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Nonprofiteer
← FOUNDATION FOR PUERTO RICO INC

Form 990 for tax year 2022

Filed by FOUNDATION FOR PUERTO RICO INC.

Totals

Total revenue
$6,329,800
Total expenses
$4,635,720
Contributions and grants received
$6,269,516
Grants paid
$0
Program service revenue
$0
Investment income
$26,884
Other revenue
$33,400
Total assets, end of year
$5,842,849
Total liabilities, end of year
$2,054,698
Net assets or fund balances, end of year
$3,788,151
Program services expenses (Part IX)
$2,352,656
Management and general expenses
$1,677,775
Fundraising expenses
$605,289
Program service expenses (Part III)
$2,352,656

Program services were 50.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $274,353

  • 1f · All other contributions, gifts and grants

    $5,995,163

  • 3 · Investment income

    total $12,958 · related or exempt $12,958

  • 6a · Gross rents

    real property $4,120

  • 6c · Rental income or loss

    real property $4,120

  • 6d · Net rental income or loss

    total $4,120 · excluded $4,120

  • 7a · Gross sales of assets other than inventory

    securities $32,154,402

  • 7b · Less cost or other basis and sales expenses

    securities $32,140,476

  • 7c · Gain or loss

    securities $13,926

  • 7d · Net gain or loss

    total $13,926 · related or exempt $13,926

  • 8a · Fundraising events: contributions included on line 1c

    $274,353

  • 11a · Other revenue: SHARED SERVICES

    total $29,273 · related or exempt $29,273

  • 11b · Other revenue: OTHER REVENUE

    total $7 · related or exempt $7

  • 11e · Other revenue, total

    $29,280

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $161,605 · program services $86,201 · management and general $52,846 · fundraising $22,558

  • 7 · Other salaries and wages

    total $2,607,495 · program services $1,390,849 · management and general $852,665 · fundraising $363,981

  • 9 · Other employee benefits

    total $59,868 · program services $31,934 · management and general $19,577 · fundraising $8,357

  • 10 · Payroll taxes

    total $241,409 · program services $128,769 · management and general $78,942 · fundraising $33,698

  • 11b · Fees: legal

    total $3,180 · management and general $3,180

  • 11c · Fees: accounting

    total $76,303 · management and general $76,303

  • 11e · Fees: professional fundraising services

    total $115,211 · fundraising $115,211

  • 11g · Fees: other

    total $580,512 · program services $559,056 · management and general $21,456

  • 12 · Advertising and promotion

    total $49,616 · program services $20,777 · management and general $19,369 · fundraising $9,470

  • 13 · Office expenses

    total $52,086 · program services $137 · management and general $23,140 · fundraising $28,809

  • 17 · Travel

    total $6,960 · program services $2,882 · management and general $519 · fundraising $3,559

  • 19 · Conferences, conventions and meetings

    total $171 · program services $171

  • 20 · Interest

    total $3,998 · management and general $3,998

  • 22 · Depreciation, depletion and amortization

    total $207,142 · program services $7,392 · management and general $199,750

  • 23 · Insurance

    total $9,412 · management and general $9,412

  • 24a · Other expenses: FACILITIES

    total $242,924 · management and general $242,924

  • 24b · Other expenses: MATERIALS AND SUPPLIES

    total $103,435 · program services $91,109 · management and general $8,665 · fundraising $3,661

  • 24c · Other expenses: MEMBERSHIPS AND SUBSCRIPT

    total $73,113 · program services $14,223 · management and general $53,485 · fundraising $5,405

  • 24d · Other expenses: MEALS AND ACTIVITIES

    total $19,054 · program services $14,503 · management and general $4,551

  • 24e · All other expenses

    total $22,226 · program services $4,653 · management and general $6,993 · fundraising $10,580

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,230,123 · end of year $2,715,077

  • 4 · Accounts receivable

    beginning of year $1,648,282 · end of year $2,629,186

  • 9 · Prepaid expenses and deferred charges

    beginning of year $16,587 · end of year $24,278

  • 10a · Land, buildings and equipment: cost or other basis

    $2,042,327

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,568,019

  • 10c · Land, buildings and equipment, net

    beginning of year $643,833 · end of year $474,308

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,144,956 · end of year $817,169

  • 19 · Deferred revenue

    beginning of year $285,000 · end of year $190,000

  • 25 · Other liabilities

    beginning of year $1,051,567 · end of year $1,047,529

  • 27 · Net assets without donor restrictions

    beginning of year $213,017 · end of year $213,017

  • 28 · Net assets with donor restrictions

    beginning of year $1,844,285 · end of year $3,575,134

Mission and programs · 2022

Mission

THE MAIN OBJECTIVE OF THE ORGANIZATION IS TO PROMOTE STRATEGIC PHILANTHROPY AS CATALYST TO ACCELERATE THE ECONOMIC, SOCIAL, AND SUSTAINABLE DEVELOPMENT IN PUERTO RICO BY COMMISSIONING HIGHLY FOCUSED RESEARCH, OFFERING EXPERT COUNSEL AND CONDUCTING EDUCATIONAL ACTIVITIES THAT WILL ADVANCE THE PHILANTHROPIC INITIATIVES AND PROGRAMS TO BE SUPPORTED BY THE ORGANIZATION.

