2019-02-14T10:08:27-06:00 2018-03-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2017-04-01 133976569 THE AKANKSHA FUND INC AKAN 9179306515 PO BOX 2038 NEW YORK NY 10113 FALGUNI MALKANI TREASURER 9179306515 2019-02-14 1 GARRETT M HIGGINS P00543209 9143818900 2019-02-14 65.51.112.58 2019-02-14 10:08:24 ES P 8F3E04F861F0216E32497907D09A877E57DED22A 9616F4B14A694591D1E716C270910E6FA5556DA3 2017 2019-02-21 02:37:17Z X RAMESH SRINIVASAN PO BOX 2038 NEW YORK NY 10113 2016741 0 X WWW.AKANKSHAFUND.ORG X 1996 NY THE AKANKSHA FUND INC. IS A NEW YORK NOT-FOR-PROFIT ORGANIZATION PROVIDING EDUCATIONAL OPPORTUNITIES TO LESS PRIVILEGED INDIAN CHILDREN, ENABLING THEM TO MAXIMIZE THEIR POTENTIAL AND CHANGE THEIR LIVES. THE AKANKSHA FUND INC WORKS WITH THE AKANKSHA FOUNDATION (A REGISTERED INDIAN CHARITY) TO ADVISE AND HELP FUND THE FOUNDATION'S INNOVATIVE PROGRAMS, CURRENTLY SERVING LESS PRIVILEGED, SCHOOL-AGED CHILDREN IN INDIA AND RELATED CHARITABLE ACTIVITIES. 16 16 5 30 0 0 1535104 1907259 0 0 822 1338 0 -80522 1535926 1828075 84313 1938143 0 0 178213 240750 0 3150 147718 143961 64877 406487 2246920 1129439 -418845 2295197 1877315 0 963 2295197 1876352 X THE AKANKSHA FUND INC. IS A NOT-FOR-PROFIT ORGANIZATION THAT WORKS TO RAISE SUPPORT AND AWARENESS IN THE U.S. AND FUNDS EDUCATIONAL OPPORTUNITIES FOR DISADVANTAGED CHILDREN IN INDIA. OUR PROGRAMS ENABLE SOME OF THE MOST MARGINALIZED CHILDREN IN THE WORLD TO MAXIMIZE THEIR POTENTIAL AND CHANGE THEIR LIVES. THE FUND WORKS WITH THE AKANKSHA FOUNDATION (A REGISTERED INDIAN CHARITY) TO ADVISE AND FUND THE FOUNDATION'S INNOVATIVE PROGRAMS, WHICH CURRENTLY SERVE SCHOOL-AGED CHILDREN IN INDIA AND RELATED CHARITABLE ACTIVITIES. REALIZING THAT KIDS NOT ONLY NEED GOOD SCHOOLS, BUT ALSO STRONG TEACHERS AND PRINCIPALS THE AKANKSHA FUND ALSO SUPPORTS THE INDIA SCHOOL LEADERSHIP INSTITUTE AND TEACH FOR INDIA. THESE THREE ORGANIZATIONS WORK HAND IN HAND WITH EACH OTHER TO REFORM EDUCATION IN INDIA. 0 0 1958927 1938143 IN FY2018, WE SENT 20 GRANTS TO THE AKANKSHA FOUNDATION, TOTALING $1,044,227. THE AKANKSHA FOUNDATION IS A NON-PROFIT ORGANIZATION 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 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. LOOKING AHEAD, THEY SEEK TO EXPAND THEIR NETWORK OF SCHOOLS, SHARE THEIR EFFECTIVE PRACTICES AND ADVOCATE FOR QUALITY SCHOOL REFORM FOR CHILDREN ACROSS INDIA. IN THE 2017-2018 SCHOOL YEAR, WHICH RAN FROM MAY 2017 TO MARCH 2018, THE AKANKSHA FOUNDATION SERVED 7,400 STUDENTS AND 2,500 ALUMNI ACROSS 20 SCHOOLS IN MUMBAI AND PUNE. ACCOMPLISHMENTS INCLUDE FINDING A NEW LEADER FOR AKANKSHA AND CLOSING THE CEO SEARCH PROCESS; COMPLETING A FIRST DRAFT OF THE AKANKSHA 3.0 THEORY OF CHANGE; SUCCESSFUL COMPLETION OF THE FINAL SCHOOL DEVELOPMENT REVIEW WALKTHROUGHS; HOLDING THE AKANKSHA GENERAL MEETING 2017; 10TH GRADERS TAKING BOARD EXAMS; EXPANDING