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 TrioneVICTOR S TRIONE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 39 related
-
Simone LagomarsinoSIMONE LAGOMARSINO
PRESIDENT AND CEO
- Total calculated
- $0
- Hours/week
- 0.2 + 39.8 related
-
Laura TarantinoLAURA TARANTINO
TREASURER/CEO
- Total calculated
- $0
- Hours/week
- 0.2 + 39.8 related
-
Greg SmithGREG SMITH
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.2 + 39.8 related
-
Tammy MahoneyTAMMY MAHONEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3 + 37 related
-
Kristen WilburKRISTEN WILBUR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 39 related
-
Trinity KentTRINITY KENT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 39 related
-
Mona Gail BakerMONA GAIL BAKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 39 related
-
Lois BaxterLOIS 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
-
$152,564
FOR COMMUNITY NON-PROFITS
-
HOMEBUYER ASSISTANCE
-
$56,000
WOMEN/CHILDREN SHELTER
-
$51,000
HOMEBUYER ASSISTANCE
-
$30,000
FINANCIAL LITERACY PROGRAM
-
PROJECT TACKLING POVERTY
-
$20,000
SENIOR PROGRAMS
-
CLEARINGHOUSE CDFI
$15,000
AFFORDABLE HOUSING
-
$15,000
FIGHT HOMELESSNESS
-
$15,000
FIGHT HOMELESSNESS
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
-
$152,564
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
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