Civic Intelligence

Borincana Foundation Inc.

990 • Fiscal year 2021 • EIN 66-0904023

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 16, 2022

Organization Profile
151 Calle San Francisco Suite 200San Juan, Puerto Rico 00901Rq

(914) 552-7220

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

0.96x

Higher debt load relative to assets than 94% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

93rd percentile

0.71x

Higher debt load relative to revenue than 93% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

38th percentile

0.9%

Higher net margin than 38% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

96th percentile

$73,163

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 26.3% of source-year revenue.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

78th percentile

42%

Faster asset growth than 78% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

43rd percentile

-3.7%

Faster revenue growth than 43% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$207,783

Up $61,750 (+42%) from 2020

Net Assets

Up

$9,009

Up $2,616 (+41%) from 2020

Liabilities

Up

$198,774

Up $59,134 (+42%) from 2020

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin38th percentile

Revenue

Down

$278,442

Down $10,753 (-3.7%) from 2020

Expenses

Down

$275,826

Down $17,841 (-6.1%) from 2020

Net Income

Up

$2,616

Up $7,088 (+158%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth78th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0Assets 2018: $42,164Liabilities 2018: $41,639Net Assets 2018: $5252018Assets 2019: $86,006Liabilities 2019: $75,641Net Assets 2019: $10,3652019Assets 2020: $146,033Liabilities 2020: $139,640Net Assets 2020: $6,3932020Assets 2021: $207,783Liabilities 2021: $198,774Net Assets 2021: $9,0092021Assets 2022: $448,140Liabilities 2022: $363,686Net Assets 2022: $84,4542022Assets 2023: $579,026Liabilities 2023: $352,007Net Assets 2023: $227,0192023Assets 2024: $608,633Liabilities 2024: $319,422Net Assets 2024: $289,2112024

Highlighted filing

2021

Assets$207,783
Liabilities$198,774
Net Assets$9,009
Open 2021 Filing

Operations Trend

Revenue Growth43rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2018: $43,664Expenses 2018: $43,139Net Income 2018: $5252018Revenue 2019: $72,822Expenses 2019: $64,482Net Income 2019: $8,3402019Revenue 2020: $289,195Expenses 2020: $293,667Net Income 2020: -$4,4722020Revenue 2021: $278,442Expenses 2021: $275,826Net Income 2021: $2,6162021Revenue 2022: $543,401Expenses 2022: $467,956Net Income 2022: $75,4452022Revenue 2023: $811,531Expenses 2023: $668,855Net Income 2023: $142,6762023Revenue 2024: $926,796Expenses 2024: $864,606Net Income 2024: $62,1902024

Highlighted filing

2021

Revenue$278,442
Expenses$275,826
Net Income$2,616
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 16, 2022
Return Version
2021v4.0
Gross Receipts
$278,442
Mission and Program Overview

Mission

Borincana foundation will provide certain consulting service to other non-for-profit or for-profit organization to support and venture with local solar storage companies, microgrid providers, investor, lenders technology providers, and others, to implement accelerated programmatic approaches to marketing, financing, and execution of distributed generation and storage for industrial and commercial customers. Also, the foundation will act as an advisor and grant recipient/ administrator to support federal and local effort for revitalization and transformation of puerto rico.

Balance Sheet Detail
LineBeginningEndChange
Assets
Loans From Officers Directors$50,000$110,000▲ $60,000
Accounts Receivable$134,897$107,714▼ $27,183
Prepaid Expenses and Deferred Charges-$67,928-
Cash and Non-Interest-Bearing Accounts$11,136$32,141▲ $21,005
Total Assets$146,033$207,783▲ $61,750
Liabilities
Accounts Payable and Accrued Expenses$78,978$82,203▲ $3,225
Other Liabilities$10,662$6,571▼ $4,091
Total Liabilities$139,640$198,774▲ $59,134
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,393$9,009▲ $2,616
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$6,393$9,009▲ $2,616
Total Liabilities and Net Assets / Fund Balance$146,033$207,783▲ $61,750
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Thomas KingLead InstructorPT$73,163$73,163

Board Members and Trustees

NameTitle
Alejandro UriartePresident
Gabriel Perez SepulvedaDirector
Jose Torres MonllorDirector
Xaira FerraraDirector
Thomas KingSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$278,442
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$10,165
Change in Net Assets
$2,616
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$275,826
Total Fundraising Expense$666
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$211,044$5,680-$216,724
Information Technology$19,251$2,441-$21,692
Insurance-$16,281-$16,281
Occupancy$4,700$900-$5,600
Travel$2,661--$2,661
Other Expenses$1,613$0$0$1,613
Fees for Services Accounting$0$1,116-$1,116
All Other Expenses-$1,089-$1,089
Advertising--$666$666
Total Functional Expenses$245,796$29,364$666$275,826
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$50,000$110,000▲ $60,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Income Tax Withholding Payable$6,571
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“he 990 is prepared by staff and provided to the Directors for review and subsequently discussed and approved at the next Board Meeting.”

