Civic Intelligence

Iit Madras Foundation

990 • Fiscal year 2023 • EIN 47-1990700

Jan 01, 2023 to Dec 31, 2023 • Filed on May 14, 2024

Organization ProfileIITMFOUNDATION.ORG

View Organization Page

10080 N Wolfe Rd Suite Sw3-200Cupertino, CA 95014

(408) 657-0383

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

41st percentile

0.12x

Higher debt load relative to assets than 41% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

51st percentile

0.26x

Higher debt load relative to revenue than 51% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

86th percentile

36%

Higher net margin than 86% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

87th percentile

36%

Faster asset growth than 87% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

94th percentile

129%

Faster revenue growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets41st percentile

Assets

Up

$21,052,617

Up $5,507,990 (+35%) from 2021

Net Assets

Up

$18,620,504

Up $3,406,094 (+22%) from 2021

Liabilities

Up

$2,432,113

Up $2,101,896 (+637%) from 2021

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin86th percentile

Revenue

Up

$9,524,469

Up $5,893,220 (+162%) from 2021

Expenses

Up

$6,098,062

Up $2,792,599 (+84%) from 2021

Net Income

Up

$3,426,407

Up $3,100,621 (+952%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth87th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0Assets 2014: $50,000Liabilities 2014: $10Net Assets 2014: $49,9902014Assets 2015: $455,291Liabilities 2015: $2,948Net Assets 2015: $452,3432015Assets 2016: $3,499,612Liabilities 2016: $12,308Net Assets 2016: $3,487,3042016Assets 2017: $5,557,961Liabilities 2017: $532,677Net Assets 2017: $5,025,2842017Assets 2018: $7,740,893Liabilities 2018: $314,414Net Assets 2018: $7,426,4792018Assets 2019: $10,138,914Liabilities 2019: $95,139Net Assets 2019: $10,043,7752019Assets 2020: $14,046,157Liabilities 2020: $204,942Net Assets 2020: $13,841,2152020Assets 2021: $15,544,627Liabilities 2021: $330,217Net Assets 2021: $15,214,4102021Assets 2023: $21,052,617Liabilities 2023: $2,432,113Net Assets 2023: $18,620,5042023Assets 2024: $20,869,247Liabilities 2024: $3,539,338Net Assets 2024: $17,329,9092024

Highlighted filing

2023

Assets$21,052,617
Liabilities$2,432,113
Net Assets$18,620,504
Open 2023 Filing

Operations Trend

Revenue Growth94th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MRevenue 2014: $50,000Expenses 2014: $10Net Income 2014: $49,9902014Revenue 2015: $1,794,394Expenses 2015: $1,392,041Net Income 2015: $402,3532015Revenue 2016: $3,780,487Expenses 2016: $745,526Net Income 2016: $3,034,9612016Revenue 2017: $2,734,093Expenses 2017: $1,388,615Net Income 2017: $1,345,4782017Revenue 2018: $4,101,447Expenses 2018: $1,298,195Net Income 2018: $2,803,2522018Revenue 2019: $3,691,155Expenses 2019: $2,024,219Net Income 2019: $1,666,9362019Revenue 2020: $5,670,906Expenses 2020: $2,765,007Net Income 2020: $2,905,8992020Revenue 2021: $3,631,249Expenses 2021: $3,305,463Net Income 2021: $325,7862021Revenue 2023: $9,524,469Expenses 2023: $6,098,062Net Income 2023: $3,426,4072023Revenue 2024: $7,635,727Expenses 2024: $8,648,831Net Income 2024: -$1,013,1042024

Highlighted filing

2023

Revenue$9,524,469
Expenses$6,098,062
Net Income$3,426,407
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 14, 2024
Return Version
2023v5.0
Gross Receipts
$15,875,385
Mission and Program Overview

Mission

To promote education, scientific and technological research activities at "india institute of technology".

To promote education, scientific and technological research activities at "indian institute of technology madras".

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$11,529,571$12,049,187▲ $519,616
Pledges and Grants Receivable$1,864,051$4,908,494▲ $3,044,443
Savings and Temporary Cash Investments$679,810$2,123,539▲ $1,443,729
Cash and Non-Interest-Bearing Accounts$1,397,780$1,939,085▲ $541,305
Land, Buildings, and Equipment, Net$45,213$29,380▼ $15,833
Prepaid Expenses and Deferred Charges$2,726$2,932▲ $206
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$15,519,151$21,052,617▲ $5,533,466
Other Assets Total-$0-
Liabilities
Other Liabilities$1,568,734$2,431,875▲ $863,141
Accounts Payable and Accrued Expenses$13$238▲ $225
Total Liabilities$1,568,747$2,432,113▲ $863,366
Net Assets / Fund Balance
Net Assets With Donor Restrictions$9,882,830$12,088,388▲ $2,205,558
Net Assets Without Donor Restrictions$4,067,574$6,532,116▲ $2,464,542
Total Net Assets Fund Balance$13,950,404$18,620,504▲ $4,670,100
Total Liabilities and Net Assets / Fund Balance$15,519,151$21,052,617▲ $5,533,466

