Liabilities / Assets
57th percentile
Higher debt load relative to assets than 57% of similar nonprofits.
Fundacion Luis G Fortuno Inc
EIN 66-0831873 • 501(c)3 • San Juan, PR
RevokedPub. 78 Eligible
Profile
The Organization's mission is to cultivate pro-Market Solutions that promote self-reliance and growth in individuals. The Foundation's most significant activity to date is Lemonade Day that is meant to promote Licensed Youth Entrepeneurship to teach kids planning and operations for their own businesses using Lemonade Stands
Siviq Scores
Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.
0.10x
Liabilities / Revenue
40th percentile
Higher debt load relative to revenue than 40% of similar nonprofits.
Net Margin
48th percentile
Higher net margin than 48% of similar nonprofits.
Top Officer Pay
40th percentile
Higher top officer pay than 40% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
72nd percentile
Faster asset growth than 72% of similar nonprofits.
Revenue Growth
83rd percentile
Faster revenue growth than 83% of similar nonprofits.
Balance Sheet
Assets
Up$486,143
Up $57,328 (+13%) from 2023
Liabilities
Up$49,849
Up $3,433 (+7.4%) from 2023
Net Assets
Up$436,294
Up $53,895 (+14%) from 2023
Revenue
Up$1,361,922
Up $462,468 (+51%) from 2023
Expenses
Up$1,311,395
Up $523,181 (+66%) from 2023
Net Income
Down$50,527
Down $60,713 (-55%) from 2023
Trend Graphs
Filings
Most recent year
2024 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $486,143
- Liabilities
- $49,849
- Net assets
- $436,294
- Revenue
- $1,361,922
- Expenses
- $1,311,395
- Net income
- $50,527
Latest Filing Detail
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2024 to Dec 31, 2024
- Signed
- Apr 29, 2025
- Return Version
- 2024v5.2
- Gross Receipts
- $1,361,922
Mission and Program Overview
Mission
The Organization's mission is to cultivate pro-Market Solutions that promote self-reliance and growth in individuals. The Foundation's most significant activity to date is Lemonade Day that is meant to promote Licensed Youth Entrepeneurship to teach kids planning and operations for their own businesses using Lemonade Stands
The organizations mission is to cultivate free market solutions that foster self-reliance, economic growth and social well-being.Foundations programs are focused on three areas:1)improving the ease of doing business;2)reducing generationalpoverty; and 3)increasing entrepreneurship.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $303,762 | $379,122 | ▲ $75,360 |
| Cash and Non-Interest-Bearing Accounts | $51,053 | $106,938 | ▲ $55,885 |
| Pledges and Grants Receivable | $74,000 | - | - |
| Accounts Receivable | - | $83 | - |
| Total Assets | $428,815 | $486,143 | ▲ $57,328 |
| Liabilities | |||
| Deferred Revenue | - | $39,900 | - |
| Accounts Payable and Accrued Expenses | $46,416 | $9,949 | ▼ $36,467 |
| Total Liabilities | $46,416 | $49,849 | ▲ $3,433 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $382,399 | $382,399 | → $0 |
| Net Assets With Donor Restrictions | - | $53,895 | - |
| Total Net Assets Fund Balance | $382,399 | $436,294 | ▲ $53,895 |
| Total Liabilities and Net Assets / Fund Balance | $428,815 | $486,143 | ▲ $57,328 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Luis G Fortuno | Chairman |
| Federico Stubbe Jr | Director |
| Gustavo Velez | Director |
| Javier Vazquez | Director |
| Jorge San Miguel | Director |
| Jose Vazquez | Director |
| Kenneth W McGrath | Director |
| Limarie Ferrer | Director |
| Orlin Goble | Director |
| Magda M Boyles | Secretary |
| Maria Victoria Leon | Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $1,359,853
- Program Service Revenue
- $0
- Investment Income
- $0
- Other Revenue
- $2,069
- All Other Contributions
- $1,346,349
- Change in Net Assets
- $50,527
Noncash Contribution Practices
- Property subject to holding requirements
- No
- Reviewed unusual noncash gifts
- No
- Third parties used for noncash contributions
- No
Noncash Contributions
| Contribution Type | Contribution Count | Reported Amount | Valuation Method |
|---|---|---|---|
| Other Non Cash Contri Table | 1 | $784,200 | Advertising and marketing |
| Real Estate Commercial | 3 | $20,959 | Rental Space |
| Other Non Cash Contri Table | 1 | $850 | Travel and Lodging |
| Total Noncash Contributions | 5 | $806,009 | - |
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $1,311,395 |
