FOUNDATION FOR PUERTO RICO INC

Address
PO BOX 364029
SAN JUAN, PR 009364029
RQ
Contact
Website: http://www.foundationforpuertorico.com
Phone: +1 (787) 773-1100
Nonprofit
NTEE: S20 - Community, Neighborhood Development, Improvement (General)
EIN: 66-0776227

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.
 201620152014
Basic features of the organization
Year of formation2011
Subsection501(c)(3)
Organization typeCorporation
Human resources, including compensation
Summary compensation info
Sum of reportable (W2/1099) compensation$267,283.00 $0.00
Number of employees142017
Number of people compensated >$100k2 0
Number of volunteers1119377
Number of highly compensated contractors 10
Personnel
Borschow, Jonathan
TitleCHAIRMANCHAIRMANCHAIRMAN
Name of key/compensated personJONATHAN BORSCHOWJONATHAN BORSCHOWJONATHAN BORSCHOW
Average hours per week working for org30.0030.0015
Reportable compensation from org$0.00$0.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or director, OfficerIndividual trustee or director, OfficerIndividual trustee or director, Officer
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs  0
Cruz, Milton
Title  VICE CHAIRMAN/SECRETARY
Name of key/compensated person  MILTON CRUZ
Average hours per week working for org  2
Reportable compensation from org  $0.00
Other comp, non-reportable, from org and related orgs  $0.00
Position  Individual trustee or director, Officer
Corresponding comp from related orgs
Reportable compensation from related orgs   $0.00
Average hours per week working for related orgs  0
Jaunarena, Maria
TitleDIRECTOR OF  
Name of key/compensated personMARIA JAUNARENA  
Average hours per week working for org40.00  
Reportable compensation from org$136,030.00  
Other comp, non-reportable, from org and related orgs$0.00  
PositionHighly compensated employee  
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00  
Kaufman, Gregory
TitleTREASURERTREASURERTREASURER
Name of key/compensated personGREGORY KAUFMANGREGORY KAUFMANGREGORY KAUFMAN
Average hours per week working for org1.001.001
Reportable compensation from org$0.00$0.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs  0
Ocasio, Damaris
TitleASIST. TREASASIST. TREASASSISTANT TREASURER/SECRETARY
Name of key/compensated personDAMARIS OCASIODAMARIS OCASIODAMARIS OCASIO
Average hours per week working for org35.0035.0035
Reportable compensation from org$0.00$0.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionOfficerOfficerOfficer
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs  0
Ocasio, Yinet
TitleDIRECTOR HUM  
Name of key/compensated personYINET OCASIO  
Average hours per week working for org40.00  
Reportable compensation from org$131,253.00  
Other comp, non-reportable, from org and related orgs$0.00  
PositionHighly compensated employee  
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00  
Rosso, Lizzie
TitleVICE CHAIRMAVICE CHAIRMA 
Name of key/compensated personLIZZIE ROSSOLIZZIE ROSSO 
Average hours per week working for org 0.00 
Reportable compensation from org$0.00$0.00 
Other comp, non-reportable, from org and related orgs$0.00$0.00 
PositionIndividual trustee or director, OfficerIndividual trustee or director, Officer 
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00 
Purpose: mission, activities & accomplishments
Mission or significant activitiesFOUNDATION FOR PR (FPR) WORKS WITH A DEFINED PLAN TO DEVELOP PUERTO RICO'S SOCIAL AND ECONOMIC POTENTIAL AND TRANSFORM IT INTO AN IMPORTANT COMPETITOR IN THE WORLD. FPR DO THIS BY PROMOTING THE VISITOR ECONOMY AND EXPORT OF THE 21ST CENTURY AS CENTRAL TO ECONOMIC DEVELOPMENT; SUPPORTING INNOVATION IN EVERY SECTOR; CONTRIBUTING TO STRENGTHEN AND DEVELOP THE ORGANIZATIONS THAT MAKE UP OUR SOCIETY; AND DRIVING THE TALENT HERE TO RECOGNIZE ITS POTENTIAL. THE MISSION IS TRANSFORM PR INTO A DESTINATION FOR THE WORLD BY DRIVING SUSTAINABLE STRATEGIES OF ECONOMIC AND SOCIAL DEVELOPMENT.FOUNDATION FOR PR (FPR) WORKS WITH A DEFINED PLAN TO DEVELOP PUERTO RICO'S SOCIAL AND ECONOMIC POTENTIAL AND TRANSFORM IT INTO AN IMPORTANT COMPETITOR IN THE WORLD. FPR DO THIS BY PROMOTING THE VISITOR ECONOMY AND EXPORT OF THE 21ST CENTURY AS CENTRAL TO ECONOMIC DEVELOPMENT; SUPPORTING INNOVATION IN EVERY SECTOR; CONTRIBUTING TO STRENGTHEN AND DEVELOP THE ORGANIZATIONS THAT MAKE UP OUR SOCIETY; AND DRIVING THE TALENT HERE TO RECOGNIZE ITS POTENTIAL. THE MISSION IS TRANSFORM PR INTO A DESTINATION FOR THE WORLD BY DRIVING SUSTAINABLE STRATEGIES OF ECONOMIC AND SOCIAL DEVELOPMENT.Foundation for PR (FPR) works with a defined plan to develop Puerto Rico's social and economic potential and transform it into an important competitor in the world. FPR do this by promoting the visitor economy and export of the 21st century as central to economic development; Supporting innovation in every sector; Contributing to strengthen and develop the organizations that make up our society; and driving the talent here to recognize its potential. The mission is transform PR into a destination for the world by driving sustainable strategies of economic and social development.
