Totals
- Total revenue
- $4,898,282
- Total expenses
- $6,063,560
- Contributions and grants received
- $4,165,650
- Grants paid
- $0
- Program service revenue
- $12,533
- Investment income
- $573,280
- Other revenue
- $146,819
- Total assets, end of year
- $41,995,375
- Total liabilities, end of year
- $4,640,778
- Net assets or fund balances, end of year
- $37,354,597
- Program services expenses (Part IX)
- $1,986,557
- Management and general expenses
- $2,795,897
- Fundraising expenses
- $1,281,106
- Program service expenses (Part III)
- $1,986,557
Program services were 32.8% 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
$586,654
-
1e · Government grants (contributions)
$2,066,000
-
1f · All other contributions, gifts and grants
$1,512,996
-
1g · Noncash contributions included above
$399,839
-
2a · Program service revenue: ADMISSIONS
total $12,533 · related or exempt $12,533
-
3 · Investment income
total $573,280 · excluded $573,280
-
6a · Gross rents
real property $3,150
-
6c · Rental income or loss
real property $3,150
-
6d · Net rental income or loss
total $3,150 · excluded $3,150
-
8a · Fundraising events: contributions included on line 1c
$586,654
-
10a · Gross sales of inventory
$37,296
-
10b · Cost of goods sold
$16,895
-
10c · Net income from sales of inventory
total $20,401 · excluded $20,401
-
11a · Other revenue: OTHER INCOME
total $123,268 · excluded $123,268
-
11e · Other revenue, total
$123,268
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $1,795,032 · program services $833,476 · management and general $536,716 · fundraising $424,840
-
10 · Payroll taxes
total $150,387 · program services $64,876 · management and general $48,621 · fundraising $36,890
-
11b · Fees: legal
total $1,336 · management and general $1,336
-
11c · Fees: accounting
total $45,225 · management and general $45,225
-
11e · Fees: professional fundraising services
total $22,456 · fundraising $22,456
-
11f · Fees: investment management
total $428,923 · management and general $428,923
-
11g · Fees: other
total $263,145 · program services $263,145
-
12 · Advertising and promotion
total $225,923 · program services $74,396 · management and general $100,634 · fundraising $50,893
-
13 · Office expenses
total $4,712 · program services $1,541 · management and general $2,222 · fundraising $949
-
16 · Occupancy
total $6,313 · fundraising $6,313
-
17 · Travel
total $23,821 · program services $11,315 · management and general $4,183 · fundraising $8,323
-
20 · Interest
total $111,525 · management and general $111,525
-
22 · Depreciation, depletion and amortization
total $783,192 · management and general $783,192
-
23 · Insurance
total $462,209 · program services $86,039 · management and general $359,020 · fundraising $17,150
-
24a · Other expenses: OTHER
total $1,197,917 · program services $188,060 · management and general $299,056 · fundraising $710,801
-
24b · Other expenses: MAINTENANCE & REPAIRS
total $399,650 · program services $324,406 · management and general $75,244
-
24c · Other expenses: EDUCATIONAL
total $140,622 · program services $138,131 · fundraising $2,491
-
24d · Other expenses: LABORATORY EXPENSE
total $1,172 · program services $1,172
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,657,515 · end of year $3,409,107
-
4 · Accounts receivable
beginning of year $333,152 · end of year $496,434
-
8 · Inventories for sale or use
beginning of year $39,939 · end of year $38,732
-
9 · Prepaid expenses and deferred charges
beginning of year $288,265 · end of year $319,318
-
10a · Land, buildings and equipment: cost or other basis
$28,250,479
-
10b · Land, buildings and equipment: accumulated depreciation
$15,043,659
-
10c · Land, buildings and equipment, net
beginning of year $12,538,598 · end of year $13,206,820
-
12 · Investments: other securities
beginning of year $16,081,051 · end of year $13,878,333
-
15 · Other assets
beginning of year $10,391,680 · end of year $10,646,631
-
17 · Accounts payable and accrued expenses
beginning of year $599,396 · end of year $735,762
-
19 · Deferred revenue
beginning of year $2,560 · end of year $31,886
-
23 · Secured mortgages and notes payable
beginning of year $4,311,605 · end of year $3,873,130
-
27 · Net assets without donor restrictions
beginning of year $37,566,382 · end of year $36,009,577
-
28 · Net assets with donor restrictions
beginning of year $850,257 · end of year $1,345,020
Mission and programs · 2022
Mission
THE PRINCIPAL PURPOSE OF THE LUIS A. FERRE FOUNDATION, INC. (LAFF) IS TO OPERATE, MAINTAIN, CONSERVE, AND EXHIBIT ITS COLLECTION OF ART AT THE MUSEO DE ARTE DE PONCE (MAP), A MUSEUM IN PUERTO RICO ACCREDITED BY THE AMERICAN ALLIANCE OF MUSEUMS. LAFF OWNS ONE OF THE FINEST AND MOST IMPORTATNT COLLECTIONS OF EUROPEAN ART IN THE WESTERN HEMISPHERE. MUSEO DE ARTE DE PONCE CONNECTS THE COMMUNITY WITH THE RICHNESS OF THE WESTERN ART AND ITS MAKERS, FROM THE FOURTEENTH CENTURY TO THE PRESENT. IT INVITES DISCOVERY, STIMULATES CURIOSITY AND FOSTERS DIALOGUE. AS PART OF ITS OBJECTIVES, IT SEEKS TO PROMOTE APPRECIATION OF ART, OFFERS EDUCATIONAL AND RECREATIONAL RESOURCES, AND ESTABLISHES TIES WITH DISADVANTAGED COMMUNITIES IN PUERTO RICO.
