Civic Intelligence

Ashesi University Foundation Canada

EIN 98-1726846 • 501(c)3 • Toronto, Ontario, CA

Profile

The foundation's mission is to provide assistance to students to attend post-secondary education institutions and awards to post-secondary students and graduates to encourage academic excellence in africa.

507 King Street East 320Toronto, Ontario M5A1M3CA

www.ashesi.org/ABOUT/FOUNDATION-CANADA

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$264,288,730

Up $17,840,720 (+7.2%) from 2022

Liabilities

Down

$34,144

Down $22,441 (-40%) from 2022

Net Assets

Up

$264,254,586

Up $17,863,161 (+7.2%) from 2022

Operations

Revenue

Down

$5,803,889

Down $187,990,358 (-97%) from 2022

Expenses

Up

$6,317,258

Up $5,607,098 (+790%) from 2022

Net Income

Down

-$513,369

Down $193,597,456 (-100%) from 2022

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300M$200M$100M$0Assets 2022: $246,448,010Liabilities 2022: $56,585Net Assets 2022: $246,391,4252022Assets 2023: $264,288,730Liabilities 2023: $34,144Net Assets 2023: $264,254,5862023

Highlighted filing

2023

Assets$264,288,730
Liabilities$34,144
Net Assets$264,254,586
Open 2023 Filing

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$150M$100M$50M$0-$50MRevenue 2022: $193,794,247Expenses 2022: $710,160Net Income 2022: $193,084,0872022Revenue 2023: $5,803,889Expenses 2023: $6,317,258Net Income 2023: -$513,3692023

Highlighted filing

2023

Revenue$5,803,889
Expenses$6,317,258
Net Income-$513,369
Open 2023 Filing

Filings

Most recent year

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

Open filing
Assets
$264,288,730
Liabilities
$34,144
Net assets
$264,254,586
Revenue
$5,803,889
Expenses
$6,317,258
Net income
-$513,369
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$264$0.03$264$5.80$6.32$0.51
2022Detailed filing. Detailed filing data is available for this year.$246$0.06$246$194$0.71$193
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 12, 2024
Return Version
2023v5.1
Gross Receipts
$5,803,889
Mission and Program Overview

Mission

The foundation's mission is to provide assistance to students to attend post-secondary education institutions and awards to post-secondary students and graduates to encourage academic excellence in africa.

The foundation was engaged in planning its educational activities, including conference and workshops on post-secondary education in africa, and scholarships for post-secondary students in africa. The foundation initiated its first series of scholarships to post-secondary students in africa this year.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$246,391,425$264,254,586▲ $17,863,161
Investments Other Securities$246,325,157$263,383,240▲ $17,058,083
Cash and Non-Interest-Bearing Accounts$117,326$896,173▲ $778,847
Prepaid Expenses and Deferred Charges-$1,290-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$246,448,010$264,288,730▲ $17,840,720
Other Assets Total$5,527$8,027▲ $2,500
Liabilities
Accounts Payable and Accrued Expenses$31,877$27,308▼ $4,569
Other Liabilities$24,708$6,836▼ $17,872
Total Liabilities$56,585$34,144▼ $22,441
Net Assets / Fund Balance
Total Net Assets Fund Balance$246,391,425$264,254,586▲ $17,863,161
Total Liabilities and Net Assets / Fund Balance$246,448,010$264,288,730▲ $17,840,720

Asset Categories

AssetBook ValueDepreciationBasis
Financial Derivatives$263,383,240--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$246,391,425$0▲ $18,757,552$-5,053,064$269,617,730
2022$66,510,237$193,904,290▼ $13,312,942-$246,391,425
2021-$67,320,702▼ $803,271-$66,510,237
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Meredith LeeExecutive DirectorFT$115,581-$115,581
Christopher GloverDirectorFT$101,504-$101,504
Patrick AwuahBoard Chair--$100,000$100,000

Board Members and Trustees

NameTitle
Mateko AzuBoard Director
Paul FieguthBoard Director
Emer DooleyBoard Secretary
Aissatou DiajhateDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$5,803,889
Other Revenue
$0
Change in Net Assets
$-513,369

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,803,889
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$12,951,385
Total Revenue per Audited Statements
$18,755,274
Total Revenue per Form 990
$5,803,889
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$5,429,550
Other Expenses$730,074
Salaries, Compensation, and Employee Benefits$157,634
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$5,429,550--$5,429,550
Fees for Service Investment Mgmnt Fees-$584,311-$584,311
Comp Disqual Persons-$157,634-$157,634
Office Expenses-$77,548-$77,548
Fees for Services Other-$68,215-$68,215
Total Functional Expenses$5,429,550$887,708$0$6,317,258

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,317,258
Total Expenses per Audited Statements$6,317,258
Total Expenses per Form 990$6,317,258
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$0

International Compliance

Foreign grant records maintained
No
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Party$6,836
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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

“The form 990 need to be aproved by the board of directors before it was filed.”

