Jain Digest 1994 03 Vol 10 No 01

SR No.: 527053
Original Sutra Author: N/A
Author: Federation of JAINA
Publisher: USA Federation of JAINA
Publication Year: 1994
Total Pages: 24
Language: English
Classification: Magazine, USA_Jain Digest, & USA
File Size: 9 MB

Page 34

FINANCIAL STATEMENTS (CON'T.) FEDERATION OF JAIN ASSOCIATIONS IN NORTH AMERICA NOTES TO FINANCIAL STATEMENTS - DECEMBER 31, 1991 AND 1992 1. Significant Accounting Policies: The Association maintains its books and records on a cash basis for financial reporting and tax reporting purposes. Revenue is recognized when received rather than earned and expenditures are recognized when paid rather than when the obligation is incurred. Accordingly, the Balance Sheets and Statements of Revenues Collected and Disbursements are not inconformity with generally accepted accounting principles. Income Taxes: No Provision for income taxes is required as the Association is exempt from federal and state income taxes under Section 501 (c) of the Internal Revenue Code. Depreciation: Depreciation of Fixed Assets is recorded on a straight line bases over the asset useful life. Organization: Federation of Jain Associations in North America is the umbrella organization for over 50 individual Jain centers and societies that have been established all over North America to preserve, practice and promote the principles of nonviolence (AHIMSA) and relativism (ANEKANT)--the twin pillars of the philosophy of Jainism. The fundamental premise of Jainism is that relativism and nonviolence in thought, speech and action form the foundations of civilized society and can contribute to the establishment of world peace and a human order based on dignity and respect for every individual being. 2. Cash, Savings and Temporary Cash Investments: At December 31, 1991 and 1992 Cash, Savings and Temporary Cash Investments were comprised of the following: 1991 1992 Equibank (Pittsburgh) $ 6,327 $45,531 Shearson Lehman Brothers 34,986 23,956 Hamilton Federal Savings and Loan (New York) 5,844 5,687 $47,157 $75,174 3. Grants and Allocations: 1992 Grants A. Shri Jivdaya Mandal, Rahpar, Kutch, Gujarat, India. It is a tax exempt organization and provides free food and shelter for animals. $ 1,500 B. Mundra Panjarapole, Mundra, Kurch, Gujarat, India. It is a tax exempt organization and provides free food and shelter for animals. 1,500 C. Shri Anjar Panjarapole, Anjar, Kutch, Gujarat, India. It is a tax exempt organization and provides free food and shelter for animals. 1,500 4,000 D. Shri Bhuj Panjarapole, 410 Anand Building, 82/84 Kazi Sayed Street, Bombay, India 40000, It is a tax exempt organization and provides free food and shelter for animals. 4,000 E. Shri Kutch Mandvi Panjarapole and Gaushala, 507 Veena Chambers, Clive Road, Cross Lane 4, Danabunder, Bombay, India. It is a tax exempt organization and provides free food and shelter for animals. 4,000 F. Diwaliben Mahanlal Mehta Charitable Trust, Khatau Mention, Oomer Park, 95-K, Bhulabhai Desai Road, Bombay, India 4000036. It is a tax exempt organization. Its objective is to provide free educationa, medical and social services. It also helps the victims of natural calamities. This grant was used to provide blankets for about 10,000 earthquake victims. 2,002 G. The Diving Life Society, P.O. Shivanandnager, Dist. Tehri-Garhwal, Uttar Pradesh, India 249192. It is a tax exempt organization. This grant was used to provide blankets for earthquake victims. H. Shri Bidada Sarvodaya Trust, clo Laxmichand V. Rambhia, Plot #62 Dattashram, Sir Bhalchandra Road, Road #2, Dadar, Bombay, India 75,000 400014. It is a tax exempt organization that provides free medical services to the community. It also arranges for medical services to the community. It also arranges for medical camps inIndia in which physicians (specialists in various medical fields) from USA participate to provide free medical treatment. This grant was used for such a camp. 7,500 I. Shri Bahubali Vidyapit, P.O. Bahubali, Dist. Kolhapoor, Maharashtra, India 416110. It is a tax exempt school which provides free education to the resident students. It runs a medical clinic which provides free medical services to the area residents. 2,796 J. Jain Vishva Bharati, P.O. Ladnu, Rajasthan, India 341306. It is a tax exempt school which provides free education Jainism and related research facilities K. Shivram Srikandath, Ohio University, OH. A scholarship was given to Shivram Srikandath for his Ph.D. in Jainism. 1,000 Total Grants and Allocations $104,798 32 JAIN DIGEST For Private & Personal Use Only MARCH 1994