Great Minds

“On january 1, 2017, great minds entered into a bill of sale, assignment and assumption agreement with great minds llc, which is a disregarded entity of great minds. The agreement transferred certain operating activities, including the marketing, selling and implementation of all the current and future products of great minds, to great minds llc. Additionally, great minds transferred inventory, tangible property and transferable contract rights as outlined in the agreement to great minds llc. The transfer did not include some intellectual property, nontransferable insurance plans or the line of credit”

“The audit and finance committee review and approve a draft of the 990. The governing body is provided with a copy of the 990 via electronic transmittal prior to submission.”

“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 commitees 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: a. 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. B. 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.”

“The process for determining the excecutive director's compensation as well as other key members of management includes the use of comparable data, compensation committee deliberations and recommendations, board approval and documentation in board minutes. The compensation committee is a subset of the members of the board of directors. The executive director's as well as the director's 2017 compensation was based on an assessment by an independent consultant from pearl meyer.”

“The organization makes its governing documents and conflict of interest policy available upon request.”