Civic Intelligence

Iit Madras Foundation

990 • Fiscal year 2024 • EIN 47-1990700

Jan 01, 2024 to Dec 31, 2024 • Filed on May 19, 2025

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

50th percentile

0.17x

Higher debt load relative to assets than 50% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

67th percentile

0.46x

Higher debt load relative to revenue than 67% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

15th percentile

-13%

Higher net margin than 15% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

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

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

28th percentile

-0.9%

Faster asset growth than 28% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

13th percentile

-20%

Faster revenue growth than 13% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$20,869,247

Up $5,324,620 (+34%) from 2021

Net Assets

Up

$17,329,909

Up $2,115,499 (+14%) from 2021

Liabilities

Up

$3,539,338

Up $3,209,121 (+972%) from 2021

Revenue And Expenses
Liabilities / Revenue67th percentileNet Margin15th percentile

Revenue

Up

$7,635,727

Up $4,004,478 (+110%) from 2021

Expenses

Up

$8,648,831

Up $5,343,368 (+162%) from 2021

Net Income

Down

-$1,013,104

Down $1,338,890 (-411%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth28th 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 2024: $20,869,247Liabilities 2024: $3,539,338Net Assets 2024: $17,329,9092024

Highlighted filing

2024

Assets$20,869,247
Liabilities$3,539,338
Net Assets$17,329,909
Open 2024 Filing

Operations Trend

Revenue Growth13th 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 2024: $7,635,727Expenses 2024: $8,648,831Net Income 2024: -$1,013,1042024

Highlighted filing

2024

Revenue$7,635,727
Expenses$8,648,831
Net Income-$1,013,104
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 19, 2025
Return Version
2024v5.1
Gross Receipts
$20,317,315
Mission and Program Overview

Mission

To promote education, scientific and technological research activities at "indian 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$12,049,187$15,275,722▲ $3,226,535
Pledges and Grants Receivable$4,908,494$3,216,497▼ $1,691,997
Cash and Non-Interest-Bearing Accounts$1,939,085$1,297,346▼ $641,739
Savings and Temporary Cash Investments$2,123,539$1,060,904▼ $1,062,635
Land, Buildings, and Equipment, Net$29,380$13,546▼ $15,834
Prepaid Expenses and Deferred Charges$2,932$5,232▲ $2,300
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$21,052,617$20,869,247▼ $183,370
Other Assets Total-$0-
Liabilities
Other Liabilities$2,431,875$3,538,575▲ $1,106,700
Accounts Payable and Accrued Expenses$238$763▲ $525
Total Liabilities$2,432,113$3,539,338▲ $1,107,225
Net Assets / Fund Balance
Net Assets With Donor Restrictions$13,671,521$12,171,469▼ $1,500,052
Net Assets Without Donor Restrictions$4,948,983$5,158,440▲ $209,457
Total Net Assets Fund Balance$18,620,504$17,329,909▼ $1,290,595
Total Liabilities and Net Assets / Fund Balance$21,052,617$20,869,247▼ $183,370

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$13,546$33,954$47,500
Compensation and Service Providers
Top Officer Pay15th percentile

Board Members and Trustees

NameTitle
Kamal DuggiralaChairman
Ashwin MahalingamBoard Member
Bala IyerBoard Member
Durga MalladiBoard Member
Gds RamkumarBoard Member
Kannan GovindarajanBoard Member
Madhav DurbhaBoard Member
Marti G SubrahmanyamBoard Member
Raghu RengaswamyBoard Member
Raghu SugavanamBoard Member
Rv GuhaBoard Member
Venkat RanganBoard Member
Anandkumar R KannurpattiCEO
Srinivas TirumalaCFO
Diwakar VishakhadattaSecretary
Sunil MenonVP of Marketing
Revenue and Support

Revenue Composition

Contributions and Grants
$5,799,373
Program Service Revenue
$0
Investment Income
$1,836,354
Other Revenue
$0
All Other Contributions
$5,799,373
Change in Net Assets
$-1,013,104

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 Traded10$1,677,362Fair Market Value (FMV)
Total Noncash Contributions10$1,677,362-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,799,373
Revenue Not Reported on Financial Statements
$1,836,354
Other Revenue Adjustments
$1,836,354
Total Revenue per Audited Statements
$5,799,373
Total Revenue per Form 990
$7,635,727
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$8,259,531
Other Expenses$271,859
Salaries, Compensation, and Employee Benefits$117,441
Total Fundraising Expense$85,683
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$8,259,531--$8,259,531
Current Officers, Directors, Trustees, and Key Employees-$48,709$48,709$97,418
Fees for Services Accounting-$83,200-$83,200
Other Salaries and Wages-$10,011$10,012$20,023
All Other Expenses--$13,464$13,464
Other Expenses-$12,360$13,498$12,360
Travel-$7,504-$7,504
Total Functional Expenses$8,259,531$303,617$85,683$8,648,831

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,648,831
Total Expenses per Audited Statements$8,648,831
Total Expenses per Form 990$8,648,831
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$2,841,826
Endowment Fund Payable$671,086
Payroll Liabilities$25,663
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
2025-05-19
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
1
Volunteers
40

Preparer

Firm
Avantax Solutions LLC
Address
3800 BLACKHAWK ROAD SUITE 100, DANVILLE, CA 94506
Preparer
Joseph C Kovar CPA
Phone
9256483660
Supplemental Narrative

Financial Statement Notes

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Interest & dividend income $427526 gains on sale of securities $1408828”

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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$20,869,247
Liabilities
$3,539,338
Net assets
$17,329,909
Revenue
$7,635,727
Expenses
$8,648,831
Net income
-$1,013,104
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$20.9$3.54$17.3$7.64$8.65$1.01
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