Civic Intelligence

Ashesi University Foundation Canada

990 • Fiscal year 2022 • EIN 98-1726846

Jan 01, 2022 to Dec 31, 2022 • Filed on Dec 07, 2023

Organization ProfileWWW.ASHESI.ORG/ABOUT/FOUNDATION-CANADA
507 King Street East 320Toronto, Ontario M5A 1M3CA

(647) 482-2325

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Balance Sheet

Assets

Flat

$246,448,010

Flat from 2022

Net Assets

Flat

$246,391,425

Flat from 2022

Liabilities

Flat

$56,585

Flat from 2022

Revenue And Expenses

Revenue

Flat

$193,794,247

Flat from 2022

Expenses

Flat

$710,160

Flat from 2022

Net Income

Flat

$193,084,087

Flat from 2022

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2022: $246,448,010Liabilities 2022: $56,585Net Assets 2022: $246,391,4252022Assets 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

2022

Assets$246,448,010
Liabilities$56,585
Net Assets$246,391,425
Open 2022 Filing

Operations Trend

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

$200M$150M$100M$50M$0-$50MRevenue 2022: $193,794,247Expenses 2022: $710,160Net Income 2022: $193,084,0872022Revenue 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

2022

Revenue$193,794,247
Expenses$710,160
Net Income$193,084,087
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Dec 7, 2023
Return Version
2022v5.0
Gross Receipts
$194,820,508
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$66,510,237$246,391,425▲ $179,881,188
Investments Other Securities$66,368,383$246,325,157▲ $179,956,774
Cash and Non-Interest-Bearing Accounts$148,902$117,326▼ $31,576
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$66,517,285$246,448,010▲ $179,930,725
Other Assets Total$0$5,527▲ $5,527
Liabilities
Accounts Payable and Accrued Expenses$7,048$31,877▲ $24,829
Other Liabilities$0$24,708▲ $24,708
Total Liabilities$7,048$56,585▲ $49,537
Net Assets / Fund Balance
Total Net Assets Fund Balance$66,510,237$246,391,425▲ $179,881,188
Total Liabilities and Net Assets / Fund Balance$66,517,285$246,448,010▲ $179,930,725

Asset Categories

AssetBook ValueDepreciationBasis
Financial Derivatives$246,325,157--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$66,510,237$193,904,290▼ $13,312,942$0$246,391,425
2021$0$67,320,702▼ $803,271-$66,510,237
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Meredith LeeExecutive DirectorFT$115,269$12,295$127,564
Patrick AwuahBoard Chair--$100,000$100,000

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$193,904,290
Program Service Revenue
$0
Investment Income
$-110,043
Other Revenue
$0
Change in Net Assets
$193,084,087

Audited Revenue Reconciliation

Revenue per Audited Statements
$193,794,247
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-1,982,560
Total Revenue per Audited Statements
$191,811,687
Total Revenue per Form 990
$193,794,247
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$359,321
Grants and Similar Amounts Paid$312,971
Salaries, Compensation, and Employee Benefits$37,868
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$312,971--$312,971
Fees for Service Investment Mgmnt Fees-$224,157-$224,157
Fees for Services Other-$82,468-$82,468
Office Expenses-$52,696-$52,696
Comp Disqual Persons-$37,868-$37,868
Total Functional Expenses$312,971$397,189$0$710,160

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$710,160
Total Expenses per Audited Statements$710,160
Total Expenses per Form 990$710,160
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$24,708
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
2023-12-07
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 IX, Line 11G

“Professional and consulting fees: program service expenses 0. Management and general expenses 82,468. Fundraising expenses 0. Total expenses 82,468.”

FORM 990, PART XI, LINE 9:

“Foreign exchange rate difference -11,936,323.”

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 -715,984.”