Activities or mission (Part I)

FOUNDATION FOR PUERTO RICO, INC. (FPR) WORKS WITH A DEFINED PLAN TO DEVELOP PUERTO RICO'S SOCIAL AND ECONOMIC POTENTIAL AND TRANSFORM IT INTO AN IMPORTANT COMPETITOR IN THE WORLD. FPR DOES THIS BY PROMOTING THE VISITOR ECONOMY AND EXPORT OF THE 21ST CENTURY AS CENTRAL TO ECONOMIC DEVELOPMENT; SUPPORTING INNOVATION IN EVERY SECTOR; CONTRIBUTING TO STRENGTHEN AND DEVELOP THE ORGANIZATIONS THAT MAKE UP OUR SOCIETY; AND DRIVING THE TALENT HERE TO RECOGNIZE ITS POTENTIAL. THE MISSION IS TO TRANSFORM PUERTO RICO INTO A DESTINATION FOR THE WORLD BY DRIVING SUSTAINABLE STRATEGIES OF ECONOMIC AND SOCIAL DEVELOPMENT.

  • RESILIENCY INITIATIVES - SUPPORTS THE REBUILDING AND RECOVERY EFFORTS OF THE ISLAND THROUGH PARTICIPATORY PLANNING PROCESSES, RESILIENCY DONATIONS, EDUCATIONAL TOOLS AND MATERIALS, TECHNICAL ASSISTANCE, AND INSPIRATION TO A NEW GENERATION OF RESILIENT COMMUNITIES THAT WILL BE PREPARED TO SURVIVE AND THRIVE IN THE FACE OF UNFORSEEN ADVERSITY.

    Expenses $862,850

  • ECONOMIC DEVELOPMENT INITIATIVES - INCLUDES THE IMPLEMENTATION OF ECONOMIC DEVELOPMENT STRATEGIES IN THE COMMUNITIES OF PUERTO RICO WHILE MAXIMIZING OUR ASSETS. ALSO, WORKING ON STRENGTHENING THE THIRD SECTOR, ENTREPRENEURIAL AND BUSINESS ECOSYSTEMS, AND SOCIAL CAPITAL IN GENERAL. ALL FROM THE "BOTTOM UP".

    Expenses $925,180

  • POLICY, RESEARCH, AND INNOVATION INITIATIVES - DRIVE INNOVATION THROUGH POLICY AND RESEARCH, SHARING KNOWLEDGE AND BEST PRACTICES, AND DEVELOPING STRATEGIES IN COLLABORATION WITH PARTNERS TO ADDRESS CRITICAL CHALLENGES AND OPPORTUNITIES AFFECTING OUR COMMUNITIES, WITH THE MAIN GOAL OF BRINGING GROWTH AND TRANSFORMATION TO PUERTO RICO'S ECONOMY. SEEKS TO IMPLEMENT INNOVATIVE AND STRATEGIC INNITIATIVE THROUGH THE CENTER OF STRATEGIC INNOVATION.

    Expenses $564,626

  • SCALLING UP FOR INNOVATION - SUPPORTS AND COLLABORATES TO BUILD THE CAPACITY OF NON-PROFIT ORGANIZATIONS SO THEY MAY INNOVATE, BECOME COMPETITIVE, AND TAKE ADVANTAGE OF GLOBAL OPPORTUNITIES.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Damaris Ocasio Nieves

    CFO

    Total calculated
    $161,605
    From this org
    $161,605
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,605
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $161,605

  • Alexandra Lugaro

    EXECUTIVE DI

    Total calculated
    $142,142
    From this org
    $142,142
    From related orgs
    $0
    Other
    $0

  • Alma M Frontera Colon

    VP OPERATION

    Total calculated
    $140,350
    From this org
    $140,350
    From related orgs
    $0
    Other
    $0

  • Soledad Gaztambide Arandes

    CHIEF OFFICE

    Total calculated
    $119,581
    From this org
    $119,581
    From related orgs
    $0
    Other
    $0

  • Alexander Borschow

    DIRECTOR

    Total calculated
    $0

  • Jonathan Borschow

    CHAIRMAN

    Total calculated
    $0

  • Ronald Castro

    DIRECTOR

    Total calculated
    $0

  • Milton Cruz

    DIRECTOR

    Total calculated
    $0

  • Graciela Eleta

    VICE-CHAIRWO

    Total calculated
    $0

  • Ramon Mellado

    TREASURER

    Total calculated
    $0

  • Rafael Ortiz

    DIRECTOR

    Total calculated
    $0

  • Juan A Ramos

    DIRECTOR

    Total calculated
    $0

  • Ingrid Rivera

    SECRETARY

    Total calculated
    $0

  • Juan Sabater

    DIRECTOR

    Total calculated
    $0

  • Zulmarie Urrutia

    DIRECTOR

    Total calculated
    $0

  • Annie Mayol Del Valle

    PRESIDENT

    Total calculated
    $0

  • Kathryn Wylde

    DIRECTOR

    Total calculated
    $0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343189349318474

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