2021-11-17T15:39:57-06:00 2021-03-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2020-04-01 133976569 AKANKSHA EDUCATION FUND INC AKAN 9179306515 PO BOX 2038 NEW YORK NY 10113 FALGUNI MALKANI TREASURER 9179306515 2021-11-02 1 FALGUNI MALKANI XXX-XX-XXXX GARRETT M HIGGINS P00543209 9143818900 2021-11-02 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z RAMESH SRINIVASAN PO BOX 2038 NEW YORK NY 10113 1661549 0 X WWW.AKANKSHAFUND.ORG X 1996 NY THE AKANKSHA EDUCATION FUND INC. IS A NEW YORK NOT-FOR-PROFIT ORGANIZATION SUPPORTING EDUCATIONAL OPPORTUNITIES FOR DISADVANTAGED CHILDREN IN INDIA, AND RAISING SUPPORT FOR AND AWARENESS OF SUCH ACTIVITIES IN THE UNITED STATES. THROUGH ITS ACTIVITIES, AKANKSHA EDUCATION FUND INC. ENABLES SOME OF THE MOST MARGINALIZED CHILDREN IN THE WORLD TO MAXIMIZE THEIR POTENTIAL AND TRANSFORM THEIR LIVES. DURING FY 2021, THE AKANKSHA EDUCATION FUND INC. PROVIDED SUPPORT TO INNOVATIVE PROGRAMS OF THE AKANKSHA FOUNDATION, A REGISTERED INDIAN CHARITY WITH A MISSION TO PROVIDE CHILDREN FROM LOW-INCOME COMMUNITIES WITH A HIGH-QUALITY EDUCATION. 10 10 5 12 0 0 1738623 1657367 0 0 31934 4182 -83342 -19686 1687215 1641863 1469208 1581059 0 0 303326 311803 0 0 168869 134065 103090 1906599 1995952 -219384 -354089 2560626 2241491 46861 81815 2513765 2159676 THE AKANKSHA EDUCATION FUND INC. IS A NEW YORK NOT-FOR-PROFIT ORGANIZATION SUPPORTING EDUCATIONAL OPPORTUNITIES FOR DISADVANTAGED CHILDREN IN INDIA, AND RAISING SUPPORT FOR AND AWARENESS OF SUCH ACTIVITIES IN THE UNITED STATES. 0 0 1668295 1581059 0 AKANKSHA FOUNDATION PROVIDES CHILDREN FROM LOW-INCOME COMMUNITIES WITH A HIGH-QUALITY EDUCATION, ENABLING THEM TO MAXIMIZE THEIR POTENTIAL AND TRANSFORM THEIR LIVES. FOR OVER 25 YEARS, AKANKSHA HAS EDUCATED CHILDREN FROM LOW-INCOME COMMUNITIES ACROSS MUMBAI AND PUNE FIRST, THROUGH THEIR AFTER-SCHOOL CENTERS, AND SINCE 2007, THROUGH THE AKANKSHA SCHOOLS. TODAY, THEY ARE ONE OF THE LARGEST URBAN NETWORKS OF PUBLIC-PRIVATE PARTNERSHIP SCHOOLS OF ITS KIND IN INDIA. CURRENTLY, THE FOUNDATION OPERATES 21 SCHOOLS, SERVING APPROXIMATELY 9,300 CHILDREN AND 3,100 ALUMNI. LOOKING AHEAD, THEY SEEK TO EXPAND THEIR NETWORK OF SCHOOLS, SHARE THEIR EFFECTIVE PRACTICES AND ADVOCATE FOR QUALITY SCHOOL REFORM FOR CHILDREN ACROSS INDIA. 1668295 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 8 0 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA FL IL NC NY MA NJ PA UT X X FALGUNI MALKANI 2123621943 120 EAST 29TH ST 1C NEW YORK NY 10016 RAMESH SRINIVASAN PRESIDENT 5.00 X X 0 0 0 SARAH H ROBERTS VICE PRESIDENT 2.00 X X 0 0 0 BHARTI MALKANI SECRETARY 2.00 X X 0 0 0 FALGUNI MALKANI TREASURER 5.00 X X 0 0 0 VANDANA GOYAL DIRECTOR, THRU SEPT. 2020 1.00 X 0 0 0 PUNYA SHAH DIRECTOR 1.00 X 0 0 0 SHANKAR IYER DIRECTOR 1.00 X 0 0 0 COLETTE HAIDER DIRECTOR 1.00 X 0 0 0 PRAKASH MELWANI DIRECTOR, THRU SEPT. 2020 1.00 X 0 0 0 BRANDE STELLINGS DIRECTOR 1.00 X 0 0 0 RON ROLFE DIRECTOR, THRU SEPT. 2020 1.00 X 0 0 0 KATE SHOEMAKER DIRECTOR 1.00 X 0 0 0 MEDHA VPRAKASH DIRECTOR 1.00 X 0 0 0 GOURI SADHWANI EXECUTIVE DIRECTOR 40.00 X 155000 0 24003 155000 0 24003 1 0 1 0 0 435124 41887 1180356 1657367 4182 4182 0 435124 19686 -19686 -19686 1641863 0 0 -15504 41000 41000 1540059 1540059 179184 50392 46451 82341 111265 33921 28667 48677 269 23 84 162 21085 2300 6133 12652 358 358 38876 38876 12594 9594 3000 39919 327 19342 20250 8581 