Foundation for Puerto Rico Inc

Nonprofit profile at a glance

EIN
660776227
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
San Juan, PR, USA
Phone
7877731100
Rating
53
Verdict
MIXED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$4,532,198
Expenses
$4,541,322
Assets
$6,179,788
Liabilities
$2,691,490

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

Leadership & pay

14 people listed

Highest reported compensation

  • DAMARIS OCASIO NIEVES (CFO): $159,990 total reported compensation
  • SOLEDAD GAZTAMBIDE ARANDES (CHIEF OFFICE): $127,100 total reported compensation
  • CESAR A SANTOS CARDONA (HR DIRECTOR): $105,100 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 main objective of the organization is to promote strategic philanthropy as catalyst to accelerate the economic, social, and sustainable development in puerto rico by commissioning highly focused research, offering expert counsel and conducting educational activities that will advance the philanthropic initiatives and programs to be supported by the organization.

What it reported doing in 2024

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.

Operating model

Revenue model
Donor-supported. 99% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 96% 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

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of voting board members are independent and a relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 56
  • Transparency & Controls: 60
  • Accountability: 31
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.4%; rating input score 58
  • Program expense ratio: 57.4%; rating input score 57
  • Fundraising efficiency: $12.53 raised per $1 spent on fundraising; rating input score 45; 45th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 82.4%; rating input score 82; 0th 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: 81.1%; rating input score 81; 22nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.2%; rating input score 32; 32nd percentile among comparable filings
  • Total-asset coverage ratio: 1.36; rating input score 48; 48th percentile among comparable filings
  • Liabilities to assets ratio: 0.44; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 3.4% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: 5.2% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 58.4% of revenue deployed · 57.4% of spending went to programs
  • Governance: 0 of 10 board members independent · 6 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $2.6M in reported program spending
  • Leadership: top reported pay $160K · 14 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $795K reported
  • Consistency: 30 of 32 current checks pass · 2 findings to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Accountability: Independent voting board scored 0/100.
  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Program expense ratio scored 57/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 45/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 32/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.