Alejandro Camporreale, Executive Director
Puerto Rico Sales Tax Financing Corporation (COFINA)
Puerto Rico Sales Tax Financing Corporation (COFINA)
About
Learn about Puerto Rico Sales Tax Financing Corporation (COFINA) including our News & Press Releases and Management Team.
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Have questions? Reach out to us directly.
Learn about Puerto Rico Sales Tax Financing Corporation (COFINA) including our News & Press Releases and Management Team.
About Puerto Rico Sales Tax Financing Corporation (COFINA)
- Founded
- 12/26/2006
The Puerto Rico Sales Tax Financing Corporation (by its Spanish acronym, “COFINA”) is a public corporation and instrumentality of the Commonwealth of Puerto Rico (the “Commonwealth”). COFINA was originally created in 2007 to finance or fund certain appropriation-backed debt payable to Government Development Bank for Puerto Rico and the Puerto Rico Public Finance Corporation and certain Commonwealth expenses. In February 2019, COFINA restructured its debts in a proceeding under Title III of the Puerto Rico, Oversight, Management and Economic Stability Act, Public Law 114-187 (2016), through the issuance of approximately $12 billion in new bonds.
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News
Press Release
January 27, 2025
Puerto Rico Sales Tax Financing Corporation Releases 2024 Annual Report
San Juan, Puerto Rico – The Puerto Rico Sales Tax Financing Corporation (COFINA) proudly announces the publication of its 2024 Annual Financial Information and Operating Data Report. The report, which will be available on COFINA’s website and the Municipal Securities Rulemaking Board’s EMMA platform, provides an in-depth look at COFINA’s financial performance and operational highlights for the fiscal year ending June 30, 2024.
Key Highlights of the 2024 Annual Report:
- Financial Resilience: COFINA achieved a balance of $17.86 million by November 2024.
- Sales Tax Performance: Total Sales and Use Tax collections reached a record $3.66 billion, reflecting robust economic activity.
- Debt Obligations Met: COFINA successfully fulfilled its bond obligations, with $430 million allocated for interest payments and $74.2 million for principal payments in FY2024.
- Transparency Commitment: This report is part of COFINA’s continuing disclosure obligations under its 2019 Continuing Disclosure Agreement.
The report also highlights COFINA’s pivotal role in managing revenues derived from the Puerto Rico Sales and Use Tax, ensuring fiscal responsibility and the timely fulfillment of debt obligations.
COFINA remains committed to transparency and excellence in financial management as it continues to support Puerto Rico’s economic development.
For more information, please visit www.cofina.pr.gov.
Press Release
November 11, 2024
Annual Report Reinforces COFINA's Commitment to Transparency and Financial Stability
(November 11, 2025 - San Juan, Puerto Rico) - The Puerto Rico Sales Tax Financing Corporation (“COFINA” and/or the “Corporation”) has announced the publication of its Audited Financial Statements for the Fiscal Year ending June 30, 2024. This release highlights COFINA's strong fiscal management and adherence to transparent financial practices, marking the fifth consecutive year of timely publication of its audited statements.
The Fiscal Year 2024 audit reveals a continued trend of fiscal stability and efficiency, with a surplus of $23 million transferred to the Commonwealth of Puerto Rico’s Treasury on September 28, 2024. The statement underscores COFINA’s prudent fiscal stewardship and its capacity to meet all debt service requirements as projected.
COFINA’s Executive Director stated, “Our dedication to financial transparency and operational efficiency is reflected in this report. By publishing our audited financials promptly each year, we maintain our commitment to our bondholders and other stakeholders, reinforcing COFINA's reputation as a reliable entity in the capital markets”.
COFINA remains committed to its mission of supporting Puerto Rico’s economic recovery through sound financial management, transparent reporting, and consistent performance in meeting all debt obligations.
Press Release
November 8, 2024
Judge Laura Taylor Swain closes the COFINA Title III case, Marking Yet Another Milestone for Puerto Rico’s Fiscal and Economic Stability
San Juan, PR — October 30, 2024 — Judge Laura Taylor Swain has officially closed the Title III case for the Puerto Rico Sales Tax Financing Corp., or COFINA. This pivotal moment marks the successful culmination of COFINA’s reorganization process under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), representing a significant milestone in Puerto Rico's journey toward fiscal stability and economic renewal.
