Great Minds

“Jason griffiths, an employee of great minds pbc, a related organization, oversees and performs management duties for ibis group. Jason was compensated $88,000 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.”

“The ibis group's governing body is provided with a copy of the form 990 for its review 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 2023. 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 2023. 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).”

“The investment held by the organization in great minds pbc was 75% at december 31, 2023. 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 duirng 2023. During the year ending december 31, 2023, the organization recognized the loss of $28,531,457 which is equal to its proportional share of great minds pbc loss.”

“Equity loss on great minds pbc operations -28,531,456.”