Fundacion Cortes Inc
- Assets
- $283.7k
- Revenue
- $618.7k
- Investments
- $0.0
- Employees
- 16
- Location
- San Juan, PR
- Founding
- 09/2015
- Data as of
- 12/2023
- EIN
- 66-0804845
Organization Overview
Fundacion Cortes Inc is located in San Juan, PR. The organization was established in 2015. According to its NTEE Classification (T50) the organization is classified as: Philanthropy, Charity & Voluntarism Promotion, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2023, Fundacion Cortes Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fundacion Cortes 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 12/2023, Fundacion Cortes Inc generated $618.7k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $538.0k during the year ending 12/2023. While expenses have increased by 1.4% per year over the past 5 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE EDUCATIONAL AND ARTISTIC ACTIVITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE EDUCATIONAL AND ARTISTIC ACTIVITIES FOR THE GENERAL PUBLIC ANT TO PROMOTE CARIBBEAN ART AND CULTURE THROUGH EDUCATION. ALL THE ORGANIZATIOS ACTIVITIES ARE AIMED AT RAISING FUNDS TO ENABLE IT TO ACCOMPLISH ITS EDUCATIONAL GOALS. IN ADDITION THE MAJOR EDUCATIONAL PROGRAMS AND ACTIVITIES CONDUCTED BY THE ORGANIZATION ARE: . EDUCA CORTES - PROVIDES EDUCATIONAL PROGRAMS LEADING TO INCREASED APPRECIATION OF ART TO COMPLEMENT ACADEMIC STANDARDS AND EXPECTATIONS ON ALL SCHOOL SUBJECTS AND OR REQUESTED THEMES, AND TO PROVIDE HEALING THROUGH ART ACTIVITIES. THIS IS ACCOMPLISHED THROUGH EDUCATIONAL WORKSHOPS, BOTH FOR ADULTS AND SCHOOL AGE YOUTH. . AFTERNOONS OF ART AND MUSIC - PROGRAMS FOR THE DEVELOPMENT OF APPRECIATION FOR VARIED EXPRESSIONS OF CARIBBEAN MUSIC AND INSTRUMENTS. . CORTES SUMMER ART WORKSHOPS FOR YOUTH-MOSAIC, DRAWING, ENGRAVING, PAINTING, AND DIGITAL FILMMAKING SUMMER WORKSHOPS FOR 8-17 YEAR OLD STUDENTS. . EDUCA CORTES: THE ART OF WELLNESS AND MENTAL HEALTH-THROUGH THIS NEW PROGRAMMATIC ELEMENT, THE ORGANIZATION INTEGRATES MANY FORMS OF ARTS TO PROMOTE THE VALUES THAT IT BELIEVES MUST BE PRIORITIZED IN PUERTO RICO; EDUCATION, CULTURE, PASSION, SENSE OF RESPONSIBILITY, SELF-SUFFICIENCY, DIGNITY, IDENTITY AND SOCIAL JUSTICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ignacio Cortes-Gelpi President & Treasurer | Officer | 4 | $0 |
Elaine Shehab Secretary | Officer | 4 | $0 |
Eva Diaz Acevedo Director | Trustee | 1 | $0 |
Javier Cortes Gonzalez Director | Trustee | 1 | $0 |
Adlin Rios Rigau Director | Trustee | 1 | $0 |
Alberto Baco Bague Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $225 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $618,484 |
| Noncash contributions included in lines 1a–1f | $196,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $618,709 |
| Total Program Service Revenue | $0 |
| 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 | $618,709 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $187,253 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $25,486 |
| Fees for services: Management | $24,000 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,010 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $172,800 |
| Travel | $0 |
| 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 | $985 |
| Insurance | $3,221 |
| All other expenses | $68,768 |
| Total functional expenses | $538,035 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $145,981 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $133,766 |
| 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 | $3,571 |
| Net Land, buildings, and equipment | $373 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $283,691 |
| Accounts payable and accrued expenses | $218,686 |
| Grants payable | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $218,686 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $65,005 |
| Total liabilities and net assets/fund balances | $283,691 |