7749 832 530 159 212 159 908 908 1324 114 414 796 1995952 1668295 158788 168869 175366 125241 1868545 1802572 451774 303128 25341 10550 39600 0 2560626 2241491 16861 7035 30000 25000 0 49780 46861 81815 X 2159957 1946828 353808 212848 2513765 2159676 2560626 2241491 -354089 0 X X 0 1 X 1 0 X 1535104 1907259 2352406 1738623 1657367 9190759 1535104 1907259 2352406 1738623 1657367 9190759 2173396 7017363 822 1338 19577 31934 4182 57853 9248612 0.75870 0.73170 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 313610 313610 30462 328100 44952 313610 0 PAYCHECK PROTECTION PROGRAM LOAN 49780 49780 X 1641863 0 1641863 0 1641863 1995952 0 1995952 0 1995952 PART V, LINE 4: DURING THE FISCAL YEAR 2018 AUDIT OF THE FUND'S FINANCIALS, IT WAS DETERMINED THAT NONE OF THE NET ASSETS MET THE DEFINITION OF ENDOWMENT FUNDS BY U.S. GAAP. AS A RESULT, THEY HAVE BEEN REMOVED FROM PART V. PART X, LINE 2: THE FUND RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE FUND HAD NO UNCERTAIN POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE FUND IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIOD PRIOR TO 2018. 1 SOUTH ASIA 0 0 GRANTMAKING 1540059 0 0 0 0 0 0 1540059 0 1540059 SOUTH ASIA SUPPORT FOR THE GRANTEE'S EDUCATIONAL PROGRAMS 1540059 WIRE 1 0 0 0 0 0 0 0 PART I, LINE 2: THE FUND'S PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS OUTSIDE OF THE UNITED STATES BEGIN BEFORE A GRANT IS APPROVED. PROPOSED GRANTS ARE REVIEWED BY FUND OFFICERS AND THE FUND BOARD BOTH INFORMALLY IN DIALOGUE WITH OFFICIALS OF THE RECIPIENT AND BY MEANS OF A FORMAL GRANT APPLICATION/GRANT AGREEMENT PROCESS. UNDER THE GRANT APPLICATION, SPECIFIC USES FOR THE FUNDS SOUGHT ARE DISCLOSED, AND SUCH USES ARE FURTHER RESTRICTED UNDER THE GRANT AGREEMENT IN ORDER TO REQUIRE CHARITABLE USE UNDER U.S. STANDARDS. THE GRANT AGREEMENT, AMONG OTHER THINGS, ALSO REQUIRES DETAILED PERIODIC REPORTING FROM THE RECIPIENT TO THE FUND ON THE ACTUAL USE OF THE GRANT FUNDS AND OTHER RELATED MATTERS, AUTHORIZES ACCESS BY THE FUND TO THE RECIPIENT'S RELEVANT BOOKS AND RECORDS TO VERIFY COMPLIANCE WITH THE GRANT AGREEMENT, AUTHORIZES THE FUND TO DISCONTINUE FUNDING UPON ANY NON-CHARITABLE USE AND OBLIGATES THE RECIPIENT TO RETURN TO THE FUND THE AMOUNT OF ANY GRANT NOT PROPERLY APPLIED. THESE PROCEDURES ARE BACKED UP BY REGULAR DIALOGUE (BY CORRESPONDENCE, TELEPHONE AND IN PERSON) BETWEEN THE FUND AND OFFICIALS OF THE RECIPIENT, AS WELL AS BY FUND SUPERVISORY VISITS TO OFFICES AND OPERATIONAL SITES OF THE RECIPIENT. PART I, LINE 3: THE GRANT EXPENSES REPORTED IN PART I, LINE 3 AND PART II ARE ACCOUNTED FOR USING THE ACCRUAL METHOD OF ACCOUNTING IN CONFORMITY WITH THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AUDITED FINANCIAL STATEMENTS. PART III ACCOUNTING METHOD: VIRTUAL GALA 435124 435124 5137 14549 435124 435124 5137 14549 19686 -19686 1 COVID DISASTER RELIEF FUNDS 11 41000 PART I, LINE 2: THE AKANKSHA EDUCATION FUND INC. (THE "FUND") ESTABLISHED A DISASTER RELIEF FUND PROGRAM (THE "U.S. DISASTER RELIEF FUND") IN MARCH 2020 TO ENABLE THE FUND TO PROVIDE URGENTLY-NEEDED EMERGENCY RELIEF AND ASSISTANCE, DURING PERIODS OF CURRENT AND FUTURE DISASTER, TO LOW-INCOME PERSONS WHO ARE (A) MINOR OR YOUNG ADULT ALUMNI OF AKANKSHA FOUNDATION SCHOOLS OR PROGRAMS IN INDIA CURRENTLY RESIDENT IN THE UNITED STATES ("AKANKSHA FOUNDATION U.S. ALUMNI"), (B) ENROLLED IN