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Iitkgp Foundation FY2023 filing

Tax-deductible

Omaha, NE501(c)(3)InternationalEIN 47-0747227Revenue $861K in FY2023

On file with the IRSiitkgpfoundation.org11218 John Galt Blvd Ste 201, 68137-2358 · Omaha, NETax-exempt since Jul 1992Publicly supported charity — 170(b)(1)(A)(vi)

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The Iitkgp Foundation is a non-profit organization devoted to enhancing the capability of the indian institute of technology, kharagpur, india.

501(c)(3) charity; gifts are tax-deductible.
91¢ 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
2 of 5
filings with a surplus
Average surplus $253K a year · 20% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
14 mo
of spending, in cash
Looks good: 13.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $116K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$861K
-68% vs prior year
Spent
$884K
To programs
91%
Net assets
$3.0M
By yearFY2020–FY2024
Revenue
$861K
FY2023▼ -68%
Tap a bar for its year
Revenue by fiscal year
FY2020$947K
FY2021$1.4M
FY2022$2.7M
FY2023$861K
FY2024$602K
Expenses
$884K
FY2023▼ -43%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1M
FY2021$879K
FY2022$1.5M
FY2023$884K
FY2024$819K
Net assets
$3.0M
FY2023▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.6M
FY2021$2.5M
FY2022$3.0M
FY2023$3.0M
FY2024$3.4M

From the FY2023 Form 990 · see the original

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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 Jul 1992.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $808K Management & general 9% · $76K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Rakesh Gupta
Treasurer
$0Pt VII · Sec A
Arjun Malhotra
Board Member
$0Pt VII · Sec A
Partha S Ghosh
Board Member
$0Pt VII · Sec A
Praful Kulkarni
Board Member
$0Pt VII · Sec A
Ron Gupta
Board Member
$0Pt VII · Sec A
Suresh Nair
Board Member
$0Pt VII · Sec A
Vinod Gupta
Board Member
$0Pt VII · Sec A
See Iitkgp Foundation executive salaries →

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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

Supports the Indian Institute of Technology, Kharagpur, to improve its capabilities.

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Provided by the organization

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3 programs · $512K · in their own filed words · FY2023
01

The iitkgp foundation spent significant resources in 2023 on the acadamey of leadership and the acadamey of fine arts on the campus of the indian institute of technology, kharagpur.

$195Kprogram expense
02

The iitkgp foundation spent significant resources in 2023 on on REFURBISHING/RENOVATING various dormitory halls on the campus of the indian institute of technology, kharagpur.

$187Kprogram expense
03

The iitkgp foundation spent significant resources in 2023 on professorships in various disciplines at e campus of the indian institute of technology, kharagpur

$130Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
American Online Giving Foundation INCFY2024$65K
Donor Advised Charitable Giving INCFY2024$51K
Total grants receivedfrom 2 funders$116K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$861K
Ln 12
Gifts and grantsLn 1h$795K
Investment incomeLn 3$66K
Other incomeLn 4–11$280
Money outPt IX
$884K
Ln 25
Programscol B$808K
Managementcol C$76K
Owns and owesPt X
$3.0M
net assets · Ln 32
Cash and savingsLn 1–2$1.0M
Total assetsLn 16$3.0M
LiabilitiesLn 26$0
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$795K
Government grantsLn 1e$0
Noncash giftsLn 1g$302K
Fundraising eventsLn 1c$0
Investment incomeLn 3$66K
Other incomeLn 4–11$280
Total revenueLn 12$861K
Assets in detailPt X, end of year
CashLn 1$1.0M
Cash and savings togetherLn 1–2$1.0M
InvestmentsLn 11–13$2.0M
Total assetsLn 16$3.0M
LiabilitiesLn 26$0
Net assetsLn 32$3.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 620
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$459K$1.0M
InvestmentsLn 11–13$2.5M$2.0M
Total assetsLn 16$3.0M$3.0M
LiabilitiesLn 26$0$0
Net assetsLn 32$3.0M$3.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants and assistance to foreign recipientsLn 3$808K$808K
Other salaries and wagesLn 7$44K$44K
Other fees for servicesLn 11g$4K$4K
Advertising and promotionLn 12$15K$15K
InsuranceLn 23$1K$1K
Other expenses (24a–d)Ln 24$11K$0$11K$0
Total functional expensesLn 25$884K$808K$76K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $602K$819K−$217K$3.4M 990 PDF
FY2023 Viewing $861K$884K−$23K$3.0M 990 PDF
FY2022 $2.7M$1.5M$1.1M$3.0M 990 PDF
FY2021 $1.4M$879K$554K$2.5M 990 PDF
FY2020 $947K$1.1M−$158K$1.6M 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 $861,114 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,330,748$794,941
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $283,870$65,893
I-11 Other revenuePrior year $35,442$280
I-12 Total revenuePrior year $2,650,060$861,114
I-13 Grants and similar amounts paidPrior year $1,457,194$808,269
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$44,013
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $81,610$31,577
I-18 Total expensesPrior year $1,538,804$883,859
I-19 Revenue less expensesPrior year $1,111,256−$22,745
Part VI · Governance 8 of 8 board members independent, 4 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $861,114 across 12 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$794,941
VIII-1g Noncash contributions (included above)$301,788
VIII-1h Total contributions, gifts and grants$794,941
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $0 · Excluded from tax $65,893$65,893
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $280 · Unrelated business $0 · Excluded from tax $0$280
VIII-12 Total revenueRelated to mission $280 · Unrelated business $0 · Excluded from tax $65,893$861,114
Part IX · Statement of functional expenses $883,859 across 6 lines filed
IX-3 Grants and assistance to foreign recipientsPrograms $808,269$808,269
IX-7 Other salaries and wagesManagement $44,013$44,013
IX-11g Other fees for servicesManagement $3,700$3,700
IX-12 Advertising and promotionManagement $15,396$15,396
IX-23 InsuranceManagement $1,107$1,107
IX-24 Other expenses (24a–d)Programs $0 · Management $11,374 · Fundraising $0$11,374
IX-25 Total functional expensesPrograms $808,269 · Management $75,590 · Fundraising $0$883,859
Part X · Balance sheet $3,025,893 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $459,419$1,018,695
X-11 Publicly traded securitiesStart of year $2,516,152$2,007,198
X-16 Total assetsStart of year $2,975,671$3,025,893
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $1,005,642$1,290,693
X-28 Net assets with donor restrictionsStart of year $1,970,029$1,735,200
X-32 Total net assets or fund balancesStart of year $2,975,671$3,025,893
X-33 Total liabilities and net assetsStart of year $2,975,671$3,025,893
Part XI · Reconciliation of net assets $3,025,893 net assets at year end
XI-1 Total revenue$861,114
XI-2 Total expenses$883,859
XI-3 Revenue less expenses−$22,745
XI-4 Net assets at start of year$2,975,671
XI-5 Net unrealized gains (losses) on investments$355,928
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets−$282,961
XI-10 Net assets at end of year$3,025,893

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

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