Luther Burbank Corporation Foundation

Nonprofit profile at a glance

EIN
823293510
IRS 990 coverage
2018–2023
Forms available
Form 990 2023, Form 990-N 2017
Location
Santa Rosa, CA, USA
Phone
7075239876
Rating confidence
Limited
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$0
Expenses
$759,465
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • SIMONE LAGOMARSINO (PRESIDENT AND CEO)
  • LAURA TARANTINO (TREASURER/CEO)

People named in this filing

  • VICTOR S TRIONE (DIRECTOR)
  • SIMONE LAGOMARSINO (PRESIDENT AND CEO)
  • LAURA TARANTINO (TREASURER/CEO)

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 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Luther burbank corporation foundation (the "foundation") is a grant-making, operating public charity. The board of directors and the officers of the foundation donate much of the net income earned by the foundation and the principal thereof as they deem appropriate to qualify as an internal revenue code ("code") section 501(c)(3) charitable organization. The foundation's activities primarily consist of making grants in three high priority areas: social and human services, community development and education to foster and promote financial assistance including outreach and education to the general public.

What it reported doing in 2023

Community development - the foundation provides grant requests that support the improvement of lmi communities though programs that:- create and sustain housing - designated as affordable and/or deemed in federal disaster areas- promote economic development by providing financing for small business or farms- provide job training and workforce development

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 82
  • Accountability: 82
  • Sustainability: 8
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 97.2%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 18th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 81.4%; rating input score 81; 51st percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 0; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: -32.4% per year; rating input score 0; 13th percentile among comparable filings
  • Asset growth: -3.7% per year; rating input score 0; 24th percentile among comparable filings

Details

  • Where the money goes: 97.2% of spending went to programs
  • Governance: 8 of 8 board members independent · 4 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $739K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 6 filing years from 2018 to 2023
  • Contacts: How to reach this organization
  • Money network: 26 filed money-flow records
  • Related organizations: 27 filed related-organization links
  • 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 — Sustainability: Total-asset coverage ratio scored 3/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Grant Readiness: California registration: this organization is recorded as not currently operating in California.