Fundacion Rimas Inc

Nonprofit profile at a glance

EIN
660937678
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
San Juan, PR, USA
Phone
7872450758
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$1,067,950
Expenses
$789,806
Assets
$427,038
Liabilities
$4,434

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

Leadership & pay

12 people listed

Executive titles in this filing

  • JOSE R BENITEZ (EXECUTIVE DIRECTOR)
  • HECTOR GONZALEZ (PRESIDENT, BOARD OF DIRECTORS)
  • GLENNISSE PAGAN (VICE-PRESIDENT, BOARD OF DIRECTORS)

Highest reported compensation

  • JOSE R BENITEZ (EXECUTIVE DIRECTOR): $76,320 total reported compensation

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

Overview

Mission

Inspire the next generation of leaders through sports, music and art.

What it reported doing in 2024

We are dedicated to shaping the next generation of puerto rican musicians, artists and athletes. Our comprehensive programs includes music programs, collaborations, and artist and athelete partnership that create a profound impact on a diverse array of young individuals. Through strategic alliances with local organizations and industry leaders, we are paving the path for puerto rico's youth to emerge as powerful catalysts of posible change. During year 2024 we have contributed to music, art and sports activities through individuals, communities and groups as follows: 1-a mobile music recording studio that travels to various communities in puerto rico reaching 200 youth musicians. 2-we established two centers in puerto rico for the first vocational program in the music industry and the entertainment. Around 200 youngs attended. 3-on community initiatives program, 15 students attended a steel drum workshop and 613 students attented a lecture on the musical industry local and worlwide. Around 230 youngs attended boxing and basketball clinics and over 300 children at a back-to-school event. 4-we awarded scholarships and direct financial aid to 448 youngs on music, art and sports. 5-we implemented a protocol for quick response on emergencies ocurring in puerto rico. More than 20,000 persons in 12 municipalities were attended during a hurricane, including medical and health assistance.

Operating model

Revenue model
Donor-supported. 89% 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

SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 86
  • Accountability: 74
  • Sustainability: 58
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 54%; rating input score 54
  • Program expense ratio: 73%; rating input score 73
  • Fundraising efficiency: $122.63 raised per $1 spent on fundraising; rating input score 88; 88th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th 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 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: 26%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 0.54; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 9.7%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: -10.8% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: 12.5% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 58.7% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 54% of revenue deployed · 73% of spending went to programs
  • Governance: 11 of 11 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $577K in reported program spending
  • Leadership: top reported pay $76K · 12 people listed
  • Consistency: 43 of 44 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.