Financial Analysis of Indian Community Non-Profit Groups
On the financial ladder, the top rank in 2013 goes to Gurdwara Baba Deep Singh with a year-end cash position of over $ 470,322, followed by Dr. Reeta Thukral’s Global Charity Organization which is holding over $ 452,017 in cash and other liquid investments. During the same year, there was a substantial decrease in Friends of India’s cash position.
Auditing the 2013 tax returns of the Indian community non-profit organizations in Las Vegas reflects organizations are doing well financially and are serving the spiritual and social needs of the local community. The healthy balance sheet of all the organizations affirms the continuous & unwavering support for such organizations from the local Indian community.
Gandhinagar Kachholi Inc., 3049 Nordoff Circle, Las Vegas, NV 89121. EIN: 20-3349805 Year End Cash – $100
Gandhinagar Kachholi provides schooling for deaf and mute in Kachhol, India. Balwantrai Naik is the President of the Gandhinagar Kachholi. During 2013, the organization raised $86,352 to provide services to its clients in Kachhol. Total program expenses were the same as revenue during the calendar 2013.
Friends of India, 837 Trotter Circle, Las Vegas, NV 89107. EIN: 88-0230429 http://www.foilv.com/ Year End Cash (2012) – $81,077
Vegasdesi is unable to obtain 2013 tax returns of Friends of India. However, the community conversation is the club has all time low funds. However, reviewing Friends of India’s 2012 tax returns show the year end cash balance of $81,077, a decline of cash balance by over $ 23,400 (-23%), a significant decrease in cash holdings compared to the cash balance of $104,487 at the end of 2011. Friends of India do not own any other assets. During 2012, FOI raised over $65,544 from numerous fund raising activities, while the total expenses for 2012 were $94,000. Friends of India spent over $28,000 more than what it took in 2012. The club did not itemize any of the expenses on their 2012 tax returns. 2012 was not a good year financially for the Friends of India as the total revenues recorded for 2012 were the lowest since 2009.
Global Charity Foundation, 4575 Riva De Romanza Street, Las Vegas, NV 89135. EIN: 20-5015581 http://www.gcfcares.org/ Year End Cash – $452,017
Dr. Reeta Thukral’s Global Charity Foundation mission is to provide medical and educational assistance to underprivileged children and adults in various states of India, Africa and other under developed areas of the world. The foundation holds an annual fund raising banquet in Las Vegas to continue its charitable programs across the world. At the end of calendar year 2013, the GCF added over $66,000 to its treasury with ending cash and investments totaling $452,017. During the same year GCF annual expenditure was over $56,000 on numerous social programs. Interestingly, other than Dr. Thukral being a President, no local Indian community member is a member of the Global Charity Organization board.
Gurdwara Baba Deep Singh, 6341 W. Lone Mountain Rd., Las Vegas, NV. EIN: 88-0395798 http://www.lasvegasgurdwara.com Year End Cash – $ 470,322.
During 2013, Gurdwara Baba Deep Singh raised over $193,000. During the same year, Gurdwara has done an incredible job managing its expenses below 2012 expense level. The total expenses for 2013 were $146,728 compared to $161,329 for 2012. The bottom line – the revenues over expenses was $47,239. Gurdwara’s total assets were over $1.38 million which includes cash, land and building at the Lone Mountain location. 2013 Indian food and cultural festival/Vaisakhi mela brought in a net income of over $48,000 to the Gurdwara.
Major expenses for the year 2013, include $57,904 for special events (vaisakhi mela, and other events), Priest expenses $25,537, repair and maintenance $23,482, and utilities $15,820. At the end of 2013, Gurdwara had a net cash balance of $470,322. To promote transparency and accountability, Gurdwara Baba Deep Singh publishes its monthly financial reports on its website.
Guru Nanak Gurudawara, 4487 E. Russell Road, Las Vegas, NV 89120. http://www.lvgurdwara.com Year End Cash – $ 95,320.
Las Vegas oldest gurudawara – Guru Nanak Gurudawara received monetary donation of over $156,200 in 2013. During the same time, the expenses were over $89,400. 2013 year end cash balance was $95,320.
Hindu Society of Nevada, 1701 Sageberry Drive, Las Vegas, NV. EIN: 88-0324493 http://www.hindutemplelv.org/ 2013 year Tax Returns were not available at the time of this article, however, 2012 review is shown below.
Hindu Society of Nevada’s (dba Hindu and Jain Temple of Las Vegas) total revenues for 2012 were $337,218, while the total expenses during the same period were $218,319. The net income for the mandir during 2012 was over $118,000. The major source of revenues for the mandir was contribution/donation from the community.
Major expenses during 2012 include annual compensation to priest – $56,000, payroll taxes – $17,315; office expenses – $10,800; Insurance – $13,207; along with other routine expenses.
At the end of 2012, the mandir had a cash balance of $240,000. Surprisingly, tax return are not correct as the tax prepared failed to show the current value of Mandirs’ assets, specifically the value of mandir’s land, building and other structures. Beginning last year, Hindu Mandir has started posting quarterly financial reports on its website.
International Society of Krishna Consciousness of Las Vegas, 7181 Dean Martin Drive, Las Vegas, NV 89118. EIN: 47-0864022. www.GovindasCenter.com Year End Cash – ($ 2,323)
2013 year-end tax returns are not available for review, however, Las Vegas Krishna group raised close to $170,000 during the year 2012 compared to their total revenues of $51,190 in 2011. However, 2012 expenses skyrocketed to $ $172,322 leaving them a negative cash flow of over $2,300. During the year 2012, the Govinda Center acquired a new property which is in process of remodeling.
Las Vegas India Chamber of Commerce, 3667 Dutch Valley Dr., Las Vegas. NV 89147. EIN: 26-4138023 http://www.lvicc.org/ Year End Cash – $ 35,098
As per LVICC website, LVICC was formed with a mission to promote economic trade and investment opportunities. Rita Vaswani is the President of LVICC and her home address is the official headquarters of the Indian Chamber. Running any chamber of commerce from home doesn’t portend well with the members and/or donors. The 2013 tax returns reflect the total revenues of over $46,300 of which $1,275 is accounted as membership dues. During the same time period, LVICC total expenses exceeded over $29,000. The year-end cash balance with LVICC was $35,098.
Sharon India Foundation, 2603 West Charleston Blvd., Las Vegas, NV 891072 EIN: 26-2709557 http://www.sharonindia.org/ Year End Cash – $19,871
Sharon India Foundation, run by Daniel Russell, is dedicated to assisting Indian pastors – to minister to the poor, disabled, widows, and orphans. Activities include medical and employment assistance, construction, clothing, and education. During 2013, the foundation raised over $297,000 for their program services. During the same year, the foundation spent over $326,000 for its program related activities. Sharon India Foundation has no administrative costs and 100% of all donations go directly to the Indian pastors and their ministries.