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 2020, 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 2020 (US) and Fiscal 2020 (India)
US ($)
India (INR)
Contributions
58,582
780,000
Interest income
23
11,675
Net Income from fundraising events (does not include contributions)
0
0
Total Revenue
58,605
791,675
Project Expenses (USD: largest 3 are Ignite scholarships: $14,606; Vidyarambam supplemental education: $1,849; Ashraya libraries and science/arts clubs: $3,822; INR: Largest 3 - Ashraya - 3,17,120 INR ; Ignite scholarships INR 1,97,500; Turning Point - INR 1,86,000)
24,436
834,620
Other expenses (US: Paypal processing fees, VA registration, wire transfer fees; India: Auditor and accountant compensation, phone charges, online transfer fees)