Form 990, Part VI, Section C, Line 19

“These documents are not made available to the public”

Filing and Contact Details

Filer

Filer Name
Borincana Foundation Inc
EIN
66-0904023
Phone
9145527220
Address
RQ

Signing Officer

Name
Thomas King
Title
Secretary & Founding Director
Phone
9145527220
Signed
2022-06-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas King
Formed
2018
Legal Domicile
Pr
Voting Board Members
6
Independent Board Members
5
Employees
0
Volunteers
1

Preparer

Firm
Juan a Vazquez Aldea CPA
Address
PO BOX 9090, CAGUAS, PR 00726
Preparer
Juan A Vazquez Aldea CPA
Phone
7874133650
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Expenses are for project consultants excluding the project manager”

Raw XML Appendix395 raw XML fields

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/ActivityOrMissionDesc0BORINCANA FOUNDATION WILL PROVIDE CERTAIN CONSULTING SERVICE TO OTHER NON-FOR-PROFIT OR FOR-PROFIT ORGANIZATION TO SUPPORT AND VENTURE WITH LOCAL SOLAR STORAGE COMPANIES, MICROGRID PROVIDERS, INVESTOR, LENDERS TECHNOLOGY PROVIDERS, AND OTHERS, TO IMPLEMENT ACCELERATED PROGRAMMATIC APPROACHES TO MARKETING, FINANCING, AND EXECUTION OF DISTRIBUTED GENERATION AND STORAGE FOR INDUSTRIAL AND COMMERCIAL CUSTOMERS. ALSO, THE FOUNDATION WILL ACT AS AN ADVISOR AND GRANT RECIPIENT/ ADMINISTRATOR TO SUPPORT FEDERAL AND LOCAL EFFORT FOR REVITALIZATION AND TRANSFORMATION OF PUERTO RICO.
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IRS990/Desc0* Puerto Rico Energy Capital Access Program (PRECAP) to assist businesses, nonprofits, and municipalities in preparing for and gaining access to capital required to realize their energy infrastructure investment plans. PRECAP is aimed at serving the spectrum of vulnerable communities who lack economic mobility due to lack of critical infrastructure. By enabling local businesses, non-profits, and municipalities with the resources needed to become electric power startups, we catalyze resilient economic development at the fundamental level. Our unique positioning within the energy project ecosystem allows us to leverage the best of private industry to provide an interdisciplinary and applied education in energy entrepreneurship. PRECAP commenced in 2019 and successfully pivoted to run through the COVID pandemic. In 2021 we graduated our 3rd cohort of community and small business projects and after a brief gap in switching funding commenced our 4th cohort. Based on a performance study prepared for USDA on the first 3 cohorts and information provided by our program graduates we found our program was key in creating the potential (on a probability weighted basis) for the creation of over 100 direct and 300 indirect jobs and an estimated $70mm+ in distributed energy investment in Puerto Rico over the next 24-36 months.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0LEAD INSTRUCTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt1SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
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IRS990/MissionDesc0The Borincana Foundation supplies financial education, technical assistance, workforce training, and market facilitation support to aid in the reduction of poverty in Puerto Rico through energy transition and energy justice.
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IRS990/ProgSrvcAccomActy2Grp/Desc0PRECAP II - Continuation of PRECAP I with principal funding provided by a HUD CDBG sub-grant from the Puerto Rico Department of Housing.
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IRS990/ProgSrvcAccomActy3Grp/Desc0SOLAR IT - Principal funding provided by a HUD CDBG sub-grant from the Puerto Rico Department of Housing. * The Solar Information Technology Workforce Development and Market Acceleration Program ("SIT Program") - a program of solar workforce information technology training adapted to Puerto Rico from an existing successful program resulting in a tiered certification structure for Puerto Rican participants. In addition, the skills and capabilities developed will help create an independent, reliable provider of solar and storage system analysis supporting market acceleration. Solar is a growth industry and Puerto Rico must train a skilled workforce to fill the jobs created and drive economic activity. We are the only program to address a critical skills gap - information technology. Successful, scalable, profitable solar companies simply do not operate on spreadsheets and e-mail. Fundación Borincana's Solar IT Workforce Development Program will assist individuals attain critical high-grade skills with certificated mastery of an industry leading solar software platform. We started the Solar IT Program in 2021 and graduated the first cohort with over 20 individuals gaining at least the first level of capability certification.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0he 990 is prepared by staff and provided to the Directors for review and subsequently discussed and approved at the next Board Meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1These documents are not made available to the public
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Expenses are for project consultants excluding the project manager
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
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ReasonableCauseExplanation/ExplanationTxt0AN EXTENSION TO FILE HAS BEEN FILED.
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ReturnHeader/ReturnTs02022-07-27T15:37:46-07:00
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ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$207,783
Liabilities
$198,774
Net assets
$9,009
Revenue
$278,442
Expenses
$275,826
Net income
$2,616
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.09$3.19$2.89$9.27$8.65$0.62
2023Detailed filing. Detailed filing data is available for this year.$5.79$3.52$2.27$8.12$6.69$1.43
2022Detailed filing. Detailed filing data is available for this year.$4.48$3.64$0.84$5.43$4.68$0.75
2021Detailed filing. Detailed filing data is available for this year.$2.08$1.99$0.09$2.78$2.76$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.46$1.40$0.06$2.89$2.94$0.04
2019Detailed filing. Detailed filing data is available for this year.$0.86$0.76$0.10$0.73$0.64$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.42$0.42$0.01$0.44$0.43$0.01
Peer Organizations

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