Foundation For Puerto Rico Inc
- Assets
- $5.8m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 76
- Location
- San Juan, PR
- Founding
- 12/2013
- Data as of
- 12/2022
- EIN
- 66-0776227
Organization Overview
Foundation For Puerto Rico Inc is located in San Juan, PR. The organization was established in 2013. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Foundation For Puerto Rico Inc employed 76 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Puerto Rico 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 12/2022, Foundation For Puerto Rico Inc generated $6.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $4.6m during the year ending 12/2022. While expenses have increased by 10.4% per year over the past 8 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 2015, Foundation For Puerto Rico Inc has awarded 65 individual grants totaling $6,674,090. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
FOUNDATION FOR PUERTO RICO, INC. (FPR) WORKS WITH A DEFINED PLAN TO DEVELOP PUERTO RICO'S SOCIAL AND ECONOMIC POTENTIAL AND TRANSFORM IT INTO AN IMPORTANT COMPETITOR IN THE WORLD. FPR DOES THIS BY PROMOTING THE VISITOR ECONOMY AND EXPORT OF THE 21ST CENTURY AS CENTRAL TO ECONOMIC DEVELOPMENT; SUPPORTING INNOVATION IN EVERY SECTOR; CONTRIBUTING TO STRENGTHEN AND DEVELOP THE ORGANIZATIONS THAT MAKE UP OUR SOCIETY; AND DRIVING THE TALENT HERE TO RECOGNIZE ITS POTENTIAL. THE MISSION IS TO TRANSFORM PUERTO RICO INTO A DESTINATION FOR THE WORLD BY DRIVING SUSTAINABLE STRATEGIES OF ECONOMIC AND SOCIAL DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESILIENCY INITIATIVES - SUPPORTS THE REBUILDING AND RECOVERY EFFORTS OF THE ISLAND THROUGH PARTICIPATORY PLANNING PROCESSES, RESILIENCY DONATIONS, EDUCATIONAL TOOLS AND MATERIALS, TECHNICAL ASSISTANCE, AND INSPIRATION TO A NEW GENERATION OF RESILIENT COMMUNITIES THAT WILL BE PREPARED TO SURVIVE AND THRIVE IN THE FACE OF UNFORSEEN ADVERSITY.
SCALLING UP FOR INNOVATION - SUPPORTS AND COLLABORATES TO BUILD THE CAPACITY OF NON-PROFIT ORGANIZATIONS SO THEY MAY INNOVATE, BECOME COMPETITIVE, AND TAKE ADVANTAGE OF GLOBAL OPPORTUNITIES.
ECONOMIC DEVELOPMENT INITIATIVES - INCLUDES THE IMPLEMENTATION OF ECONOMIC DEVELOPMENT STRATEGIES IN THE COMMUNITIES OF PUERTO RICO WHILE MAXIMIZING OUR ASSETS. ALSO, WORKING ON STRENGTHENING THE THIRD SECTOR, ENTREPRENEURIAL AND BUSINESS ECOSYSTEMS, AND SOCIAL CAPITAL IN GENERAL. ALL FROM THE "BOTTOM UP".
POLICY, RESEARCH, AND INNOVATION INITIATIVES - DRIVE INNOVATION THROUGH POLICY AND RESEARCH, SHARING KNOWLEDGE AND BEST PRACTICES, AND DEVELOPING STRATEGIES IN COLLABORATION WITH PARTNERS TO ADDRESS CRITICAL CHALLENGES AND OPPORTUNITIES AFFECTING OUR COMMUNITIES, WITH THE MAIN GOAL OF BRINGING GROWTH AND TRANSFORMATION TO PUERTO RICO'S ECONOMY. SEEKS TO IMPLEMENT INNOVATIVE AND STRATEGIC INNITIATIVE THROUGH THE CENTER OF STRATEGIC INNOVATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Damaris Ocasio Nieves CFO | Officer | 40 | $161,605 |
Alexandra Lugaro Executive Di | $142,142 | ||
Alma M Frontera Colon VP Operation | $140,350 | ||
Soledad Gaztambide Arandes Chief Office | $119,581 | ||
Alexander Borschow Director | Trustee | $0 | |
Jonathan Borschow Chairman | OfficerTrustee | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Powercomm Inc Supplies | 12/30/21 | $325,961 |
Integrated Solar Operation Llc Supplies | 12/30/21 | $361,176 |
Streetsense Consulting Llc Consulting | 12/30/21 | $215,781 |
Putnam Lac Holding Llc Rent | 12/30/21 | $184,784 |
Abexus Llc Consulting | 12/30/21 | $180,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $274,353 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,995,163 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,269,516 |
| Total Program Service Revenue | $0 |
| Investment income | $12,958 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,120 |
| Net Gain/Loss on Asset Sales | $13,926 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,329,800 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $161,605 |
| Compensation of current officers, directors, key employees. | $52,846 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,607,495 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $59,868 |
| Payroll taxes | $241,409 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,180 |
| Fees for services: Accounting | $76,303 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $115,211 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $580,512 |
| Advertising and promotion | $49,616 |
| Office expenses | $52,086 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,960 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $171 |
| Interest | $3,998 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $207,142 |
| Insurance | $9,412 |
| All other expenses | $22,226 |
| Total functional expenses | $4,635,720 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,715,077 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,629,186 |
| 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 | $24,278 |
| Net Land, buildings, and equipment | $474,308 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,842,849 |
| Accounts payable and accrued expenses | $817,169 |
| Grants payable | $0 |
| Deferred revenue | $190,000 |
| 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 | $1,047,529 |
| Total liabilities | $2,054,698 |
| Net assets without donor restrictions | $213,017 |
| Net assets with donor restrictions | $3,575,134 |
| 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 | $5,842,849 |
Grants Awarded
Over the last fiscal year, Foundation For Puerto Rico Inc has awarded $63,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FUNDACION FONDO DE ACCESO A LA JUST PURPOSE: GRANTEE PER CONTRACT | $53,000 |
KIVA | | | $10,000 |