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Money Matters ITBHU Global Alumni Association Inc.

Money Matters ITBHU Global Alumni Association Inc. Vibhore Kumar Treasurer, CSE 2002. Quick overview. The alumni association is registered as a non-profit organization in the state of New Jersey. IRS 501(c)(3) status, which means that your contributions are tax deductible

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Money Matters ITBHU Global Alumni Association Inc.

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  1. Money MattersITBHU Global Alumni Association Inc. Vibhore Kumar Treasurer, CSE 2002

  2. Quick overview • The alumni association is registered as a non-profit organization in the state of New Jersey. • IRS 501(c)(3) status, which means that your contributions are tax deductible • Organization issues receipts for contributions • Organization files tax returns with IRS • Report on contributions and expenses is published quarterly in the Chronicle

  3. Money flow & accounts • Charitable activities • Student scholarships • Publication awards • Leadership awards • Volunteer awards • Infrastructure • Expenses • Alumni website • Transaction fees • Miscellaneous office expenses • Fund raising events Wells Fargo Account Alumni Cash/Checks • Every expense has to be approved by the board • Accounts maintained online and are open for public review • Board members work as volunteers

  4. Balance sheet & tax returns

  5. India organization & account

  6. Going forward… • We expect that large contributions will start pouring in soon • Commitments from several batches • Large donors ready to step-in • Our operational costs will increase a bit • Need to think of creating an endowment fund • Accounts will have to be managed professionally • It will be easier to deploy funds once IIT (BHU) has FCRA clearance

  7. Questions? • If not then please proceed this link: http://giving.iitbhuglobal.org/

  8. Q&A

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