Puerto Rico Community Foundation Inc
- Assets
- $45.7m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 39
- Location
- San Juan, PR
- Founding
- 03/1985
- Data as of
- 12/2021
- EIN
- 66-0413230
Organization Overview
Puerto Rico Community Foundation Inc is located in San Juan, PR. The organization was established in 1985. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Puerto Rico Community Foundation Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Puerto Rico Community Foundation Inc 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 12/2021, Puerto Rico Community Foundation Inc generated $4.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $6.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Puerto Rico Community Foundation Inc has awarded 458 individual grants totaling $13,982,421. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP THE CAPACITIES OF THE COMMUNITIES IN PUERTO RICO TO ACHIEVE THEIR SOCIAL AND ECONOMIC TRANSFORMATION, STIMULATING PHILANTHROPIC INVESTMENT AND MAXIMIZING THE YIELD OF EACH CONTRIBUTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS: THE DEVELOPMENT OF SCHOOL COMMUNITIES IS AN ESSENTIAL PART OF THE FOUNDATION'S MISSION. THE FOUNDATION BELIEVES THAT EDUCATION IS THE CORNERSTONE FOR PERSONAL AND SOCIAL DEVELOPMENT. THE FOUNDATION PERCEIVES EDUCATION AS A SOCIAL ACTION OF INTERDEPENDENCE AND COLLECTIVE RESPONSIBILITY. THE ACCOMPLISHMENT OF SIGNIFICANT ACHIEVEMENTS AND THE INCREASE OF STUDENT ACADEMIC PERFORMANCE WILL BE THE RESULT OF THE CONTINUOUS COLLABORATION BETWEEN THE PUBLIC, PRIVATE AND NON-PROFIT SECTORS. THIS IS THE CLIMATE OF COLLABORATION AMONG DIFFERENT SECTORS PROMOTED BY THE FOUNDATION TO FACILITATE LONG TERM AND ONGOING SUPPORT OF SCHOOL IMPROVEMENT AT THE ELEMENTARY, MIDDLE AND HIGH SCHOOL LEVEL
PUERTO RICO RECOVERY FUND: IN THE AFTERMATH OF HURRICANES IRMA AND MARÍA THE FOUNDATION REACTIVATED ITS PUERTO RICO COMMUNITY RECOVERY FUND, ONCE USED TO ADDRESS HURRICANE HUGO AND THE EMERGENCY OF 9/11 IN NEW YORK. THE FUND BECAME A RELIABLE SOURCE FOR DONORS TO FACILITATE THERE GIVING TO PUERTO RICO AND TO PROVIDE IMMEDIATE RELIEF AND RECOVERY GRANTS TO NON-PROFIT ORGANIZATIONS. AFTER THE IMMEDIATE RELIEF THE FUND CONTINUE THE ECONOMIC SUPPORT (GRANTS) AND TECHNICAL ASSISTANCE TO PROMOTE RESILIENT, EQUITABLE AND SUSTAINABLE ACCESS AND DEVELOPMENT IN FOUR STRATEGIC MILESTONES: RENEWABLE ENERGY; DRINKING WATER BY COMMUNITY AQUEDUCTS; AFFORDABLE HOUSING; EDUCATION; ECONOMIC ACTIVITY AT A COMMUNITY-BASED LEVEL.
ECONOMIC DEVELOPMENT FUND: EMPOWER ECONOMIC ACTIVITY STEMMING FROM THE COMMUNITY BASE THROUGH THE SUPPORT OF COMMUNITY-BASED ORGANIZATIONS THAT STIMULATE INCUBATION AND ACCELERATION OF MICRO-ENTERPRISES THROUGH GRANTS, CAPACITY BUILDING, AND TECHNICAL ASSISTANCE. PROVIDE ACCESS TO FINANCIAL CAPITAL IN THE FORM OF LOANS, THROUGH THE COMMUNITY INVESTMENT FUND (FONDO DE INVERSIÓN COMUNITARIA - FIC), TO NON-PROFIT ORGANIZATIONS FOR THE PURPOSES OF COMMUNITY LOAN PROGRAMS FOR MICROENTERPRISES OR SMALL BUSINESSES; (II) AFFORDABLE HOUSING REHABILITATION, PRE-DEVELOPMENT, AND DEVELOPMENT COSTS; (III) PROJECTS WITH AN IDENTIFIED REPAYMENT SOURCE (CONTRACTS, GRANTS, ETC.), KNOWN AS BRIDGE LOANS AND (IV) FEASIBLE ACTIVITIES WITH A PROJECTED FINANCIAL AND SOCIAL RETURN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nelson Colon Tarrats President & CEO | OfficerTrustee | 40 | $211,321 |
David Haddock Vice-President | Officer | 40 | $128,275 |
Mary Ann Gabino VP Senior | Officer | 40 | $119,085 |
Javier J Rivera Morales Lider De Iniciativa Estrategicas | 40 | $111,400 | |
Noelia Marin Oquendo Finance Director & Comptroller | Officer | 40 | $69,969 |
Anitza Cox Marrero Vice President | Officer | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cpa Juan A Vazquez Program Audit -Agreed Upon Procedures | 12/30/16 | $185,855 |
Ikon Solution Temporary Services | 12/30/16 | $1,357,791 |
Kelly Services Temporary Services | 12/30/16 | $170,591 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $883,168 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,033,547 |
| Noncash contributions included in lines 1a–1f | $116,690 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,916,715 |
| Total Program Service Revenue | $0 |
| Investment income | $624,821 |
| 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 | $4,672,785 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $158,920 |
| Grants and other assistance to domestic individuals. | $1,941,770 |
| Grants and other assistance to Foreign Orgs/Individuals | $61,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $448,681 |
| Compensation of current officers, directors, key employees. | $44,868 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,835,513 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $394,746 |
