2020-02-14T16:31:35-06:00 2019-03-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2018-04-01 133976569 THE AKANKSHA FUND INC AKAN 9179306515 PO BOX 2038 NEW YORK NY 10113 FALGUNI MALKANI TREASURER 9179306515 2020-02-14 1 GARRETT M HIGGINS P00543209 9143818900 2020-02-13 65.51.112.58 2020-02-14 16:31:31 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 9616F4B14A694591D1E716C270910E6FA5556DA3 2018 2020-09-23 17:36:50Z RAMESH SRINIVASAN PO BOX 2038 NEW YORK NY 10113 2544573 0 X WWW.AKANKSHAFUND.ORG X 1996 NY THE AKANKSHA 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 FUND INC. ENABLES SOME OF THE MOST MARGINALIZED CHILDREN IN THE WORLD TO MAXIMIZE THEIR POTENTIAL AND TRANSFORM THEIR LIVES. DURING FY 2019, THE AKANKSHA 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. 12 12 5 13 0 0 1907259 2473696 0 0 1338 19577 -80522 -39340 1828075 2453933 1938143 1081635 0 0 240750 275886 3150 1500 269979 64877 115735 2246920 1474756 -418845 979177 1877315 2875076 963 20637 1876352 2854439 X THE AKANKSHA 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 1147552 1081635 IN FY 2019, THE AKANKSHA FUND INC. MADE FIVE GRANTS TO THE AKANKSHA FOUNDATION, A REGISTERED INDIAN CHARITY, TOTALING $960,245. THE AKANKSHA FOUNDATION IS A REGISTERED INDIAN CHARITY WITH A MISSION TO PROVIDE 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 FOUNDATION HAS EDUCATED CHILDREN FROM LOW-INCOME COMMUNITIES ACROSS MUMBAI AND PUNE, FIRST THROUGH THEIR AFTER-SCHOOL CENTERS, AND SINCE 2007, THROUGH OPERATING SCHOOLS. TODAY, THEY ARE ONE OF THE LARGEST URBAN NETWORKS OF PUBLIC-PRIVATE PARTNERSHIP SCHOOLS OF ITS KIND IN INDIA. LOOKING AHEAD, THEY SEEK TO EXPAND THEIR NETWORK FOR SCHOOLS, SHARE THEIR EFFECTIVE PRACTICES AND ADVOCATE FOR QUALITY SCHOOLS FOR CHILDREN ACROSS INDIA. DURING THE 2018-19 SCHOOL YEAR, WHICH RAN FROM MAY 2018 TO MARCH 2019, THE AKANKSHA FOUNDATION SERVED 8,250 STUDENTS ACROSS 21 SCHOOLS IN MUMBAI AND PUNE, AND 2,800 ALUMNI. AKANKSHA FOUNDATION SCHOOLS MAINTAINED 97% STUDENT RETENTION AND 88% STUDENT ATTENDANCE FOR THE 2018-19 SCHOOL YEAR. ADDITIONAL ACCOMPLISHMENTS INCLUDE OPENING THEIR 21ST SCHOOL; DEVELOPING A NEW STUDENT VISION FRAMEWORK; INCREASED FOCUS ON SOCIAL-EMOTIONAL LEARNING; CONTINUED INCREASE IN ENROLLMENT NUMBERS; ANNUAL DAY EVENT WITH AN ATTENDANCE OF 500; GRADUATING THE FIRST CLASS OF PROFESSIONALS FROM THEIR SCHOOL LEADER ACADEMY TRAINING PROGRAM; IMPLEMENTING AN INSTRUCTIONAL SPECIALISTS TEAM; AND OVER 90% OF 10TH GRADE STUDENTS PASSING THEIR BOARD EXAMS. 1147552 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10 0 5 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 12 12 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 & DIRECTOR 5.00 X X 0 0 0 SARAH H ROBERTS VICE PRESIDENT & DIRECTOR 2.00 X X 0 0 0 BRANDE STELLINGS SECRETARY & DIRECTOR 2.00 X X 0 0 0 FALGUNI MALKANI TREASURER & DIRECTOR 5.00 X X 0 0 0 RONA KILEY DIRECTOR (THRU 10/2018) 1.00 X 0 0 0 VIVEK RAGHAVAN DIRECTOR (THRU 10/2018) 1.00 X 0 0 0 VANDANA GOYAL DIRECTOR 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 1.00 X 0 0 0 BHARTI MALKANI DIRECTOR 1.00 X 0 0 0 RON ROLFE DIRECTOR 1.00 X 0 0 0 KATE SHOEMAKER DIRECTOR 1.00 X 0 0 0 GOURI SADHWANI EXECUTIVE DIRECTOR 40.00 X 147500 0 22593 147500 0 22593 1 0 1 0 0 639771 1833925 2473696 19577 19577 51300 639771 90640 -39340 -39340 2453933 0 0 -19763 100 100 1081535 1081535 158700 35220 12709 110771 85480 17096 6995 61389 12815 1199 3219 8397 18891 3628 1780 13483 4742 4742 29680 3304 26376 1500 1500 26643 1524 15 25104 30432 375 11335 18722 7239 7239 7202 2160 2882 2160 9335 4672 2889 1774 462 43 116 303 1474756 