Civic Intelligence

Sitare Foundation

990 • Fiscal year 2020 • EIN 82-5003065

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 01, 2021

Organization ProfileWWW.SITARE.ORG
1801 Page Mill Road No 100Palo Alto, CA 94304

(650) 305-5721

Siviq Scores

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

Liabilities / Assets

18th percentile

0.02x

Higher debt load relative to assets than 18% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

10th percentile

0.02x

Higher debt load relative to revenue than 10% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

99th percentile

97%

Higher net margin than 99% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

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.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets18th percentile

Assets

$17,262,456

No earlier filing loaded for comparison.

Net Assets

$16,932,412

No earlier filing loaded for comparison.

Liabilities

$330,044

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue10th percentileNet Margin99th percentile

Revenue

$17,104,030

No earlier filing loaded for comparison.

Expenses

$547,365

No earlier filing loaded for comparison.

Net Income

$16,556,665

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$40M$30M$20M$10M$0Assets 2020: $17,262,456Liabilities 2020: $330,044Net Assets 2020: $16,932,4122020Assets 2021: $29,674,432Liabilities 2021: $6,490,274Net Assets 2021: $23,184,1582021Assets 2022: $22,071,641Liabilities 2022: $3,884,000Net Assets 2022: $18,187,6412022Assets 2023: $27,303,457Liabilities 2023: $5,178,581Net Assets 2023: $22,124,8762023Assets 2024: $39,042,033Liabilities 2024: $927,825Net Assets 2024: $38,114,2082024

Highlighted filing

2020

Assets$17,262,456
Liabilities$330,044
Net Assets$16,932,412
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$20M$15M$10M$5.0M$0-$5.0MRevenue 2020: $17,104,030Expenses 2020: $547,365Net Income 2020: $16,556,6652020Revenue 2021: $2,923,884Expenses 2021: $1,508,605Net Income 2021: $1,415,2792021Revenue 2022: $3,828,463Expenses 2022: $1,414,108Net Income 2022: $2,414,3552022Revenue 2023: $4,055,470Expenses 2023: $4,076,467Net Income 2023: -$20,9972023Revenue 2024: $5,147,048Expenses 2024: $3,248,721Net Income 2024: $1,898,3272024

Highlighted filing

2020

Revenue$17,104,030
Expenses$547,365
Net Income$16,556,665
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 1, 2021
Return Version
2020v4.1
Gross Receipts
$17,303,699
Mission and Program Overview

Mission

Sitare foundation is an organization that will provide education to underprivileged children. A mind is a terrible thing to waste. Sitare foundation believes that by giving the brightest children the best possible education, they will grow up to become some of the best professionals this world has witnessed. Sitare foundation is aimed to cultivate a culture or giving and creating bright minds to be net contributors to the society. If each kid that gets benefit in return provides mentorship and guidance to ten or more underprivileged children, the sitare movement will be huge. Sitare foundation has been formed to raise money throughout california and eventually nationwide.

To provide high-quality education to underprivileged children in india.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$0$16,932,412▲ $16,932,412
Investments in Publicly Traded Securities$0$16,889,487▲ $16,889,487
Cash and Non-Interest-Bearing Accounts$0$339,425▲ $339,425
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$0$17,262,456▲ $17,262,456
Other Assets Total$0$33,544▲ $33,544
Liabilities
Grants Payable$0$300,000▲ $300,000
Other Liabilities$0$30,044▲ $30,044
Total Liabilities$0$330,044▲ $330,044
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$16,932,412▲ $16,932,412
Total Liabilities and Net Assets / Fund Balance$0$17,262,456▲ $17,262,456
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Shilpa SinghalPresident
Pandurang NayakCFO
Amitabh K SinghalSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$17,008,627
Program Service Revenue
$0
Investment Income
$95,403
Other Revenue
$0
All Other Contributions
$17,008,627
Change in Net Assets
$16,556,665

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeReported AmountValuation Method
Securities Publicly Traded$5,340,994Fair Market Value
Total Noncash Contributions$5,340,994-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$500,000
Other Expenses$47,365
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$500,000--$500,000
Fees for Service Investment Mgmnt Fees-$26,115-$26,115
Fees for Services Management-$21,250-$21,250
Total Functional Expenses$500,000$47,365$0$547,365
International Activity

International Summary

Offices
0
Employees
0
Spending
$500,000

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
South AsiaGrants to Recipients Located in Region-00$500,000
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Amitabh K Singhal Shilpa SinghalCurrent OfficersContributions to Sitare FoundationNo$16,508,822
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Expenses$30,044
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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 A, Line 2

“Amitabh k. Singhal and shilpa singhal are legally married.”

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

“The foundation works with its tax preparers to review the form 990 to ensure an accurate filing of the tax return.”

