Wasat Institute FY2023 filing

Tax-deductible

Pearland, TX501(c)(3)Foundations & GrantmakersEIN 27-4454449

On file with the IRS12234 Shadow Creek Pkwy, 77584-7330 · Pearland, TXTax-exempt since Sep 2012Private non-operating foundation

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Providing students with islamic education using interactive methods and cutting edge online technology

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $3K a year · 9% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
27 mo
of spending, in cash
Looks good: 27.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
1
of 1 voting members
Looks good: 1 of 1 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$0
-100% vs prior year
Spent
$1K
To programs
100%
Net assets
$3K
By yearFY2020–FY2024
Revenue
$0
FY2023▼ -100%
Tap a bar for its year
Revenue by fiscal year
FY2020$11K
FY2021$0
FY2022$5K
FY2023$0
FY2024$120K
Expenses
$1K
FY2023▼ -41%
Tap a bar for its year
Expenses by fiscal year
FY2020$21K
FY2021$3K
FY2022$2K
FY2023$1K
FY2024$120K
Net assets
$3K
FY2023▼ -31%
Tap a bar for its year
Net assets by fiscal year
FY2020$5K
FY2021$2K
FY2022$5K
FY2023$3K
FY2024$3K

From the FY2023 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2012.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $1K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

1 person listed on the 990.

Part VII, Section A · reportable compensation
Director
$0Pt VII · Sec A
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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers interactive online Islamic education for students.

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Provided by the organization

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By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$0
Ln 12
Money outPt IX
$1K
Ln 25
Programscol B$1K
Owns and owesPt X
$3K
net assets · Ln 32
Cash and savingsLn 1–2$3K
Total assetsLn 16$3K
LiabilitiesLn 26$0
PeoplePt VI, VII
1
listed · VII A
PaidVII A0
Voting boardVI 1a1
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Total revenueLn 12$0
Assets in detailPt X, end of year
CashLn 1$3K
Cash and savings togetherLn 1–2$3K
Total assetsLn 16$3K
LiabilitiesLn 26$0
Net assetsLn 32$3K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$5K$3K
Total assetsLn 16$5K$3K
LiabilitiesLn 26$0$0
Net assetsLn 32$5K$3K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other fees for servicesLn 11g$1K$1K
Total functional expensesLn 25$1K$1K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $120K$120K−$116$3K 990 PDF
FY2023 Viewing $0$1K−$1K$3K 990 PDF
FY2022 $5K$2K$3K$5K 990 PDF
FY2021 $0$3K−$3K$2K 990 PDF
FY2020 $11K$21K−$11K$5K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $0 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,000$0
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $5,000$0
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,416$1,420
I-18 Total expensesPrior year $2,416$1,420
I-19 Revenue less expensesPrior year $2,584−$1,420
Part VI · Governance 1 of 1 board members independent, 4 to look at
VI-1a Voting members of the governing body1
VI-1b Independent voting members1
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $0 across 1 lines filed
VIII-12 Total revenue$0
Part IX · Statement of functional expenses $1,420 across 1 line filed
IX-11g Other fees for servicesPrograms $1,420$1,420
IX-25 Total functional expensesPrograms $1,420 · Management $0 · Fundraising $0$1,420
Part X · Balance sheet $3,234 assets, 5 lines filed
X-1 Cash, non-interest-bearingStart of year $4,654$3,234
X-16 Total assetsStart of year $4,654$3,234
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $4,654$3,234
X-33 Total liabilities and net assetsStart of year $4,654$3,234
Part XI · Reconciliation of net assets $3,234 net assets at year end
XI-1 Total revenue$0
XI-2 Total expenses$1,420
XI-3 Revenue less expenses−$1,420
XI-4 Net assets at start of year$4,654
XI-10 Net assets at end of year$3,234

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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