Initiated in 2017, COFINA’s Title III proceedings were undertaken as part of Puerto Rico’s broader strategy to address the island’s debt and fiscal crisis. Through rigorous negotiations and judicial oversight, COFINA’s restructuring allowed it to significantly reduce its obligations, facilitating the issuance of new bonds and achieving an equitable resolution for creditors. The closure of this case underscores COFINA’s commitment to comply with its obligations under its plan of adjustment.
As Puerto Rico continues to emerge from financial hardships, the closing of COFINA’s Title III case stands as a landmark achievement, further enabling the Commonwealth’s economic revitalization efforts and its progress toward long-term fiscal health.
For more information on this and other PROMESA cases, please visit Kroll’s website.
Contact: Inquiries may be directed to dennis.costa@aafaf.pr.gov.
Management Team
Board of Directors
Alexandre Zyngier
Acting Chairman
Mr. Zyngier has served as the Managing Director and Founder of Batuta Capital Advisors LLC, a private investment and advisory firm, since 2013. He also serves on the board of directors of Urgently Inc since January 2025, Unifin Financiera SAB de CV, a Mexican finance company since August 2024, Slam Corp, a public special purpose acquisition company, since February 2023, , Atari SA, a public video game company, since August 2014 and certain other private entities. Mr. Zyngier previously served on the board of directors of Arrival SA from September 2023 to June 2024, Appvion Holding Corp, a private paper and packaging company, from February 2019 to December 2021, GT Advanced Technologies Inc., a private advanced materials company, from March 2016 to November 2021, Torchlight Energy Resources Inc., a public exploration and production company, from June 2016 to June 2021, Eileen Fisher Inc., a private retail company, from November 2020 to May 2021, AudioEye, Inc, a public software company, from September 2015 to July 2020, LootCrate Inc., a private retail company, from December 2017 to October 2019 and certain other public and private companies. Mr. Zyngier earned his MBA in Finance and Accounting from the University of Chicago.
Richard Kolman
Director
Mr. Kolman presently serves as the head of the municipal group and member of the firm-wide operating committee for Academy Securities, a military and disabled veteran-owned investment bank. Following a twenty-five year career with Goldman Sachs, Mr. Kolman left his position in 2007 as co-head of the municipal department at Goldman Sachs to serve as vice chairman of the Municipal and Infrastructure Assurance Corporation until 2010, when Mr. Kolman became a managing director and head of the municipal securities group at US Bank. Mr. Kolman left his position at US Bank in 2016 for his current role at Academy Securities. Mr. Kolman has served on the executive committee of the Securities Industry and Financial Markets Association (SIFMA) and received the SIFMA Lifetime Achievement Award in 2007. He also was a member of the Municipal Securities Rulemaking Board from 1996 to 1999 and is presently a member of the municipal executive committee for SIFMA. For over fifteen years, Mr. Kolman has served on the board of managers for the East Side House Settlement, a community-based organization serving the Mott Haven district of the South Bronx. He presently serves as treasurer and chair of the Finance Community.
Jim Montes
Director
Jim Montes joined the Touro Law family as Assistant Dean for Career Services in September 2014. Previously he was a partner at the global law firm Nixon Peabody LLP, based in Manhattan, where he concentrated in public and project finance. He was involved in public and private securities offerings and securities registration, and served as bond and underwriter’s counsel in connection with tax-exempt and taxable bond financings. He also led Nixon Peabody’s New York State practice serving local municipalities as bond counsel. His legal experience is enhanced by over 20 years as a senior executive in the banking industry prior to becoming an attorney. He received a B.S. in Finance and International Business from NYU, and his J.D. from Fordham.
PR Department of Treasury SUT Collections Report
Fiscal Year 2025 - 5.5% COFINA SUT Collections
Talk to us
Have questions? Reach out to us directly.