FUNDACION LUIS G FORTUNO

Financials

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

Address and contacts

Address (IRS master file)

PO BOX 190913, SAN JUAN, PR 00919-0913

In care of

% LUCY ANN RAMOS

Principal officer (990 for 2024)

Luis G Fortuno, 1302 K Street NW 1100E, Washington, DC 20005

Signed the 990

Luis G Fortuno, President

Phone

(787) 766-1717

Website

www.centrocrece.org

Return prepared by

MVKN GROUP LLC

Mission

The organizations mission is to cultivate free market solutions that foster self-reliance, economic growth and social well-being in Puerto Rico.Foundations programs are focused on three key areas:1)improving the ease of doing business; 2)reducing generationalpoverty;and 3)increasing entrepreneurship.

Program accomplishments

• The Foundations largest program is LEMONADE DAY, a youth entrepreneurship education program that teaches children ages 6-12 how to plan and operate their own business using the lemonade stand model. Lemonade Day is a US based non-profit organization headquartered in Houston, TX, with hundreds of franchises in the US, Canada and Bermuda. The Foundation is the sole operator and franchisee of the Lemonade Day learn thow to plan and operate a business using the lemonade stand model. In the process, they gain basic financial skills, develop valuable soft skills and learn to spend, save and share some of their profits. The Foundation provides participants educational materials, mentorship training, and contests to motivate children in their entrepreneurial journey. In 2024, 2,251 kids and 725 adult mentors from 68 municipalities in PR participated in the program. Three years ago, the Foundation entered into a collaborative agreement with the PR Deparment of Eduacation to offert the Lemonade Day curriculum in public schools classrooms. Under the agreement, the Foundation receives no compensations from the government. The Foundation provides teachers interested in offering the program to thier students training as well as all educational materials for free. In 2024, more than 25 public schools and 14 private schools offered Lemonade Day as part of their class curriculum.
  Expenses $655,248 · grants $30,000 · revenue $658,396
• 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.
  Expenses $306,785 · grants $10,000 · revenue $306,862
• 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.
  Expenses $79,131 · revenue $74,760
• 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
  Expenses $20,494 · revenue $22,989
• 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
  Expenses $35,008 · revenue $35,008
• 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
  Expenses $29,685 · revenue $29,685
• 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
  Expenses $9,811 · revenue $9,811
• 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
  Expenses $7,962 · revenue $8,000
• 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
  Expenses $2,421 · revenue $5,625
• 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.0
• 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
  revenue $5,500
• 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 foward0
• 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.
  Expenses $19,965 · grants $19,965 · revenue $25,000
• 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,
  Expenses $23,228 · revenue $23,278
• 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 join0
• 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.
  revenue $35,000

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

IRS record

EIN

66-0831873

Tax-exempt status

501(c)(3): Charitable, religious, educational or scientific organization

Foundation status

Publicly supported organization (170(b)(1)(A)(vi))

Donations deductible (Pub 78)

Public charity, 50% deduction limit

Exempt since

2020

Accounting year ends

December

Files

Form 990 or 990-EZ

Category (NTEE)

Community improvement and capacity building (S01)

Assets (IRS master file)

$486,143

Income (IRS master file)

$1,361,922

Revocation and reinstatement

Exemption revoked

May 15, 2019

Posted by the IRS

August 12, 2019

Reinstated

Effective May 15, 2019

From the IRS automatic revocation list: organizations that did not file a required return or e-Postcard for three consecutive years.

Filing history

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 66-0831873).

Questions about FUNDACION LUIS G FORTUNO

What is the EIN of FUNDACION LUIS G FORTUNO?

The employer identification number (EIN) of FUNDACION LUIS G FORTUNO is 66-0831873.

Is FUNDACION LUIS G FORTUNO tax-exempt?

Yes. The IRS revoked its exemption on May 15, 2019 and reinstated it effective May 15, 2019.

Are donations to FUNDACION LUIS G FORTUNO tax-deductible?

Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).

Which annual return does FUNDACION LUIS G FORTUNO file?

Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.

When is the next return of FUNDACION LUIS G FORTUNO due?

The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.

When did FUNDACION LUIS G FORTUNO last file with the IRS?

The latest return in the IRS public files is the 990 for the year ended December 2024.

Who is the principal officer of FUNDACION LUIS G FORTUNO?

The 990 for the year ended December 31, 2024 names Luis G Fortuno.

Who are the officers and directors of FUNDACION LUIS G FORTUNO?

The 990 for the year ended December 31, 2024 lists 11 people; 0 received compensation from the organization.

How much revenue does FUNDACION LUIS G FORTUNO have?

On its 990 for the year ended December 31, 2024 it reported revenue of $1,361,922, expenses of $1,311,395 and total assets of $486,143 at year end.

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