Financial Summary – 2022

Summary from tax filings: Calendar 2022 (US) and Fiscal 2022 (India)	US ($)	India (INR)
Contributions	29,776	125,000
Interest income	23	10,563
Net Income from fundraising events (does not include contributions)	0	0
Total Revenue	29,799	135,563
Project Expenses (USD: largest 3 are Ignite scholarships: $26,105; Vidyarambam supplemental education: $33,000; Turning Point: $4,900; INR: Somasundaram school: 50,000; Ignite scholarships: 49,154)	67,716	99,154
Other expenses (US: Paypal processing fees, VA registration, wire transfer fees; India: Auditor and accountant compensation, phone charges, online transfer fees)	492	13
Total Expenses	68,208	99,167
Excess for the year	(38,409)	36,396
Balance from 2021	141,945	286,885
Net assets at end of year	103,536	323,282

OPEN is registered in the US and in India. Monies raised are kept separate for tax purposes.

Fundraising for OPEN is very lumpy. We typically see the bulk of the contributions in December, coinciding with the end of the fiscal year in the US, as donors lock in their tax-deductible contributions. We also see increased fundraising in the years in which we hold our fundraising events.

We try to keep at least a year’s worth of project expenses in hand to make sure our projects go forward in lean fundraising times.

Here is a copy of our Form 990-EZ, the major filing for the US for Calendar 2022, which lists the financial details below and the major projects, and also describes non-project expenses and a computation of OPEN’s public support percentage.

Note: Projects are sometimes funded with a mix of USD and INR, so the grant amount listed on the US tax form may be lower than the grant amount listed on the Projects page.

OPEN’s financial summary for other years may be obtained through the menu on the left.