1147552 57225 269979 1877315 2180270 612231 82575 1877315 2875076 963 20637 963 20637 X 1562742 2363498 313610 490941 1876352 2854439 1877315 2875076 979177 -1090 0 X X 0 1 X 1 0 X 929462 1075307 1535104 1907259 2473696 7920828 929462 1075307 1535104 1907259 2473696 7920828 2665859 5254969 364 386 822 1338 19577 22487 7943315 0.66160 0.67860 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 313610 313610 30462 328100 44952 313610 360 339982 309880 30462 481069 480709 360 0 X 2453933 0 2453933 0 2453933 1473666 -1090 -1090 1474756 0 1474756 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 2016. 1 SOUTH ASIA 0 0 GRANTMAKING 1081535 0 0 0 0 0 0 1081535 0 1081535 SOUTH ASIA FOR GENERAL SUPPORT OF EDUCATIONAL PROJECTS, NETWORK SUPPORT AND YOUTH DEVELOPMENT PROJECTS FOR THE AKANKSHA FOUNDATION IN INDIA FOR THE SCHOOL YEAR 2018-2019 960245 WIRE SOUTH ASIA TO DEVELOP SCHOOL LEADERS TO LEAD HIGH PERFORMING SCHOOLS IN UNDERSERVED COMMUNITIES. 121290 WIRE 2 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 (IN THE CASE OF THE FUND, PRINCIPALLY IN INDIA) 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 IN INDIA. 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 AUDITED FINANCIAL STATEMENTS. GALA 691071 639771 51300 19719 23621 23690 23610 691071 639771 51300 19719 23621 23690 23610 90640 -39340 X X X 0 0 0 0 0 0 0 0 0 GOURI SADHWANI EXECUTIVE DIRECTOR 147500 0 0 0 0 0 8700 0 13893 0 170093 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE AKANKSHA 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, IN ADDITION TO ANNUAL DISCLOSURES, 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 WHEN THE EXECUTIVE DIRECTOR, GOURI SADHWANI, WAS FIRST HIRED FOR THE AKANKSHA FUND IN OCTOBER OF 2013, SHE WAS THE FUND'S FIRST FULL-TIME EMPLOYEE AND THE BOARD ESTABLISHED AN EXECUTIVE COMMITTEE TO PREPARE FOR THE PROCESS. WHEN IT CAME TIME TO OFFER THE JOB, THE COMMITTEE ESTABLISHED THE SALARY AFTER REVIEWING COMPARABLE SALARIES FOR NY NON-PROFIT DIRECTORS, AND IN NEGOTIATION WITH THE EXECUTIVE DIRECTOR, WHO HAD BEEN WORKING IN THE FIELD FOR SOME TIME. THE EXECUTIVE COMMITTEE MEETS WITH THE EXECUTIVE DIRECTOR DURING EACH YEAR TO DISCUSS HER PROGRESS AND HANDLE THE ANNUAL REVIEW, WITH ADVICE FROM THE BOARD. NOTES AND APPROVALS ARE DOCUMENTED IN THE MINUTES TO THIS EFFECT. USUALLY THE REVIEW PROCESS BEGINS IN OCTOBER AND IS COMPLETED BY DECEMBER/JANUARY. WHEN THE EXECUTIVE DIRECTOR NEEDS SOME EXTRA HELP, SHE IS DIRECTED TO HIRE PART TIME STAFF, AND SHE MANAGES THIS PROCESS WITH AUTHORIZATION FROM THE COMMITTEE. THE EXECUTIVE DIRECTOR HANDLED THE HIRING, REVIEW AND SET THE SALARIES, WHICH WERE APPROVED BY THE BOARD. BY 2016, AS PART OF THE REVIEW PROCESS, THE HEAD OF THE PERSONNEL COMMITTEE AND THE EXECUTIVE COMMITTEE, ACTING AS THE PERSONNEL COMMITTEE, REACHED A THREE-YEAR SALARY COMMITMENT WITH THE EXECUTIVE DIRECTOR, WHICH IS ENTERING ITS LAST YEAR AS OF OCTOBER 2019. ENSURING CONTINUITY, THE FUND HELD NEGOTIATIONS FOR FURTHER EMPLOYMENT OF THE EXECUTIVE DIRECTOR, AND THE FINAL AGREEMENT WAS APPROVED BY THE BOARD AT A REGULAR BOARD MEETING. THE FUND CONTINUES TO TAKE INTO CONSIDERATION COMPARABLE SALARIES IN THE FIELD, AS THIS PROCESS WAS CONSIDERED AS AN "INVESTMENT" IN THE AKANKSHA FUND'S FUTURE FINANCIAL GROWTH. THE EXECUTIVE DIRECTOR CONTINUES TO DO ANY ADDITIONAL HIRING OF PART TIME PERSONNEL, SHE HANDLES THEIR REVIEWS AND ANY RAISES IN THEIR SALARIES. ALL OF THIS IS IN CONSULTATION WITH THE EXECUTIVE COMMITTEE, WHICH STILL ACTS AS THE PERSONNEL 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. FORM 990, 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.