Civic Intelligence

Puerto Rican Arts Alliance

EIN 36-4208867 • 501(c)3 • Chicago, IL

View Organization Page

Profile

Dedicated to the promotion and support of the cultural traditions of puerto rico through artistic and educational programs.

3000 N Elbridge AveChicago, IL 60618

www.praachicago.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

37th percentile

0.05x

Higher debt load relative to assets than 37% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

43rd percentile

0.11x

Higher debt load relative to revenue than 43% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

79th percentile

28%

Higher net margin than 79% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

48th percentile

$124,877

Higher top officer pay than 48% of similar nonprofits.

Top officer pay equals 3.7% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

78th percentile

18%

Faster asset growth than 78% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

34%

Faster revenue growth than 78% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets37th percentile

Assets

Up

$7,132,377

Up $1,075,377 (+18%) from 2023

Liabilities

Up

$382,999

Up $124,363 (+48%) from 2023

Net Assets

Up

$6,749,378

Up $951,014 (+16%) from 2023

Operations
Liabilities / Revenue43rd percentileNet Margin79th percentile

Revenue

Up

$3,403,886

Up $868,498 (+34%) from 2023

Expenses

Up

$2,452,872

Up $501,270 (+26%) from 2023

Net Income

Up

$951,014

Up $367,228 (+63%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth78th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2017: $3,579,254Liabilities 2017: $87,263Net Assets 2017: $3,491,9912017Assets 2018: $3,655,514Liabilities 2018: $90,995Net Assets 2018: $3,564,5192018Assets 2019: $3,841,323Liabilities 2019: $71,050Net Assets 2019: $3,770,2732019Assets 2020: $4,010,683Liabilities 2020: $124,846Net Assets 2020: $3,885,8372020Assets 2021: $4,190,950Liabilities 2021: $250,925Net Assets 2021: $3,940,0252021Assets 2022: $5,828,545Liabilities 2022: $799,967Net Assets 2022: $5,028,5782022Assets 2023: $6,057,000Liabilities 2023: $258,636Net Assets 2023: $5,798,3642023Assets 2024: $7,132,377Liabilities 2024: $382,999Net Assets 2024: $6,749,3782024

Highlighted filing

2024

Assets$7,132,377
Liabilities$382,999
Net Assets$6,749,378
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0Revenue 2017: $709,873Expenses 2017: $678,151Net Income 2017: $31,7222017Revenue 2018: $790,185Expenses 2018: $717,657Net Income 2018: $72,5282018Revenue 2019: $996,397Expenses 2019: $790,643Net Income 2019: $205,7542019Revenue 2020: $945,850Expenses 2020: $830,286Net Income 2020: $115,5642020Revenue 2021: $1,077,134Expenses 2021: $1,022,946Net Income 2021: $54,1882021Revenue 2022: $2,540,329Expenses 2022: $1,451,776Net Income 2022: $1,088,5532022Revenue 2023: $2,535,388Expenses 2023: $1,951,602Net Income 2023: $583,7862023Revenue 2024: $3,403,886Expenses 2024: $2,452,872Net Income 2024: $951,0142024

Highlighted filing

2024

Revenue$3,403,886
Expenses$2,452,872
Net Income$951,014
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,132,377
Liabilities
$382,999
Net assets
$6,749,378
Revenue
$3,403,886
Expenses
$2,452,872
Net income
$951,014
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.13$0.38$6.75$3.40$2.45$0.95
2023Detailed filing. Detailed filing data is available for this year.$6.06$0.26$5.80$2.54$1.95$0.58
2022Detailed filing. Detailed filing data is available for this year.$5.83$0.80$5.03$2.54$1.45$1.09
2021Detailed filing. Detailed filing data is available for this year.$4.19$0.25$3.94$1.08$1.02$0.05
2020Detailed filing. Detailed filing data is available for this year.$4.01$0.12$3.89$0.95$0.83$0.12
2019Detailed filing. Detailed filing data is available for this year.$3.84$0.07$3.77$1.00$0.79$0.21
2018Detailed filing. Detailed filing data is available for this year.$3.66$0.09$3.56$0.79$0.72$0.07
2017Detailed filing. Detailed filing data is available for this year.$3.58$0.09$3.49$0.71$0.68$0.03
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 2, 2026
Return Version
2023v6.0
Gross Receipts
$3,403,886
Mission and Program Overview

Mission

Dedicated to the promotion and support of the cultural traditions of puerto rico through artistic and educational programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,790,201$2,707,018▼ $83,183
Savings and Temporary Cash Investments$2,821,952$2,000,685▼ $821,267
Cash and Non-Interest-Bearing Accounts$242,162$1,628,109▲ $1,385,947
Pledges and Grants Receivable$145,807$708,606▲ $562,799
Prepaid Expenses and Deferred Charges$56,878$87,959▲ $31,081
Total Assets$6,057,000$7,132,377▲ $1,075,377
Liabilities
Deferred Revenue$152,306$250,000▲ $97,694
Accounts Payable and Accrued Expenses$106,330$132,999▲ $26,669
Total Liabilities$258,636$382,999▲ $124,363
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,565,725$5,840,906▲ $275,181
Net Assets With Donor Restrictions$232,639$908,472▲ $675,833
Total Net Assets Fund Balance$5,798,364$6,749,378▲ $951,014
Total Liabilities and Net Assets / Fund Balance$6,057,000$7,132,377▲ $1,075,377