| Fees for services: Management | $395,165 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $179,295 |
| Fees for services: Other | $0 |
| Advertising and promotion | $177,710 |
| Office expenses | $24,587 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $129,488 |
| Travel | $23,813 |
| 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 | $78,596 |
| Insurance | $33,901 |
| All other expenses | $102,683 |
| Total functional expenses | $6,360,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,473,724 |
| Savings and temporary cash investments | $8,382,354 |
| Pledges and grants receivable | $920,075 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $403,796 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $31,893 |
| Net Land, buildings, and equipment | $1,552,799 |
| Investments—publicly traded securities | $31,916,328 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $45,680,969 |
| Accounts payable and accrued expenses | $2,148,467 |
| Grants payable | $1,523,405 |
| Deferred revenue | $0 |
| 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 | $2,580,987 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,252,859 |
| Net assets without donor restrictions | $27,893,056 |
| Net assets with donor restrictions | $11,535,054 |
| 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 | $45,680,969 |
Grants Awarded
Over the last fiscal year, Puerto Rico Community Foundation Inc has awarded $366,953 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
San Juan, PR PURPOSE: Rehabilitacion de ocho (8) viviendas en la Comunidad Playa del Municipio de Salinas | $140,000 |
Ceiba, PR PURPOSE: Iniciativa Rural Comunitaria: Estimulo al desarrollo empresarial para continuar apoyandole en su ruta a la autogestión e implantación de una incubadora comunitaria de negocios | $25,000 |
CORPORACION PINONES SE INTEGRA INC (COPI) PURPOSE: Foco: Desarrollo Comunitario- Loiza (Casa Afro) | $25,000 |
Sabana Grande, PR PURPOSE: Iniciativa Rural Comunitaria: Estimulo al desarrollo empresarial para continuar apoyandole en su ruta a la autogestion e implantacion de una incubadora comunitaria de negocios | $25,000 |
Loiza, PR PURPOSE: Proyecto "Desarrollo Laboral": Apoyo al desarollo laboral de jovenes en LoizA | $25,000 |
Maricao, PR PURPOSE: Iniciativa Rural Comunitaria: Estimulo al desarrollo empresarial para continuar apoyandole en su ruta a la autogestion e implantacion de una incubadora comunitaria de negocios | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Puerto Rico Community Foundation Inc has recieved totaling $474,487.
| Awarding Organization | Amount |
|---|---|
The Nathan Cummings Foundation Inc New York, NY PURPOSE: RACIAL EQUITY BUILDING INSTITUTE (REBIA) | $200,000 |
Amalgamated Charitable Foundation Inc Washington, DC PURPOSE: General operating support | $81,000 |
Center For Disaster Philanthropy Inc Washington, DC PURPOSE: THIS GRANT WAS AWARDED FOR HURRICANE MARIA RECOVERY IN PUERTO RICO TO PROVIDE GAP-FILLING FUNDING FOR THE SOLAR PROJECT ON THE ISLAND OF CULEBRA. | $55,850 |
The Barack Obama Foundation Chicago, IL PURPOSE: SUPPORT MBK NETWORK ORGANIZATIONS TO MAINTAIN THEIR LEVEL OF COMMUNITY SERVICE. | $34,000 |
Solutions Project Inc Oakland, CA PURPOSE: Fighter Fund - Capacity Building Grant to Comite Dialogo Ambiental | $30,000 |
Globalgiving Foundation Inc Washington, DC PURPOSE: FUNDS RAISED BY GLOBALGIVING AND DISBURSED TO MEET DONOR EXPECTATIONS | $26,497 |
Endowment Analysis
| Beg. Balance | $29,790,328 |
| Earnings | $5,624,583 |
| Admin Expense | $589,919 |
| Net Contributions | $20,946 |
| Other Expense | $389,483 |
| Grants | $573,581 |
| Ending Balance | $33,882,874 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ponce Medical School Foundation Inc Ponce, PR | $11,600,859 | $25,661,618 |
Liga Puertorriquena Contra El Cancer San Juan, PR | $38,669,713 | $26,629,150 |
Universidad Central Del Caribe Inc Bayamon, PR | $35,289,249 | $27,377,681 |
Cooperativa De Ahorro Y Credito Oriental Humacao, PR | $433,041,205 | $23,460,952 |
Centros Sor Isolina Ferre Inc Ponce, PR | $22,315,489 | $16,849,878 |
Corp Serv Med Prim Y Prev De Hatillo Hatillo, PR | $36,236,018 | $21,541,946 |
Caribbean University Bayamon, PR | $48,412,485 | $17,932,008 |
Puerto Rico Legal Services Incorporated San Juan, PR | $18,895,657 | $19,069,485 |
Boys & Girls Clubs Of Puerto Rico Inc Carolina, PR | $20,563,847 | $15,690,113 |
Baldwin School Of Puerto Rico Inc Bayamon, PR | $21,469,124 | $15,474,261 |
Cooperative De Ahorro Y Credito De Barranquitas Barranquitas, PR | $321,931,771 | $17,940,942 |
Alianza Municipal De Servicios Caguas, PR | $4,966,942 | $12,673,262 |