Latin Grammy Cultural Foundation

Analysis

Latin Grammy Cultural Foundation is a registered charity in United States, based in Doral, FL. It received its IRS tax-exemption ruling in August 2014, 12 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending January 2024, Latin Grammy Cultural Foundation reported income of $2.8m and spending of $2.9m, spending 105% of what it took in. Across the 5 years on record, from January 2020 to January 2024, income grew from $2.3m to $2.8m (+22%), an average of +5.1% a year. The sharpest change came in the year to January 2021, when income dropped by 20%. Over the whole period it spent 96% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Latin Grammy Cultural Foundation sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 90th percentile within FL. Charities of a similar size with the same main cause include Aspen Center for Physics ($2.8m), Sunset Cultural Center ($2.8m) and Grand Rapids Ballet Co ($2.8m).

On its Form 990 for the period ending January 2024, revenue came from contributions and grants 95% and program service revenue 5.2% of the total. Compensation of current officers, directors and key employees was $670k (23% of expenses). Other salaries and wages came to $364k. At year end it held assets of $3.4m against liabilities of $1.9m, net assets of $1.5m. It reported 10 employees.