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Nonprofiteer
← Luther Burbank Corporation Foundation

Form 990 for tax year 2023

Filed by Luther Burbank Corporation Foundation.

Totals

Total revenue
$0
Total expenses
$759,465
Contributions and grants received
$0
Grants paid
$738,564
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$738,564
Management and general expenses
$20,901
Fundraising expenses
$0
Program service expenses (Part III)
$738,564

Program services were 97.2% 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.

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $738,564 · program services $738,564

  • 11b · Fees: legal

    total $10,000 · management and general $10,000

  • 11c · Fees: accounting

    total $10,348 · management and general $10,348

  • 11g · Fees: other

    total $553 · management and general $553

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $759,465 · end of year $0

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $759,465 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

LUTHER BURBANK CORPORATION FOUNDATION (THE "FOUNDATION") IS A GRANT-MAKING, OPERATING PUBLIC CHARITY. THE BOARD OF DIRECTORS AND THE OFFICERS OF THE FOUNDATION DONATE MUCH OF THE NET INCOME EARNED BY THE FOUNDATION AND THE PRINCIPAL THEREOF AS THEY DEEM APPROPRIATE TO QUALIFY AS AN INTERNAL REVENUE CODE ("CODE") SECTION 501(C)(3) CHARITABLE ORGANIZATION. THE FOUNDATION'S ACTIVITIES PRIMARILY CONSIST OF MAKING GRANTS IN THREE HIGH PRIORITY AREAS: SOCIAL AND HUMAN SERVICES, COMMUNITY DEVELOPMENT AND EDUCATION TO FOSTER AND PROMOTE FINANCIAL ASSISTANCE INCLUDING OUTREACH AND EDUCATION TO THE GENERAL PUBLIC.

Activities or mission (Part I)

MAKING CONTRIBUTIONS FOCUSED ON THE THREE PRIORITY AREAS OF (1) SOCIAL AND HUMAN SERVICES; (2) COMMUNITY DEVELOPMENT; AND (3) EDUCATION.

  • SOCIAL AND HUMAN SERVICES -THE FOUNDATION PROVIDES GRANT REQUESTS TO INDIVIDUALS AND TO SOCIAL AND HUMAN SERVICE ORGANIZATIONS WITHIN LOW-AND MODERATE-INCOME ("LMI") COMMUNITIES TO:- PROVIDE BASIC NEEDS ASSISTANCE- ENSURE ACCESS TO HEALTH AND MENTAL HEALTH PROGRAMS- PROMOTE CHILD AND YOUTH SERVICES

    Expenses $379,854 · Grants $379,854

  • COMMUNITY DEVELOPMENT - THE FOUNDATION PROVIDES GRANT REQUESTS THAT SUPPORT THE IMPROVEMENT OF LMI COMMUNITIES THOUGH PROGRAMS THAT:- CREATE AND SUSTAIN HOUSING - DESIGNATED AS AFFORDABLE AND/OR DEEMED IN FEDERAL DISASTER AREAS- PROMOTE ECONOMIC DEVELOPMENT BY PROVIDING FINANCING FOR SMALL BUSINESS OR FARMS- PROVIDE JOB TRAINING AND WORKFORCE DEVELOPMENT

    Expenses $245,855 · Grants $245,855

  • EDUCATION - THE FOUNDATION PROVIDES GRANT REQUESTS TO SUPPORT ORGANIZATIONS THAT:- PROMOTE ACADEMIC ACHIEVEMENT FOR LMI STUDENTS WITH A PRIORITY EMPHASIS ON K-12- PROVIDE TRAINING FOR TEACHERS AND ADMINISTRATORS WORKING WITH LMI STUDENTS- ENCOURAGE ACCESS TO TECHNICAL, POST-SECONDARY EDUCATION OPPORTUNITIES

    Expenses $112,855 · Grants $112,855

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Victor S Trione

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 39 related
  • Simone Lagomarsino

    PRESIDENT AND CEO

    Total calculated
    $0
    Hours/week
    0.2 + 39.8 related
  • Laura Tarantino

    TREASURER/CEO

    Total calculated
    $0
    Hours/week
    0.2 + 39.8 related
  • Greg Smith

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.2 + 39.8 related
  • Tammy Mahoney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3 + 37 related
  • Kristen Wilbur

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 39 related
  • Trinity Kent

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 39 related
  • Mona Gail Baker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 39 related
  • Lois Baxter

    DIRECTOR (THROUGH JUNE 2023)

    Total calculated
    $0
    Hours/week
    0.1 + 19.9 related

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.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LUTHER BURBANK SAVINGS

    C · BANKING · CA

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • HOLLAND AND KNIGHT LLP

    $10,000

    Liquidation · LEGAL FEES · Nov 21, 2023 · PARTNERSHIP

  • Liquidation · CASH · Dec 20, 2023 · 501(C)(3)

Provenance

Return type
form_990
Tax year
2023
Filed
24 April 2024
IRS schema version
2023v5.0
Source object
202411169349300316

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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