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Nonprofiteer
← IRUSA WAQF

Form 990 for tax year 2022

Filed by IRUSA WAQF.

Totals

Total revenue
-$928,827
Total expenses
$629,164
Contributions and grants received
$79,348
Grants paid
$0
Program service revenue
$0
Investment income
-$1,144,245
Other revenue
$136,070
Total assets, end of year
$15,482,332
Total liabilities, end of year
$2,155,439
Net assets or fund balances, end of year
$13,326,893
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$629,164
Program service expenses (Part III)
not reported

Program services were 0.0% 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

    $79,348

  • 6a · Gross rents

    real property $136,070

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $136,070

  • 6d · Net rental income or loss

    total $136,070 · excluded $136,070

  • 7a · Gross sales of assets other than inventory

    securities $127,672

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

    securities $1,271,917

  • 7c · Gain or loss

    securities -$1,144,245

  • 7d · Net gain or loss

    total -$1,144,245 · excluded -$1,144,245

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $223,023 · fundraising $223,023

  • 7 · Other salaries and wages

    total $113,406 · fundraising $113,406

  • 9 · Other employee benefits

    total $29,994 · fundraising $29,994

  • 10 · Payroll taxes

    total $26,291 · fundraising $26,291

  • 11b · Fees: legal

    total $20,790 · fundraising $20,790

  • 11c · Fees: accounting

    total $6,930 · fundraising $6,930

  • 11f · Fees: investment management

    total $61,752 · fundraising $61,752

  • 11g · Fees: other

    total $57,148 · fundraising $57,148

  • 12 · Advertising and promotion

    total $5,500 · fundraising $5,500

  • 13 · Office expenses

    total $24,195 · fundraising $24,195

  • 14 · Information technology

    total $1,284 · fundraising $1,284

  • 16 · Occupancy

    total $2,210 · fundraising $2,210

  • 17 · Travel

    total $23,851 · fundraising $23,851

  • 22 · Depreciation, depletion and amortization

    total $14,433 · fundraising $14,433

  • 23 · Insurance

    total $14,250 · fundraising $14,250

  • 24a · Other expenses: OTHER EXPENSES

    total $4,107 · fundraising $4,107

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,150,650 · end of year $4,950,274

  • 2 · Savings and temporary cash investments

    beginning of year $181,557 · end of year $30,798

  • 10a · Land, buildings and equipment: cost or other basis

    $888,202

  • 10b · Land, buildings and equipment: accumulated depreciation

    $53,775

  • 10c · Land, buildings and equipment, net

    beginning of year $848,860 · end of year $834,427

  • 11 · Investments: publicly traded securities

    beginning of year $1,060,698 · end of year $961,438

  • 12 · Investments: other securities

    beginning of year $11,460,180 · end of year $8,705,395

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,547 · end of year $47,535

  • 25 · Other liabilities

    beginning of year $0 · end of year $2,107,904

  • 28 · Net assets with donor restrictions

    beginning of year $17,678,398 · end of year $13,326,893

Mission and programs · 2022

Mission

ESTABLISH A POOL OF CAPITAL THAT ENSURES THE LONG-TERM SUSTAINABILITY OF IRUSA AND ENABLES THE CHARITY IN ACHIEVING ITS OBJECTIVES.

Activities or mission (Part I)

ESTABLISH A POOL OF CAPITAL THAT ENSURES THE LONG-TERM SUSTAINABILITY OF ISLAMIC RELIEF USA (IRUSA) AND ENABLES THE CHARITY IN ACHIEVING ITS OBJECTIVES.

  • IRUSA WAQF IS MEANT TO ACT AS AN ENDOWMENT FUND TO SUPPORT THE CHARITABLE ACTIVITIES OF ISLAMIC RELIEF USA, A 501(C) (3) ORGANIZATION AND TO SERVE AS A VEHICLE FOR DONORS TO BE ABLE TO DONATE ASSETS THAT WILL GENERATE REVENUE THAT WILL FUND THE CHARITABLE MISSION OF ISLAMIC RELIEF USA. IRUSA WAQF WILL SOLICIT DONATIONS FROM DONORS WHO WISH TO FULFILL THE CHARITABLE GIVING ENCOURAGED BY THE RELIGION OF ISLAM THAT ENCOURAGES ITS FOLLOWERS TO GIVE "SADAQAH JARIA OR CHARITABLE GIFTS THE BENEFITS OF WHICH ARE EXPECTED TO EXTEND PAST THE GIVER'S LIFETIME. IN THE TRADITION OF ISLAM, BENEFACTORS WOULD GRANT OR BEQUEATH PROPERTY FOR THE BENEFIT OF THE WHOLE COMMUNITY IN PERPETUITY. IN MODERN TIMES, THIS TYPE OF GIVING CAN BE FULFILLED BY GIVING TO OTHER VEHICLES, LIKE AN ENDOWMENT FUND, THAT WILL MANAGE THE CHARITABLE INTENT OF THE GIFT IN PERPETUITY.THE SOLE PURPOSE OF THE IRUSA WAQF IS TO HOLD THE ENDOWMENT ASSETS FOR THE BENEFIT OF ITS SUPPORTED ORGANIZATION, ISLAMIC RELIEF USA. IRUSA WAQF WILL MAKE GIFTS, DONATIONS AND OTHER TRANSFERS FROM THE ENDOWMENT ASSETS TO ISLAMIC RELIEF USA AS ITS SUPPORTED ORGANIZATION AS THE IRUSA WAQF'S BOARD OF DIRECTORS DEEMS APPROPRIATE IN FURTHERANCE OF THE PURPOSES OF ISLAMIC RELIEF USA'S MISSION.IRUSA WAQF WILL MANAGE THE ASSETS INTENDED TO PRESERVE THE PRINCIPAL AND GENERATE REVENUE FOR THE USE OF ISLAMIC RELIEF USA IN ITS PROGRAMS. ONCE A THRESHOLD OF REVENUE IS REACHED THAT WILL ALLOW THE CORPUS OF THE ENDOWMENT FUND TO CONTINUE IN ACCORDANCE WITH PRUDENT INVESTMENT STANDARDS, THE EXCESS REVENUE WILL BE TRANSFERRED TO ISLAMIC RELIEF USA FOR DISBURSEMENT TO ITS BENEFICIARIES IN THE FORM OF GRANTS OR DIRECT ASSISTANCE.ISLAMIC RELIEF USA'S INTERNATIONAL AND DOMESTIC CHARITABLE ACTIVITIES INCLUDE EMERGENCY RESPONSE TO NATURAL AND MAN-MADE DISASTERS, DELIVERY OF HUMANITARIAN AID TO CIVILIANS, DEVELOPMENT PROJECTS INCLUDING WATER, SANITATION, AND HYGIENE PROJECTS, VOCATIONAL AND TECHNICAL EDUCATION, AND MICRO-LOAN POVERTY ALLEVIATION PROGRAMS.

