IIT Bombay Heritage Foundation

EIN: 770428724 501(c)(3) International Affairs

Cupertino, CA

Total Revenue
$11,512,619
Total Expenses
$10,700,574
Total Assets
$13,116,156
Net Assets
$13,088,760
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Financial Trends

Organization Details

Formation Year
1996
Legal Domicile
CA
Principal Officer
SHAMRAO KATTIMANI
Phone
4082521664
Tax Period
2023-01-01 to 2023-12-31

IIT Bombay Heritage Foundation, founded in 1996, is a mid-sized nonprofit in the International Affairs sector that reported $11.5M in total revenue in fiscal year 2023. Revenue surged 191% from the prior year, signaling strong growth momentum. Expenses of $10.7M left a modest 7% surplus.

Mission

To Promote education, scientific and technological research activities at IIT Bombay

Program Service Accomplishments

Program 1
Expenses: $10,568,304 Revenue: $11,025,347

Programs Services Accomplishment include the following Grants to IIT Bombay from the IIT Bombay Heritage Foundation in 2023SCHOLARSHIPS, EXCELLENCE AWARDS & CHAIRSOve 700 continuing Endowed...

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Programs Services Accomplishment include the following Grants to IIT Bombay from the IIT Bombay Heritage Foundation in 2023SCHOLARSHIPS, EXCELLENCE AWARDS & CHAIRSOve 700 continuing Endowed Scholarships as well as numerous Chair Professorships were awarded in 2023.80 new Scholarship awards were made to students in various departments.A grant was made to support the to Financial Aid Program (FAP) at IIT BombayA grant was made to support 8 Student Scholarships for the new Centre for Technology Alternatives for Rural Areas (CTARA) Master of Rural Development program students at IITB under Prof. Satish Agnihotris projectA grant was made towards the creation of the IDC Chair Professorship at IIT BombayA grant was made towards the creation of the Dr. K.V. Ramachandran Chair for Statistics and Mathematics at IIT Bombay A grant was made towards the Women Faculty Chair ProfessorshipA grant was made towards the Vijay & Sita Vashee Chair in Computer Science Dept.A grant was made towards the Sinha's Chair ProfessorshipA grant was made towards the Shashidhar Thakur ChairA grant was made towards the DMD ChairA grant was made towards the Dr. D.T. Manwani Chair in Electric VehiclesA grant was made towards the Inani Chair in Semiconductor TechnologyA grant was made to support the Chaitan Khosla AwardA grant was made to support the Dr. Manu Akula Memorial Award for Academic Excellence in CTaM at IIT Bombay.A grant was made to support the creation of the Dr. P.R. Sharadamani Chemistry Chair Professorship.A grant was made to support the Kanitkar Merit Award(s) in the Department of Civil Engineering at IITB for academic year 2023-24A grant was made to support Prof. S. C. Sahasrabudhe (SCS) Teaching Excellence Award at IIT BombayA grant was made towards creation of the Vinaya and Samir Kapoor Competition & Awards for ACcelerating Climate Energy & Sustainability Solutions (ACCESS) at IIT BombayA grant was made to support the Corpus of the Dr P K Patwardhan Technology Development Award at IITBA grant was made to support the To support the Center for Systems Software Education and Research (Prof. Umesh Bellur) at IIT BombayFACULTY AND STUDENT DEVELOPMENT GRANTS A grant was made to support the Healthcare discovery and research at IIT BombayA grant was made to support the Young Faculty Awards (YFA)A grant was made to the class of 1970 Reunion Legacy to support the creation of TRA Project (TRA)A grant was made to support the Good Manufacturing Practices (GMP) Lab in the Biosciences and Bioengineering Department (BSBE) for translational research.A grant was made to support the project conducted by Prof. Srinivasan Ramakrishnan from the Chemistry department at IITB.A grant was made towards the Student Wellness/developmentA grant was made towards the Women Empowerment at IIT BombayA grant was made towards the Retired Faculty Wellness Fund (RFWF)A grant was made towards the Post-doctoral research fellowship for research around Traditional Indian Knowledge Systems at IIT BombayA grant was made towards IT Training to teachers and students of 100 schools in IndiaFACILITIES, EQUIPMENT AND INFRASTRUCTURE DEVELOPMENT GRANTA grant was made to support the Construction of New Building for HUBA grant was made to the Wadhwani Research Center for Bioengineering (WRCB) Phase II at IITBA grant was made to the Wadhwani Electronics Lab (WEL) at IITBA grant was made to support the Lab ModernizationA grant was made towards the MBF Technovation Sandbox Program at IIT BombayA grant was made to support the Center for Machine Intelligence and Data Science, at IIT Bombay (CMInDS)A grant was made to support the Desai Sethi School of Entrepreneurship (DSSE) at IIT BombayA grant was made to support the Development of Research HUBA grant was made to the High-Speed Flow Diagnostic Lab in the Aerospace Engineering Dept. at IITBA grant was made from the Maker Bhavan Foundation funds to support the Invention Factory Project at IIT Bombay.A grant was made to support the Alumni-led Hostel Reconstruction Project Evergreen at IIT BombayA grant was made to support the enhancement other hostels infrastructure at IIT Bombay A grant was made to support the Integrated Waste Management Facility Project at IIT Bombay Campus.A grant was made towards the purchase of lab chairs in the Physics Department at IIT BombaySupport to the Class of 1973 Golden Jubilee Reunion Legacy Project at IIT BombaySupport to the Class of 1994 Silver Jubilee Reunion Legacy Project at IIT BombaySupport to the Class of 1995 Silver Jubilee Reunion Legacy Project at IIT BombaySupport to the Class of 1997 Silver Jubilee Reunion Legacy Project at IIT BombayWEB BASED SERVICESIn addition to the above grants, IIT Bombay Heritage Foundation provides the following services:Alumni Chapter Activities which include Professional, Networking and Social Events. Alumni web portal www.iitbombay.org which is feature rich. It provides a platform for alumni to interact individually and as a group. The new alumni portal allows alumni to connect with IITB related social media platforms. Facebook, Twitter and LinkedIn newsfeeds and links are provided on the platform.Google administered @iitbombay.org mailboxes.Chat Rooms, Bulletin Boards, Jobs Board, and Alumni Needs section on Alumni Portal.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $10,959,824
Program Service Revenue $56,476
Investment Income $496,319
Other Revenue $0
TOTAL REVENUE $11,512,619