| Total Fundraising Expense | $13,505 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Advertising | $788,705 | $496 | $0 | $789,201 |
| Fees for Services Management | $352,749 | $38,490 | $1,425 | $392,664 |
| All Other Expenses | $42,810 | $49,184 | $11,439 | $103,433 |
| Conferences and Meetings | $950 | $10,657 | $0 | $11,607 |
| Office Expenses | $1,305 | $7,225 | $101 | $8,631 |
| Travel | $3,219 | $1,995 | $540 | $5,754 |
| Insurance | $0 | $105 | $0 | $105 |
| Total Functional Expenses | $1,189,738 | $108,152 | $13,505 | $1,311,395 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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
- Yes
- Annual disclosure for covered persons
- Yes
- Audit committee
- No
- 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
- No
- Other officer compensation reviewed
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Filing and Contact Details
Filer
- Filer Name
- Fundacion Luis G Fortuno Inc
- EIN
- 66-0831873
- Phone
- 7877661717
- Address
- PO Box 190913, San Juan, PR 00919-0913
- Doing Business As
- Crece
Signing Officer
- Name
- Luis G Fortuno
- Title
- President
- Phone
- 7877661717
- Signed
- 2025-04-29
- Discuss with paid preparer
- Yes
Organization Details
- Formed
- 2013
- Legal Domicile
- Pr
- Voting Board Members
- 11
- Independent Board Members
- 11
- Employees
- 0
- Volunteers
- 11
Preparer
- Firm
- Mvkn Group LLC
- Address
- RQ
- Preparer
- Maria Victoria Leon
- Phone
- 7879986654
Supplemental Narrative
Additional Explanations
Pt III, Line 2
“In 2023, the organization, launched a new program called Road to Prosperity Series, which provides periodic newsletters on economic trends in Puerto Rico coupled with and interactive platform in the website. The purpose is maintain our followers, supporters and program participants informed.In 2023, the organization launched a new research project called Freedom to Prosper, which seeks to measure attitudes among residents in Puerto Rico on how to improve the quality of life and economic environment through quantitative and qualitative methods. The research firm, Gaither International, was used for this purpose.”
Pt III, Line 3
“While the organization continues to use and share the publications of the Economic Freedom Index and the Competitiveness Toolkit, it is no longer working to update the data and publish new reports under these program names.”
Pt VI, Line 11B
“The organizations Executive Director review Form 990 with the Tax Specialist. Once approved by the Executive Director, the Tax Specialist provided Form 990 to the boards Treasurer for final review and approval.”
Pt VI, Line 12C
“Officers were required to disclose interest that could give rise to conflicts during board meetings. The potential conflicts were discussed among board members, and necessary, members voted on rulings.”
Pt VI, Line 19
“The organization provides copies of governing documents, conflict of interest policy and financial statemetns upon request.Governing documents, conflicts of interest policy and financial statements are also available online through the Department of State, and in- non-profit foundation databases available to the public.”
Form 990, Part III, Line 4D
“SPEAKERS SERIES offers special forums and public 20494. 0. 22989.”
Form 990, Part III, Line 4D
“research project that features qualitative and 35008. 0. 35008.”
Form 990, Part III, Line 4D
“to present findings, media tour and distribution 29685. 0. 29685.”
Form 990, Part III, Line 4D
“the universitys library website, exhibits, special 9811. 0. 9811.”
Form 990, Part III, Line 4D
“was placed on hold but plans are retake it in 2025. 7962. 0. 8000.”
Form 990, Part III, Line 4D
“to educate on economics and entrepreneurship to 2421. 0. 5625.”
Form 990, Part III, Line 4D
“work experience while learning about free market 0. 0. 0.”
Form 990, Part III, Line 4D
“LEMONADE DAY MARKERSPACE is focused on the creation 0. 0. 5500.”
Form 990, Part III, Line 4D
“together private and public entities in a single 0. 0. 0.”
Form 990, Part III, Line 4D
“with the classroom design and creation. 19965. 19965. 25000.”
Form 990, Part III, Line 4D
“Atlas Network in November 2024 and is scheduled to 23228. 0. 23278.”
Form 990, Part III, Line 4D
“digitalization and catalogue of official documents 0. 0. 0.”
Form 990, Part III, Line 4D
“the formal workforce,and propose policy recommendations 0. 0. 35000.”
