62362TSA - Is anyone watching the money spent?
- Aug 21 6:15 AM
Every tax exempt organization in the USA is required to file an annual tax return Form 990.
The purpose of the return is to provide public access to detailed functional information which is not in the audited financial statements. This disclosure was mandated by US Congress which saw the need for public oversight since these organizations by not paying income tax in effect is subsidized by the citizens. The functional information provided includes details of compensation paid to officers (which is usually kept highly confidential) as well as how the money was spent.
Latest return of TSA shows it had a total income of $2.4 million and of this $112,498.00 was spent on fees for accounting services. This is in addition to in-house accounting expenses included in other operating expenses.
I happened to see the fees spent on accounting services by the well known non profit group - Heritage Foundation. It had income of $86.0 million and had spent only $91,506.00 for accounting services.
What shocked me was the relative very high accounting fees paid by TSA. We do not know if anyone is watching the expenses. I hope more of the money is spent for spreading theosophy than enriching the accountants.
The tax returns can be accessed at the following links and you can see for yourself the details:
HPB - "I am an old Buddhist pilgrim, wandering about the world to teach the only true religion, which is truth."