Financial Analysis of Indian Community Non-Profit Groups
On the finanical ladder, the top rank in 2012 goes to Gurdwara Baba Deep Singh with a year end cash position of over $423,000, followed by Dr. Thukral’s Global Charity Organization which is holding over $385,000 in cash. During the same year, there was a substantial decrease (22.4%) in Friends of India’s cash position.
Auditing the 2012 tax returns of the Indian community non-profit organizations in Las Vegas reflects organizations are doing fincancially well and are serving the spritual and social needs of the local community. The healthy Balance Sheet of all the organizations affirms the continous unwavering support for such organizations from the local Indian community.
Friends of India, 837 Trotter Circle, Las Vegas, NV 89107
EIN: 88-0230429 http://www.foilv.com/ Year End Cash – $81,077
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 does not own any other assets. During 2012, the club 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 reveneues 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 – $385,940
Dr. Reeta Thukral’s Global Charity Foundation mission is to provide meidcal 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 2012, the GCF added over $41,000 to its treasury with an ending cash and investments totaling $385,940. During the same year GCF annual expenditure was over $51,000 on numerous social programs.
Gurdwara Baba Deep Singh, 6341 W. Lone Mountain Rd., Las Vegas, NV
EIN: 88-0395798 http://www.lasvegasgurdwara.com Year End Cash – $ 423,083.
During 2012, Gurdwara Baba Deep Singh raised over $192,000, compared to $178,067 in 2011. During the same year, Gurdwara managed to keep its expenses below its 2011 expense level. The total expenses for 2012 were $161,329 compared to $168,158 for 2011. The bottom line – the revenues over expenses was $30,718. Gurdwara’s total assets were over $1.3 million which includes cash, land and building at the Lone Mountain location.
Major expenses for the year 2012, include $54,695 for special events (vaisakhi mela, and other events), Priest expenses $38,860, repair and maintenance $33,587, and utilities $15,057.
At the end of 2012, Gurdwara had a total cash balance of $123,083. To promote transparency and accountability, Gurdwara Baba Deep Singh is the only Indian non-profit to publish its monthly financial reports on its website.
Hindu Society of Nevada, 1701 Sageberry Drive, Las Vegas, NV
EIN: 88-0324493 http://www.hindutemplelv.org/
2012 year Tax Returns were not available at the time of this article, however, 2011 review is shown below.
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 $234,561. Surprisingly, the tax return, specifically the balance sheet, does not reflect the value of mandir’s land, building and other structures. Beginning this year, Hindu Mandir has started posting half-yearly financial reports on its website.
International Society of Krishna Consciousness of Las Vegas, 7181 Dean Martin Drive, Las Vegas, NV 89118. EIN: 47-0864022 www.GovindasCenter.com Year End Cash – ($ 2,323)
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
EIN: 26-4138023 http://www.lvicc.org/ Year End Cash – $ 17,985
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 2012 tax returns reflects the total revenues of over $26,124. During the same time period, LVICC total expenses exceded over $25,700. The year-end cash balance with LVICC was $17,985.
Guru Nanak Gurdwara, 4487 E. Russell Road, Las Vegas
Tax returns were not available at the time of publication of this article.
Related News
Federal Court Jury Finds Ajay Dayal Committed Fraud
Ajay Dayal and his now-defunct companies (Quantified Investment Group, Quantified Capital Group, etc.) hired EricRead More