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt | 0 | Luis G Fortuno |
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| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | 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. |
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| IRS990/ProgSrvcAccomActy3Grp/Desc | 0 | CRECE en tu Municipio is an intensive training program for loca public employees. In an eight week span, the Foundation provides government employees in municipalities training on free market economics, how to improve thier business ecosystem to attract and retain investment and human captial. As part of the program, public servants receive specialized training on strategic planning and the establishment of sound metrics to promote fiscal responsibility and transparency. In 2024, the program was offered in 2 municipalities- San German and Naranjito. It is funded mainly through a grant from the Puerto Rico Legislatures Special Commission for Legislative Grants. The process to obtain this grant is competitive and requires quarterly report submissions. The program in 2024 was alos partially funded by a grant from Atlas Network awarded in late 2023 for this program. |
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| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 0 | SPEAKERS SERIES offers special forums and public conversations on economic development and trade, labor market trends and more. Forums are open to the public through live transmissions and in-person participation as well as to media. FREEDOM TO PROSPER IN PUERTO RICO is a comprehensive |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 1 | research project that features qualitative and quantitative data to better understand Puerto Ricans views on their prospects for growth on the island and the correlation between increased economic freedom and peoples motivation to stay and invest locally. Research began in 2023 and the results wer published in 2024, with a special event |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 2 | to present findings, media tour and distribution of the report to stakeholders. ROAD TO PROSPERITY SERIES provides periodic newsletters and policy briefs on economic trends in Puerto Rico coupled with an interactive plataform that provides key economic indicators online for |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 3 | the universitys library website, exhibits, special events and research opportunities. LGF BOOK is a writing and publication project of a book by former Governor Luis G Fortuno on how economic freedom principles guided his action plan during his tenure as governor. In 2024, the project |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 4 | was placed on hold but plans are retake it in 2025. CRECE en tu Profesion in 2024, the foundation entered into a collaborative agreement with the University Chapters of the Puerto Rico Chamber of Commerce. As part of the agreement, the foundation provides periodic workshops and activities to |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 5 | to educate on economics and entrepreneurship to chapter members. The First workshop was held in late 2024 with and attendance of more than 25 university students. INTERSHIP PROGRAM provides paid internship opportunities to university students seeking to gain |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 6 | work experience while learning about free market principles, economics and entrepreneurship. In 2024, 2 interns worked on special project development and social media marketing for the Foundation, under this program. |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 7 | LEMONADE DAY MARKERSPACE is focused on the creation of the first Lemonade Day Makerspace in Puerto Rico. As part and innovative ELAB project spearheaded by a public-private venture, the Foundation has been invited to offer entrepreneurship education to elementary school children in a new space located in the urban area of Rio Piedras. ELAB brings |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 8 | together private and public entities in a single location to prepare young people to be self- sufficient and competitive once they enter the workforce. The project will serve a student population of 31 schools located in the Rio Piedras area. We are currently waiting for improvements to be made to the site location so we are able to move foward |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 9 | with the classroom design and creation. PROSPERA SUMMIT is a 2-year new project partially funded through a competitive grant from the Atlas Foundation awarded in 2024. Planning for the multisectoral event started in late 2024 and is scheduled to be held in August 2025. |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 10 | Atlas Network in November 2024 and is scheduled to being in 2025. Biblioteca Siglo XXI contains the arcives and library of former Governor Luis G Fortuno, founder and chairman of the board of the Foundation. The Foundation maintains the archives, including the preservation, |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 11 | digitalization and catalogue of official documents that are made available through the universitys library website, exhibits, special events and research opportunities. Inspiring Work is a comprehensive reseach project to identify incentives for welfare recipients to join |
| IRS990/ProgSrvcAccomActyOtherGrp/Desc | 12 | the formal workforce,and propose policy recommendations to increase labor participation in Puerto Rico. This is a new project funded partially by a competitive grant awarded to the Foundation by Atlas competitive grant awarded to the Foundation by Atlas Network in November 2024, and is schedule to begin in 2025. |
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| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | In 2023, the organization, launched a new program called Road to Prosperity Series, which provides periodic newsletters on economic trends in Puerto Rico coupled with and interactive platform in the website. The purpose is maintain our followers, supporters and program participants informed.In 2023, the organization launched a new research project called Freedom to Prosper, which seeks to measure attitudes among residents in Puerto Rico on how to improve the quality of life and economic environment through quantitative and qualitative methods. The research firm, Gaither International, was used for this purpose. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | While the organization continues to use and share the publications of the Economic Freedom Index and the Competitiveness Toolkit, it is no longer working to update the data and publish new reports under these program names. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | The organizations Executive Director review Form 990 with the Tax Specialist. Once approved by the Executive Director, the Tax Specialist provided Form 990 to the boards Treasurer for final review and approval. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | Officers were required to disclose interest that could give rise to conflicts during board meetings. The potential conflicts were discussed among board members, and necessary, members voted on rulings. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | The organization provides copies of governing documents, conflict of interest policy and financial statemetns upon request.Governing documents, conflicts of interest policy and financial statements are also available online through the Department of State, and in- non-profit foundation databases available to the public. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | SPEAKERS SERIES offers special forums and public 20494. 0. 22989. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | research project that features qualitative and 35008. 0. 35008. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | to present findings, media tour and distribution 29685. 0. 29685. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | the universitys library website, exhibits, special 9811. 0. 9811. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 9 | was placed on hold but plans are retake it in 2025. 7962. 0. 8000. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 10 | to educate on economics and entrepreneurship to 2421. 0. 5625. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 11 | work experience while learning about free market 0. 0. 0. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 12 | LEMONADE DAY MARKERSPACE is focused on the creation 0. 0. 5500. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 13 | together private and public entities in a single 0. 0. 0. |
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