Consumer Reports Inc.

“Consumers information: consumer reports publishes and disseminates information and advice to consumers regarding topics such as consumer goods, services, health and personal finance in order to effect its educational purpose. The number of paid subscribers for each as of 5/31/20 include consumer reports magazine 3,103,981; consumer reports on health 554,405; and cr online 2,820,039. Consumer reports does not accept outside advertising in any of its publications. In addition, consumer reports disseminates consumer information through other print, radio, television, electronic publishing and interactive media. Product information: consumer reports conducts independent and impartial tests and analyses on a wide range of consumer products and services, such as electronics, appliances, household products, insurance, recreational goods, and cars. The tests and surveys evaluate how the products and services perform and educate consumers on the extent to which they are convenient, safe, and economical. During the fiscal year ended 5/31/20, consumer reports conducted tests and evaluations on more than 1,900 models of various consumer products, making use of about 60 laboratories and its auto track. The information gathered as a result of these tests is disseminated to the general public as described above.”

“Education and advocacy programs: consumer reports is dedicated to improving the lives of consumers and creating a fair and just marketplace. We are an independent nonprofit organization with 6 million members that seeks to inform and empower consumers to establish a new era of consumer rights. For more than 80 years, we have built a legacy of trust among consumers by conducting expert rigorous science-based testing of products and services, incentivizing corporations to prioritize safety and transparency, and helping policymakers enshrine the rights and interests of consumers in laws and regulations. We provide trusted information through testing, ratings, and reviews; surveys, reports and analysis; and investigative and service journalism - all of which is disseminated through multiple digital and print platforms that reach more than 15 million people each month. The public can access substantial free consumer education information as a public service through cr.org, social media, webinars, partnerships with 170 english and spanish local tv stations, and media coverage. These combined efforts leverage consumer demand to push the marketplace, and we engage directly with industry to set standards and promote safety, digital rights, financial fairness and sustainability principles in the design and delivery of products and services. Consumer reports' longstanding commitment to educating consumers and advocating for laws, policies and practices that benefit consumers is exemplified by our fy 20 (june 1, 2019 through may 31, 2020) accomplishments, some of which include: covid-19: - helping people stay safe, stay informed during the pandemic as the coronavirus started to spread in the u.s., consumer reports marshaled its resources to deliver daily, evidence-based reporting and advice, free of charge. Cr has published hundreds of free online stories and social media items, plus monthly print stories, to help people navigate the pandemic. Cr topics range from choosing a mask to safeguarding a home, from managing your finances to identifying misinformation on social media. There have been more than 15.6 million unique visitors to cr's free online content about coronavirus. A single story -- "common household products that can destroy novel coronavirus" -- has gotten more than 4 million unique visits, cr's most-visited online story ever. - advocating for financial relief for consumers in addition to cr's reporting and advice to help consumers protect themselves, we are advocating for the millions of americans who have been impacted by the devastating economic effects of covid-19. Cr is actively urging companies and governments to provide relief for people who have lost jobs, face a mountain of bills, and must manage enormous health and financial challenges during the pandemic. We pressed lenders to provide clarity and assurances for people needing loan forbearance. We urged congress to approve coronavirus relief legislation, while we continue to push for stronger measures as cases continue to climb. Cr is advocating for making broadband internet service more available, reliable and affordable as many people must work and learn from home. We are petitioning governors and congress to call for a stop to water shutoffs for people struggling financially. Cr is helping consumers get refunds for cancelled airline flights, and calling on the u.s. Department of transportation to establish rules for airline safety. Digital rights: - launching the cr digital lab at the beginning of fy20, cr announced the creation of the digital lab, a major new initiative to expand cr's work on consumer digital rights, privacy, and security. The digital lab is developing new ways for cr to test and report on digital products and services, from smart tvs and banking apps to online platforms like facebook and amazon. The digital lab also seeks to promote greater competition, accountability, and transparency among the biggest tech companies. A new york times story a”