Expense Breakdown

Grants Paid $10,441,011
Salaries & Benefits $0
Fundraising Expenses $98,420
Program Expenses $10,568,304
Other Expenses $259,563
TOTAL EXPENSES $10,700,574

Year-over-Year Comparison

2023 2022 Change
Revenue $11,512,619 $3,951,115 +1.9%
Expenses $10,700,574 $2,895,699 +2.7%
Net Income $812,045 $1,055,416 -0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
25
Independent Members
N/A
Employees
N/A
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$0
Total Directors
25
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Parag Saxena Chairman 1.00
Officer Director
$0 $0 $0
VINAY KARLE President 7.00
Officer Director
$0 $0 $0
Sreedhar Kona Vice President 5.00
Officer Director
$0 $0 $0
shamrao Kattimani Treasurer 7.00
Officer Director
$0 $0 $0
Ankur Manake Vice- treasurer 5.00
Officer Director
$0 $0 $0
Prof Anurag Mairal Director 1.00
Director
$0 $0 $0
Vinaya Kapoor Director 1.00
Director
$0 $0 $0
Yogesh Kher Director 1.00
Director
$0 $0 $0
Prof Ravindra Gudi Director 1.00
Director
$0 $0 $0
Prof Shireesh Kedare Director 1.00
Director
$0 $0 $0
Apoorva Koticha Director 1.00
Director
$0 $0 $0
Balaji Srinivasan Director 1.00
Director
$0 $0 $0
Beerud Sheth Director 1.00
Director
$0 $0 $0
DC Agrawal Director 1.00
Director
$0 $0 $0
Gagan Singh Director 1.00
Director
$0 $0 $0
Harsh Koppula Director 1.00
Director
$0 $0 $0
Kashyap Deorah Director 1.00
Director
$0 $0 $0
Parul Gupta Director 1.00
Director
$0 $0 $0
Radhika Venkatraman Director 1.00
Director
$0 $0 $0
SHIVANI GOVIL Director 1.00
Director
$0 $0 $0
Sunil Shenoy Director 1.00
Director
$0 $0 $0
Sunita Parasuraman Director 1.00
Director
$0 $0 $0
Suresh Shenoy Director 1.00
Director
$0 $0 $0
Toos Daruvala Director 1.00
Director
$0 $0 $0
Upal Ghosh Director 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $11,512,619 $10,700,574 $13,116,156 $812,045
2022 $3,951,115 $2,895,699 $12,314,331 $1,055,416
2021 $5,508,477 $3,790,722 $11,247,779 $1,717,755
2020 $3,212,734 $2,628,830 $9,385,229 $583,904
2019 $2,157,269 $2,304,840 $8,803,363 $-147,571
2018 $5,440,119 $2,476,737 $8,946,605 $2,963,382
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