Preheat oven to 350 degrees. Line two baking sheets with parchment paper and set aside.

Cream butter, cream cheese and sugar together in a mixing bowl. Beat until light and fluffy. 

Add almond extract and egg yolk to mixture and beat well.

In a medium bowl, sift flour, salt, and baking powder together. Slowly add to butter mixture and beat until incorporated.

Stir in 3 cups of coconut, just until incorporated. Reserve remaining 3/4 cup of coconut.

Shape dough into heaping teaspoon-sized balls. Roll in remaining coconut and place two inches apart on cookie tray.

Use the end of a round wooded spoon and make a small indentation in the center of each cookie.

Fill half of the cookies with raspberry preserves and the other half with apricot preserves.

Bake 12 minutes until coconut turns slightly brown.