EDUCATIONAL INSTITUTIONS FOR THE PURPOSE OF ADVANCED STUDIES; AND (C) LACKING ADEQUATE ACCESS, DURING OR IMMEDIATELY AFTER SUCH DISASTER, TO BASIC NECESSITIES, INCLUDING WITHOUT LIMITATION, FOOD, LODGING, HEALTHCARE, SANITATION AND TRANSPORTATION. DISASTER ASSISTANCE IS DISTRIBUTED AS SOON AS REASONABLY PRACTICABLE FROM THE U.S. DISASTER RELIEF FUND IN SUCH SPECIFIC AMOUNTS AND IS DETERMINED BY THE FUND'S AD HOC U.S. ALUMNI COMMITTEE TO PERSONS WHO ARE ADVERSELY AFFECTED BY THE GLOBAL CORONAVIRUS PANDEMIC WHO MEET THE CHARITABLE CLASS AND OTHER ELIGIBILITY CRITERIA OF THE U.S. DISASTER RELIEF FUND. X X X 0 0 0 0 0 0 0 0 0 GOURI SADHWANI EXECUTIVE DIRECTOR 155000 0 0 0 0 0 9300 0 14703 0 179003 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE AKANKSHA EDUCATION FUND HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO ALL MEMBERS OF THE BOARD FOR REVIEW. ONCE THE RETURN IS APPROVED BY THE BOARD OR ITS DULY AUTHORIZED BOARD COMMITTEE, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO MAKE DISCLOSURES AS NEEDS ARISE AND TO REFRAIN FROM PARTICIPATION IN DECISION-MAKING (APART FROM PROVIDING INFORMATION) WHILE THE MATTER IS REVIEWED AND ANY RELATED ACTION TAKEN. AFTER THE INITIAL DISCLOSURE, THE AFFECTED INTERESTED PERSON IS REQUIRED TO PROVIDE ADDITIONAL INFORMATION, INCLUDING FULL DISCLOSURE OF ANY TRANSACTION AND RELATED INFORMATION WHICH MAY BE REQUESTED. DISCLOSURES ARE NORMALLY REFERRED INITIALLY TO THE FINANCIAL CONTROLS COMMITTEE, WHICH CONDUCTS A FULL REVIEW AND MAKES RECOMMENDATIONS AS TO WHETHER ANY ACTIONS INVOLVED WOULD BE IN THE BEST INTERESTS OF THE FUND, WITH OR WITHOUT ADDITIONAL CONDITIONS. THE FUND'S BOARD OF DIRECTORS (WHICH MAY ALSO, IF IT WISHES, PERFORM ALL OR PART OF THE FULL REVIEW NORMALLY DONE BY THE FINANCIAL CONTROLS COMMITTEE) THEN CONSIDERS THE MATTER, TOGETHER WITH ANY FINANCIAL CONTROLS COMMITTEE RECOMMENDATION, AND MAKES ANY DECISIONS INDICATED BY THE CIRCUMSTANCES. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE OF THE BOARD DETERMINES THE EXECUTIVE DIRECTORS COMPENSATION. THE EXECUTIVE COMMITTEE OF THE BOARD CONSISTS OF PRESIDENT, VP, TREASURER AND SECRETARY AND SERVES AS THE PERSONNEL COMMITTEE FOR THE EXECUTIVE DIRECTOR. THE PROCESS FOR DETERMINING COMPENSATION OF THE EXECUTIVE DIRECTOR CONSISTS OF REVIEWING COMPENSATION ON INDUSTRY STANDARDS, LEVEL OF EXPERIENCE AND COST AND BENEFIT TO THE ORGANIZATION. THE EXECUTIVE COMMITTEE OF THE BOARD CONDUCTS AN ANNUAL REVIEW OF THE EXECUTIVE DIRECTOR'S PERFORMANCE AND DETERMINES IF THERE NEEDS TO BE A SALARY ADJUSTMENT. THE EXECUTIVE COMMITTEE CONDUCTED THE LAST ANNUAL REVIEW OF THE EXECUTIVE DIRECTOR IN OCTOBER 2018. THE EXECUTIVE DIRECTOR DETERMINES THE SALARY OF OTHER STAFF IN CONSULTATION WITH THE EXECUTIVE COMMITTEE. THE DETERMINATION OF THE SALARY OF OTHER STAFF IS BASED ON INDUSTRY STANDARDS, LEVEL OF EXPERIENCE AND COST IMPACT ON THE ORGANIZATION. AN ANNUAL REVIEW OF ALL STAFF IS ALSO CONDUCTED BY THE EXECUTIVE DIRECTOR THE RESULTS OF WHICH ARE SHARED WITH THE EXECUTIVE COMMITTEE. AN ANNUAL REVIEW OF ALL STAFF COMPENSATION IS CONDUCTED BY THE EXECUTIVE DIRECTOR AND THE RESULTS ARE SHARED WITH THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS ALSO POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY. PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE THAT IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.