Activities or mission (Part I)
SEE SCHEDULE O
-
SEE SCHEDULE O
Expenses $1,986,557 · Revenue $12,533
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Maria Luisa Ferre RangelMARIA LUISA FERRE RANGEL
PRESIDENT &
- Total calculated
- $0
-
Antonio Luis Ferre RangelANTONIO LUIS FERRE RANGEL
TRUSTEE
- Total calculated
- $0
-
Luis Trigo FerreLUIS TRIGO FERRE
TRUSTEE
- Total calculated
- $0
-
Jaime FonalledasJAIME FONALLEDAS
TRUSTEE
- Total calculated
- $0
-
Salom GalibSALOM GALIB
TRUSTEE
- Total calculated
- $0
-
Nicholas ProutyNICHOLAS PROUTY
TRUSTEE
- Total calculated
- $0
-
Anaymir Muoz GrajalesANAYMIR MUOZ GRAJALES
TRUSTEE
- Total calculated
- $0
-
Richard Carrion MatienzoRICHARD CARRION MATIENZO
TRUSTEE
- Total calculated
- $0
-
Walter KeenanWALTER KEENAN
TRUSTEE
- Total calculated
- $0
-
Alberto BacALBERTO BAC
TRUSTEE
- Total calculated
- $0
-
Pedro Buso GarciaPEDRO BUSO GARCIA
SECRETARY
- Total calculated
- $0
-
Maria J Miranda CruzMARIA J MIRANDA CRUZ
TREASURER
- Total calculated
- $0
-
Carlos G Martinez RiveraCARLOS G MARTINEZ RIVERA
ASSISTANT TR
- Total calculated
- $0
-
Rafael Cox AlomarRAFAEL COX ALOMAR
TRUSTEE
- Total calculated
- $0
-
Hector Guillermo MartinezHECTOR GUILLERMO MARTINEZ
TRUSTEE
- Total calculated
- $0
-
Cheryl HartupCHERYL HARTUP
DIRECTOR
- Total calculated
- $187,566
- From this org
- $185,566
- From related orgs
- $0
- Other
- $2,000
Schedule J breakdown matched by us
- Base
- $174,966
- Bonus
- $600
- Other
- $10,000
- Deferred
- $2,000
- Nontaxable benefits
- not reported
- Filer's total
- $187,566
-
Rubi Rodriguez BustilloRUBI RODRIGUEZ BUSTILLO
DEPUTY DIREC
- Total calculated
- $159,600
- From this org
- $156,600
- From related orgs
- $0
- Other
- $3,000
Schedule J breakdown matched by us
- Base
- $135,000
- Bonus
- $21,600
- Other
- not reported
- Deferred
- $3,000
- Nontaxable benefits
- not reported
- Filer's total
- $159,600
-
Floribeth Anciani OrtizFLORIBETH ANCIANI ORTIZ
FINANCE DIRE
- Total calculated
- $112,620
- From this org
- $112,620
- From related orgs
- $0
- Other
- $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
- 1a · Housing allowance or residence for personal use
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Independent compensation consultant
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 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
The filer's explanations (Part III)
- SCHEDULE J, PAGE 1, PART I, LINE 4
- CHERYL HARTUP 0 2,000 0 RUBI RODRIGUEZ BUSTILLO 0 3,000 0
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 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202441369349311919
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