AUGUSTINE GUMA ( FOUNDER AND DIRECTOR )
Gumax Global Empowerment (GGE) is a private foundation and the philanthropy arm of Gumax International Ltd, which was established by Augustine Guma to address the lack of integrity and accountability in the world, especially in third-world countries. GumaX International Ltd diverts most of its advertising funds back to various individuals and church communities, and is looking for donors who can commit 10% of their taxable corporate revenue and any other philanthropies to support GGE’s goals.
One of GGE’s primary objectives is to provide education support for charity organizations, including financial management personnel, medical personnel, and religious leaders, as well as endowment funds to support self-sustainability investment projects. Transparency and financial accountability are paramount to non-profit organizations, and GGE is determined to ensure that donors have access to transparent financial information in a secure environment. GumaX Accounting Services and GumaCloudSystems are designed to address this need and provide authorized members instant access to all financial activities and up-to-date financial information.
By accessing GumaCloudSystem(s), individuals acknowledge that they’ve been authorized by GumaXPlus and accept responsibility for complying with company policies. Unauthorized access is strictly prohibited, and failure to comply may result in immediate restriction, suspension, or termination of the user’s GumaCloudSystem account(s). GumaX International Ltd reserves the right to amend its policies at any time with or without notice and to view, monitor, or restrict access to any information on the system as required.
Gumax Global Empowerment (GGE) – is a private foundation
“GumaX Global Empowerment is the philantrophy arm of GumaX International Ltd.”
I founded Gumax International Ltd (www.gumaxtaxresolution.com, www.gumapies.com) on which I serve as the CEO.I founded my firm for the sole purpose of lack of integrity and accountability in the world especially third world. I wanted to put together a team of God fearing, qualified professionals and we have done that and are continuing to do so. We divert most of our advertising funds back to various individuals and church communities and are looking for donors who can commit 10% of their taxable corporate revenue and any other philanthropies to:
GUMAX GLOBAL EMPOWERMENT FOR:
- Education Support:
- Educate charity organization’s financial management personnel
- Medical personnel
- Religious leaders
- Endowment funds.
Support self sustainability investment projects;
TRANSPERANCY AND FINANCIAL ACCOUNTABILITY is of the utmost importance to non-profit organizations. If your donors lose faith in your ability to control and account for finances, they lose faith in the whole organization. I have seen many charity organizations in Uganda lose funding due to corruption and lack of proper accountability and this is a global catastrophe. Gumax accounting services coupled with our GumaCloudySystems will enable organizations donors and all authorized members instant access to all financial activities and up to date financial information in a secure environment.
By accessing GumaCloudSystem(s) you acknowledge that you have been authorized by GUMAXPLUS and accept responsibility for complying with company policies. Unauthorized access is strictly prohibited. Failure to comply with these policies may result in immediate restriction, suspension or termination of your GumaCloudSystem account(s). Gumax International Ltd reserves the right to amend its policies at any time with or without notice. We reserve the right to view, monitor and record activity on the system without notice or permission. Any information obtained by monitoring, reviewing or recording is subject to review by law enforcement organizations in connection with the investigation or prosecution of possible criminal activity on the GumaCloudSystem. If you are not an authorized user of GumaCloudSystem or do not consent to continued monitoring, you should exit the system at this time.
Gumax Global Empowerment’s role is to encourage transparency and accountability and assuring Donations are distributed to the charitable organization of the Donors choice(organization must be added to our network before any distribution, and that all charitable organizations listed in the GGE meet strict eligibility requirements on an annual basis. All charity applications are reviewed either by GGE or a third party, as applicable. These applications contain the eligibility and public accountability criteria that must be met in order to participate in the GGE
These criteria are designed to ensure donors that only legitimate, accountable, and responsible charitable organizations are admitted to the GGE. These criteria include, but are not limited to, a demonstration by the applicant that it:
- is an IRS determined tax-exempt charity;
- provided to the IRS a Form 990, which is an informational tax return for non-profits;
- provided real services, benefits, assistance, or program activities; and
- has an active and responsible Board of Directors, in which a majority of its Board members serve without compensation and without a conflict of interest.
What is the role of the IRS regarding nonprofit organizations? The IRS is responsible for reviewing an organization’s application to qualify as an organization exempt from Federal taxes (a nonprofit) because of the type of activities it conducts in the interest of public welfare. The IRS also is responsible for conducting examinations of nonprofit organizations and to determine any liability for tax penalties, or revocation of tax exempt status. For more information about the IRS’s oversight of exempt organizations, visit www.irs.gov/charities/index.html.
