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Cobimet INC

Tax-deductible

Cayey, PR501(c)(3)EducationEIN 66-0698414Revenue $381K in FY2022

On file with the IRScobimet.orgPo Box 373132, 00737-3132 · Cayey, PRTax-exempt since Sep 2019Publicly supported — 509(a)(2)

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Educational services in information access to librarians,students,faculty and general community as a virtual library platform

501(c)(3) charity; gifts are tax-deductible.
66¢ of each $1 spent went to programs.
Run by 6 volunteers and 1 employee.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 2
filings with a surplus
Average surplus $4K a year · 1% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
66%
of spending
Fine: 66% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$54K
to officers and key staff · 14% of spending
Top officer’s pay lower than 55% of similar orgs
Looks good: pay to officers and key staff is 14% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
11 mo
of spending, in cash
Looks good: 11.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$121K
29% of total assets
Looks good: liabilities are 29% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$381K
+18% vs prior year
Spent
$381K
To programs
66%
Net assets
$303K
By yearFY2020–FY2022
Revenue
$381K
FY2022▲ +18%
Tap a bar for its year
Revenue by fiscal year
FY2020$323K
FY2022$381K
Expenses
$381K
FY2022▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2020$315K
FY2022$381K
Net assets
$303K
FY2022▲ +0.7%
Tap a bar for its year
Net assets by fiscal year
FY2020$300K
FY2022$303K

From the FY2022 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2022. IRS ruling in Sep 2019.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

66 cents of each dollar spent went to programs.

Program services 66% · $250K Management & general 34% · $131K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

1 person listed on the 990; $54K paid to officers and key staff.

Part VII, Section A · reportable compensation
Carlos a Cresp
Executive Dire
$53,688Pt VII · Sec A

Carlos a Cresp’s $54K as Executive Dire is at the 45th percentile of top reported officer pay among 1613 $100K–1M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2022FY2020
Carlos a Cresp$53,688—
Carlos a Crespo—$46,988

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides virtual library access and information education to students, faculty, and the community.

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1 program · $381K · in their own filed words · FY2022
01

Collaboration through the integration of teamwork to promote

$381Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$381K
Ln 12
Gifts and grantsLn 1h$381K
Money outPt IX
$381K
Ln 25
Programscol B$250K
Managementcol C$131K
Owns and owesPt X
$303K
net assets · Ln 32
Cash and savingsLn 1–2$360K
Total assetsLn 16$423K
LiabilitiesLn 26$121K
PeoplePt VI, VII
1
listed · VII A
PaidVII A1
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$381K
Total revenueLn 12$381K
Assets in detailPt X, end of year
CashLn 1$360K
Cash and savings togetherLn 1–2$360K
Land, buildings, equipmentLn 10c$5K
Total assetsLn 16$423K
LiabilitiesLn 26$121K
Net assetsLn 32$303K
OperationsPt I, VI
EmployeesI 51
VolunteersI 66
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$405K$360K
Land, buildings, equipmentLn 10c$4K$5K
Total assetsLn 16$505K$423K
LiabilitiesLn 26$204K$121K
Net assetsLn 32$300K$303K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$191K$191K
Pay of current officers, directors and key staffLn 5$54K$54K
Pension plan contributionsLn 8$2K$2K
Payroll taxesLn 10$5K$5K
Management feesLn 11a$84K$43K$42K
Accounting feesLn 11c$8K$8K
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$2K$2K
Information technologyLn 14$15K$15K
TravelLn 17$8K$8K
InsuranceLn 23$836$836
Other expenses (24a–d)Ln 24$8K$660$7K
Total functional expensesLn 25$381K$250K$131K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing $381K$381K$39$303K 990 PDF
FY2021 Not on file
FY2020 $323K$315K$8K$300K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $380,654 revenue, 12 lines filed
I-8 Contributions and grants$380,654
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenue$380,654
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$191,067
I-15 Salaries and benefits$60,321
I-16a Professional fundraising fees$0
I-17 Other expenses$129,227
I-18 Total expenses$380,615
I-19 Revenue less expenses$39
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $380,654 across 4 lines filed
VIII-1b Membership dues$380,654
VIII-1h Total contributions, gifts and grants$380,654
VIII-8 Net income from fundraising events$0
VIII-12 Total revenue$380,654
Part IX · Statement of functional expenses $380,615 across 12 lines filed
IX-4 Benefits paid to or for membersPrograms $191,067$191,067
IX-5 Pay of current officers, directors and key staffManagement $53,817$53,817
IX-8 Pension plan contributionsManagement $1,950$1,950
IX-10 Payroll taxesManagement $4,554$4,554
IX-11a Management feesPrograms $42,735 · Management $41,503$84,238
IX-11c Accounting feesManagement $7,850$7,850
IX-12 Advertising and promotionManagement $2,577$2,577
IX-13 Office expensesManagement $2,087$2,087
IX-14 Information technologyPrograms $15,464$15,464
IX-17 TravelManagement $8,100$8,100
IX-23 InsuranceManagement $836$836
IX-24 Other expenses (24a–d)Programs $660 · Management $7,415$8,075
IX-25 Total functional expensesPrograms $249,926 · Management $130,689 · Fundraising $0$380,615
Part X · Balance sheet $423,405 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $405,233$359,713
X-4 Accounts receivableStart of year $47,446$18,347
X-9 Prepaid expenses and deferred chargesStart of year $47,670$40,439
X-10c Land, buildings and equipment, netStart of year $4,187$4,906
X-16 Total assetsStart of year $504,536$423,405
X-17 Accounts payable and accrued expensesStart of year $204,209$120,895
X-26 Total liabilitiesStart of year $204,209$120,895
X-32 Total net assets or fund balancesStart of year $300,327$302,510
X-33 Total liabilities and net assetsStart of year $504,536$423,405
Part XI · Reconciliation of net assets $302,510 net assets at year end
XI-1 Total revenue$380,654
XI-2 Total expenses$380,615
XI-3 Revenue less expenses$39
XI-4 Net assets at start of year$300,327
XI-10 Net assets at end of year$302,510

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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