Consumer Reports Inc.

“Members, stockholders consumer reports is a new york state not-for-profit membership corporation. The members for new york not-for-profit law purposes are any individual with a paid membership to the consumer reports membership program. Members can elect the board of directors at the annual meeting of members; adopt, amend or repeal the by-laws of the corporation; call a special meeting of the members under certain circumstances; and exercise such other powers as are provided by law.”

“See explanation on line 6 above.”

“Form 990 review process 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 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.”

“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 current executives and 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. To ensure compliance with the irs intermediate sanctions as required and meet the conditions for the rebuttable presumption under treasury regulation 53.4958-6, the committees that determine compensation of executives are composed of members who are independent with respect to the compensation arrangements. The foregoing process for establishing compensation for the indicated persons was last undertaken in april and may of 2021.”

“Public availability of financial statements and governing documents 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.”

“Consumer 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 it's educational purpose. The number of paid subscribers for each as of 5/31/21 include consumer reports magazine 3,074,597; consumer reports on health 565,157; and cr online 2,930,279. 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 5/31/21, consumer reports conducted tests and evaluations on more than 2,100 models of various consumer products, making use of about 60 laboratories and its auto track. The information gathered as 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 for all of us. We are an independent, nonprofit organization with 6 million members across the u.s. Cr seeks to inform and empower consumers to establish a new era of consumer rights. In the 85 years since cr was founded, 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 analyses; 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, cr social media channels, webinars, partnerships with 170 english and spanish local tv stations, and media coverage. These combined efforts leverage consumer demand to shape a pro-consumer 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 21 (june 1, 2020 through may 31, 2021) accomplishments, some of which include: safety: - major new safety standard approved for infant sleep products the u.s. Consumer product safety commission (cpsc) approved a new federal rule that will ensure that products marketed or intended for infant sleep will provide a safe sleep environment for babies under 5 months old. Beginning in mid-2022, any product intended or marketed for infant sleep must meet a federal safety standards requirement that does not exist today. The rule was drafted in fy21, and finalized in the first days of fy22. This landmark rule comes after years of work by cr, pediatricians, and other safety advocates to shine a light on the dangers of infant sleep products that were manufactured without safety requirements. More than 100 infant deaths are associated with inclined sleepers, and at least 23 deaths are linked to unregulated flat sleep products, including in-bed sleepers, according to a cr analysis and data from the cpsc. The push for a safety rule was accelerated by cr's investigation of dangerous baby products, which led to the recall of 5.6 million inclined sleepers in fy19 and fy20. Cr shared findings with retailers such as amazon, buy buy baby, ebay, and walmart, which eventually agreed to halt sales of inclined sleep products in fy21. Thousands of cr members wrote the cpsc and congress in support of safety standards, and cr advocates worked with the cpsc to help shape and advance this historic rule. Cr provides consumers with free information on our website and social media channels about the dangers of these infant sleep products, as well as the expert advice provided by the american academy of pediatrics about the steps that parents and caregivers can take to help ensure safe sleep for their babies. - cr exposes pfas chemicals in tap water, works to remove pfas from water, food, and air 97.5% of tap water samples tested by cr had measurable levels of pfas, a group of compounds known as "forever chemicals" because they don't naturally break down. Pfas are linked to learning delays in children, cancer, and other health problems. These findings were part of a year-long examination of the nation's water conducted by cr and the guardian us. We selected 120 people around the nation, out of a pool of more than 6,000 volunteers, to test their tap water for pfas, arsenic, lead, and other contaminants. Their sa”