Form 990, Part VI, Section C, Line 19

“The foundation is classified as a private charitable foundation as defined in paragraph 149.1(1) of the income tax act (canada)[the "act"] and, therefore, is required to provided audit report available for public inspection annually.”

Filing and Contact Details

Filer

Filer Name
Ashesi University Foundation Canada
EIN
98-1726846
Phone
6474822325
Address
CA

Signing Officer

Name
Meredith Lee
Title
Executive Director
Signed
2024-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Meredith Lee
Formed
2020
Voting Board Members
1
Independent Board Members
1
Employees
0
Volunteers
0

Preparer

Firm
Dntw Toronto Llp
Address
CA
Preparer
Randeep Chana
Phone
4166382000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Foreign exchange rate difference 4,709,365.”

FORM 990, PART XII, LINE 1:

“The foundation follows the restricted fund method of accounting for contributions.”

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Loss on foreign exchange -715,780.”

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IRS990ScheduleF/GrantRecordsMaintainedInd00
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/CashGrantAmt05429550
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/NonCashAssistanceAmt00
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/PurposeOfGrantTxt0SCHOLARSHIPS TO POST-SECONDARY STUDENTS IN AFRICA.
IRS990ScheduleF/GrantsToOrgOutsideUSGrp/RegionTxt0SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO,
IRS990ScheduleF/InterestInForeignTrustInd00
IRS990ScheduleF/PassiveForeignInvestmestCoInd00
IRS990ScheduleF/SubtotalEmployeesCnt00
IRS990ScheduleF/SubtotalOfficesCnt00
IRS990ScheduleF/SubtotalSpentAmt00
IRS990ScheduleF/TotalEmployeeCnt00
IRS990ScheduleF/TotalOfficeCnt00
IRS990ScheduleF/TotalSpentAmt00
IRS990ScheduleF/TransferToForeignCorpInd00
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 NEED TO BE APROVED BY THE BOARD OF DIRECTORS BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FOUNDATION IS CLASSIFIED AS A PRIVATE CHARITABLE FOUNDATION AS DEFINED IN PARAGRAPH 149.1(1) OF THE INCOME TAX ACT (CANADA)[THE "ACT"] AND, THEREFORE, IS REQUIRED TO PROVIDED AUDIT REPORT AVAILABLE FOR PUBLIC INSPECTION ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FOREIGN EXCHANGE RATE DIFFERENCE 4,709,365.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION FOLLOWS THE RESTRICTED FUND METHOD OF ACCOUNTING FOR CONTRIBUTIONS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 1:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0ASHESHI UNIVERSITY FOUNDATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1ASHESHI UNIVERSITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0911997089
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1FOREIGN NON PROFIT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/AddressLine1Txt01 UNIVERSITY AVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/CityNm0BEREKUSO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/CountryCd0GH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ForeignAddress/ProvinceOrStateNm0ACCRA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileForeignCountryCd0GH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0WA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0TO PROVIDE SUPPORT FOR EDUCATIONAL OPPORTUNITIES IN GHANA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1UNIVERSITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01201 3RD AVE 2200
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0SEATTLE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0WA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd098101
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0246448010
IRS990/TotalAssetsEOYAmt0264288730
IRS990/TotalAssetsGrp/BOYAmt0246448010
IRS990/TotalAssetsGrp/EOYAmt0264288730
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0887708
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt05429550
IRS990/TotalFunctionalExpensesGrp/TotalAmt06317258
IRS990/TotalGrossUBIAmt05803889
IRS990/TotalLiabilitiesBOYAmt056585
IRS990/TotalLiabilitiesEOYAmt034144
IRS990/TotalLiabilitiesGrp/BOYAmt056585
IRS990/TotalLiabilitiesGrp/EOYAmt034144
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0246391425
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0264254586
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt05429550
IRS990/TotalReportableCompFromOrgAmt0217085
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt05803889
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt05803889
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0246448010
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0264288730
IRS990/TotReportableCompRltdOrgAmt0100000
IRS990/TransactionWithControlEntInd00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt01
IRS990/VotingMembersIndependentCnt01
IRS990/WebsiteAddressTxt0HTTPS://WWW.ASHESI.ORG/ABOUT/FOUNDATION-CANADA/
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/ForeignPhoneNum06472987058
ReturnHeader/BusinessOfficerGrp/PersonNm0MEREDITH LEE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ASHESI UNIVERSITY FOUNDATION CANADA
ReturnHeader/Filer/BusinessNameControlTxt0ASHE
ReturnHeader/Filer/EIN0981726846
ReturnHeader/Filer/ForeignAddress/AddressLine1Txt0507 KING STREET EAST 320
ReturnHeader/Filer/ForeignAddress/CityNm0TORONTO
ReturnHeader/Filer/ForeignAddress/CountryCd0CA

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