Avasant Foundation
- Assets
- $541.2k
- Revenue
- $371.6k
- Investments
- $0.0
- Employees
- 0
- Location
- El Segundo, CA
- Founding
- 06/2014
- Data as of
- 12/2022
- EIN
- 46-0691011
Organization Overview
Avasant Foundation is located in El Segundo, CA. The organization was established in 2014. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., 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. Avasant Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Avasant Foundation generated $371.6k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.9% each year . All expenses for the organization totaled $331.1k during the year ending 12/2022. While expenses have increased by 5.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
AVASANT FOUNDATION IS A NONPROFIT CORPORATION ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE PURPOSES. AVASANT FOUNDATION SHALL BE DEDICATED TO THE NEEDS OF CHILDREN WITH A FOCUS ON POVERTY REDUCTION, EDUCATION, AND EMPLOYMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OVERALL ACHIEVEMENTS IN 2022:IMPACTED 45,000 LIVES2400 GRADUATES THROUGH THE FOUNDATION'S SKILLS TRAINING OVER 100 LEADING EMPLOYERS SUPPORT AF'S IMPACT SOURCING INITIATIVES OVER 12 COUNTRIES WITH PARTICIPATION IN LAC, AFRICAN AND SUB CONTINENT AND SE ASIA 100% DIVERSITY AND INCLUSION 95% OF GRADUTES SECURED EMPLOYMENT 70% FEMALE PARTICIPATION
IN 2022, AF CONTINUED ITS TRAINING BOTH IN GUYANA AND THE BAHAMAS. IN GUYANA, THE FOUNDATION, IN PARTNERSHIP WITH THE UNIVERSITY OF GUYANA, GRADUATED ANOTHER 100 STUDENTS AND ALSO INTRODUCED ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING.IN THE BAHAMAS, THE FOUNDATION, IN PARTNERSHIP WITH THE UNIVERSITY OF THE BAHAMAS, CONTINUES TO DELIVER DIGITAL SKILLS TRAINING FOR THE UNDER-EMPLOYED AND UNEMPLOYED AS WE DEVELOP AND EQUIP THE WORKFORCE WITH DIGITAL SKILLS. THE FOUNDATION GRADUATED 92 CANDIDATES.IN USA REGION, THE FOUNDATION, IN PARTNERSHIP WITH SUNY COBBLESKILLS COLLEGE, IS IN DISCUSSION TO OFFER DIGITAL SKILLS TRAINING FOR VULNERABLE YOUTHS IN THE SE AND NE CORRIDOR.IN TRINIDAD AND TOBAGO, THE FOUNDATION IS IN DISCUSSION TO START NEW INITIATIVES IN DIGITAL ENTREPRENEURSHIP TO SUPPORT MICRO AND SMALL BUSINESSES.
AVASANT FOUNDATION SUPPORTED STEM AND ENTREPRENEURSHIP EDUCATION FOR DISADVANTAGED YOUTH IN THE UNITED STATES AS WELL AS OTHER INITIATIVES IN PARTNERSHIP WITH NON-PROFIT ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chitra Rajeshwari Exec Director | OfficerTrustee | 20 | $0 |
Kevin Parikh President | Officer | 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 | $165,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $165,750 |
| Total Program Service Revenue | $10,416 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $195,407 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $371,573 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $140,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $171,440 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,072 |
| 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 | $331,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $541,225 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $541,225 |
| Accounts payable and accrued expenses | $10,250 |
| Grants payable | $18,426 |
| 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 | $0 |
| Other liabilities | $750 |
| Total liabilities | $29,426 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $511,799 |
| Total liabilities and net assets/fund balances | $541,225 |
Grants Awarded
Over the last fiscal year, Avasant Foundation has awarded $140,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
USC PURPOSE: TO SUPPORT THE UNIVERSITY'S MISSION. | $40,000 |
UNICEF PURPOSE: TO SUPPORT THE ORGANIZATION'S MISSION. | $100,000 |