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,436,131$818,148$3,254,279
Land$270,000-$270,000
Equipment$887$59,294$60,181
Compensation and Service Providers
Top Officer Pay48th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Carlos HernandezExecutive DiFT$124,877$124,877

Board Members and Trustees

NameTitle
Drignacio LopezChair
Sylvia Mojica - CastilloVice-chair
ANASTASIA O'BRIENDirector
Cheryl CookeDirector
Eduardo CamachoDirector
Ernesto MatiasDirector
Jenyce BooltonDirector
Manuel Cuevas TrisanDirector
Monica DiazDirector
Diana MaldonadoSecretary
Robert PantojaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,617,344
Program Service Revenue
$695,285
Investment Income
$91,257
Other Revenue
$0
All Other Contributions
$1,291,050
Change in Net Assets
$951,014

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,403,886
Revenue Not Reported on Form 990
$336,439
Total Revenue per Audited Statements
$3,740,325
Total Revenue per Form 990
$3,403,886
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,350,313
Salaries, Compensation, and Employee Benefits$1,102,559
Total Fundraising Expense$79,601
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$687,463$31,057$53,548$772,068
Office Expenses$22,399$251,012$108$273,519
Current Officers, Directors, Trustees, and Key Employees$113,207$86,019$10,486$209,712
Depreciation Depletion$79,023$4,160-$83,183
Payroll Taxes$63,395$8,847$4,693$76,935
Travel$56,002$2,472$211$58,685
All Other Expenses$27,016$17,464$7,044$51,524
Fees for Services Accounting$43,423$1,549-$44,972
Occupancy$38,734$4,430-$43,164
Other Expenses$30,324$7,430$369$38,123
Advertising$19,000$16,958-$35,958
Insurance$21,281$2,737-$24,018
Other Employee Benefits$18,362$3,291$1,064$22,717
Pension Plan Contributions$15,605$3,584$1,938$21,127
Total Functional Expenses$1,919,350$453,921$79,601$2,452,872

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,789,311
Expenses per Audited Statements$2,452,872
Total Expenses per Form 990$2,452,872
Expenses Not Reported on Form 990$336,439
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“A copy of the return is initially given to and reviewed by the treasurer. After the treasurer review the return is provided to the entire board for their review.”

Form 990, Page 6, Part VI, Line 12C

“Reviews all activities for any conflict.”

Form 990, Page 6, Part VI, Line 15A

“REVIEWED BY BOARD”

Form 990, Page 6, Part VI, Line 15B

“Done by executive director”

Form 990, Page 6, Part VI, Line 19

“Open to the public upon request only.”

Filing and Contact Details

Filer

Filer Name
Puerto Rican Arts Alliance
EIN
36-4208867
Address
3000 N ELBRIDGE AVE, CHICAGO, IL 60618

Signing Officer

Name
Drignacio Lopez
Title
Chair
Signed
2026-01-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Drignacio Lopez
Formed
1996
Legal Domicile
Il
Voting Board Members
11
Independent Board Members
11
Employees
18
Volunteers
101

Preparer

Firm
Rcs Cpas Pllc
Address
4415 HARRISON ST SUITE 552, HILLSIDE, IL 60162
Preparer
Mohammad Sheikh
Phone
7084829488
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“To correct return due to missed information.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Puerto rican arts alliance is a not-for-profit organization that is exempt from income taxes under section 501(c)(3) of the internal revenue code. Puerto rican arts alliance has also been classified as an entity that is not a private foundation within the meaning of section 509(a) and qualifies for deductible contributions as provided in section 170(b)(1)(a)(vi). There was no unrelated business income nor unrecognized tax benefits for the year ended june 30, 2024. Each of the puerto rican arts alliance's prior three years remains subject to examination by the internal revenue service. The organization has evaluated its tax positions for all open tax years. Based on the evaluation of the organization's tax positions, management believes all tax positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the year ended june 30, 2024.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PUERTO RICAN ARTS ALLIANCE IS A NOT-FOR-PROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. PUERTO RICAN ARTS ALLIANCE HAS ALSO BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170(B)(1)(A)(VI). THERE WAS NO UNRELATED BUSINESS INCOME NOR UNRECOGNIZED TAX BENEFITS FOR THE YEAR ENDED JUNE 30, 2024. EACH OF THE PUERTO RICAN ARTS ALLIANCE'S PRIOR THREE YEARS REMAINS SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE ORGANIZATION HAS EVALUATED ITS TAX POSITIONS FOR ALL OPEN TAX YEARS. BASED ON THE EVALUATION OF THE ORGANIZATION'S TAX POSITIONS, MANAGEMENT BELIEVES ALL TAX POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEAR ENDED JUNE 30, 2024.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO CORRECT RETURN DUE TO MISSED INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE RETURN IS INITIALLY GIVEN TO AND REVIEWED BY THE TREASURER. AFTER THE TREASURER REVIEW THE RETURN IS PROVIDED TO THE ENTIRE BOARD FOR THEIR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2REVIEWS ALL ACTIVITIES FOR ANY CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3REVIEWED BY BOARD
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DONE BY EXECUTIVE DIRECTOR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5OPEN TO THE PUBLIC UPON REQUEST ONLY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TotalGrossUBIAmt00
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