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Nonprofiteer
← IRUSA WAQF

Form 990 for tax year 2024

Filed by IRUSA WAQF.

Totals

Total revenue
$2,405,280
Total expenses
$147,133
Contributions and grants received
$648,640
Grants paid
$0
Program service revenue
$0
Investment income
$1,756,640
Other revenue
$0
Total assets, end of year
$17,657,141
Total liabilities, end of year
$4,994
Net assets or fund balances, end of year
$17,652,147
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$147,133
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

    $648,640

  • 3 · Investment income

    total $2,129 · excluded $2,129

  • 7a · Gross sales of assets other than inventory

    securities $876,058 · other assets $1,698,448

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

    securities $0 · other assets $819,995

  • 7c · Gain or loss

    securities $876,058 · other assets $878,453

  • 7d · Net gain or loss

    total $1,754,511 · excluded $1,754,511

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $31,200 · fundraising $31,200

  • 7 · Other salaries and wages

    total $21,767 · fundraising $21,767

  • 8 · Pension plan contributions

    total $2,400 · fundraising $2,400

  • 9 · Other employee benefits

    total $2,074 · fundraising $2,074

  • 10 · Payroll taxes

    total $11,252 · fundraising $11,252

  • 11f · Fees: investment management

    total $38,411 · fundraising $38,411

  • 11g · Fees: other

    total $6,422 · fundraising $6,422

  • 12 · Advertising and promotion

    total $3,610 · fundraising $3,610

  • 13 · Office expenses

    total $16,506 · fundraising $16,506

  • 16 · Occupancy

    total $4,321 · fundraising $4,321

  • 17 · Travel

    total $301 · fundraising $301

  • 23 · Insurance

    total $8,869 · fundraising $8,869

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,733,779 · end of year $5,287,990

  • 2 · Savings and temporary cash investments

    beginning of year $277,627 · end of year $428,895

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,869

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

    $854

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

    $854

  • 10c · Land, buildings and equipment, net

    beginning of year $819,994 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $1,141,801 · end of year $1,480,468

  • 12 · Investments: other securities

    beginning of year $9,764,494 · end of year $10,457,506

  • 15 · Other assets

    beginning of year $544,957 · end of year $2,282

  • 17 · Accounts payable and accrued expenses

    beginning of year $32,742 · end of year $4,994

  • 28 · Net assets with donor restrictions

    beginning of year $15,258,779 · end of year $17,652,147

Mission and programs · 2024

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 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Saqib Rashid

    BOARD CHAIRMAN

    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

    Total calculated
    $0
    Hours/week
    3

  • Ahmed Shehata

    CEO

    Total calculated
    $267,760
    From this org
    $0
    From related orgs
    $209,989
    Other
    $57,771
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,679 related
    Bonus
    $0 + $20,249 related
    Other
    $0 + $61 related
    Deferred
    $0 + $12,713 related
    Nontaxable benefits
    $0 + $45,058 related
    Filer's total
    $0 + $267,760 related

  • Tareq Osman

    CONTROLLER

    Total calculated
    $226,686
    From this org
    $0
    From related orgs
    $186,199
    Other
    $40,487
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $168,389 related
    Bonus
    $0 + $17,749 related
    Other
    $0 + $61 related
    Deferred
    $0 + $11,142 related
    Nontaxable benefits
    $0 + $29,345 related
    Filer's total
    $0 + $226,686 related

  • Araif Yusuff

    CHIEF OPERATING OFFICER

    Total calculated
    $209,048
    From this org
    $0
    From related orgs
    $172,769
    Other
    $36,279
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $156,191 related
    Bonus
    $0 + $16,517 related
    Other
    $0 + $61 related
    Deferred
    $0 + $5,183 related
    Nontaxable benefits
    $0 + $31,096 related
    Filer's total
    $0 + $209,048 related

  • Ashar Akhtar

    GENERAL COUNSEL

    Total calculated
    $244,015
    From this org
    $31,200
    From related orgs
    $161,068
    Other
    $51,747
    Hours/week
    10 + 40 related

    Schedule J breakdown matched by us

    Base
    $31,200 + $145,515 related
    Bonus
    $0 + $15,492 related
    Other
    $0 + $61 related
    Deferred
    $0 + $8,100 related
    Nontaxable benefits
    $0 + $43,647 related
    Filer's total
    $31,200 + $212,815 related

  • Mohammad Dandashi

    DIRECTOR OF BUSINESS SERVICES

    Total calculated
    $213,190
    From this org
    $0
    From related orgs
    $158,432
    Other
    $54,758
    Hours/week
    3 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $143,122 related
    Bonus
    $0 + $15,249 related
    Other
    $0 + $61 related
    Deferred
    $0 + $9,505 related
    Nontaxable benefits
    $0 + $45,253 related
    Filer's total
    $0 + $213,190 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

None.

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
  • 7 · Other non-fixed payments
  • 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'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
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202543149349304824

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