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Fundacion Luis G Fortuno

EIN 66-0831873 · San Juan, PR

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood85 out of 100GovernanceGood78 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

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.

Income
$1.4 million
Spending
$1.3 million
Spent on programs
91%
Reserves
3.5 months of spending
Largest source of income
donations and private grants, 100%
Employees
0
Volunteers
11

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 85 out of 100. Higher than 67% of charities in its peer group (community improvement, $1m to $10m).

  • Reserves

    20 of 35

    Spendable reserves would cover 3.5 months of spending.

  • Debt

    20 of 20

    It owes 10% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 4% of income.

  • Income trend

    15 of 15

    Income rose 51% on the year before.

  • Spending floor

    15 of 15

    91% of spending went to programs and raising each dollar of donations cost 1 cents.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 78 out of 100. Higher than 29% of charities in its peer group (community improvement, $1m to $10m).

  • Independent board

    25 of 25

    11 of 11 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    0 of 8

    Reports no written whistleblower policy.

  • Record keeping policy

    0 of 7

    Reports no written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Independent check of accounts

    9 of 15

    Its accounts were reviewed or compiled by an independent accountant, but not audited.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (29)
  1. $655,248 spent. 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.
  2. $306,785 spent. 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.
  3. $79,131 spent. 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.
  4. $20,494 spent. 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
  5. $35,008 spent. 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
  6. $29,685 spent. 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
  7. $9,811 spent. 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
  8. $7,962 spent. 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
  9. $2,421 spent. 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
  10. 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.
  11. 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
  12. 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
  13. $19,965 spent. 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.
  14. $23,228 spent. 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,
  15. 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
  16. 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.
  17. SPEAKERS SERIES offers special forums and public 20494. 0. 22989.
  18. research project that features qualitative and 35008. 0. 35008.
  19. to present findings, media tour and distribution 29685. 0. 29685.
  20. the universitys library website, exhibits, special 9811. 0. 9811.
  21. was placed on hold but plans are retake it in 2025. 7962. 0. 8000.
  22. to educate on economics and entrepreneurship to 2421. 0. 5625.
  23. work experience while learning about free market 0. 0. 0.
  24. LEMONADE DAY MARKERSPACE is focused on the creation 0. 0. 5500.
  25. together private and public entities in a single 0. 0. 0.
  26. with the classroom design and creation. 19965. 19965. 25000.
  27. Atlas Network in November 2024 and is scheduled to 23228. 0. 23278.
  28. digitalization and catalogue of official documents 0. 0. 0.
  29. the formal workforce,and propose policy recommendations 0. 0. 35000.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Worth knowing.

    Status was revoked on May 15, 2019 for not filing returns for three years, and reinstated on May 15, 2019.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since April 2020.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.