Learning more about the Charity organization’s financial Report
Federal law requires the charity to send you a copy of its IRS Form 990 for a reasonable charge, upon request. In addition, you can request a copy of the organization’s Annual Report. Prevailing industry standards recommend that the Annual Report include:
- The organization’s mission statement,
- a summary of the past year’s program service accomplishments,
- a roster of the officers and members of the board of directors, and
- financial information that includes:
- total income in the past fiscal year;
- Expenses in the same program, fund raising and administrative categories as in
the financial statements; and
- Net assets.
Charities with annual revenue above $25,000 must file an annual information return to the IRS known as the IRS Form 990 (although some faith-based organizations are not required to file). This document can contain useful information about the organization’s program, its staff and board of directors, and its finances. To access the IRS Form 990 we recommend you search the IRS database of exempt organizations (www.irs.gov/taxstats/charitablestats/article/0, id=97186, 00.html). In addition, you may also request copies of the IRS Form 990 from the State Attorney General’s Registry of Charitable Organizations. You can reach the state office corresponding to the organization by contacting the National Association of State Charity Officials (www.nasconet.org). You may also contact the Guidestar organization and obtain online copies of the most recent IRS Form 990 and, for a fee, more detailed information on the organization: www.guidestar.org.
The vast majorities of charities participating in the GGE provide an internet address and/or telephone number. If you have trouble contacting the organization, please contact your local GGE agent or 888-99 GUMAX.
Understanding the information that is on the Charity organization’s IRS form 990
The IRS Form 990 is an informational return. It contains a wealth of information regarding the organization. The first page provides information on the revenues and expenses of the organization. The remaining pages provide details about the information on the first page, plus information regarding the organization’s management. Some examples:
- Part I, lines 13, 14, and 15 show the total amounts that the organization spent on program services; management and general; and fundraising, respectively. Part II provides detailed information regarding the types of costs incurred (e.g. payroll, telephone, etc.) for each of these categories. Part III details how much of the program costs were spent on each specific program.
- Part IV is the organization’s balance sheet. Organizations are required to show if they have made loans to certain related parties (line 50) or have received loans from certain related parties (line 63).
- Part V provides a listing of the officers, directors, and key employees along with information regarding their compensation. This section has been expanded to include information on transactions with former officers, etc. (Part V-B).
- Part VI, line 82a & b – shows the value of donated services the organization has received. This can sometimes be a substantial amount, but it is not included on Part I.
These are just a few examples of the types of information that can be obtained through the IRS Form 990. For more detailed information on the IRS Form 990, please check the IRS website: www.irs.gov.
Where else can I get information about the organizations in the GGE?
A number of organizations make available information for donors about the charities they evaluate or rate. Known as charity”watchdog”organizations, these can help donors make responsible choices when donating. However, as suggested in a recent report about the organizations and publications that rate nonprofit organizations, because approaches and criteria to rating an organization may vary, it is important that donors fully understand the information they are receiving from such ratings and rankings so they can make well-informed judgments and not be misled and/misinformed.
Following is website information for each of the leading nonprofit organization rating services:
- Better Business Bureau’s Wise Giving Alliance
- Standards of Excellence Institute
- American Institute of Philanthropy
- Charity Navigator
SERVICES/WHAT WE DO:
Gumax Global Empowerment screens all GGE participating charities against the IRS Master File of Exempt organizations to ensure that they are duly registered as 501(c) (3) charities to which donor contributions are tax deductible. In addition, all GGE charities are reviewed annually for evidence that they are providing services on a local, state, national, or international level, as well as public and financial accountability. The GGE also reviews and evaluates (if requested by donor) whether an organization uses its donations efficiently. Each individual donor may further evaluate this type of information. However, the Director of GGE has the authority to reject any organization that either has not taken corrective action in response to a sanction, or whose financial controls do not meet the required audit
SERVICES PROVIDED BY GUMAX ACCOUNTING SERVICES WOULD RESULT TO A CREDIT FOR YOUR ORGANIZATION.
We are a group of professionals providing you with all your accounting and financial planning needs all under one roof (Virtual Cloud) by a network of high integrity professionals. We are also recruiting other accounting firms or individuals with interests and qualities we are looking for to join our partnership or sub contract with GumaxCPAs-contact us for more details.
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Tax return preparers that are compensated for federal tax returns will be subject to new requirements from the IRS as of 2011.
The requirements include the following:
Registration IRS Tax Professionals PTIN system sign-up (Began in mid-September 2010)
This is required for everyone preparing tax returns
Testing (Began November 2011)
Registered tax preparers only. Attorneys, certified public accountants, and enrolled agents are exempt.
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