2024-11-15T06:21:26-08:00 2023-12-31 132696850 Gruber Palumberi Raffaele Fried CPAs PC 7 Penn Plaza Suite 310 New York NY 10001 990 2023-01-01 571147865 THE ABANA FOUNDATION INC ABAN 2125993030 420 LEXINGTON AVENUE 835 NEW YORK NY 10170 KHALID AZIM President 2024-11-15 true true M CARLINE LOGERIE CPA P01387821 2125860800 2023 2024-10-15 13:58:12Z KHALID AZIM 420 LEXINGTON AVENUE 835 NEW YORK NY 10170 1464484 false X www.abana.co/about/the-abana-foundation X 2002 DE TO promote the advancement of education and social equity, through scholarship and mentorship directed at students with heritage (or demonstrated interest/experience) in MENA regions. 21 21 0 0 1346113 0 32028 -159754 1218387 0 0 0 0 37458 105455 105455 1112932 1130864 17932 1112932 TO promote the advancement of education and social equity, through scholarship and mentorship directed at students with heritage (or demonstrated interest/experience) in MENA regions. false false 5000 The John Mack ABANA FellowshipIn 2023, its first year of operation, The Foundation created and executed its first Legacy Award dinner to recognize leaders who, over the course of their careers have made an extraordinary impact on the finance and investment industry and positively influenced the U.S. Arab and Middle Eastern Community. The goal of the event was to raise funding for The Foundations programs. In honor of the first Legacy Award recipient, The Foundation created The John Mack ABANA Fellowship program with the goal of providing funding and professional development to MBA students with interest or heritage in the MENA (Middle East/North Africa) Region. For its first year, the Foundation elected to choose five fellows, who would receive $15,000 grant each. This amount is per school year. The fellows will also be assigned a mentor from ABANA, Inc.s extensive network of finance leaders. And finally, they will take part in an exclusive summit in New York City in 2025 during which they will meet with and learn from top industry leaders. The foundation began accepting applications in 2023 and will begin disbursing the funds for this fellowship in 2024. 5000 true true false false false false false false false false false false false false true true true false false false false false false false true false false false false false false false false false false false false false false false false false false true false true false true 0 0 false 0 false false false false false false false 0 false false false false false false false X 21 21 false false false false false false false true true false false true true true true true true false false false NY X THE ORGANIZATION 2125993030 420 LEXINGTON AVENUE SUITE 835 NEW YORK NY 10170 X Amr Nosseir Chairman 8.00 0.00 X X 0 0 0 Joud Abdel Majeid Treasurer 3.00 0.00 X X 0 0 0 Hamza Fassi-Fehri Vice Chair 3.00 0.00 X X 0 0 0 Ferris Hussein Vice Chair 3.00 0.00 X X 0 0 0 Karim Baghdady Treasurer 5.00 0.00 X X 0 0 0 Marwan Azzi Secretary 3.00 0.00 X X 0 0 0 Amal Moussa Director 2.00 0.00 X 0 0 0 Carolyn S Weimer Director 2.00 0.00 X 0 0 0 Hania Dawood Director 2.00 0.00 X 0 0 0 Heather Ibrahim-Leathers Director 0.00 0.00 X 0 0 0 Laura Osman Director 2.00 0.00 X 0 0 0 Lotfi Karoui Director 2.00 0.00 X 0 0 0 Marwan Elaraby Director 2.00 0.00 X 0 0 0 May Nasrallah Director 2.00 0.00 X 0 0 0 Mona Al-Saffy Director 2.00 0.00 X 0 0 0 Nicolas J Kahale Director 2.00 0.00 X 0 0 0 Ola El-Shawarby Director 2.00 0.00 X 0 0 0 Omar Jabri Director 2.00 0.00 X 0 0 0 Thana Al-Mufarrej Director 2.00 0.00 X 0 0 0 Zubaid Ahmad Director 2.00 0.00 X 0 0 0 KHALID AZIM President 13.00 0.00 X 0 0 0 0 false false false 0 175275 1170838 24593 1346113 0 31185 31185 0 0 0 25436 24593 843 843 843 61750 175275 221504 -159754 0 0 0 1218387 32028 0 0 0 0 0 0 0 0 0 0 5000 5000 55487 55487 0 0 0 0 6807 5000 1807 730 730 26 26 0 0 0 265 265 0 0 0 0 0 912 912 Printing and Publications 22862 22862 MERCHANT PROCESSING FEES 7573 7573 Postage and Shipping 4147 4147 SUBSCRIPTIONS 1159 1159 487 413 74 105455 5000 62997 37458 9636 0 0 0 0 0 0 0 0 0 1105757 0 0 0 15471 0 1130864 5510 12422 0 17932 X 422182 690750 0 1112932 0 1130864 1112932 X false true X true false X 1346113 1346113 0 0 1346113 1346113 0 1346113 31185 31185 0 -158911 -158911 1218387 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED DUE FROM AFFILIATE 12422 12422 X 1579253 360866 360866 1218387 1218387 466321 360866 360866 105455 105455 Part X : FIN48 Footnote The Foundation is exempt from income tax under Internal Revenue Code (IRC) 501(c)(3), although it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the IRC Code. The Foundation currently has processes in place to ensure the maintenance of its tax-exempt status. These include identifying and reporting unrelated income when applicable as well as determining and meeting its filing and tax obligations in jurisdictions in which it operates, and to identify and evaluate other matters that may be considered tax positions. The Foundation has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. The Foundations federal and state tax returns Returns of Organizations Exempt from Income Tax are subject to examination by the federal and state taxing authorities generally for three years after being filed. Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 IN-KIND OPERATIONAL AND PAYROLL COSTS $139362 DIRECT SPECIAL EVENT EXPENSES $221504 Part XII, Line 2d: Other expenses and losses per audited F/S IN-KIND OPERATIONAL AND PAYROLL COSTS $139362 DIRECT SPECIAL EVENT EXPENSES $221504 false THE LEGACY AWARD DINNER 237025 175275 61750 133898 87606 237025 175275 61750 133898 87606 221504 -159754 Form 990, Part VI, Section B, Line 11b The 990 will be reviewed by the President before it is filed. Form 990, Part VI, Section B, Line 12c Directors annually review and sign conflict of interest statements. In the event of potential conflict, the interested person shall leave a meeting during discussion of, and vote on the transaction involving the possible conflict; the chair may appoint a disinterested investigator; the board determines if a more advantageous agreement can be found with a disinterested party. Form 990, Part VI, Section C, Line 19 ABANA FOUNDATION makes its governing Documents, conflict of interest policy and financial information available to the public upon request. ABANA INC 420 LEXINGTON AVENUE NEW YORK NY 10170 133183002 HOST EDUCATIONAL EVENTS FOR MEMBERS NY 501(C)(6) N/A N/A false false false false false false false false false false false false false false true true false false false false ABANA INC n 20736 ESTIMATION ABANA INC o 118626 ESTIMATION PART V, LINE 2, COLUMN C -AMOUNT INVOLVED THE AMOUNTS INVOLVED WERE ESTIMATED AMOUNTS AND THE ABANA FOUNDATION DID NOT REIMBURSE ABANA, INC. FOR THESE ESTIMATED COSTS. THEY WERE DEEMED TO BE DONATED COSTS BY BOTH ENTITIES.