The Prem Rawat Foundation (TPRF) is a California not-for-profit public benefit corporation created in November 2001. The Internal Revenue Service (IRS) has granted The Prem Rawat Foundation public charity status as a 501(c)3 organization for tax-exempt reporting (Form 990) and contributors’ tax deduction purposes. Financial activity is managed and reported under the generally accepted accounting principles, and the financial statements are prepared on the accrual basis of accounting and audited by an outside accounting firm annually. The tax returns for all years have been filed with the IRS and the State of California and are available for viewing at the web site www.guidestar.org.
TPRF Board of Directors Appointed by Prem Rawat himself, the TPRF Board of Directors is dedicated to the work of Preen Rawat and the Foundation. Volunteering their time to direct the activities of the Foundation, the Board of Directors provides additional support by underwriting the administrative costs of the Foundation with their personal funds, so that all donations can be used to further the dual mission of TPRF and go directly to the projects and people who are the intended beneficiaries.
Revenue
Revenue received by TPRF in 2007 totaled $2.4 million compared to $1.9 million in 2006. Support from 2,000 contributors and organizations around the world comprised $1.53 million of this amount. Contributions were received through TPRF’s Web site, www.tprf.org, and by mail: 64% from North America, 24% from Europe, and the balance from around the world. Successful Fundraising Events in December generated an additional amount over $760K. Revenue from sales of products came to $112K, and interest on invested assets was $26K.
Expenses
TPRF’s Program Expenses in 2007, comprising 79% of the year’s revenue, included Humanitarian Initiatives ($935K or 38%) and efforts to further the message of Prem Rawat ($984K or 41%). The accompanying chart shows the allocation of these program expenses by area. Fundraising and General & Administrative expenses accounted for 6% and 7% respectively.
The Grants for Humanitarian Initiatives in 2007 include both actual disbursements and pledges ($565K) made which are being disbursed in 2008. The 2007 Grants were made to qualified, benefiting organizations meeting immediate disaster relief and ongoing regional needs in China, Taiwan, Thailand, Cambodia, India, Indonesia, the Philippines, Australia, Mozambique, Argentina, Peru, Mexico, and the United States. Materials were created and produced in 2007 to further the message of Prem Rawat across various mediums: print magazines, an online newsletter, DVDs, CDs, and webcasts; and speaking engagements for Prem Rawat were arranged in forums around the world.
Notes:
The Foundation’s Cash and Equivalents consist of interest-bearing deposits of highly liquid investments with original maturities in less than 90 days and are carried at costs which approximate fair value. The merchandise inventory consists of printed materials, DVDs, CDs, and related items. Inventories are stated at the lower of cost or market determined on a first-in, first-out basis. Furniture and equipment consists primarily of technology assets and media kits used to disseminate the message of Prem Rawat. These assets have a value in excess of $1,000 and a term life in excess of one year.
Net Assets include unrestricted and restricted assets. Restricted assets are subject to donor-imposed stipulations that will be met by actions of the Foundation (i.e. contributions for humanitarian initiatives). At December 31, 2007, the Foundation was not holding any restricted net assets. The Foundation uses Functional Expense Reporting to show its expense activities between Program Expenses, Support Expenses, and Fundraising Expenses.
Program: Activities to support humanitarian initiatives and activities performed by the Foundation which promote and disseminate the speeches, writings, music, and art of Prem Rawat; and also support public forums.
Management and General: All costs not identifiable with a single program or fundraising activity that are important to the conduct of such programs and activities and the Foundation’s existence. This includes business management, general record keeping, financial reporting, legal services, and activities related to these functions, such as supplies, equipment, and other general overhead.
Fundraising: Activities performed by the Foundation to generate funds and/or resources to support its programs.
Help support the Foundation's aims and initiatives
Board of Directors Linda H. Pascotto
Director / President
