Financial Analysis of Indian Community Non-Profit Groups
On the financial ladder, the top rank in 2014 goes to Gurdwara Baba Deep Singh with a year-end cash position of over $ 491,000, followed by Dr. Reeta Thukral’s Global Charity Organization which is holding over $ 461,000 in cash and other liquid investments. During the same year, there was a minimal increase in Friends of India’s year end cash position to $46,855.
Auditing the 2014 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.
Asian American Coalition of Nevada Inc., c/o Mike Vaswani 3667 Dutch Valley Drive, Las Vegas, NV 89147. EIN: 47-2169059 Year End Cash – $28,525
Asian American Coalition is run by husband and wife team of Manohar L. Vaswani as President and Rita Vaswani as Secretary of the organization. Under the statement of program service accomplishments, the coalition provides relief to the poor and underprivileged along with providing charitable religious scholarship, medical and open to the public for underprivilieged children. Under public charity status, the coalition is shown as a church, convention of churches or association of churches described under certain section of IRS codes. In 2014, the coalition raised $31,000, while their total expenses were $2,475 with a net excess of $28,525.
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. 2014 Tax Returns were not available at the time of publication of this article.
Friends of India, 837 Trotter Circle, Las Vegas, NV 89107. EIN: 88-0230429 http://www.foilv.com/ Year End Cash (2014) – $46,855
As per 2014 Friends of India tax returns, the club has all time low funds totaling $46,855. At the end of December 2012, Friends of India had the cash balance of $81,077. The cash holdings declined by significant amount ($34,22) or (42%) during the same time period. Friends of India does not own any other assets. During 2014, FOI raised over $90,000 from numerous fund raising activities, while the total expenses for 2014 were $85,980. The club did not itemize any of the expenses on their 2012 tax returns.
Global Charity Foundation, 4575 Riva De Romanza Street, Las Vegas, NV 89135. EIN: 20-5015581 http://www.gcfcares.org/ Year End Cash and Investments in public traded securities – $461,687
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 2014, the GCF added over $16,000 to its treasury with ending cash and investments totaling over $461,000. During the same year GCF annual expenditure were over $60,000 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 – $ 491,402.
During 2014, Gurdwara Baba Deep Singh raised over an all time record of over $234,000. During the same year, Gurdwara has done an incredible job managing its expenses to under $182,000 with a net gain of $53,350. The total expenses for 2014 were $181,111 compared to $146,728 for 2013. Gurdwara’s total assets were over $1.43 million, an increase of over $50,000 from the prior year, which includes cash, land and building at the Lone Mountain location.
Major expenses for the year 2014, include $93,246 for special events (vaisakhi mela, and other events), Priest expenses $29,805, repair and maintenance $8,339, and utilities $17,211. 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 $162,00 in 2014. During the same time, the expenses were over $87,000. 2013 year end cash balance was $13,369. Major expenses include priest services salaries; repairs and maintenance; and monthly utilities.
Hindu Society of Nevada, 1701 Sageberry Drive, Las Vegas, NV. EIN: 88-0324493 http://www.hindutemplelv.org/ 2014 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) 2014 year Tax Returns were not available at the time of this article, however, 2013 review is shown below.
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 – $ 30,522
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 2014 tax returns reflect the total revenues of under $10,000 of which $3,000 is accounted as membership dues. During the same time period, LVICC total expenses exceeded over $14,000. 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 – $24,463
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 2014, the foundation raised over $336,000 for their program services. During the same year, the foundation spent over $331,000 for its program related activities. Since 2016, the foundation has raised over $1.47 million and has spent the same amount to assist poverty stricken families in India.Sharon India Foundation has no administrative costs and 100% of all donations go directly to the Indian pastors and their ministries.