PUBLIC CORPORATION FOR THE SUPERVISION AND INSURANCE OF COOPERATIVES.

LEGAL AUTHORITY

Act No. 114-2001, as amended, known as the Public Corporation for the Supervision and Insurance of Cooperatives Act. Act 247-2008, known as the Commission for the Cooperative Development in Puerto Rico Organic Act, transferred the duties and Obligations of the Cooperative Inspector's Office to the Corporation.

MISSION

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

ORGANIZATIONAL STRUCTURE

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

PROGRAM

Cooperatives Intervention and Assistance

Program Description

Strengthen and stimulate the participation of cooperatives in the different production sectors. Regularly examine cooperatives to determine their financial solidity. 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 Cooperatives to make sure they comply with the laws and regulations.

Customers

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



FISCAL YEAR 2012-2013 PROPOSED BUDGET

The proposed consolidated budget for Fiscal Year 2012-2013 amounts to $12,607,000 in revenues from Internal Sources, which are generated from insurance premiums, return on investments and administrative fees.

Operational expenses reflect a decrease of $1,300,000 when compared to funds assigned in fiscal year 2011-2012 resulting from the implementation of cost control measures, such as: freezing vacant positions and reducing advertising and media expenses. The goal is that these savings should eventually reduce the cost of insurance premiums charged to cooperatives.

The proposed budget will allow the Corporation to meet the duties established by its Organic Law and help them expand the supervision and monitoring of cooperatives in Puerto Rico in order to provide a better service.

SUMMARY OF AVAILABLE RESOURCES

Consolidated Budget  (thousands $) 2010 2011 2012 2013

 

Program  
Operational Expenses Actual Actual Budget Proposed
Cooperatives Intervention and Assistance 10,359 12,171 13,907 12,607
Subtotal, Operational Expenses 10,359 12,171 13,907 12,607
Total, Program 10,359 12,171 13,907 12,607
 
Funding Sources  
Operational Expenses  
Revenues from Internal Sources 10,359 12,171 13,907 12,607
Subtotal, Operational Expenses 10,359 12,171 13,907 12,607
Total, Funding Sources 10,359 12,171 13,907 12,607
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 7,157 8,472 9,755 8,944
Rent and Utilities 41 60 60 66
Purchased Services 766 653 1,030 1,214
Transportation Expenses 364 253 210 210
Professional Services 1,000 1,200 1,200 960
Other Expenses 414 766 779 900
Office Supplies and other Materials 57 93 153 98
Advertising and Media Expenses 560 674 720 215
Subtotal, Operational Expenses 10,359 12,171 13,907 12,607
Total, Expense Category 10,359 12,171 13,907 12,607