Civic Intelligence

Sitare Foundation

990 • Fiscal year 2023 • EIN 82-5003065

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

PO Box 51958Palo Alto, CA 94303

(650) 305-5721

Siviq Scores

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

Liabilities / Assets

46th percentile

0.19x

Higher debt load relative to assets than 46% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

80th percentile

1.28x

Higher debt load relative to revenue than 80% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

34th percentile

-0.5%

Higher net margin than 34% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

81st percentile

24%

Faster asset growth than 81% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

51st percentile

5.9%

Faster revenue growth than 51% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Up

$27,303,457

Up $5,231,816 (+24%) from 2022

Net Assets

Up

$22,124,876

Up $3,937,235 (+22%) from 2022

Liabilities

Up

$5,178,581

Up $1,294,581 (+33%) from 2022

Revenue

Up

$4,055,470

Up $227,007 (+5.9%) from 2022

Expenses

Up

$4,076,467

Up $2,662,359 (+188%) from 2022

Net Income

Down

-$20,997

Down $2,435,352 (-101%) from 2022

Historical Trend

Balance Sheet Trend

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

2023

Assets$27,303,457
Liabilities$5,178,581
Net Assets$22,124,876

Operations Trend

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

2023

Revenue$4,055,470
Expenses$4,076,467
Net Income-$20,997
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$4,055,470
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
Investments in Publicly Traded Securities$12,989,338$19,543,700▲ $6,554,362
Investments Other Securities$8,316,237$7,174,769▼ $1,141,468
Prepaid Expenses and Deferred Charges$0$198,910▲ $198,910
Cash and Non-Interest-Bearing Accounts$16,066$60,029▲ $43,963
Total Assets$22,071,641$27,303,457▲ $5,231,816
Other Assets Total$750,000$326,049▼ $423,951
Liabilities
Other Liabilities$3,884,000$5,178,581▲ $1,294,581
Total Liabilities$3,884,000$5,178,581▲ $1,294,581
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$18,187,641$22,124,876▲ $3,937,235
Total Net Assets Fund Balance$18,187,641$22,124,876▲ $3,937,235
Total Liabilities and Net Assets / Fund Balance$22,071,641$27,303,457▲ $5,231,816

Asset Categories

AssetBook ValueDepreciationBasis
Other Securities$-1,000,000--
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$3,965,674
Program Service Revenue
$0
Investment Income
$89,796
Other Revenue
$0
All Other Contributions
$3,965,674
Change in Net Assets
$-20,997

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,055,470
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$5,952,610
Total Revenue per Audited Statements
$10,008,080
Total Revenue per Form 990
$4,055,470
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,605,673
Other Expenses$470,794
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$3,605,673--$3,605,673
Interest-$208,166-$208,166
Fees for Services Accounting-$37,250-$37,250
Travel$32,248--$32,248
Fees for Service Investment Mgmnt Fees-$32,168-$32,168
Fees for Services Legal-$14,742-$14,742
Other Expenses$9,578$80-$80
Total Functional Expenses$3,669,999$406,468$0$4,076,467

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,076,467
Total Expenses per Audited Statements$4,076,467
Total Expenses per Form 990$4,076,467
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$3,605,673

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
South Asia - Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,Grants to Recipients Located in Region-00$3,605,673
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Margin Payable$4,593,724
Refundable Allowance$548,910
Accrued Expenses$35,947
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
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
PO BOX 51958, PALO ALTO, CA 94303

Signing Officer

Name
Shilpa Singhal
Title
President
Phone
6503055721
Signed
2024-11-14
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 SUITE 2410, SAN FRANCISCO, CA 94111
Preparer
Jasmine D Berjikly
Phone
4154391144
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Line 8

After 2022 return was filed, the auditor made several adjustments related to contribution revenue and other adjustments based on gaap. The prior year contribution was adjusted from $3,791,169 to $2,492,259, or a decrease of $1,298,910, among other book adjustments.

