The Office of the Comptroller of Puerto Rico issued a favorable report on the allocation of funds to the Don Tommy Muñiz College of Producers Foundation, Inc. by the College of Public Show Producers of Puerto Rico. Act 113-2005 created the College as a nonprofit corporation within the Department of State and empowered the College to create the Foundation.
The tests performed and the evidence in our possession revealed that the allocation of funds to the Foundation by the College was carried out in accordance with the applicable law and regulations and that these were used for activities with a public purpose.
The law provided that the College has the authority to transfer movable and immovable property to the Foundation so that it complies with the objectives of its creation and an annual amount of the income that by regulation is 1% per year. The Foundation's purpose is to provide educational, sports, artistic, and cultural service programs for the benefit of low-income persons, public schools, and nonprofit institutions.
The Report covers the period from March 1, 2017 to July 31, 2018.
See Audit Report DA-19-14.
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