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$29,380$18,120$47,500
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Kamal DuggiralaChairman
Bala IyerBoard Member
Durga MalladiBoard Member
Gds RamkumarBoard Member
Kannan GovindarajanBoard Member
Madhav DurbhaBoard Member
Mahesh PanchagnulaBoard Member
Marti G SubrahmanyamBoard Member
Raghu RengaswamyBoard Member
Raghu SugavanamBoard Member
Rohini ChakravarthyBoard Member
Rv GuhaBoard Member
Girish MuckaiCEO
Ganesh BalakrishnanCFO
Anandkumar R KannurpattiCOO
Diwakar VishakhadattaSecretary
Sunil MenonVP Marketng
Revenue and Support

Revenue Composition

Contributions and Grants
$8,898,124
Program Service Revenue
$0
Investment Income
$626,345
Other Revenue
$0
All Other Contributions
$8,898,124
Change in Net Assets
$3,426,407

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$361,772Fair Market Value (FMV)
Total Noncash Contributions9$361,772-

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,524,469
Revenue Not Reported on Form 990
$1,243,693
Total Revenue per Audited Statements
$10,768,162
Total Revenue per Form 990
$9,524,469
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,846,678
Other Expenses$135,355
Salaries, Compensation, and Employee Benefits$116,029
Total Fundraising Expense$81,065
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$5,846,678--$5,846,678
Current Officers, Directors, Trustees, and Key Employees-$45,851$45,851$91,702
Fees for Services Accounting-$70,002-$70,002
Other Salaries and Wages-$12,163$12,164$24,327
All Other Expenses-$4,119$6,012$10,131
Other Expenses-$15,833$7,842$7,842
Total Functional Expenses$5,846,678$170,319$81,065$6,098,062

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,098,062
Total Expenses per Audited Statements$6,098,062
Total Expenses per Form 990$6,098,062
International Activity

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Project Fund Payable$1,402,762
Endowment Fund Payable$762,119
Other Liabilities$251,396
Payroll Liabilities$15,598
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“1) the audit committee shall have the responsibilty for reviewing the organization'sform 990 and audited financial statements (including all pertinent schedules) beforethey are filed with the appropriate government agency.2) audited financial statements were presented by independent auditors at an audit committee meeting. Audit committee completed the review and approved the financial statements.3) approved financials statements and supporting documents were used to prepare form 990 by paid tax preparer4) if deemed necessary audit committee may request a detailed review of the form 990 and related work papers with the preparer 5) upon completion of the review of the draft form 990, audit committee provided approval to file with appropriate government agency.”

Form 990, Part VI, Section B, Line 12C

“The organization monitors use of funds through periodic reports and reviews. All projects have detailed guidelines to provide progress reports. Funds are released only when milestones are met. Actual donors are also sent copies of such reports. All scholarships, excellence awards, and endowment reports are provided annually to the organizations and also to the actual donors of the fund. The organization meets with the grantees at least once a year to review usage of all grants and to discuss status of projects and awards granted. In addition, a conference call takes place at least once a quarter to obtain status reports and review grant administration.the utilization of funds report is prepared by grantees and sent to the organization every year which describes in details how the grant funds were used by the grantees. This report is in turn circulated to the entire organizational donor base population in the u.s. Annually.”

Form 990, Part VI, Section B, Line 15B

“Employee compensation is reviewed by all 10 directors who are independent”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Iit Madras Foundation
EIN
47-1990700
Phone
4086570383
Address
10080 N WOLFE RD SUITE SW3-200, CUPERTINO, CA 95014

Signing Officer

Name
Anandkumar R Kannurpatti
Title
CEO
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anandkumar R Kannurpatti
Formed
2014
Legal Domicile
CA
Voting Board Members
13
Independent Board Members
13
Employees
2
Volunteers
40

Preparer

Firm
Sweeney Kovar LLP
Address
3800 Blackhawk Road 100, Danville, CA 94506
Preparer
Joseph C Kovar CPA
Phone
9256483660
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,052,617
Liabilities
$2,432,113
Net assets
$18,620,504
Revenue
$9,524,469
Expenses
$6,098,062
Net income
$3,426,407
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.9$3.54$17.3$7.64$8.65$1.01
2023Detailed filing. Detailed filing data is available for this year.$21.1$2.43$18.6$9.52$6.10$3.43
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.5$0.33$15.2$3.63$3.31$0.33
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.0$0.20$13.8$5.67$2.77$2.91
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.1$0.10$10.0$3.69$2.02$1.67
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.74$0.31$7.43$4.10$1.30$2.80
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.56$0.53$5.03$2.73$1.39$1.35
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.50$0.01$3.49$3.78$0.75$3.03
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.46$0.00$0.45$1.79$1.39$0.40
2014Detailed filing. Detailed filing data is available for this year.$0.05$0.00$0.05$0.05$0.00$0.05