THE ALUMNI COMMUNITY; ADDING NEW AND CREATIVE ART MODULES; INTEGRATING TECHNOLOGY INTO SCHOOL CURRICULUMS; AND CONDUCTING TEACHER AND SCHOOL LEADERSHIP TRAININGS.AKANKSHA FUND MADE ONE GRANT TO TEACH FOR INDIA, A CHARITABLE ORGANIZATION ORGANIZED IN INDIA AND REGISTERED UNDER THE FOREIGN CONTRIBUTION REGULATION ACT, 2010, THAT WORKS IN COLLABORATION WITH AKANKSHA FOUNDATION AND OTHERS TO FURTHER ITS MISSION OF BRINGING INDIA'S BRIGHTEST AND MOST PROMISING YOUTH TO SERVE AS FULL-TIME TEACHERS TO CHILDREN FROM LOW-INCOME COMMUNITIES IN SOME OF INDIA'S MOST UNDERRESOURCED SCHOOLS.AKANKSHA FUND ALSO MADE ONE GRANT TO A U.S. GRANTEE, FRIENDS OF TEACH FOR INDIA, INC. ("FTFI"), AN ORGANIZATION QUALIFIED AS A PUBLIC CHARITY UNDER 501(C)(3) OF THE U.S. TAX CODE. THIS GRANT WAS COMPRISED SOLELY OF FUNDS DONATED TO AKANKSHA FOR THE PURPOSE OF SUPPORTING TEACH FOR INDIA, A CHARITABLE ORGANIZATION ORGANIZED IN INDIA AND REGISTERED UNDER THE FOREIGN CONTRIBUTION REGULATION ACT, 2010. AKANKSHA FUND DIRECTED THIS GRANT TO FTFI AT THE WRITTEN REQUEST OF TEACH FOR INDIA, AND UPON THE RECEIPT OF WRITTEN ASSURANCES FROM TEACH FOR INDIA THAT FTFI'S MAIN PURPOSES INCLUDE PROVIDING FINANCIAL AND OTHER SUPPORT TO TEACH FOR INDIA'S PROGRAMS AND PROJECTS. 1958927 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 6 0 5 1 0 0 0 0 0 1 1 0 0 0 0 X 16 16 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA FL IL NC NY WA 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 GENIEL STROCK DIRECTOR 1.00 X 0 0 0 EDWARD A MORGAN DIRECTOR 1.00 X 0 0 0 RONA KILEY DIRECTOR 1.00 X 0 0 0 SHIKHA BHAKOO DIRECTOR 1.00 X 0 0 0 VIVEK RAGHAVAN DIRECTOR 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 GOURI SADHWANI EXECUTIVE DIRECTOR 40.00 X 138333 0 12458 138333 0 12458 1 0 1 0 0 563486 1343773 58464 1907259 1338 1338 58464 58464 0 0 49680 563486 130202 -80522 -80522 1828075 0 0 -79184 534944 534944 1403199 1403199 156738 10776 60767 85195 33550 2213 13526 17811 50462 3344 20246 26872 1447 1447 13886 13886 3150 3150 9679 12 9374 293 16266 126 10170 5970 5644 5644 6805 1882 3041 1882 10691 2388 2059 6244 459 43 115 301 2246920 1958927 140275 147718 2295197 1877315 2295197 1877315 963 0 963 X 2086191 1562742 209006 313610 2295197 1876352 2295197 1877315 -418845 0 X X 0 1 X 1 0 X 721813 929462 1075307 1535104 1907259 6168945 721813 929462 1075307 1535104 1907259 6168945 1980564 4188381 442 364 386 822 1338 3352 6172297 0.67860 0.49590 X 313610 313610 30462 328100 44952 313610 360 339982 309880 30462 481069 480709 360 352965 128104 481069 0 0 0 X 1828075 0 1828075 0 1828075 2246920 0 2246920 0 2246920 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 2015. 