Borincana Foundation Inc
- Assets
- $448.1k
- Revenue
- $543.4k
- Investments
- $0.0
- Employees
- 6
- Location
- San Juan, PR
- Founding
- 10/2019
- Data as of
- 12/2022
- EIN
- 66-0904023
Organization Overview
Borincana Foundation Inc is located in San Juan, PR. The organization was established in 2019. According to its NTEE Classification (C35) the organization is classified as: Energy Resources Conservation & Development, under the broad grouping of Environment and related organizations. As of 12/2022, Borincana Foundation Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Borincana 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 12/2022, Borincana Foundation Inc generated $543.4k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 65.6% each year . All expenses for the organization totaled $468.0k during the year ending 12/2022. While expenses have increased by 61.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
BORINCANA FOUNDATION WILL PROVIDE CERTAIN CONSULTING SERVICE TO OTHER NON-FOR-PROFIT OR FOR-PROFIT ORGANIZATION TO SUPPORT AND VENTURE WITH LOCAL SOLAR STORAGE COMPANIES, MICROGRID PROVIDERS, INVESTOR, LENDERS TECHNOLOGY PROVIDERS, AND OTHERS, TO IMPLEMENT ACCELERATED PROGRAMMATIC APPROACHES TO MARKETING, FINANCING, AND EXECUTION OF DISTRIBUTED GENERATION AND STORAGE FOR INDUSTRIAL AND COMMERCIAL CUSTOMERS. ALSO, THE FOUNDATION WILL ACT AS AN ADVISOR AND GRANT RECIPIENT/ ADMINISTRATOR TO SUPPORT FEDERAL AND LOCAL EFFORT FOR REVITALIZATION AND TRANSFORMATION OF PUERTO RICO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
* PUERTO RICO ENERGY CAPITAL ACCESS PROGRAM (PRECAP) UNDERWENT A COMPREHENSIVE TRANSFORMATION IN 2022, WHICH INCLUDED A CHANGE IN MANAGEMENT AND THE RECRUITMENT OF NEW STAFF. THIS RESTRUCTURING ENABLED THE PROGRAM TO BRING COMPLIANCE AND ADMINISTRATIVE WORK UP TO DATE AND COMPLETELY REVAMP ITS OPERATIONS, RESULTING IN AN ENHANCED SERVICE FOR THE COMMUNITY. AS A RESULT OF THESE IMPROVEMENTS, THE PRECAP TEAM WAS ABLE TO DELIVER HIGH-QUALITY ASSISTANCE TO PROGRAM PARTICIPANTS BOTH DURING AND AFTER GRADUATION. PRECAP SUCCESSFULLY GRADUATED 12 RENEWABLE ENERGY PROJECTS AND RECEIVED 42 APPLICATIONS IN 2022. AS PART OF ITS POST-GRADUATION SUPPORT, PRECAP PROVIDED VALUABLE ASSISTANCE TO THE ABEYNO COOP PROJECT, WHICH LED TO THE PROJECT RECEIVING THE PRESTIGIOUS MADE IN AMERICA PRIZE. ANOTHER GRADUATE,THE SUNRISE SOLAR FARM PROJECT, IS NOW PARTICIPATING IN THE DOE ENERGIZING RURAL COMMUNITIES COMPETITION. LOOKING AHEAD TO 2023, THE PROGRAM IS COMMITTED TO FOSTERING THE GROWTH OF ADDITIONAL RENEWABLE ENERGY PROJECTS AND EXPANDING ITS POSITIVE INFLUENCE AND PRESENCE IN THE PUERTO RICO ENERGY ECOSYSTEM.
SOLAR IT, THE SOLAR INFORMATION TECHNOLOGY WORKFORCE DEVELOPMENT AND MARKET ACCELERATION PROGRAM ACCOMPLISHED THE FOLLOWING- COMPLETED COHORTS OF THE PROGRAM WITH A TOTAL OF 60 GRADUATES.- COMPLETED 15 OUTREACH ACTIVITIES- DEVELOPED 11 OUTREACH MATERIALS TO PROMOTE THE PROGRAM- MANAGED TO MAINTAIN 50% EMPLOYABILITY AMONG GRADUATES OF THE PROGRAM- HELD 2 GRADUATION EVENTS AND NETWORKING VENUES- COMPLETED AND PUBLISHED A FULL SEASON OF THE GOOD MORNING WITH ENERGY PODCAST- FOUR ADDITIONAL MEMBERS WERE INCORPORATED INTO THE WORK TEAM
GRUPO ASI IS AN INDEPENDENT PROVIDER OF SOLAR SYSTEMS DESIGS, OFFERING FREE SOLAR ANALYSIS FOR SMALL BUSINESSES IN RURAL AREAS OF PUERTO RICO. THE PROGRAM WAS CREATED IN NOVEMBER 2022 BY BORINCANA FOUNDATION AND IS FUNDED THROUGH A USDA GRANT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas King Secretary | OfficerTrustee | 4 | $25,875 |
Malu Blazquez Director | Trustee | 1 | $6,400 |
Alejandro Uriarte President | Trustee | 0 | $0 |
Xaira Ferrara Director | Trustee | 2 | $0 |
Gabriel Perez Sepulveda Director | Trustee | 2 | $0 |
Jose Torres Monllor Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $527,290 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,111 |
| Noncash contributions included in lines 1a–1f | $10,024 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $543,401 |
| 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 | $543,401 |
| 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 | $133,659 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,966 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,373 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $156,666 |
| Advertising and promotion | $1,383 |
| Office expenses | $0 |
| Information technology | $19,380 |
| Royalties | $0 |
| Occupancy | $27,057 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $953 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,530 |
| All other expenses | $0 |
| Total functional expenses | $467,956 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,865 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $372,275 |
| 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 | $448,140 |
| Accounts payable and accrued expenses | $62,686 |
| 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 | $301,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $363,686 |
| Net assets without donor restrictions | $9,009 |
| Net assets with donor restrictions | $75,445 |
| 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 | $448,140 |