“Digital rights: - states approve laws to safeguard consumers' digital privacy three u.s. States have now passed data privacy laws, and cr helped get these measures to the governors' desks. Colorado and virginia approved laws in 2021, following the california consumer privacy act signed in 2018. These laws provide local residents with the right to access, delete, and stop the sale of their personal information, and they require consent for processing sensitive information. Cr advocates testified before the legislatures to recommend ways to give consumers more control over their privacy. Cr members in these states contacted their local legislators in support of privacy protections. The colorado and virginia laws are not as strong as california's, and cr is advocating for improvements before the two laws take effect in 2023. Cr also helped pass california's proposition 24 to close loopholes in its law. The california attorney general's office cited a cr report on how some companies were making it hard for consumers to exercise their privacy rights, as the state took actions to better enforce the law. Ultimately, cr would like to see a national privacy law that protects the data of all consumers. - cr aims to help rein in "big tech" so consumers have more choice, power in a nationally-representative survey conducted by cr in 2020, 61 percent of u.s. Consumers favored stronger government action including new laws, regulations, and enforcement to discipline the biggest tech platforms and reduce harmful conduct. This cr survey was highlighted by the u.s. House antitrust subcommittee in a major report that laid out how large online platforms have engaged in anticompetitive practices. The report detailed how four firms -- apple, amazon, facebook and google -- have, in the report's words, "delivered clear benefits to society" but their "dominance has come at a price." the report stated that these firms "wield their dominance in ways that erode entrepreneurship, degrade americans' privacy online, and undermine the vibrancy of a free and diverse press. The result is less innovation, fewer choices for consumers, and a weakened democracy." in addition to spotlighting cr's survey, the report cited comments from cr on the scope and impact of these problems. Cr is now working with members of congress to advance bipartisan bills that aim to rein in big tech companies so consumers have more choice and power online. - working for better broadband at a fair price for all consumers 76 percent of americans agreed that internet service is as important as running water and electricity, according to a 2021 cr survey. But unlike water and electricity, internet access isn't treated like an essential service in the united states. Consumer data show how the price of internet service continues to rise, while internet providers are largely unregulated, and many americans are struggling to get online because there's no affordable or reliable broadband where they live. This problem is especially serious given how the ongoing impact of the pandemic has forced millions of people to work, learn and stay in touch with others online. That's why cr launched "let's broadband together," a nationwide initiative to uncover what people are really paying and getting for their internet service, so we can find solutions for better, more affordable broadband for all of us. This effort was organized with a broad coalition of partners in fy21 and officially launched in fy22. So far, more than 50,000 consumers have participated in "lets broadband together," which includes an online tool for people to test their internet speeds and share their personal experiences with their internet providers. Cr is gathering tens of thousands of consumer bills to analyze the factors that may impact the price and availability of broadband. Cr will release its findings in fy22, and we will share the data with companies and policymakers as we advocate for policies that put consumers first. Financ”

“Climate-energy-sustainability: - cr introduces "green choice" to help consumers find clean cars and other environmentally-friendly products cr launched a new product rating called "green choice" to help shoppers find the cars, suvs, and minivans with the cleanest emissions. When people consult cr's vehicle ratings, the "green choice" leaf icon tells them which models have the lowest greenhouse gas and smog-forming emissions. The green choice rating encourages automakers to make cleaner cars, just as cr's auto reliability and owner satisfaction information helps move the industry toward producing safer, higher-quality vehicles. Cr recently expanded our green choice rating to washing machines to help people identify the most environmentally-friendly choices. - cr works for clean car standards at the state and national level cr is advocating for strong standards for cleaner cars with better fuel economy and fewer emissions, which can help consumers save money on gas and maintenance, while reducing climate pollution. In fy21 cr produced a series of studies that showed how the federal government's fuel economy and greenhouse gas standards provided significant cost savings for car buyers and health benefits for the general population. These studies showed how a 2020 government decision to roll back these standards would negatively impact consumers. Now in fy22, cr is providing testimony and analysis for a new set of government recommendations to undo the rollback and put stronger standards in place. At the state level, cr worked with local residents and grassroots groups in virginia, minnesota, and nevada to advance clean car programs. These programs establish rules and standards that make it easier for consumers to find a variety of low-emission and zero-emission vehicles at their local dealerships. Cr performed statewide surveys that showed wide consumer interest and support for clean car initiatives, and cr reached out to state officials to make the case for these programs. Virginia and minnesota officials voted to become clean car states in fy21, and we just celebrated another win as nevada became the 16th clean car state in fy22.”

“Unrealized loss interest rate swap 2,032,434. Pension related changes 11,103,200. Change in value of split interest agreement 402,000. Rounding -1,960.”