Pearl Initiative Inc
- Assets
- $1.9m
- Revenue
- $936.9k
- Investments
- $0.0
- Employees
- 7
- Location
- Scarsdale, NY
- Founding
- 07/2013
- Data as of
- 12/2023
- EIN
- 45-4442459
Organization Overview
Pearl Initiative Inc is located in Scarsdale, NY. The organization was established in 2013. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Pearl Initiative Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pearl Initiative Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Pearl Initiative Inc generated $936.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PEARL INITIATIVE IS AN ASSOCIATION OF PERSONS HAVING A COMMON BUSINESS INTEREST IN TRADE BETWEEN THE UNITED STATES AND THE ARABIAN GULF REGION AND WITHIN THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PEARL INITIATIVE (PI) IS THE GULF REGIONS LEADING INDEPENDENT, PRIVATE SECTOR-LED NON-PROFIT ORGANISATION WORKING TO IMPROVE CORPORATE ACCOUNTABILITY AND TRANSPARENCY ACROSS A NUMBER OF THEMES, INCLUDING ANTI-CORRUPTION BEST PRACTICES, DIVERSITY IN BUSINESS LEADERSHIP, GOVERNANCE IN MSMES, GOVERNANCE IN FAMILY FIRMS, GOVERNANCE IN TECH AND GOVERNANCE IN PHILANTHROPY. PI WAS ESTABLISHED IN 2010 BY REGIONAL BUSINESS LEADERS AND THE UN OFFICE FOR PARTNERSHIPS. PI IS THE FIRST PRIVATE NON-PROFIT ORGANISATION IN THE GULF REGION TO RECEIVE SPECIAL CONSULTATIVE STATUS FROM THE UNITED NATIONS ECONOMIC AND SOCIAL COUNCIL. IN 2021, PI LAUNCHED ITS UPDATED STRATEGY WITH BOLD AMBITIONS FOR EXPANSION OVER THE NEXT FEW YEARS RESULTING IN PI VISION 2025. PI RUNS PROGRAMMES FOCUSING ON GOVERNANCE-RELATED MATTERS, CONDUCTS REGIONALLY-BASED RESEARCH, CONVENES BUSINESS LEADERS, GOVERNMENT AND CIVIL SOCIETY LEADERS AND STUDENTS TO DISCUSS CHALLENGES AND OPPORTUNITIES IN IMPLEMENTING BEST PRACTICES IN THE WORKFORCE. PI ALSO RUNS WORKSHOPS AND TRAINING TO SUPPORT BUSINESS PROFESSIONALS AS THEY TAKE THE LEAD IN IMPLEMENTING CORPORATE GOVERNANCE, ACCOUNTABILITY AND TRANSPARENCY PRACTICES IN THEIR ORGANISATIONS.WITH VARIOUS REGIONAL AND INTERNATIONAL PARTNERS, PI BRINGS TOGETHER BUSINESS, POLICY AND SOCIAL SECTOR DECISION-MAKERS TO SHARE BEST PRACTICES AND HELP MAXIMISE SUSTAINABLE AND INCLUSIVE GROWTH ACROSS THE GULF REGION. PI ALSO SUPPORTS GULF-BASED UNIVERSITY STUDENTS TO IDENTIFY AND EMBRACE STRONG ETHICS AND INTEGRITY AS THEY EMBARK ON THEIR FUTURE CAREERS.FOR MORE INFORMATION, PLEASE VISIT WWW.PEARLINITIATIVE.ORG AND FOLLOW / SUBSCRIBE TO PIS FACEBOOK, TWITTER, LINKEDIN, AND YOUTUBE CHANNELS BY USING THE FOLLOWING HANDLE @PEARLINITIATIVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pankaj Khatri Head Of Busines | Officer | 40 | $114,364 |
Abdullah Sweileh Director | Trustee | 0.5 | $0 |
Mathad Alajmi Director | Trustee | 0.5 | $0 |
Sheikha Intisar Al Sabah Director | Trustee | 0.5 | $0 |
Pervez Akhtar Director | Trustee | 0.5 | $0 |
Amir Dossal Executive Comm. | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $381,706 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $381,706 |
| Total Program Service Revenue | $475,000 |
| Investment income | $80,163 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $936,869 |
| 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 | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $118,380 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $766,260 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $53,120 |
| Advertising and promotion | $0 |
| Office expenses | $81,467 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,079 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,139,629 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,793,755 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $60,000 |
| 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 | $2,144 |
| Net Land, buildings, and equipment | $5,955 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $59,836 |
| Total assets | $1,921,690 |
| Accounts payable and accrued expenses | $181,017 |
| Grants payable | $0 |
| Deferred revenue | $87,727 |
| 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 | $0 |
| Other liabilities | $37,640 |
| Total liabilities | $306,384 |
| Net assets without donor restrictions | -$72,622 |
| Net assets with donor restrictions | $1,687,928 |
| 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 | $1,921,690 |