Latin Grammy Cultural Foundation
- Assets
- $3.4m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 10
- Location
- Doral, FL
- Founding
- 08/2014
- Data as of
- 01/2024
- EIN
- 46-4770436
Organization Overview
Latin Grammy Cultural Foundation is located in Doral, FL. The organization was established in 2014. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 01/2024, Latin Grammy Cultural Foundation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Latin Grammy Cultural Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 01/2024, Latin Grammy Cultural Foundation generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.8% each year . All expenses for the organization totaled $2.9m during the year ending 01/2024. While expenses have increased by 9.3% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Latin Grammy Cultural Foundation has awarded 34 individual grants totaling $559,356. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luis Cobos Chairperson | OfficerTrustee | 1 | $0 |
Raul Vazquez Treasurer/secretary | OfficerTrustee | 1 | $0 |
Ginny Peirats Director | Trustee | 1 | $0 |
Harvey Mason Jr Director | Trustee | 1 | $0 |
Manuel Diaz Director | Trustee | 1 | $0 |
Mireya Cisneros Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,527,050 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,120,523 |
| Noncash contributions included in lines 1a–1f | $13,960 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,647,573 |
| Total Program Service Revenue | $146,138 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,793,711 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $72,453 |
| Grants and other assistance to domestic individuals. | $57,081 |
| Grants and other assistance to Foreign Orgs/Individuals | $749,913 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $669,750 |
| Compensation of current officers, directors, key employees. | $14,775 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $363,568 |
| Pension plan accruals and contributions | $20,165 |
| Other employee benefits | $154,448 |
| Payroll taxes | $62,862 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,770 |
| Fees for services: Accounting | $24,045 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $280,677 |
| Advertising and promotion | $0 |
| Office expenses | $7,310 |
| Information technology | $77,344 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $112,259 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,629 |
| All other expenses | $0 |
| Total functional expenses | $2,934,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,695,346 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $405,852 |
| Accounts receivable, net | $1,187,761 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $101,979 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,390,938 |
| Accounts payable and accrued expenses | $428,030 |
| Grants payable | $1,225,908 |
| Deferred revenue | $98,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $135,936 |
| Total liabilities | $1,887,874 |
| Net assets without donor restrictions | $938,603 |
| Net assets with donor restrictions | $564,461 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,390,938 |
Grants Awarded
Over the last fiscal year, Latin Grammy Cultural Foundation has awarded $67,464 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
JC HARMON HIGH SCHOOL PURPOSE: MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM | $19,990 |
SIDNEY LANIER HIGH SCHOOL PURPOSE: MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM | $20,000 |
ESCUELA LIBRE DE MUSICA ANTONIO S PAOLI PURPOSE: MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM | $7,500 |
OVERTON HIGH SCHOOL PURPOSE: MUSICAL INSTRUMENTS FOR THEIR MUSIC PROGRAM | $19,974 |