Financial Reports

In 2015, Asha for Education had an unqualified external audit using a GAAP-compliant accrual basis of accounting. Detailed financial reports of Asha, including a copy of the report by the independent auditor, can be found here.

Also, please note Asha chapters in Canada, Europe and India fundraise and disburse from both their local accounts and the U.S. account, but this statement is limited to activities in the U.S. only.

Statement of Activities

Support and RevenuesUnrestrictedTemporarily RestrictedTotal
Special event revenue$284,091$284,091
Less: Cost of Benefit to Donors($140,225)($140,225)
Loss on investments($4,548)($4,548)
Interest Income$28,314$28,314
Net assets released from restriction$147,961($147,961)
Total support and revenues$2,913,061$289,191$3,202,252
Program Services$2,956,174$2,956,174
Management and General$61,360$61,360
Total Expenses$3,046,768$3,046,768
Change in Net assets($133,707)$289,191$155,484
Net assets, beginning of year$9,006,626$105,731$9,112,357
Net assets, end of year$8,872,919$394,922$9,267,841

Income and Expense Details – Overall

The following graphs show the overall income/expenses over the last 5 years and the sources of our income. Net income from fundraisers and investments form only 5% of our total income while 95% of the income is from tax-exempt donations.

Statement of Functional Expenses

Program ServicesManagement and GeneralFundraisingTotal Expenses
Project Disbursement$2,956,174$2,956,174
Accounting Fees$21,142$21,142
Administrative Expenses$16,999$16,999
Bank Charges$19,015$19,015
Credit Card processing fees$26,935$26,935
Equipment rental$1890$1890
Legal Fees$81$81
Postage and shipping$1889$1889
Total Expenses$2,956,174$61,360$29,234$3,046,768

The following graphs show the overall distribution of expenses. Almost 97% of our funds are used to support projects in India. Administrative expenses account for only 2% of the total expenses – a majority of which is towards accounting/auditing, bank charges, insurance and registration fees for solicitation in various states of the US.

Income and Expense Details – By Chapter

The following graphs show the income and expenses, per chapter, in 2015.