Ixtatan Foundation Inc

“The amount reported on line 8 of Form 990EZ under "Other Income" is $ 149.00. This amount represents the interest earned in our bank accounts during the fiscal year 2023. The sources and amounts of the interest income are detailed below: 1. NON PROFIT MONEY MARKET accounts #8527110441: $149. We classify this income as "other" because it does not derive from our primary operational activities, but from the interest generated by the funds held in our bank accounts.”

“The Scholarship Program is dedicated to supporting financially needy individuals in the Western Highlands who exhibit exceptional academic potential, leadership skills, and a commitment to community enhancement. The program aims to contribute to the holistic development of students by addressing educational, economic, social, scientific, technological, and cultural aspects. This aligns with the mission of the foundation, where you work to raise funds for education in Guatemala. In parallel, the Project-Based Learning program has intricately adapted the PBL method to the local population and cultural context of the Western Highlands. The two-year program focuses on training cohorts of teachers in PBL, aiming to enhance the quality of education in the region. Additionally, the community library program serves as a valuable resource, promoting access to information, fostering a reading culture, and contributing to personal, professional, social, and economic development.”

“The amount reported on line 16 under "Other Expenses" is $10,972.48. This amount represents the expenses incurred for various dues and subscriptions, office supplies, travel expenses, and bank service charges necessary for the organization's operations during the fiscal year 2023. The categories and amounts are detailed below: 1. Dues and Subscriptions: $5,711.57 - Fees for online services that support our daily operations, such as accounting software (QuickBooks) and donor management tools (Network for Good). 2. Office Supplies: $615.02 - Includes items such as paper, pens, notebooks, printer ink, and other general office materials needed for daily operations. 3. Travel Expenses: $4,139.18 - Includes expenses for airfare, train tickets, car rentals, mileage reimbursements, hotel stays, meal reimbursements, and other incidental expenses incurred during staff travel to conferences, meetings, and other work-related events. 4. Bank Service Charges: $506.71 - Includes fees for wire transfers, ACH payments, and other transaction-related charges incurred during the year.”

“The change in net assets or fund balances reported in Part I, line 20 of Form 990-EZ is due to the separation of bank records between the U.S. headquarters of Ixtatan Foundation and the Guatemalan branch during the fiscal year 2022. Reason for Change: During the last fiscal year, Ixtatan Foundation undertook a restructuring process to enhance financial management and operational efficiency. This restructuring included the separation of bank accounts and financial records between the U.S. headquarters and the Guatemalan branch. Before this change, all financial transactions and records were consolidated, which sometimes led to complexities in financial reporting and management. 1. Separation of Bank Accounts: - The U.S. headquarters of Ixtatan Foundation established separate bank accounts to manage funds independently of the Guatemalan branch. This separation was implemented to ensure clearer financial tracking, reporting, and compliance with both U.S. and Guatemalan regulatory requirements. 2. Impact on Net Assets: - The separation resulted in a reallocation of funds, where specific assets previously reported under a consolidated account were divided between the U.S. and Guatemalan branches. This led to an adjustment in the net assets or fund balances as reflected in the financial statements. 3. Improved Financial Management: - This change has improved our ability to manage and report financial transactions accurately for each branch. It provides a clearer picture of the financial health and resources available in each location, facilitating better decision-making and compliance with local regulations.”

“The amount reported on line 26 of Part II of Form 990-EZ, totaling $3,448.00, represents the accounts payable as of the end of the fiscal year 2023. This amount consists of the following liabilities: 1. Payroll Taxes Payable: $1,236.00. This amount represents payroll taxes owed to the federal and state governments. These taxes are related to employee wages earned during the fiscal year but were not remitted by the end of the fiscal year. The liability includes federal income tax withholding, Social Security and Medicare taxes, and any applicable state income taxes. 2. Credit Card Expenses Payable: $2,212.00. This amount represents expenses incurred using the organization's credit card that were not yet paid as of the fiscal year-end. The expenses include operational costs such as office supplies, travel expenses, and other necessary expenditures to support the organization's activities.”