Investors under Act 22 Create $56,647 Endowment for Centros Sor Isolina Ferré
SAN JUAN – Nonprofit organization Centros Sor Isolina Ferré (CSIF) has announced the establishment of the Friends for Puerto Rico Endowment, created by investors who relocated to the island after the passage of Act 22, legislation that encourages new residents to move to the island through tax incentives.
Part of the CSIF Trust, the Friends for Puerto Rico Endowment was launched with donations totaling $56,647. The funds will be invested and distributions will be restricted to the investment’s yields. With this administration strategy, the Friends of Puerto Rico Endowment will help sustain CSIF during times of decreased public funding due to local and federal financial challenges.
“We are grateful to this group of executives who have made Puerto Rico their home. They are contributing not only to the island’s economic growth, but are also investing in our communities most in need,” José Luis Díaz Cotto, CSIF’s chief executive officer, said.
Lauren and Ashton Soniat, of Dufossat Capital Puerto Rico LLC, initiated the endowment by donating the first $25,000. Adam Sinn, president of Aspire Commodities LP, matched their donation. A group of their colleagues, also investors under Act 22, contributed amounts ranging from $500 to $5,000.
“As residents of Puerto Rico, we are conscious of our social responsibility, and we are committed to supporting economic development. Centros Sor Isolina Ferré has served Puerto Rico’s communities for over four decades with education, violence prevention, entrepreneurship and economic self-sufficiency programs. By contributing to the Friends for Puerto Rico Endowment, we want to ensure that CSIF’s vital mission can continue for years to come,” Lauren Soniat said.
Centros Sor Isolina Ferré helps nearly 70,000 people through preventive and corrective programs, as well as personal and community development initiatives. It offers solutions to problems such as school dropout, violence, unemployment and economic crisis. Programs and services are available in 19 municipalities including Ponce, Guayama, San Juan and Canóvanas.