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← LATIN GRAMMY CULTURAL FOUNDATION

Form 990 for tax year 2022

Filed by LATIN GRAMMY CULTURAL FOUNDATION.

Totals

Total revenue
$2,346,253
Total expenses
$2,281,763
Contributions and grants received
$2,308,753
Grants paid
$850,633
Program service revenue
$37,500
Investment income
$0
Other revenue
$0
Total assets, end of year
$2,959,967
Total liabilities, end of year
$1,655,812
Net assets or fund balances, end of year
$1,304,155
Program services expenses (Part IX)
$1,237,341
Management and general expenses
$528,233
Fundraising expenses
$516,189
Program service expenses (Part III)
$1,237,341

Program services were 54.2% 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.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $1,200,000

  • 1f · All other contributions, gifts and grants

    $1,108,753

  • 2a · Program service revenue: PROJECT INCOME

    total $37,500 · related or exempt $37,500

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $93,128 · program services $93,128

  • 2 · Grants to domestic individuals

    total $30,000 · program services $30,000

  • 3 · Grants to foreign organizations and individuals

    total $727,505 · program services $727,505

  • 5 · Compensation of officers, directors and key employees

    total $581,968 · program services $233,273 · management and general $104,804 · fundraising $243,891

  • 7 · Other salaries and wages

    total $84,405 · program services $2,239 · management and general $2,247 · fundraising $79,919

  • 8 · Pension plan contributions

    total $11,097 · program services $843 · management and general $383 · fundraising $9,871

  • 9 · Other employee benefits

    total $105,231 · program services $35,867 · management and general $16,358 · fundraising $53,006

  • 10 · Payroll taxes

    total $41,534 · program services $15,936 · management and general $7,243 · fundraising $18,355

  • 11b · Fees: legal

    total $4,393 · management and general $4,393

  • 11c · Fees: accounting

    total $22,930 · management and general $22,930

  • 11g · Fees: other

    total $207,782 · program services $19,387 · management and general $160,614 · fundraising $27,781

  • 13 · Office expenses

    total $4,662 · program services $18 · management and general $4,191 · fundraising $453

  • 14 · Information technology

    total $178,051 · program services $7,673 · management and general $170,378

  • 17 · Travel

    total $62,402 · program services $30,701 · management and general $31,058 · fundraising $643

  • 23 · Insurance

    total $3,634 · management and general $3,634

  • 24a · Other expenses: GRAMMY AND POTY TICKETS

    total $52,100 · fundraising $52,100

  • 24b · Other expenses: EVENT PRODUCTION COSTS

    total $40,771 · program services $40,771

  • 24c · Other expenses: FUNDRAISING EXPENSES

    total $30,170 · fundraising $30,170

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,391,732 · end of year $2,407,283

  • 3 · Pledges and grants receivable

    beginning of year $191,667 · end of year $314,528

  • 4 · Accounts receivable

    beginning of year $4,229 · end of year $135,177

  • 9 · Prepaid expenses and deferred charges

    beginning of year $85,954 · end of year $102,979

  • 17 · Accounts payable and accrued expenses

    beginning of year $131,906 · end of year $254,830

  • 18 · Grants payable

    beginning of year $1,303,726 · end of year $1,273,571

  • 19 · Deferred revenue

    beginning of year $85,000 · end of year $24,000

  • 25 · Other liabilities

    beginning of year $9,118 · end of year $103,411

  • 27 · Net assets without donor restrictions

    beginning of year $864,668 · end of year $929,155

  • 28 · Net assets with donor restrictions

    beginning of year $279,164 · end of year $375,000

Mission and programs · 2022

Mission

THE LATIN GRAMMY CULTURAL FOUNDATION, THROUGH SCHOLARSHIPS, FELLOWSHIPS, GRANTS AND EDUCATION PROGRAMS, FURTHERS INTERNATIONAL AWARENESS AND APPRECIATION OF THE SIGNIFICANT CONTRIBUTIONS OF LATIN MUSIC AND ITS MAKERS TO THE WORLD'S CULTURE.

Activities or mission (Part I)

TO BRING INTERNATIONAL ATTENTION TO THE CONTRIBUTION OF LATIN MUSIC TO THE WORLD'S CULTURE TO PROVIDE HIGH QUALITY EDUCATION FOR YOUNG TALENTED CREATORS OF LATIN MUSIC AND TO PRESERVE LATIN MUSIC GENRES. THE FOUNDATION'S PRIMARY CHARITABLE FOCUS WILL BE PROVIDING SCHOLARSHIPS TO GIFTED AND TALENTED LATIN MUSIC CREATORS BETWEEN 18 AND 24 YEARS OF AGE FROM AROUND THE GLOBE TO PERFECT THE KNOWLEDGE AND INTERPRETATION OF LATIN MUSIC.

