Overview
What is Borincana Foundation Inc?
The Borincana Foundation Inc, based in San Juan, Puerto Rico, is a nonprofit organization dedicated to fostering the growth of renewable energy projects in the local community. The foundation offers consulting services to various organizations, including solar storage companies, microgrid providers, investors, lenders, technology providers, and others, to accelerate marketing, financing, and execution of distributed generation and storage for industrial and commercial customers. In addition, the foundation serves as an advisor and grant recipient/administrator to support federal and local efforts for the revitalization and transformation of Puerto Rico. The Borincana Foundation provides financial education, technical assistance, workforce training, and market facilitation support to promote energy transition and energy justice, with the ultimate goal of reducing poverty in Puerto Rico. In 2022, the foundation successfully graduated 12 renewable energy projects and received 42 applications. The foundation's efforts have resulted in projects like the ABEYNO COOP and the Sunrise Solar Farm receiving notable recognition and participating in esteemed competitions. The Borincana Foundation is committed to expanding its positive influence and presence in the Puerto Rico energy ecosystem in the future.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: One-Star out of Four Stars (56%)
The Borincana Foundation Inc has received a One-Star rating from Charity Navigator, indicating significant shortcomings in its accountability and financial transparency. While the organization boasts a strong program expense ratio of nearly 95%, signifying that the majority of its expenses are directed towards its mission, it falls short in key areas such as financial statement availability and missing essential policies like whistleblower protection and document retention.
Strengths of the organization include having a fully independent board, which reflects a commitment to governance that may help ensure mission alignment. Additionally, there are no reported material diversions of assets, suggesting sound financial integrity in that regard. However, the lack of readily available financial documents and necessary policies raises concerns about the organization's overall transparency and compliance.
Overall, while Borincana Foundation Inc demonstrates a strong commitment to its programs, the gaps in financial reporting and governance policies highlight areas for improvement. This rating serves as a reminder for potential donors to consider the organization's financial practices and governance structures when making contributions.
This AI summary has been generated from information found on Charity Navigator.
Is Borincana Foundation Inc legitimate?
Borincana Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Borincana Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Borincana Foundation Inc?
The Borincana Foundation's mission is to empower and support various organizations, including solar storage companies, microgrid providers, investors, lenders, technology providers, and others, to implement accelerated programmatic approaches for marketing, financing, and execution of distributed generation and storage for industrial and commercial customers. Additionally, the foundation offers financial education, technical assistance, workforce training, and market facilitation support with the aim of reducing poverty in Puerto Rico through energy transition and energy justice. The foundation has revitalized and transformed the Puerto Rico Energy Capital Access Program (PRECAP), enhancing its services to deliver high-quality assistance to program participants, graduating 12 renewable energy projects and receiving 42 applications in 2022. In the future, the foundation aims to foster the growth of additional renewable energy projects and expand its influence in the Puerto Rico energy ecosystem.
Who is the CEO of Borincana Foundation Inc?
Thomas King is the Secretary of Borincana Foundation Inc.
What is the revenue of Borincana Foundation Inc?
Borincana Foundation Inc's revenue in 2022 was $543,401.
Who are the executives of Borincana Foundation Inc and what are their salaries?
There are 6 employees and 1 volunteer at Borincana Foundation Inc.
Here are 7 key members and their salaries:
- Compensation: $25,875
- Related: $0
- Other: $0
- Compensation: $6,400
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Borincana Foundation Inc?
Borincana Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Borincana Foundation Inc
The Borincana Foundation, a non-profit organization, is dedicated to providing financial education, technical assistance, workforce training, and market facilitation support with the aim of reducing poverty in Puerto Rico through energy transition and energy justice. Specifically, the foundation offers consulting services to various entities, including local solar storage companies, microgrid providers, investors, 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. Furthermore, the Borincana Foundation acts as an advisor and grant recipient/administrator to support federal and local efforts for revitalization and transformation of Puerto Rico.
In more detail, the Borincana Foundation's flagship program, the Puerto Rico Energy Capital Access Program (PRECAP), underwent a significant transformation in 2022. This overhaul included changes in management, the recruitment of new staff, and the updating of administrative work to ensure compliance. As a result of these improvements, the PRECAP team was able to deliver high-quality assistance to program participants both during and after graduation. The program graduated 12 renewable energy projects and received 42 applications in 2022. Notably, the foundation's support played a crucial role in the success of the ABEYNO COOP project, which won the prestigious Made in America Prize, and the Sunrise Solar Farm project, which is now participating in the Department of Energy's Energizing Rural Communities competition. In the future, the Borincana Foundation is committed to fostering the growth of additional renewable energy projects and expanding its positive influence and presence in the Puerto Rico energy ecosystem.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
June, 2024
Borincana Foundation Inc has made a significant impact by providing consulting services to non-profit and for-profit organizations in the field of energy transition and energy justice, specifically focusing on local solar storage companies, microgrid providers, investors, lenders, technology providers, and others. The foundation's efforts have supported the accelerated implementation of distributed generation and storage for industrial and commercial customers in Puerto Rico.
One of the key initiatives of Borincana Foundation Inc, the Puerto Rico Energy Capital Access Program (PRECAP), underwent a comprehensive transformation in 2022. This restructuring led to enhanced services for the community, resulting in the successful graduation of 12 renewable energy projects and the receipt of 42 applications. The foundation's post-graduation support has been instrumental in the recognition of projects like the ABEYNO COOP project, which received the prestigious Made in America Prize, and the Sunrise Solar Farm project, which is now a participant in the DOE Energizing Rural Communities competition.
Looking ahead to 2023, Borincana Foundation Inc remains committed to fostering the growth of additional renewable energy projects, expanding its positive influence in the Puerto Rico energy ecosystem, and continuing to support federal and local efforts for the revitalization and transformation of Puerto Rico. Through its financial education, technical assistance, workforce training, and market facilitation support, the foundation is contributing to the reduction of poverty in Puerto Rico through sustainable energy practices.
This information is meant to be a general summary of Borincana Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $543,401
Assets and Liabilities:
- Total Assets: $448,140
- Total Liabilities: $363,686
- Net Assets: $84,454
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2018
Phone
(914) 552-7220Principal Officer
Thomas King
NTEE Category
Code: C35 - Environment
If you are a representative of Borincana Foundation Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.