Financial Analysis of Indian Community Non-Profit Groups
Auditing the tax returns of all 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.
Gurdwara Baba Deep Singh, 6341 W. Lone Mountain Rd., Las Vegas, NV
EIN: 88-0395798 http://www.lasvegasgurdwara.com
In 2011, the total revenues for Gurdwara Baba Deep Singh were $178,067, compared to $358,494 in 2010. Year to year revenues for the Gurdwara declined by over 50%. Reviewing the expenses during the two year period, 2011 saw an increase in expenses by 39% to $168,158. The net revenues over expenses for 2011 were $9,909. Major expenses for the year 2011, include $64,876 for special events, ministers expenses $41,820, repair and maintenance $19,511, and utilities $12,380.
At the end of 2011, Gurdwara had a total cash balance of $392,265. Gurdwara’s other assets include a land, building & other equipment valued at $911,803 for a total assets of over $1.3 million. For increase transparency, Gurdwara Baba Deep Singh is the only Indian non-profit to publish its monthly financial reports on their website.
Hindu Society of Nevada, 1701 Sageberry Drive, Las Vegas, NV
EIN: 88-0324493 http://www.hindutemplelv.org/
Hindu Society of Nevada’s (dba Hindu and Jain Temple of Las Vegas) total revenues for 2011 were $231,266, while the total expenses during 2011 were $193,003. The net income for the mandir during 2011 was over $48,700. The major source of revenues for the mandir was contribution/donation from the community.
Major expenses during 2011 include annual compensation to Pandit ji Gopalakrishna – $43,875, printing -$15,046, Taxes/Licenses – $9,881, pooja services – $22,252, maintenance – $23,110, utilities – $ 24,748 along with other routine expenses.
At the end of 2011, the mandir had a cash balance of $234,561. Surprisingly, the tax return, specifically the balance sheet, does not reflect the value of mandir’s land, building and other structures.
Friends of India, 837 Trotter Circle, Las Vegas, NV 89107
EIN: 88-0230429 http://www.foilv.com/
Friends of India’s 2011 tax returns show the cash balance of $104,487 at the end of the year. Friends of India do not own any other assets. During the same year, the club raised over $86,500 compared to $81,537 in 2010. The total expenses for 2011 were $90,873. The club did not itemize any of the expenses on their 2011 tax returns.
Las Vegas India Chamber of Commerce, 3667 Dutch Valley Dr., Las Vegas
EIN: 26-4138023 http://www.lvicc.org/
As per LVICC website, LVICC was formed with a mission to promote economic trade and investment opportunities. It appears they have failed in promoting any economic trade and/or investments for any Indian businesses. Their website does not reflect the board members and the current officers of the non-profit group. As per the IRS tax returns, Rita Vaswani signed as 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.
As shown in 2011 filed tax returns, the LVICC’s total revenues for the year 2011 were $4,702 compared to $40,116 in year 2010, reflecting over 88% decline in revenues. During 2011, LVICC spend over $11,800 on expenses including $620 for phone service and over $8,200 on fundraising event. The year-end cash balance with LVICC was $17,642.
Guru Nanak Gurdwara, 4487 E. Russell Road, Las Vegas
Tax returns were not availbale at the time of publication of this article.