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 executive director derives all but $64k of reported compensation from great minds pbc (a subsidiary of the organization) for work that he and his company does expressly and exclusively for that pbc under separate contract. In 2022 there were no management staff employed by the organization. The management was performed by the voluntary chair of the board and consultants that worked on a fractional basis.”

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

“In january 2023, the organization changed its name to the ibis group.”

“The organization began grant making activities.”

“The organization did not report or pay the section 4960 excise tax. The former executive director was not compensated by the organization during 2022. The former executive director is compensated by great minds pbc, the organization's 75%-owned taxable subsidiary, for her service as that company's chief executive officer. She provided no services to the organization during 2022. 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).”

“Equity loss on great minds pbc operations -4,005,972. Equity adjustment to investment in great minds pbc 72,683,939.”