Law of Juvenile Cooperatives to make sure they comply with the laws and regulations.


Objectives

  • Foment the financial solidity of the 333 insured cooperatives, to minimize the use of insurance.
  • Take proactive measures to avoid liquidations and syndicates.
  • Strengthen the financial structure of the corporation.
  • Optimize systems for examining and measuring risk.

Customers

The 123 Savings and Credit Cooperatives, 133 of different types, 127 Juvenile and citizens in general

Human Resources

Authorized and Proposed Positions 2009 2010 2011 2012

Managerial,Technical, Administrative, and Office Staff 35 49 48 51
Judges, Lawyers, and Legal Staff 4 6 6 6
Other staff 2 36 43 43
Planning, Budget, Statistics, Auditing, and Finance 34 9 9 9
Maintenance and General Services Staff 0 4 4 4
Total, Positions 75 104 110 113



FISCAL YEAR 2011-2012 ADOPTED BUDGET

The adopted consolidated budget for fiscal year 2011-2012 is $13,922,000 form Revenues from Internal Sources. These resources will be used to continue fiscalization efforts, investment and administrative fines.

Operating Expenses reflect an increase of $1,012,000 in comparison with the assigned resources for the fiscal year 2010-2011. These resources will be used to continue fiscalization efforts and to monitor existing coperatives to guarantee the rights of associates. These funds will help the Corporation meet its commitments. Also it will help increase the amount of supervision and fiscalization of all the cooperatives of Puerto Rico; offer stocks and deposits insurance to savings and credit cooperatives; and offer associates excellent service.


SUMMARY OF AVAILABLE RESOURCES

Consolidated Budget  (thousands $) 2009 2010 2011 2012

 

Program  
Operational Expenses Actual Actual Budget Adopted
Cooperatives Intervention and Assistance 8,306 10,359 12,910 13,922
Subtotal, Operational Expenses 8,306 10,359 12,910 13,922
Total, Program 8,306 10,359 12,910 13,922
 
Funding Sources  
Operational Expenses  
Revenues from Internal Sources 8,306 10,359 12,910 13,922
Subtotal, Operational Expenses 8,306 10,359 12,910 13,922
Total, Funding Sources 8,306 10,359 12,910 13,922
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 5,703 7,157 8,369 9,755
Rent and Utilities 37 41 50 60
Purchased Services 758 766 956 1,030
Transportation Expenses 202 364 300 210
Professional Services 960 1,000 1,200 1,200
Other Expenses 353 414 637 794
Office Supplies and other Materials 55 57 178 153
Advertising and Media Expenses 238 560 1,220 720
Subtotal, Operational Expenses 8,306 10,359 12,910 13,922
Total, Expense Category 8,306 10,359 12,910 13,922