Civic Intelligence

The Great Books Foundation

990 • Fiscal year 2014 • EIN 36-2182034

Jul 01, 2013 to Jun 30, 2014 • Filed on Mar 18, 2015

35 E Wacker Drive No 40060601

(312) 332-5870

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

42nd percentile

0.13x

Higher debt load relative to assets than 42% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

42nd percentile

0.14x

Higher debt load relative to revenue than 42% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Net Margin

56th percentile

4.6%

Higher net margin than 56% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

77th percentile

$199,190

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Asset Growth

63rd percentile

6.7%

Faster asset growth than 63% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Up

$7,264,948

Up $454,297 (+6.7%) from 2013

Net Assets

Up

$6,345,093

Up $520,897 (+8.9%) from 2013

Liabilities

Down

$919,855

Down $66,600 (-6.8%) from 2013

Revenue

$6,768,327

No earlier filing loaded for comparison.

Expenses

Down

$6,457,983

Down $24,997 (-0.4%) from 2013

Net Income

$310,344

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2012: $5,542,680Liabilities 2012: $762,442Net Assets 2012: $4,780,2382012Assets 2013: $6,810,651Liabilities 2013: $986,455Net Assets 2013: $5,824,1962013Assets 2014: $7,264,948Liabilities 2014: $919,855Net Assets 2014: $6,345,0932014Assets 2015: $5,446,972Liabilities 2015: $720,504Net Assets 2015: $4,726,4682015Assets 2016: $4,450,551Liabilities 2016: $769,033Net Assets 2016: $3,681,5182016Assets 2017: $4,058,796Liabilities 2017: $1,370,519Net Assets 2017: $2,688,2772017Assets 2018: $3,254,315Liabilities 2018: $1,151,155Net Assets 2018: $2,103,1602018Assets 2019: $3,008,427Liabilities 2019: $1,165,612Net Assets 2019: $1,842,8152019Assets 2020: $2,502,117Liabilities 2020: $1,575,585Net Assets 2020: $926,5322020Assets 2021: $3,063,168Liabilities 2021: $1,730,730Net Assets 2021: $1,332,4382021Assets 2022: $2,884,980Liabilities 2022: $1,836,463Net Assets 2022: $1,048,5172022Assets 2023: $2,766,330Liabilities 2023: $778,734Net Assets 2023: $1,987,5962023Assets 2024: $2,108,447Liabilities 2024: $751,179Net Assets 2024: $1,357,2682024

Highlighted filing

2014

Assets$7,264,948
Liabilities$919,855
Net Assets$6,345,093

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2012: $6,079,0082012Expenses 2013: $6,482,9802013Revenue 2014: $6,768,327Expenses 2014: $6,457,983Net Income 2014: $310,3442014Revenue 2015: $4,963,071Expenses 2015: $6,454,452Net Income 2015: -$1,491,3812015Revenue 2016: $4,407,979Expenses 2016: $5,357,545Net Income 2016: -$949,5662016Revenue 2017: $3,715,766Expenses 2017: $4,610,224Net Income 2017: -$894,4582017Revenue 2018: $3,442,267Expenses 2018: $4,033,763Net Income 2018: -$591,4962018Revenue 2019: $3,416,797Expenses 2019: $3,679,521Net Income 2019: -$262,7242019Revenue 2020: $2,425,160Expenses 2020: $3,355,593Net Income 2020: -$930,4332020Revenue 2021: $3,289,304Expenses 2021: $3,006,600Net Income 2021: $282,7042021Revenue 2022: $3,453,370Expenses 2022: $3,603,035Net Income 2022: -$149,6652022Revenue 2023: $4,423,932Expenses 2023: $3,518,488Net Income 2023: $905,4442023Revenue 2024: $2,598,890Expenses 2024: $3,243,499Net Income 2024: -$644,6092024

Highlighted filing

2014

Revenue$6,768,327
Expenses$6,457,983
Net Income$310,344
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
Mar 18, 2015
Return Version
2013v4.0
Gross Receipts
$8,796,479
Mission and Program Overview

Mission

The mission of the great books foundation is to advance the critical, reflective thinking, and social and civic engagement of readers of all ages through shared inquiry discussion of works and ideas of enduring value.