Program expenses (total)$1,436,953.00$1,817,780.00$1,290,682.00
Programs, including revenue & expenses
MOBILIZING FOR TRANSFORMATION - LAUNCH ECONOMIC STRATEGIES. ENCOURAGE PEOPLE TO ASSUME THEIR ROLE AS CITIZENS OF THE WORLD.
Program expenses$359,009.00$747,661.00$599,090.00
Grants and allocations made$41,442.00 $0.00
Program revenue  $0.00
Program descriptionMOBILIZING FOR TRANSFORMATION - LAUNCH ECONOMIC STRATEGIES. ENCOURAGE PEOPLE TO ASSUME THEIR ROLE AS CITIZENS OF THE WORLD.MOBILIZING FOR TRANSFORMATION - LAUNCH NEW ECONOMIC STRATEGIES. ENCOURAGE PEOPLE TO ASSUME THEIR ROLE AS CITIZENS OF THE WORLD.Mobilizing for Transformation - Launch new economic strategies. Encourage people to assume their role as citizens of the world. Grasp opportunities and challenges.
PURSUING GLOBAL MARKETS - PROMOTE THE INSERTION OF PUERTO RICO IN THE GLOBAL ECONOMY. DRIVE THE INNOVATION, KNOWLEDGE, AND VISITOR ECONOMY. SUPPORT ORGANIZATIONS THAT HELP STRENGTHEN THE ENTREPRENEURIAL ECOSYSTEM.
Program expenses$479,343.00$246,456.00$417,100.00
Grants and allocations made  $0.00
Program revenue  $0.00
Program descriptionPURSUING GLOBAL MARKETS - PROMOTE THE INSERTION OF PUERTO RICO IN THE GLOBAL ECONOMY. DRIVE THE INNOVATION, KNOWLEDGE, AND VISITOR ECONOMY. SUPPORT ORGANIZATIONS THAT HELP STRENGTHEN THE ENTREPRENEURIAL ECOSYSTEM.PURSUING GLOBAL MARKETS - PROMOTE THE INSERTION OF PUERTO RICO IN THE GLOBAL ECONOMY. DRIVE THE INNOVATION, KNOWLEDGE, AND VISITOR ECONOMY. SUPPORT ORGANIZATIONS THAT HELP STRENGTHEN THE ENTREPRENEURIAL ECOSYSTEM.Pursuing Global Markets - Promote the insertion of Puerto Rico in the global economy. Drive the innovation, knowledge, and visitor economy. Support organizations that help strengthen the entrepreneurial ecosystem.
SCALING-UP FOR INNOVATON - SUPPORT AND COLLABORATE TO BUILD THE CAPACITY OF ORGANIZATIONS SO THEY MAY: THINK OUT OF THE BOX, BECOME COMPETITIVE, AND TAKE ADVANTAGE OF GLOBAL OPPORTUNITIES.
