Fundacion Luis G Fortuno Inc
Nonprofit profile at a glance
- EIN
- 660831873
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024
- Location
- San Juan, PR, USA
- Phone
- 7877661717
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Alliance/Advocacy
Reported finances
- Revenue
- $1,361,922
- Expenses
- $1,311,395
- Assets
- $486,143
- Liabilities
- $49,849
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
11 people listed
People named in this filing
- Luis G Fortuno (Chairman)
- Maria Victoria Leon (Treasurer)
- Jorge San Miguel (Director)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The organizations mission is to cultivate free market solutions that foster self-reliance, economic growth and social well-being in Puerto Rico.Foundations programs are focused on three key areas:1)improving the ease of doing business; 2)reducing generationalpoverty; and 3)increasing entrepreneurship.
What it reported doing in 2024
PORTRAITS OF PROSPERITY is a photography contest and exhibit for high school and university students that aims to educate them on the value of entrepreneurship in their communities through the visual arts. Participants use their cameras to capture stories of local entrepreneurship, which are mounted as a collection for free, public exhibition to the general public. Prizes are awareded to selected photographs, as evaluated by a panel of judges. A fan favorite contest is also held via the Foundations social media channels. In 2024, registrations for the program increased by 27% and representation from high schools and universities increased by 3%. The number of visitors at the public exhibit increased by 10.6%. In collaboration with the Foundation for Economic Education (FEE), the Foundation offers program participants free economics and financial education webinars. In 2024, all 100 final participants attended at least one of 4 webinars offered. Moreover, seven participants from the Portraits of Prosperity program were awarded partial scholarships by FEE to attend the Active Minds conference in Atlanta, GA where they learned about individual rights, economic freedom and fostering the creative mindset. The partial scholarships from FEE covered up to $1,500 for airfare, hotel accomodations and miscellaneous expenses for the youth participants and 3 chaperones. In agreement with participants and FEE, the Foundation handled payment of airfare travel for all attendees from Puerto Rico, and FEE transferred the scholarship awards to the Foundation as reimbursement for airfare and other expenses. The Foundation also covered cost for participants in excess of the scholarships awarded, if needed.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 88
- Transparency & Controls: 86
- Accountability: 76
- Sustainability: 42
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 87.4%; rating input score 87
- Program expense ratio: 90.7%; rating input score 91
- Fundraising efficiency: $100.69 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings
Transparency & Controls
- Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
- Pay-setting controls: Limited
- 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: 3 of 7 controls in place; rating input score 43
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 3.7%; rating input score 47; 47th percentile among comparable filings
- Total-asset coverage ratio: 0.37; rating input score 17; 17th percentile among comparable filings
- Liabilities to assets ratio: 0.1; rating input score 42; 42nd percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: 36.8% per year; rating input score 100; 93rd percentile among comparable filings
- Revenue growth: 25.4% per year; rating input score 100; 90th percentile among comparable filings
- Asset growth: 21.6% per year; rating input score 100; 84th percentile among comparable filings
Details
- Where the money goes: 87.4% of revenue deployed · 90.7% of spending went to programs
- Governance: 11 of 11 board members independent · 3 of 7 filing controls reported
- Programs: 16 filed program accomplishments · $1.2M in reported program spending
- Leadership: top reported pay $0 · 11 people listed
- Consistency: 20 of 20 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 5 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Money network: Resolved incoming and outgoing counterparties from filed money flows.
- Related organizations: Filed and resolved organization relationships.
- 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.
- Moderate — Accountability: Governance controls: 4 of 7 not reported.
- Moderate — Sustainability: Operating margin scored 47/100.
- High — Sustainability: Total-asset coverage ratio scored 17/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 42/100.