Foundation For A Better Puerto Rico Inc
- Assets
- $522.5k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Culebra, PR
- Founding
- 08/2015
- Data as of
- 12/2021
- EIN
- 66-0817772
Organization Overview
Foundation For A Better Puerto Rico Inc is located in Culebra, PR. The organization was established in 2015. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For A Better 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 12/2021, Foundation For A Better Puerto Rico Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 46.9% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT COMMUNITY PROGRAMS AND PROMOTE THE THE DEVELOPMENT AND ECONOMIC GROWTH OF PUERTO RICO
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A RESULT OF THE DEVASTATING IMPACT OF HURRICANES IRMA AND MARIA, A MAJORITY OF THE VEGETATION, INFRASTRUCTURE AND FACILITIES IN FLAMENCO BEACH WERE DESTROYED THE WINDS ALSO BROUGHT A SIGNIFICANT AMOUNT OF DEBRIS TO THE SHORES OF THE BEACH. ALTHOUGH THE SEA IS NOW OPEN ON A LIMITED BASIS , THERE IS SO MUCH WORK TO BE DONE. FLAMENCO BEACH IS THE MOST IMPORTANT TOURIST ATTRACTION ON THE ISLAND AND THE PRINCIPAL DRIVER OF INCOME FOR BOTH THE MUNICIPALITY AND THE RESIDENTS. ENTITY HAS BEEN WORKING ON THE IMPLEMETATION OF A MASTER PLAN FOR THE BEACH THAT WOULD ALLOW THE FACILITIES OF THE BEACH TO BE RESILIENT AND SUSTAINABLE. THE FOUNDATION IS LEADING THE RAISING OF THE NECESSARY FUNDS TO IMPLEMENT THE MASTER PLAN.
THE FOUNDATION IS SUPPORTING THE PHARMACIST AT FARMACIA CULEBRA. THE ISLAND HAS NOT HAD AN OPERATING PHARMACY FOR OVER 10 YEARS. THIS WAS A MAJOR HEALTH THREAT AFTER HURRICANES IRMA AND MARIA WHEN PEOPLE COULD NOT GET THEIR MEDICATIONS FROM THE MAIN ISLAND. THE FOUNDATION IS PROVIDING SUPPORT TO ASSIST THE PHARMACY IN GETTING FINANCIAL SUSTAINABILITY.
THE FOUNDATION SUPPORTED AND COLLABORATED WITH EXISTING ORGANIZATIONS THAT ARE DOING PHILANTHROPIC OR COMMUNITY PROGRAMS TO A STRONGER PUERTO RICO IN THE AREAS OF EDUCATION, HEALTH, THE ENVIRONMENT, ECONOMIC DEVELOPMENT AND DISASTER PREPAREDNESS.
FOUNDATION SUPPORTED A HOME SCHOOL COOPERATIVE WITH 30 CHILDREN IN CULEBRA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dennis R Hickey-Rivera President | OfficerTrustee | 10 | $0 |
Theresa Bischoff Secretary Treasurer | OfficerTrustee | 20 | $0 |
Keyla Torres Board Director | Trustee | 1 | $0 |
Betsy Gotbaum Board Director | Trustee | 1 | $0 |
Tonio Burgos Vicepresident | Trustee | 1 | $0 |
Corrie Lefebvre Board Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,059,554 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,059,554 |
| Total Program Service Revenue | $0 |
| Investment income | $625 |
| 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 | $1,060,179 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,181,142 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,388 |
| 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 | $64 |
| Information technology | $2,148 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $1,649 |
| Total functional expenses | $1,192,391 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $522,488 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| 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 | $522,488 |
| Accounts payable and accrued expenses | $6,400 |
| 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 | $6,400 |
| Net assets without donor restrictions | $516,088 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $522,488 |
Grants Awarded
Over the last fiscal year, Foundation For A Better Puerto Rico Inc has awarded $1,028,597 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
MUNICIPIO DE CULEBRA PURPOSE: Disaster RestorationHealt | $945,812 |
FARMACIA CRISTINA LMDM LLC PURPOSE: Health Financial Support | $77,785 |
ABBIES NEW SCHOOL INC PURPOSE: Educational Program | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Foundation For A Better Puerto Rico Inc has recieved totaling $39,000.
| Awarding Organization | Amount |
|---|---|
Mutual Of America Foundation New York, NY PURPOSE: GENERAL OPERATING PURPOSE | $30,000 |
American Endowment Foundation Hudson, OH PURPOSE: HUMAN SERVICE | $9,000 |
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 |