Lotus Foundation
- Assets
- $3.3m
- Revenue
- $92.2k
- Investments
- $3.2m
- Employees
- 0
- Location
- San Jose, CA
- Founding
- 07/2013
- Data as of
- 12/2022
- EIN
- 32-0373352
Organization Overview
Lotus Foundation is located in San Jose, CA. The organization was established in 2013. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lotus 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, Lotus Foundation generated $92.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.0%) each year. All expenses for the organization totaled $216.8k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY RELIGIOUS ADMINISTRATION AND SUPPORT.
PRAKASH AND PARESH TRAVELED TO INDIA. THEY VISITED THE SCHOOL AND SPOKE WITH THE ADMINISTRATION. THEY OBTAINED A LIST OF STUDENTS, THEIR NEEDS, AND DECIDED TO DONATE TOWARDS THEIR SCHOOLING EXPENSES (SUPPLIES, BOOKS, FEES, AND HOUSING).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paresh Patel Trustee | 5 | $60,000 | |
Prakash Patel Trustee | 5 | $60,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $496 |
| Dividends & Interest | $91,688 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $92,184 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $120,000 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $12,078 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $270 |
| Total operating and administrative expenses | $216,786 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $216,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,182 |
| Savings and temporary cash investments | $91,628 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $3,291,199 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Lotus Foundation has awarded $52,816 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
BAPS PURPOSE: EQUIPMENT FOR TEMPLE IN SACRAMENTO CA | $5,023 |
BAPS CHARITIES PURPOSE: ANNUAL WALKATHON | $500 |
BEN KLEVMOEN PURPOSE: HOUSING COST FOR STUDENT | $6,500 |
JERRY BARR PURPOSE: COLLEGE BOOKS | $1,027 |
MONROE COLLEGE PURPOSE: SCHOLARSHIP | $7,787 |
MANAKAMANA EDUCATION CENTER PURPOSE: SCHOLARSHIP | $685 |