1 SOUTH ASIA 0 0 GRANTMAKING 1403199 0 0 0 0 0 0 1403199 0 1403199 SOUTH ASIA FOR GENERAL SUPPORT, NETWORK SUPPORT AND YOUTH DEVELOPMENT PROJECTS FOR THE AKANKSHA FOUNDATION, FOR OPERATING EXPENSES OF THE SCHOOLS, AND FOR OPERATING EXPENSES OF THE INDIA SCHOOL LEADERSHIP INSTITUTE 1044227 WIRE SOUTH ASIA FOR OPERATING EXPENSES OF THE INDIA SCHOOL LEADERSHIP INSTITUTE 338182 WIRE 2 0 FOR SERVICES PROVIDED TOWARDS SCHOOL LEADERSHIP TRAINING IN INDIA SOUTH ASIA 1 20790 WIRE 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 613166 563486 49680 88622 2447 14485 24648 613166 563486 49680 88622 2447 14485 24648 130202 -80522 1 FRIENDS OF TEACH FOR INDIA INC 1133 AVENUE OF THE AMERICAS NEW YORK NY 10036 473725301 501(C)(3) 534944 GENERAL OPERATING SUPPORT 1 0 PART I, LINE 2: THE AKANKSHA FUND MADE ONE GRANT TO A U.S. GRANTEE, FRIENDS OF TEACH FOR INDIA, INC. ("FOTFI"), AN ORGANIZATION QUALIFIED AS A PUBLIC CHARITY UNDER 501(C)(3) OF THE U.S. TAX CODE. THIS GRANT WAS COMPRISED SOLELY OF FUNDS DONATED TO AKANKSHA FOR THE PURPOSE OF SUPPORTING TEACH FOR INDIA, A CHARITABLE ORGANIZATION ORGANIZED IN INDIA AND REGISTERED UNDER THE FOREIGN CONTRIBUTION REGULATION ACT, 2010. AKANKSHA FUND DIRECTED THIS GRANT TO FOTFI AT THE WRITTEN REQUEST OF TEACH FOR INDIA, AND UPON THE RECEIPT OF WRITTEN ASSURANCES FROM TEACH FOR INDIA THAT FOTFI'S MAIN PURPOSES INCLUDE PROVIDING FINANCIAL AND OTHER SUPPORT TO TEACH FOR INDIA'S PROGRAMS AND PROJECTS. AKANKSHA FUND MONITORS THE USE OF ITS GRANT FUNDS THROUGH REVIEW OF WRITTEN REPORTS AND ADDITIONAL FOLLOW-UP AS PRUDENT. X X X 0 0 0 0 0 0 0 0 0 GOURI SADHWANI EXECUTIVE DIRECTOR 138333 0 0 0 0 0 0 0 12458 0 150791 0 0 0 X 3 58464 AVG. SELLING PRICE 0 0 0 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 4 ON MARCH 5, 2018, THE AKANKSHA FUND AMENDED THEIR BYLAWS WITH THE FOLLOWING CHANGES: 1. SIZE OF BOARD WILL BE NO LESS THAN 3 AND NO MORE THAN 20 2. RENEWABLE THREE-YEAR TERMS FOR EXECUTIVE MEMBERS 3. AT LEAST 3 BOARD MEETINGS A YEAR, GENERALLY 4 4. UPDATED EXECUTIVE BOARD POSITIONS TO BE LINE WITH THE POSITIONS CURRENTLY AVAILABLE FORM 990, PART VI, SECTION B, LINE 11B THE FINANCIAL CONTROLS COMMITTEE OF AKANKSHA FUND'S BOARD OF DIRECTORS WORKED CLOSELY WITH AKANKSHA FUND'S EXTERNAL AUDITORS DURING THE PERIOD FROM JUNE 2018-JANUARY 2019 TO FINALIZE AKANKSHA FUND'S AUDITED FINANCIALS FOR THE 2017-18 FISCAL YEAR AND TO PRODUCE A DRAFT FORM 990, A COPY OF EACH OF WHICH WAS SHARED ELECTRONICALLY WITH THE EXECUTIVE DIRECTOR AND THE FULL BOARD OF DIRECTORS OF AKANKSHA FUND FOR THEIR REVIEW AND FEEDBACK IN JANUARY 2019, ALL PRIOR TO AKANKSHA FUND'S FILING WITH THE IRS ITS FINAL FORM 990, WHICH INCORPORATED ALL FEEDBACK RECEIVED FROM SUCH PERSONS. 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 A PERSONNEL 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 PERSONNEL COMMITTEE METS 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 1: THE ORGANIZATION CHANGED ITS BASIS OF ACCOUNTING FROM CASH TO ACCRUAL. 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.