Ibis Group

“Jason griffiths, an employee of great minds pbc, a related organization, oversees and performs management duties for ibis group. Jason was compensated $186,600 as an independent contractor for his services to ibis group as executive director. All other reportable compensation reported for jason griffiths represents compensation from great minds (pbc) for services rendered solely to that organization under a contract with the pbc.”

“Ibis group's form 990 is reviewed in detail by its contract chief financial officer and tax counsel. Once the review is complete, the form 990 is shared with the audit committe for review. After audit committee approval, the form 990 is presented to the board of trustees prior to filing with the internal revenue service.”

“All interested persons are subject to ibis group's conflict of interest policy. An interested person is defined as any director, principal, officer, or member of a committee with governing board delegated powers, who has direct or indirect financial interest. In connection with any actual or possible conflict of interest, an interested person discloses the existence of the financial interest and is given an opportunity to disclose all material facts to the directors and members of the committees with governing board-delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after discussion with the interested person, he/she leaves the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members decide if a conflict of interest exists. Violation of the conflicts of interest policy: if the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it informs the member of the basis for such belief and affords the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstance, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it takes appropriate disciplinary and corrective action.”

“Ibis group makes its governing documents, conflict of interest policy, and audited financial statements available to the public upon request.”

“The organization did not report or pay the section 4960 excise tax. The former executive director was not compensated by the organization during 2024. The former executive director is compensated by great minds pbc, the organization's 74.89%-owned taxable subsidiary, for her service as that company's chief executive officer. She provided no services to the organization during 2024. The organization did not reimburse the subsidiary for any time incurred. Therefore, this individual is disregarded for purposes of section 4960 due to the limited hours exception, per regs. Section 53.4960-1(d)(2)(ii).”

“Professional fees: program service expenses 368,227. Management and general expenses 0. Fundraising expenses 0. Total expenses 368,227. Consulting fees: program service expenses 1,127,740. Management and general expenses 120,600. Fundraising expenses 0. Total expenses 1,248,340.”

“The investment held by the organization in great minds pbc was 74.89% at december 31, 2024. The investment is accounted for on the equity method. Under the equity method, the organization recognized its share of earnings based on ownership percentages annually during 2024. During the year ending december 31, 2024, the organization recognized the loss of $23,292,829 which is equal to its proportional share of great minds pbc loss.”

“Equity loss on great minds pbc operations -23,292,829.”