Program expenses$400,296.00$662,110.00$189,312.00
Grants and allocations made$157,836.00 $0.00
Program revenue  $0.00
Program descriptionSCALING-UP FOR INNOVATON - SUPPORT AND COLLABORATE TO BUILD THE CAPACITY OF ORGANIZATIONS SO THEY MAY: THINK OUT OF THE BOX, BECOME COMPETITIVE, AND TAKE ADVANTAGE OF GLOBAL OPPORTUNITIES.SCALING-UP FOR INNOVATION - SUPPORT AND COLLABORATE TO BUILD THE CAPACITY OF ORGANIZATIONS SO THEY MAY: THINK OUT OF THE BOX,BECOME COMPETITIVE, AND TAKE ADVANTAGE OF GLOBAL OPPORTUNITIES.Scaling-up for Innovation - Support and collaborate to build the capacity of organizations so they may: think out of the box, become competitive, and take advantage of global opportunities.
Financial data
Expense categories (totals)
Sum (total functional expenses)$1,647,614.00$2,103,601.00$1,429,755.00
Program services (total functional expenses)$1,436,953.00$1,817,780.00$1,290,682.00
Management & general (total functional expenses)$210,661.00$285,821.00$139,073.00
Fundraising (total functional expenses)$0.00$0.00$0.00
Revenue
Total revenue$1,881,987.00$2,083,329.00$2,283,759.00
Program service revenue (total) $0.00$0.00
Revenue from contributions (total)$1,818,423.00$2,037,934.00$2,164,023.00
Revenue from noncash contributions  $0.00
Investment income$491.00$752.00$1,283.00
Total unrelated business revenue$0.00$44,643.00$0.00
Other revenue, current yr$63,073.00$44,643.00$118,453.00
Net unrelated business taxable revenue $43,643.00$0.00
Total revenue from grants, etc., current yr$1,818,423.00$2,037,934.00$2,164,023.00
Gross receipts$1,881,987.00$2,083,329.00$2,283,759.00
Sources of contributions
Revenue from federated campaigns  $0.00
Contributions revenue from membership dues  $0.00
Revenue from fundraising events$96,210.00 $0.00
Contributions from related organizations  $0.00
Revenue from gov't grants  $0.00
Revenue from all other contributions$1,722,213.00$2,037,934.00$2,164,023.00
Other types of revenue
Royalties (total)  $300.00
Miscellaneous revenue (total) $44,643.00$118,153.00
Income from dividends, interest, and similar investments$491.00$752.00$1,283.00
Net rental income$63,073.00$0.00$0.00
Fees for services
Legal fees (total)$572.00 $15,858.00
Fundraising service fees (total)$0.00$0.00$0.00
General management fees (total)  $0.00
Accounting service fees (total)$14,458.00$25,077.00$9,318.00
Assets and liabilities
Total assets$2,170,342.00$2,008,923.00$2,714,189.00
Total assets, beginning of year$2,008,923.00$2,714,189.00$306,405.00
Total liabilities$861,487.00$934,441.00$1,619,435.00
Total liabilities, beginning of year$934,441.00$1,619,435.00$54,610.00
Temporarily restricted net assets$3,600.00$22,612.00$12,550.00
Permanently restricted net assets, end of yr  $0.00
Net assets$1,308,855.00$1,074,482.00$1,094,754.00
Net assets, beginning of year$1,074,482.00$1,094,754.00$251,795.00
Cash: non-interest bearing$295,228.00$215,004.00$266,516.00
Cash: non-interest bearing, beginning of year$215,004.00$266,516.00$132,698.00
Other financial variables
Revenue less expenses$234,373.00-$20,272.00$854,004.00
Accounts receivable, net$367,329.00$95,827.00$643,609.00
Prepaid expenses & deferred charges $5,000.00$22,825.00
Accounts payable & accrued expenses$101,487.00$79,441.00$669,435.00
Deferred revenue$760,000.00$855,000.00$950,000.00
Total net assets or fund balances$1,308,855.00$1,074,482.00$1,094,754.00
Depreciation, depletion, amortization$191,008.00$189,240.00$1,116.00
Governance and accountability
Number of voting members101110
Number of independent voting members101110
Financial sheets auditedTrueTrueTrue
Tax year start date2016-01-012015-01-012014-01-01
Tax year end date2016-12-312015-12-312014-12-31
Accounting methodAccrualAccrualAccrual
Indicators for schedules (selected)
Business transaction with entity ownerTrueTrueTrue
Grants to domestic org/gov't >$5kTrueTrueTrue
Metadata about the filing
E-return type990990990
Reason for form submission
Address change  True
Date e-filing submitted2018-03-082017-03-282016-02-09
IRS schema version2016v3.12015v2.12014v5.0
Filing identifier201840169349300219201613209349302566201543149349300329
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