Great Minds

“The governing body reviews and approves a draft of the 990. The governing body is provided with a copy of the 990 via electronic transmittal prior to submission of the form to the irs.”

“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.”

“The former executive director was not compensated by the organization for her service as executive director. The executive director is compensated by great minds pbc, the organization's wholly owned subsidiary, for service as its chief executive officer. Compensation of key members of great minds pbc management is approved in advance by the compensation committee of great minds pbc. The compensation committee of great minds pbc obtains and relies on appropriate data as to comparability prior to making its decision, and its determination is documented in the minutes of the board of directors of great minds pbc. The compensation committee of the board of directors of great minds pbc is composed entirely of independent members of the board of directors who do not have a conflict of interest. Great minds pbc senior managements' 2020 compensation was based on an assessment by an independent consulting firm. The interim executive director is compensated by the non profit based on an assessment by an independent consulting firm.”

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

“Other professional fees: program service expenses 0. Management and general expenses 149,336. Fundraising expenses 0. Total expenses 149,336.”

“Equity loss on great minds pbc operations 4,503,304.”

“The organization did not pay the section 4960 excise tax. Instead, the tax was paid by great minds pbc, the organization's subsidiary and related organization, with respect to compensation paid by great minds pbc to employees of great minds pbc. Great minds pbc filed form 4720 reporting and paying this excise tax. Per the form 990 instructions to part v, line 15, the organization checked this box "yes" because the compensation and excise tax were paid by a related organization.”