OPEN is registered in the US and in India. Monies raised are kept separate for tax purposes.
Fundraising for OPEN is very lumpy. We typically see the bulk of the contributions in December, coinciding with the end of the fiscal year in the US, as donors lock in their tax-deductible contributions. We also see increased fundraising in the years in which we hold our fundraising events.
We try to keep at least a year's worth of project expenses in hand to make sure our projects go forward in lean fundraising times.
Here is a copy of our Form 990-EZ, the major filing for the US for Calendar 2014, which lists the financial details below and the major projects. Schedule O
completes out the list of projects and also describes non-project
expenses. Other schedules deal with computation of OPEN's public support
percentage, major donors, and fundraising event details, and are not
included here.
Note: Projects are sometimes funded with a mix of USD and INR, so
the grant amount listed on the US tax form may be lower than the grant
amount listed on the Projects page.
OPEN's financial summary for other years may be obtained through the menu on the left.
Summary from tax filings: Calendar 2014 (US) and Calendar 2014 (India)
US ($)
India (INR)
Contributions
41,125
22,77,450
Interest income
0
14,913
Net Income from fundraising events (does not include contributions)
NA
NA
Total Revenue
41,125
22,92,363
Project Expenses (USD: largest 3 are Ignite scholarships: $20,782; Vidyarambam supplemental education $20,662; Ganapathy Iyer School scholarships, uniforms and after-school classes $10,348; INR: Ganapathy Iyer school scholarships, after-school classes 4.7L; Vidyarambam supplemental education 4.9L; Hope School OpEx 1.5L)
77,360
18,38,126
Other expenses (US: Paypal processing fees, website, wire transfer fees; India: Auditor and accountant compensation, online transfer fees)