“President signed it into law. It goes into effect in december 2020 and represents a big step forward to promote fair and transparent pricing. - pressing for airline ticketing reforms cr has been pressing airlines and government officials to help consumers who purchased plane tickets, but could not fly to their destinations due to coronavirus restrictions, cancellations, and concerns. Cr found that consumers were not only being denied refunds for flights that they chose to cancel; some airlines were making it difficult for consumers to get refunds for flights that the airlines themselves cancelled, which the law requires airlines to do. Cr delivered more than 112,000 petition signatures to urge airlines to provide full refunds, not vouchers, for affected customers, and we hosted webinars to give people advice for how to effectively contact their airlines and request refunds. The u.s. Department of transportation has seen a spike in consumer complaints about airline refunds, many of them from cr members, and we continue to call on the agency to take action to help consumers. - advancing student borrower rights in california cr co-sponsored a bill in the california state legislature to establish the nation's strongest protections for consumers with education debt. The bill advanced in fy20 and was signed into law in fy21. The student borrower bill of rights aims to protect borrowers from loan servicing abuses that can make debts grow more costly and trigger defaults. The law puts standards in place to ensure student loan companies treat california consumers fairly by acting in their' best interests. The law is a model for other states to hold student loan servicers accountable when they mismanage student accounts or engage in predatory practices. - helping establish a new consumer watchdog in california cr worked closely with california consumers and state policymakers to advance legislation to strengthen the state's ability to stop unfair, deceptive, and abusive financial protections. The california state measure takes the state's existing financial regulator and transforms it into a more robust watchdog with broader authority and more resources to help consumers. The new watchdog is called the california department of financial protection and innovation, and its mission is to serve consumers by overseeing financial services, promoting fair and honest business practices, and stopping fraud and abuse in the marketplace. The measure was advanced by the california state legislature in fy20 and signed into law as part of the state budget in fy21. Safety: - raising the standards for furniture safety to help save lives about every 20 minutes in the u.s., a piece of furniture, appliance or tv tips over and injures someone. Since 2000, at least 210 people -- mostly children age 6 and younger -- have been killed when dressers and other clothes-storage furniture fell on them. Cr is working with the parents of child victims to educate people about the danger of furniture tip overs and advocate for safe furniture. Cr testing has shown that it is possible for companies to manufacture and sell stable, secure dressers across a variety of price points. In new york state, cr worked with families to help pass a law to raise the bar for furniture safety and require retailers to sell tip-resistant devices, like wall anchors, for certain furniture. The new law is called harper's law, named for a three-year-old girl who died tragically in a tipover incident. At the national level, cr is working with members of congress from both parties to advance a bill called the sturdy act, which would create national standards for dresser stability. The u.s. House approved the sturdy act in fy20, and we continue to press the u.s. Senate to advance it. - removing infant inclined sleepers from the marketplace in fy19 cr published an in-depth investigation into child deaths linked to infant inclined sleepers, such as the fisher-price rock 'n play sleeper. In fy19 an”

“Form 990, part vi, line 11 the 990 is prepared utilizing the assistance of an independent accounting firm, kpmg. The related services from kpmg are approved by the audit committee as part of the audit approval process. After the 990 is prepared by cr finance department with coordination with kpmg, it is reviewed by the controller and cfo before it is reviewed and approved by the audit committee. A copy of the 990 is then provided to the board of directors prior to its filing. Conflict of interest compliance process form 990, part vi, line 12c consumer reports' board of directors and staff members are required to fill out and sign a disclosure of interest statement and attestation of compliance each year. Board members' forms are reviewed by a committee of the board; staff members' forms are reviewed by an outside independent reviewer. Any conflicts will be addressed with the applicable board or staff member, with unresolved conflicts addressed by the appropriate conflict of interest committee. Remedies for conflicts of interest include recusal from participation in the matter giving rise to the conflict, disposing of an investment, termination of employment or resignation. Process for determining executive compensation form 990, part vi, lines 15a and 15b the governance committee of the board of directors reviews the compensation provided to cr's president and senior executive staff to ensure that they are consistent with cr's mission, are designed to attract and retain the high levels of leadership talent needed to achieve cr's operating plans, and are compliant with law. To that end, the governance committee (1) recommends to the executive committee of the board of directors compensation plans and pay levels for the president, taking into account peer group practices and any special considerations, as well as employment agreements; (2) reviews the compensation of the president and senior executive staff to ensure compliance with the irs intermediate sanction requirements; and (3) reviews and approves (a) for executives reporting directly to the president, any proposed compensation increase for the proposed compensation for any new hire and (b) for executives not reporting directly to the president, (i) any proposed compensation increase that exceeds the annual salary increase guidelines established by human resources and (ii) the proposed compensation for any new executive hire that exceeds the market median as reported in executive compensation studies conducted by a third party executive compensation consulting firm. The executive committee's recommendation on the president's compensation plans and pay levels is voted on by the full board of directors. Deliberations and decisions regarding the foregoing compensation arrangements are contemporaneously recorded in the organization's minutes. The foregoing process for establishing compensation for the indicated persons was last undertaken in april and may of 2019.”

“Form 990, part vi, line 19 consumer reports' annual financial statements are made available to the public on its website, www.consumerreports.org. Our governing documents, form 1023, and conflict of interest policy are available to the public upon request.”

“Part xi, line 9 unrealized loss interest rate swap $ (2,044,014) pension related changes $ (11,161,616) change in value of split interest agreement $ (184,000) rounding $ 1,688 ----------------- total other changes in net assets or fund balances $ (13,387,942)”