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Appendix 3

Financial Statements of
Maharishi Global
Development Fund
and Subsidiary

IMAGE appendix_3_12.gif

MAHARISHI GLOBAL DEVELOPMENT FUND AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 1999 AND 1998

1.

SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES

a. Organization - Maharishi Global Development Fund (the “Fund”) is a nonprofit corporation

organized in Delaware on August 25, 1997. The charitable activities of the Fund are:

(i) To inspire the creation of healthy housing, to conduct research on the benefits of this housing,
and thereby to inspire developers and the public throughout the world to adopt this healthy hous-

ing approach.

(ii) To establish Maharishi Vedic Centers throughout the world, constructed in accordance with

these healthy housing principles, to promote knowledge of Natural Law and improve the quality

of life everywhere.

(iii) To construct, and assist other nonprofit organizations throughout the world to construct, col

leges, schools, hospitals, health clinics, and housing for the poor, all in accordance with healthy

housing principles.

(iv) To create a permanent state of peace and harmony throughout the world through (1) training
and maintaining groups of Yogic Flyers (individuals practicing the Transcendental Meditation
and TM Sidhi program, including Yogic Flying) in every country, (2) providing facilities for these

groups that are constructed in accordance with Natural Law, and (3) supporting the establishment
of Time Zone Capitals in each of the 12 time zones throughout the world to provide facilities for
groups of Yogic flyers and to act as centers of peace and harmony, and to establish in India, the
land of the Veda, the source of the total knowledge of Natural Law, five facilities for groups of
Yogic Flyers that will generate eternal peace and harmony for the entire world.

b. Subsidiary - Maharishi Spiritual Center of America (the "Center") is a nonprofit educational organi-

zation. Its purpose is to construct and maintain a permanent residential facility to offer educational
programs. The Center amended its Articles of Incorporation on February 5, 1998 to change its pub-

lic charity status from 509(a)(1) to 509(a)(3) and is deemed a supporting foundation of the Fund.

The Center is based on 564 acres of land in North Carolina where extensive construction has taken

place according to the healthy housing principles supported by the Fund. The consolidated financial
statements include the accounts of the subsidiary organization. There were no intercompany bal-

ances and transactions.

c.

Other Entities - There are other separately incorporated entities that share common goals with the
Fund and the Center.These entities have separate boards of directors or trustees, with some common
board members with the Fund and/or the Center. However, these entities are not required to be con-

solidated with the Fund. All the transactions between the Fund or the Center and these entities are
reflected in these consolidated financial statements on an arms-length basis and are disclosed else-

where in the notes to the consolidated financial statements.

d. Basis of Presentation - The consolidated financial statements have been prepared on the accrual basis

of accounting. The activities and cash flows of the Center have been included in these consolidated

financial statements from February 5, 1998, the date that the Center was deemed to be a supporting

foundation of the Fund.

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