Dakshana Foundation
- Assets
- $11.8m
- Revenue
- -$1.4m
- Investments
- $0.0
- Employees
- 1
- Location
- Austin, TX
- Founding
- 07/2018
- Data as of
- 12/2022
- EIN
- 20-2861633
Organization Overview
Dakshana Foundation is located in Austin, TX. The organization was established in 2018. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakshana Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION IS A PHILANTHROPIC FOUNDATION FOCUSED ON ALLEVIATING POVERTY. IT IS FOCUSED ON PROVIDING WORLD-CLASS EDUCATIONAL OPPORTUNITIES TO ECONOMICALLY AND SOCIALLY DISADVANTAGED GIFTED CHILDREN FROM IMPOVERISHED RURAL BACKGROUNDS IN INDIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DAKSHANAS SPECIFIC PURPOSE IS TO IDENTIFY DESTITUTE BUT INTELLECTUALLY GIFTED ORPHANS AND UNDERPRIVILEGED CHILDREN IN INDIA. THE FOUNDATION WILL BUILD RESIDENTIAL SCHOOL(S) IN INDIA AND SENDING THESE GIFTED ORPHANS TO THESE SCHOOLS. DAKSHANA WILL PAY FOR ALL TUITION AND LIVING EXPENSES THROUGH GRADE 12 FOR ALL SUCH SELECTED DAKSHANA SCHOLARS.THE FOUNDATION WILL ALSO FORM A PARTNERSHIP WITH LEADING STUDENT LOAN LENDERS. AFTERHIGH SCHOOL, DAKSHANA WILL, IF REQUIRED, CO-SIGN STUDENT LOANS FOR ALL DAKSHANA SCHOLARS TO ATTEND ANY ACCREDITED UNIVERSITY ON A COMBINATION OF SCHOLARSHIPS AND LOANS.THE FOUNDATION HOPES TO BUILD A VERY DEEP RELATIONSHIP WITH THE DAKSHANA SCHOLARSTHROUGHOUT THEIR ENTIRE LIVES. DAKSHANA WILL IMPOSE NO LEGAL OBLIGATION ON THE SCHOLARS BUT CLEARLY OUTLINE A MORAL OBLIGATION TO GIVE BACK 10% OF LIFETIME EARNINGS TO THE FOUNDATION SO THAT MORE SCHOLARS CAN BE SUPPORTED BY THE FOUNDATION. THE FOUNDATIONS VISION IS THAT THE SCHOLARS OF TODAY WILL EVENTUALLY SPONSOR A SCHOLAR IN THE FUTURE. THIS WILL ULTIMATELY RESULT IN PRODUCTION OF MORE DAKSHANA SCHOLARS EVERY YEAR.IN INDIA, EVERY YEAR, LESS THAN 2,000 GIFTED SCHOLARS GRADUATED FROM THE INDIAN INSTITUTE OF TECHNOLOGY, ONE OF THE LEADING SCHOOLS IN INDIA. BUT THESE SMALL NUMBERS HAVE CREATED A SIZABLE IMPACT ON THE COUNTRYS ECONOMY. STARTING WITH ONE SCHOLAR IN 2006, DAKSHANA ENVISIONS SUPPORTING HUNDREDS OF NEW SCHOLARS EACH YEAR AFTER TWO OR THREE DECADES WITH THE SOURCE OF FUNDING EVENTUALLY COMING FROM THE BENEFICIARIES OF YESTERDAY.THE FOUNDATION WILL ENCOURAGE DONORS TO SUPPORT A SPECIFIC SCHOLAR FOR A YEAR OR TWO OR THROUGH THE ENTIRE PROGRAM. THIS WILL PROVIDE AN OPPORTUNITY FOR THE DONOR TO SEE THE IMPACT OF THEIR DONATIONS ON AN ORPHANS LIFE. UNDER DAKSHANAS SUPERVISION, SUCH DONORS CAN FOSTER A NURTURING PARENT-LIKE RELATIONSHIP WITH THE SCHOLAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monsoon Pabrai Director | Trustee | 8 | $25,000 |
Mohnish Pabrai Chairman | Trustee | 8 | $0 |
Fahad Missmar CFO | Trustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,000 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $483,288 |
| Noncash contributions included in lines 1a–1f | $2,450 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $484,288 |
| Total Program Service Revenue | $0 |
| Investment income | $168,876 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,158,035 |
| Net Income from Fundraising Events | $75,429 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$1,429,442 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $1,146,310 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $25,000 |
| Compensation of current officers, directors, key employees. | $25,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $350 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,242 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,893 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,866 |
| Advertising and promotion | $114,139 |
| Office expenses | $49,358 |
| Information technology | $14,791 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $19,722 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,757 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $877 |
| All other expenses | $0 |
| Total functional expenses | $1,413,032 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $59,166 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $5,002,566 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,731,509 |
| Total assets | $11,793,241 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $373,302 |
| Other liabilities | -$377 |
| Total liabilities | $372,925 |
| Net assets without donor restrictions | $10,130,996 |
| Net assets with donor restrictions | $1,289,320 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,793,241 |