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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 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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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd4F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd5C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd6C
IRS990ScheduleD/RevenueNotReportedAmt05952610
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04055470
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueSecuritiesAmt07174769
IRS990ScheduleD/TotalExpensesPerForm990Amt04076467
IRS990ScheduleD/TotalLiabilityAmt05178581
IRS990ScheduleD/TotalRevenuePerForm990Amt04055470
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt010008080
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04076467
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/EmployeeCnt00
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/OfficesCnt00
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTotalExpendituresAmt03605673
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/RegionTxt0SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL,
IRS990ScheduleF/AccountActivitiesOutsideUSGrp/TypeOfActivitiesConductedTxt0GRANTS TO RECIPIENTS LOCATED IN REGION
IRS990ScheduleF/BoycottCountriesInd00
IRS990ScheduleF/ContinuationSpentAmt00
IRS990ScheduleF/ContinuationTotalEmployeeCnt00
IRS990ScheduleF/ContinuationTotalOfficeCnt00
IRS990ScheduleF/ForeignCorpOwnershipInd00
IRS990ScheduleF/ForeignPartnershipInd01
IRS990ScheduleF/GrantRecordsMaintainedInd01
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/CashGrantAmt03605673
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/MannerOfCashDisbursementTxt0WIRE TRANSFER
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/NonCashAssistanceAmt00
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt0EDUCATION SUPPORT
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt0SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL,
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/ValuationMethodUsedDesc0FMV
IRS990ScheduleF/InterestInForeignTrustInd00
IRS990ScheduleF/PassiveForeignInvestmestCoInd00
IRS990ScheduleF/SubtotalEmployeesCnt00
IRS990ScheduleF/SubtotalOfficesCnt00
IRS990ScheduleF/SubtotalSpentAmt03605673
IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING METHOD: ACCRUAL
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, SCHEDULE F, PART I, LINE 3, ITEM 1
IRS990ScheduleF/Total501c3OrgCnt01
IRS990ScheduleF/TotalEmployeeCnt00
IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalSpentAmt03605673
IRS990ScheduleF/TransferToForeignCorpInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
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/ExplanationTxt4AFTER 2022 RETURN WAS FILED, THE AUDITOR MADE SEVERAL ADJUSTMENTS RELATED TO CONTRIBUTION REVENUE AND OTHER ADJUSTMENTS BASED ON GAAP. THE PRIOR YEAR CONTRIBUTION WAS ADJUSTED FROM $3,791,169 TO $2,492,259, OR A DECREASE OF $1,298,910, AMONG OTHER BOOK ADJUSTMENTS.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 12, LINE 8
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt022071641
IRS990/TotalAssetsEOYAmt027303457
IRS990/TotalAssetsGrp/BOYAmt022071641
IRS990/TotalAssetsGrp/EOYAmt027303457
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03965674
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0406468
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03669999
IRS990/TotalFunctionalExpensesGrp/TotalAmt04076467
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03884000
IRS990/TotalLiabilitiesEOYAmt05178581
IRS990/TotalLiabilitiesGrp/BOYAmt03884000
IRS990/TotalLiabilitiesGrp/EOYAmt05178581
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt018187641
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt022124876
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt03669999
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt089796
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04055470
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt022071641
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt027303457
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt032248
IRS990/TravelGrp/TotalAmt032248
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 51958
IRS990/USAddress/CityNm0PALO ALTO
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd094303
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.SITARE.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SHILPA SINGHAL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06503055721
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SITARE FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0SITA
ReturnHeader/Filer/EIN0825003065
ReturnHeader/Filer/PhoneNum06503055721
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 51958
ReturnHeader/Filer/USAddress/CityNm0PALO ALTO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd094303
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0941341042
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FRANK RIMERMAN & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01 EMBARCADERO CENTER SUITE 2410
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SAN FRANCISCO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd094111
ReturnHeader/PreparerPersonGrp/PhoneNum04154391144
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JASMINE D BERJIKLY
ReturnHeader/ReturnTs02024-11-15T11:55:47-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

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