Borincana Foundation Inc

Nonprofit profile at a glance

EIN
660904023
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-EZ 2019
Location
San Juan, Puerto Rico, RQ
Phone
9145527220
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Energy Resources Conservation and Development

Reported finances

Revenue
$926,796
Expenses
$864,606
Assets
$608,633
Liabilities
$319,422

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • ALEJANDRO URIARTE (PRESIDENT)
  • GABRIEL PEREZ SEPULVEDA (PRESIDENT)

Highest reported compensation

  • THOMAS KING (SECRETARY): $94,612 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Borincana Foundation supplies financial education, technical assistance, workforce training, and market facilitation support to aid in the reduction of poverty in Puerto Rico through energy transition and energy justice.

What it reported doing in 2024

* 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.

Operating model

Revenue model
Grant-funded. 93% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 90
  • Transparency & Controls: 65
  • Accountability: 84
  • Sustainability: 41
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.4%; rating input score 88
  • Program expense ratio: 94.8%; rating input score 95
  • Fundraising efficiency: $67.02 raised per $1 spent on fundraising; rating input score 82; 82nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.7%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 0.7; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 29.6% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 36.9% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 35.3% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 88.4% of revenue deployed · 94.8% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 8 filing controls reported
  • Programs: 5 filed program accomplishments · $819K in reported program spending
  • Leadership: top reported pay $95K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Review — Sustainability: Operating margin scored 54/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.