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IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0PART III ACCOUNTING METHOD:
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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/ExplanationTxt2PROFESSIONAL AND CONSULTING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 82,468. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 82,468.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION FOLLOWS THE RESTRICTED FUND METHOD OF ACCOUNTING FOR CONTRIBUTIONS.
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ReasonableCauseExplanation/ExplanationTxt0ASHESHI UNIVERSITY FOUNDATION CANADA INC. IS A CANADIAN NOT FOR PROFIT ORGANIZATION. IT RECEIVED A K-1 IN 2022 FOR SOME PASSIVE INVESTMENTS IT HOLDS IN THE UNITED STATES. ASHESHI FOUNDATION IS A CANADIAN CHARITY EXEMPT FROM ANY US TAXATION UNDER ARTICLE XXI, PARAGRAPH 4 OF THE CANADA US INCOME TAX TREATY. EARLIER IN THE YEAR, THE FOUNDATION CONSULTED WITH US REGARDING ANY COMPLIANCE REQUIREMENT, AND WE SUGGESTED FILING A TREATY BASED TAX RETURN. THE FOUNDATION'S MANAGEMENT APPLIED FOR THE EIN NUMBER OVER THE PHONE IN MARCH 2023. REGRETTABLY, DUE TO A MISCOMMUNICATION OR OVERSIGHT DURING THE APPLICATION PROCESS, THE DIRECTOR CANNOT RECALL IF THE AGENT CONFIRMED THE CORRECT YEAR END FOR THE FOUNDATION DURING THAT CONVERSATION.UPON REALIZING THE APPROACHING DEADLINE, THE FOUNDATION FILED FORM 8868 ON MAY 8, 2023, IN A DILIGENT EFFORT TO REQUEST ADDITIONAL TIME TO FILE THE 2022 INFORMATION RETURN. HOWEVER, TO OUR DISMAY, THE REQUEST WAS REJECTED, CITING A DISCREPANCY BETWEEN THE ENDING DATE OF THE FOUNDATION AS PROVIDED AND THE DATA IN THE E-FILING DATABASE. WE WOULD LIKE TO BRING TO YOUR ATTENTION THAT, AS THE FOUNDATION APPLIED FOR THE EIN VIA PHONE, AND THE FOUNDATION DID NOT RECEIVE ANY PHYSICAL NOTICE THROUGH MAIL REGARDING THE EIN ISSUANCE (NOT SURE IF A NOTICE WAS ACTUALLY SENT OUT OR LOST DURING THE INTERNATIONAL MAILING) AND THEREFORE LACK CONFIRMATION OF THE DATE THAT THE IRS DATABASE CONTAINS.DESPITE THESE CHALLENGES, THE FOUNDATION IS ACTIVELY GATHERING ALL NECESSARY INFORMATION AND IS COMMITTED TO PREPARING THE ACCURATE INFORMATION RETURN AS EXPEDITIOUSLY AS POSSIBLE. TO PROVIDE A DETAILED EXPLANATION FOR THE DELAY, WE PAPER-FILED THE TAX RETURN IN AUGUST 2023, ATTACHING A COVER LETTER EXPLAINING THE CIRCUMSTANCES AND INCLUDING THE REJECTION NOTICE FOR OUR REQUEST FOR AN EXTENSION OF TIME.UNFORTUNATELY, THE PAPER-FILED PACKAGE WAS RECENTLY RETURNED TO THE FOUNDATION. GIVEN THIS DEVELOPMENT, WE UNDERSTAND THE IMPERATIVE TO FILE THE TAX RETURN ELECTRONICALLY, AND WE ARE UNDERTAKING IMMEDIATE ACTION TO COMPLY WITH THIS REQUIREMENT.WE SINCERELY APOLOGIZE FOR ANY INCONVENIENCE CAUSED BY THE INITIAL PAPER FILING AND APPRECIATE YOUR UNDERSTANDING IN THIS MATTER. IN LIGHT OF THE CIRCUMSTANCES OUTLINED ABOVE, WE EARNESTLY REQUEST YOUR CONSIDERATION IN WAIVING THE LATE FILING PENALTY FOR OUR FOUNDATION'S INFORMATION RETURN. WE FIRMLY BELIEVE THAT THE DELAYS WERE UNINTENTIONAL AND WERE A RESULT OF PROCEDURAL ISSUES DURING THE EIN APPLICATION PROCESS.THANK YOU FOR YOUR TIME AND ATTENTION TO THIS MATTER. WE KINDLY ASK FOR YOUR UNDERSTANDING AND REQUEST THAT YOU REVIEW OUR SITUATION FAVORABLY BY GRANTING THE WAIVER OF THE LATE FILING PENALTY. WE ARE COMMITTED TO ENSURING TIMELY COMPLIANCE WITH ALL IRS REGULATIONS MOVING FORWARD.SHOULD YOU REQUIRE ANY ADDITIONAL INFORMATION OR DOCUMENTATION FROM OUR END, PLEASE DO NOT HESITATE TO CONTACT ME AT [email protected] OR 416-638-2000 EXT. 230.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$246,448,010
Liabilities
$56,585
Net assets
$246,391,425
Revenue
$193,794,247
Expenses
$710,160
Net income
$193,084,087
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
2022Detailed filing. Detailed filing data is available for this year.$246$0.06$246$194$0.71$193