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← SITARE FOUNDATION

Form 990 for tax year 2022

Filed by SITARE FOUNDATION.

Totals

Total revenue
$3,828,463
Total expenses
$1,414,108
Contributions and grants received
$3,791,169
Grants paid
$969,260
Program service revenue
$0
Investment income
$37,294
Other revenue
$0
Total assets, end of year
$22,071,641
Total liabilities, end of year
$3,884,000
Net assets or fund balances, end of year
$18,187,641
Program services expenses (Part IX)
$1,123,078
Management and general expenses
$291,030
Fundraising expenses
$0
Program service expenses (Part III)
$1,123,078

Program services were 79.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $3,791,169

  • 3 · Investment income

    total $45,902 · excluded $45,902

  • 7a · Gross sales of assets other than inventory

    securities $2,372,213

  • 7b · Less cost or other basis and sales expenses

    securities $2,380,821

  • 7c · Gain or loss

    securities -$8,608

  • 7d · Net gain or loss

    total -$8,608 · excluded -$8,608

Functional expenses

Part IX, the statement of functional expenses.

  • 3 · Grants to foreign organizations and individuals

    total $969,260 · program services $969,260

  • 11b · Fees: legal

    total $6,417 · management and general $6,417

  • 11c · Fees: accounting

    total $37,596 · management and general $37,596

  • 11f · Fees: investment management

    total $34,762 · management and general $34,762

  • 17 · Travel

    total $3,934 · program services $3,934

  • 20 · Interest

    total $101,975 · management and general $101,975

  • 24a · Other expenses: TUITION

    total $149,884 · program services $149,884

  • 24b · Other expenses: PORTFOLIO EXPENSES FROM

    total $110,280 · management and general $110,280

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $16,066

  • 9 · Prepaid expenses and deferred charges

    beginning of year $69,260 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $19,730,565 · end of year $12,989,338

  • 12 · Investments: other securities

    beginning of year $9,866,627 · end of year $8,316,237

  • 15 · Other assets

    beginning of year $7,980 · end of year $750,000

  • 25 · Other liabilities

    beginning of year $6,490,274 · end of year $3,884,000

  • 27 · Net assets without donor restrictions

    beginning of year $23,114,898 · end of year $18,187,641

  • 28 · Net assets with donor restrictions

    beginning of year $69,260 · end of year $0

Mission and programs · 2022

Mission

SITARE FOUNDATION IS AN ORGANIZATION THAT WILL PROVIDE EDUCATION TO UNDERPRIVILEGED CHILDREN. A MIND IS A TERRIBLE THING TO WASTE. SITARE FOUNDATION BELIEVES THAT BY GIVING THE BRIGHTEST CHILDREN THE BEST POSSIBLE EDUCATION, THEY WILL GROW UP TO BECOME SOME OF THE BEST PROFESSIONALS THIS WORLD HAS WITNESSED. SITARE FOUNDATION IS AIMED TO CULTIVATE A CULTURE OR GIVING AND CREATING BRIGHT MINDS TO BE NET CONTRIBUTORS TO THE SOCIETY. IF EACH KID THAT GETS BENEFIT IN RETURN PROVIDES MENTORSHIP AND GUIDANCE TO TEN OR MORE UNDERPRIVILEGED CHILDREN, THE SITARE MOVEMENT WILL BE HUGE. SITARE FOUNDATION HAS BEEN FORMED TO RAISE MONEY THROUGHOUT CALIFORNIA AND EVENTUALLY NATIONWIDE.

Activities or mission (Part I)

TO PROVIDE HIGH-QUALITY EDUCATION TO UNDERPRIVILEGED CHILDREN IN INDIA.

  • IN ONLY ITS FIFTH YEAR SINCE FORMATION, THE SITARE FOUNDATION HAS SECURED $20 MILLION OF CONTRIBUTIONS TO FURTHER ITS CHARITABLE PURPOSE OF PROVIDING EDUCATION TO UNDERPRIVILEGED CHILDREN IN INDIA.

    Expenses $153,818 · Revenue $2,044,797

  • THE FOUNDATION SUPPORTS CHARITABLE PROJECTS FOR THE HOPE AND DREAMS TRUST THROUGH A FISCAL SPONSORSHIP AGREEMENT TO PROVIDE HIGH-QUALITY EDUCATION TO UNDERPRIVILEGED CHILDREN IN INDIA WHO SHOW HIGH ACADEMIC POTENTIAL

    Expenses $969,260 · Grants $969,260

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • SHILPA SINGHAL

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • PANDURANG NAYAK

    CFO

    Total calculated
    $0
    Hours/week
    2

  • AMITABH K SINGHAL

    SECRETARY

    Total calculated
    $0
    Hours/week
    10

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202333189349315143

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