ISCC Press Release – October 2018

At ISCC we pride ourselves on being transparent. We believe that learning more about ISCC will help our donors feel more confident and informed. We welcome your inquiries and hope to answer your questions.

How do you send money to Mahak in Iran?
ISCC has held an OFAC license since 2008. This license is issued by the United States Department of the Treasury and authorizes ISCC to send funds to Mahak legally.
How much did you make at your 2017 Gala event?
At our tenth annual Gala in November 2017, ISCC received verbal commitments of $1 million; actual proceeds received reached $950,000.

How much of the money raised goes to Mahak?
100% of the funds raised at Gala will be sent to Mahak or placed in reserve (see explanation below). Our budget anticipates sending $1 million to Mahak in 2018 for the purchase of medicine.

What is a reserve account?
A reserve account holds funds raised in a given year to be sent to Mahak during the following year.

How fast do you send raised funds to Mahak?
Our general OFAC license permits us to send $500,000 per year to Mahak. Each year, we obtain a supplemental license in order to send the remainder of the funds raised during that year. The U.S. Department of the Treasury decides the amount of the supplemental OFAC license and we send the maximum amount permitted upon receipt of the license.

Where can I see your most recent financials?
Our financial reports are available on our website and updated on an annual basis. For further details or clarification, please contact our office.

How much of your total donation goes to Mahak versus other international organizations?
All funds raised during our annual Gala go to Mahak. Approximately 9% of net funds raised by other programs are allocated among 21 different international organizations serving children with cancer.

Did you purchase real property in 2017?
Yes, we purchased an office in August of 2017.

How did you fund the building?
A philanthropist bequeathed a large, lump-sum donation to ISCC as a part of her estate planning. By unanimous vote of the members of the Board of Directors, the gift was used to purchase office and storage space for ISCC. Additionally, the Board of Directors voted to lease a portion of the space to a third party. This rental income provides a source of revenue and future financial self-sufficiency for ISCC.

Do you file taxes every year?
Yes. ISCC has a bookkeeper who for day to day financials and a CPA for filing taxes.

Why is the 2016 tax return different from the disclosures on your website?
During a review, we noted some errors in our 2016 tax returns and we are in the process of amending the returns. The amended copy is available at our office and will be posted on the IRS website within a few months.

What are the corrections to the 2016 tax return? How did they occur?
Some of our program expenses were incorrectly reported under the administrative expense category.
The CPA that prepared our 2016 tax return experienced some medical issues ( he was suffering from Brain Cancer) that interfered with his work. We have since retained a new CPA and are in the process of making the required corrections.

Where can I get a copy of your 2017 tax return?
Our CPA is finalizing our 2017 tax return ahead of the October 15, 2017 deadline. We will make it available on our website thereafter.

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