  • SCHOLARSHIPS (LATIN MUSIC EDUCATION): PROVIDE FINANCIAL SUPPORT TO LATIN MUSIC STUDENTS WITH THREE ANNUAL PROGRAMS: 1 PRODIGY SCHOLARSHIP OF UP TO $200K, 3 GIFTED SCHOLARSHIPS OF UP TO $100K EACH, AND 40 TUITION ASSISTANCE SCHOLARSHIPS OF UP TO $10K EACH.

    Expenses $923,798 · Grants $722,073

  • MUSIC EDUCATION PROGRAMS (LATIN GRAMMY IN THE SCHOOLS): BRING MUSIC PROFESSIONALS AND WELL-RECOGNIZED TALENT TO SHARE THEIR PROFESSIONAL EXPERIENCES IN THE MUSIC INDUSTRY WITH STUDENTS AND GIVE THEM ADVICE ON THE IMPORTANCE OF MUSIC AND ARTS AS AN INTEGRAL PART OF THEIR EDUCATION. IN PARTNERSHIP WITH A SPONSOR AND AN ARTIST, MUSICAL INSTRUMENTS ARE DONATED TO SCHOOLS WITH A MUSIC PROGRAM.

    Expenses $239,882 · Grants $98,128 · Revenue $37,500

  • MUSIC RESEARCH AND PRESERVATION (LATIN MUSIC): MISCELLANEOUS PROGRAMS TO FURTHER THE INTERNATIONAL AWARENESS AND APPRECIATION OF THE SIGNIFICANT CONTRIBUTIONS OF LATIN MUSIC AND ITS MAKERS TO THE WORLD'S CULTURE.

    Expenses $73,661 · Grants $19,960

As filed on the 2022 return.

Listed in Part VII

  • Tanya Ramos

    PRESIDENT (TO 2/8/22)

    Total calculated
    $186,248
    From this org
    $176,129
    From related orgs
    $0
    Other
    $10,119
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,443
    Bonus
    $0
    Other
    $686
    Deferred
    $5,170
    Nontaxable benefits
    $4,949
    Filer's total
    $186,248

  • Luis Cobos

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Raul Vazquez

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ginny Peirats

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Harvey Mason Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Manuel Diaz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mireya Cisneros

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Raquel Egusquiza

    EXECUTIVE DIRECTOR (FROM 10/10/22)

    Total calculated
    $56,636
    From this org
    $51,498
    From related orgs
    $0
    Other
    $5,138
    Hours/week
    40

  • Rebecca Villaescusa

    VICE PRESIDENT

    Total calculated
    $280,801
    From this org
    $243,891
    From related orgs
    $0
    Other
    $36,910
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,280
    Bonus
    $2,400
    Other
    $1,211
    Deferred
    $14,688
    Nontaxable benefits
    $22,222
    Filer's total
    $280,801

  • Nannette Velez

    SENIOR DIRECTOR OF PROGRAMS

    Total calculated
    $146,488
    From this org
    $110,450
    From related orgs
    $0
    Other
    $36,038
    Hours/week
    40

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 · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 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

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION HAS A WRITTEN POLICY REGARDING PAYMENT OF FIRST CLASS AIR TRAVEL. THE ORGANIZATION'S TRAVEL POLICY ESTABLISHES THAT FOR AIR TRAVEL EXCEEDING 4 HOURS IN LENGTH, PURCHASE OF BUSINESS CLASS TICKETS IS ALLOWED FOR THE VICE PRESIDENT, PRESIDENT AND TRUSTEES. WHEN AVAILABLE, BARTER IS THE PREFERRED METHOD OF AIR TRAVEL. IF BUSINESS CLASS TICKETS ARE NOT AVAILABLE, FIRST CLASS TICKETS CAN BE PURCHASED. IN ADDITION, THE ORGANIZATION WILL CONSIDER THE PURCHASE OF A BUSINESS CLASS (OR FIRST CLASS, IF BUSINESS CLASS IS NOT AVAILABLE) TICKET FOR THE PRODUCERS OF THEIR PROGRAM SERVICES TO ATTEND PRODUCTION MEETINGS AND THE ACTUAL EVENT AND FOR PERFORMERS TO ATTEND EVENTS SPONSORED BY THE ORGANIZATION. THE ORGANIZATION HAS DETERMINED THAT FIRST CLASS TRAVEL MEETS THE BUSINESS REQUIREMENT STANDARD FOR NOT TREATING THE BENEFIT AS COMPENSATORY ON FORMS W-2/1099.
PART I, LINE 4A
TANYA RAMOS RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $106,615.

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

  • GEORGE WASHINGTON EDUCATIONAL CAMPUS

    $0

    MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM

  • CRISTO REY MIAMI HIGH SCHOOL INC

    $0

    MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM

  • ACADEMY OF THE AMERICAS

    $0

    MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM

  • UVALDE HIGH SCHOOL

    $0

    MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
20 July 2023
IRS schema version
2022v5.0
Source object
202302099349300500

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