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

Listed in Part VII

  • SAQIB RASHID

    BOARD CHARIMAN

    Total calculated
    $0
    Hours/week
    3

  • SAMI SHABAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • AMIR MEMON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • KHALED LAMADA

    DIRECTOR THRU 10/21/22

    Total calculated
    $0
    Hours/week
    3 + 3 related

  • SHARIF ALY

    CEO OF IRUSA

    Total calculated
    $235,522
    From this org
    $0
    From related orgs
    $193,449
    Other
    $42,073
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $172,726 related
    Bonus
    $0 + $20,659 related
    Other
    $0 + $64 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $42,251 related
    Filer's total
    $0 + $235,700 related

  • SHERIF AHMED

    COO OF IRUSA

    Total calculated
    $194,905
    From this org
    $0
    From related orgs
    $157,646
    Other
    $37,259
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $123,366 related
    Bonus
    $0
    Other
    $0 + $34,280 related
    Deferred
    $0 + $7,398 related
    Nontaxable benefits
    $0 + $29,967 related
    Filer's total
    $0 + $195,011 related

  • TAREQ OSMAN

    CONTROLLER OF IRUSA

    Total calculated
    $209,413
    From this org
    $0
    From related orgs
    $176,425
    Other
    $32,988
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $157,827 related
    Bonus
    $0 + $18,534 related
    Other
    $0 + $64 related
    Deferred
    $0 + $10,548 related
    Nontaxable benefits
    $0 + $22,599 related
    Filer's total
    $0 + $209,572 related

  • FAISAL KHAN

    DIR. STRATEGIC PARTNERSHIPS

    Total calculated
    $229,305
    From this org
    $212,099
    From related orgs
    $0
    Other
    $17,206
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,035
    Bonus
    $0
    Other
    $64
    Deferred
    $10,924
    Nontaxable benefits
    $6,282
    Filer's total
    $229,305

  • ASHAR AKHTAR

    GENERAL COUNSEL OF IRUSA

    Total calculated
    $231,525
    From this org
    $31,200
    From related orgs
    $153,424
    Other
    $46,901
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $31,200 + $137,187 related
    Bonus
    $0 + $16,173 related
    Other
    $0 + $64 related
    Deferred
    $0 + $7,965 related
    Nontaxable benefits
    $0 + $39,071 related
    Filer's total
    $31,200 + $200,460 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
IRUSA WAQF COMPENSATES ONLY ONE EMPLOYEE. DIRECTORS ARE NOT COMPENSATED. ALL OTHER OFFICERS SHOWN IN PART VII OF THE FORM 990 AND IN PART II OF SCHEDULE J ARE PAID BY RELATED ORGANIZATION, ISLAMIC RELIEF USA. THE RELATED ORGANIZATION'S METHODOLOGY OF DETERMINING COMPENSATION ARE AS FOLLOWS: THE BOARD OF DIRECTORS REVIEW RECOMMENDED COMPENSATION LEVELS IN LIGHT OF THE RELATED ORGANIZATION, ISLAMIC RELIEF USA. THE BOARD OF DIRECTORS TAKES INTO ACCOUNT THE FOLLOWING DATA POINTS TO DETERMINE APPROPRIATE COMPENSATION PACKAGES: PRIOR JOB HISTORY, COMPETING OFFERS, RELEVANT SALARY SURVEYS, IRS FORM 990 FROM SIMILARLY SITUATED ORGANIZATIONS, ALONG WITH OTHER COMPARABLE COMPONENTS THEREOF. THESE DELIBERATIONS ARE RECORDED IN CONTEMPORANEOUS MINUTES. COMPENSATION OF THE CEO AND OTHER OFFICERS OF THE ORGANIZATION ARE APPROVED BY IRUSA'S BOARD OF DIRECTORS.
PART I, LINE 7
BONUSES ARE PAID AS A PERCENTAGE OF SALARY BASED ON AN ANNUAL PERFORMANCE EVALUATION SUBJECT TO BUDGET AVAILABILITY AND BOARD APPROVAL.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
30 October 2023
IRS schema version
2022v5.0
Source object
202313039349302466

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