Salah M Obeidallah NAIT Executive Director BS in corporate accounting MBA in cost accounting and taxation Life Experience Founded and managed the Islamic Center of Passaic. NJ President for ten years Founding member of three Islamic Schools, NJ Managed them on and off for close to 7 years CEO of a manufacturing company with over 100 employees CEO of Japanese Distributor, NJ
NAIT History Establish in 1973 as a Trust Organization –Waqf. Currently has 400 Properties . Pooling of Islamic Centers Resources to benefit all affiliated Centers. Islamic Centers Cooperative Fund (ICCF) Published and distribute Islamic Books to American Muslims Established Sharia compliant mutual Funds to allow average Muslim to invest in a halal manner. Provide added value service to our affiliated Centers Insurance Interest Free loans Legal Advice.
North American Islamic Trust NAIT Islamic Centers Cooperative Fund ICCF Pooling Centers Resources for the Common Good.
ICCF What is ICCF: Islamic Centers Cooperative Fund Established 40 years ago 200 Islamic Centers, Schools, Relief and Civic Organizations Has over 50 millions dollars Never lost a penny for any Investor Yield of over 5% over 38 years 2019 Yield : 8%
NAIT: Serving The Muslim Community Islamic Centers Reference List ISGH Islamic Center of North Louisiana Islamic Society of Greater Houston Contact: Ali Darrat Contact: Suhail Syed 318-255-6902 713-524-6615 Islamic Center of Cedar Rapids, MI Mosque Foundation of Chicago Contact: Hasan Igram Contact: Br. Mohamad Chehade 319-362-0857 708-430-5666 Hampton Road Mosque, VA Isalmic Center of Madison Contact: Dr. Ahmed Noor Contact: Dr. Ibrahim Saeed 804-826-7638 608-251-4668
COVID 19 CARES ACT The legislation purpose is to help American taxpayers and businesses overcome the economic difficulties resulting from the coronavirus pandemic. Key Components: Direct help to individuals Checks- Phases out at certain AGI . Adjusted Gross Income Adults $1200 **** Kids $500 IRA withdrawal of $100,000 –No 10% penalty , taxable over 3 years, can recontribute after 3 years. Waives Required Minimum Distribution for 2020. $300 above the line contribution deduction Employer can pay $5250 against student loan .. Tax free
Business – Not for Profit PPP : Paycheck Protection A- Salaries and wages B- Payroll taxes C- Utilities D - Payments to sub contractors (1099) Credit of 50% against payroll taxes :up to 10,000 – Conditioned on decline of 50% in Gross Receipts Delay of social security payments , Employer-side Social Security payroll tax payments may be delayed until January 1, 2021, with 50 percent owed on December 31, 2021 and the other half owed on December 31, 2022.
Application Do NOT Use. EIDN $10,000 Loans Up To 2M
Form To Use Page 1
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