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

“A detailed conflict of interest policy has been written. It includes detailed procedures for addressing conflict of interest. If there are violations of the conflict of interest policy, appropriate disciplinary and corrective action will be taken.”

Form 990, Part VI, Section C, Line 19

“Each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: 1. Has received a copy of the conflicts of interest policy, 2. Has read and understands the policy, 3. Has agreed to comply with the policy, and 4. Understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Sitare Foundation
EIN
82-5003065
Phone
6503055721
Address
1801 PAGE MILL ROAD NO 100, PALO ALTO, CA 94304

Signing Officer

Name
Shilpa Singhal
Title
President
Phone
6503055721
Signed
2021-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Shilpa Singhal
Formed
2018
Legal Domicile
CA
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
0

Preparer

Firm
Frank Rimerman & Co Llp
Address
1 EMBARCADERO CENTER STE 2410, SAN FRANCISCO, CA 94111
Preparer
Jasmine D Berjikly
Phone
4154391144
Raw XML Appendix360 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0SITARE FOUNDATION IS AN ORGANIZATION THAT WILL PROVIDE EDUCATION TO THE UNDERPRIVILEGED CHILDREN. A MIND IS A TERRIBLE THING TO WASTE. SITARE FOUNDATION BELIEVES THAT BY GIVING THE BRIGHTEST CHILDREN THE BEST POSSIBLE EDUCATION. THEY WILL GROW UP TO BECOME SOME OF THE BEST PROFESSIONALS THIS WORLD HAS WITNESSED. SITARE FOUNDATION IS AIMED TO CULTIVATE A CULTURE OR GIVING AND CREATING BRIGHT MINDS TO BE NET CONTRIBUTORS TO THE SOCIETY. IF EACH KID THAT GETS BENEFIT IN RETURN PROVIDES MENTORSHIP AND GUIDANCE TO TEN OR MORE UNDERPRIVILEGED CHILDREN, THE SITARE MOVEMENT WILL BE HUGE. SITARE FOUNDATION HAS BEEN FORMED TO RAISE MONEY THROUGHOUT CALIFORNIA AND EVENTUALLY NATIONWIDE.
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IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING METHOD: ACCRUAL
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt1ACCOUNTING METHOD: ACCRUAL
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III ACCOUNTING METHOD:
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, SCHEDULE F, PART I, LINE 3, ITEM 1
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, SCHEDULE F, PART II, LINE 1, ITEM 1
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0CONTRIBUTIONS TO SITARE FOUNDATION
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AMITABH K. SINGHAL AND SHILPA SINGHAL ARE LEGALLY MARRIED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION WORKS WITH ITS TAX PREPARERS TO REVIEW THE FORM 990 TO ENSURE AN ACCURATE FILING OF THE TAX RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A DETAILED CONFLICT OF INTEREST POLICY HAS BEEN WRITTEN. IT INCLUDES DETAILED PROCEDURES FOR ADDRESSING CONFLICT OF INTEREST. IF THERE ARE VIOLATIONS OF THE CONFLICT OF INTEREST POLICY, APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION WILL BE TAKEN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EACH DIRECTOR, PRINCIPAL OFFICER AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: 1. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, 2. HAS READ AND UNDERSTANDS THE POLICY, 3. HAS AGREED TO COMPLY WITH THE POLICY, AND 4. UNDERSTANDS THE ORGANIZATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990/TaxableDistributionsInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsGrp/BOYAmt00
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IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt017008627
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0500000
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IRS990/TotalRevenueGrp/ExclusionAmt095403
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt017104030
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.SITARE.ORG
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SHILPA SINGHAL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06503055721
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SITARE FOUNDATION
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FRANK RIMERMAN & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01 EMBARCADERO CENTER STE 2410
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SAN FRANCISCO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd094111
ReturnHeader/PreparerPersonGrp/PhoneNum04154391144
ReturnHeader/PreparerPersonGrp/PreparationDt02021-11-01
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JASMINE D BERJIKLY
ReturnHeader/ReturnTs02021-11-05T15:57:13-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0SHILPA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0SINGHAL
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,262,456
Liabilities
$330,044
Net assets
$16,932,412
Revenue
$17,104,030
Expenses
$547,365
Net income
$16,556,665
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$39.0$0.93$38.1$5.15$3.25$1.90
2023Detailed filing. Detailed filing data is available for this year.$27.3$5.18$22.1$4.06$4.08$0.02
2022Detailed filing. Detailed filing data is available for this year.$22.1$3.88$18.2$3.83$1.41$2.41
2021Detailed filing. Detailed filing data is available for this year.$29.7$6.49$23.2$2.92$1.51$1.42
2020Detailed filing. Detailed filing data is available for this year.$17.3$0.33$16.9$17.1$0.55$16.6