The great books foundation is a leader in close reading, critical thinking, and cooperative learning for the purpose of advancing civil discourse, civic awareness, and social justice. The foundation publishes a wide range of literature anthologies, nonfiction materials, and other classroom books that are designed to empower k-12 students to become independent readers and thinkers. Schools that integrate great books materials into their curriculum help their students improve their critical thinking, reading comprehension, writing, and speaking and listening skills. The foundation also sponsors programs in literacy and communication for underserved groups; these initiatives are an important part of the foundation's mission to serve the common good.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,192,081$3,012,385▲ $820,304
Savings and Temporary Cash Investments$550,604$1,032,715▲ $482,111
Inventories for Sale or Use$750,537$889,862▲ $139,325
Accounts Receivable$1,200,583$790,960▼ $409,623
Cash and Non-Interest-Bearing Accounts$1,297,866$516,009▼ $781,857
Prepaid Expenses and Deferred Charges$215,159$248,080▲ $32,921
Land, Buildings, and Equipment, Net$187,883$140,970▼ $46,913
Total Assets$6,810,651$7,264,948▲ $454,297
Other Assets Total$415,938$633,967▲ $218,029
Liabilities
Accounts Payable and Accrued Expenses$659,607$594,247▼ $65,360
Other Liabilities$257,184$227,476▼ $29,708
Deferred Revenue$69,664$98,132▲ $28,468
Total Liabilities$986,455$919,855▼ $66,600
Net Assets / Fund Balance
Unrestricted Net Assets$5,744,696$6,241,593▲ $496,897
Temporarily Rstr Net Assets$79,500$103,500▲ $24,000
Total Net Assets Fund Balance$5,824,196$6,345,093▲ $520,897
Total Liabilities and Net Assets / Fund Balance$6,810,651$7,264,948▲ $454,297

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$40,247$234,554$274,801
Leasehold Improvements$100,723$172,773$273,496
Other Assets Org$633,967--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mitchell GurfieldSales RepresentativeFT$82,679$116,511$199,190
George SchueppertPresident & CEO (through 8/10/14)FT$100,988$18,291$119,279
Kent SweetonDirector of Customer RelationsFT$104,330$11,128$115,458
Peter WaltonVice-president & CFOFT$71,150$14,245$85,395

Board Members and Trustees

NameTitle
James M ReumChairman
Charles Brummell JrVice-chairman
Alex J PollockDirector
Barbara BowmanDirector
Carole AmesDirector
David W CurdDirector
Donald StatlandDirector
Dr Mary Beth HerrmannDirector
FRANK D O'CONNORDirector
Glenn W McgeeDirector
Jane C HuntDirector
Kevin ConlonDirector
Marcia Wachs DamDirector
Mareile CusackDirector
Mehul PatelDirector
Paul BartonDirector
Paula DuffyDirector
Roy LipnerDirector
Sheldon SteinDirector
William LawlorDirector
James W HaughLife Director
Michael IgoeLife Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Christopher MichaelsSales & Training-$141,878
Revenue and Support

Revenue Composition

Contributions and Grants
$140,802
Program Service Revenue
$1,940,117
Investment Income
$126,326
Other Revenue
$4,561,082
All Other Contributions
$66,802
Change in Net Assets
$310,344

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,758,081
Revenue Not Reported on Financial Statements
$10,246
Revenue Not Reported on Form 990
$210,553
Total Revenue per Audited Statements
$6,968,634
Total Revenue per Form 990
$6,768,327
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,950,273
Other Expenses$2,507,710
Total Fundraising Expense$27,701
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,737,730$251,633$12,975$3,002,338
Occupancy$532,428$53,243$5,916$591,587
Travel$578,407$3,297-$581,704
Advertising$390,881--$390,881
Other Employee Benefits$324,748$29,849$1,539$356,136
Office Expenses$254,293$25,429$2,825$282,547
Current Officers, Directors, Trustees, and Key Employees$91,003$158,086$1,947$251,036
Payroll Taxes$204,589$18,804$970$224,363
Fees for Services Other$88,708$38,831-$127,539
Pension Plan Contributions$105,895$10,048$457$116,400
Information Technology$96,453$9,645$1,072$107,170
Other Expenses$72,875$27,009-$72,875
Depreciation Depletion$43,731$4,325-$48,056
Insurance$40,905$4,545-$45,450
Conferences and Meetings$38,991$3,351-$42,342
Fees for Services Accounting-$37,800-$37,800
All Other Expenses$8,116$2,700-$10,816
Fees for Service Investment Mgmnt Fees-$10,246-$10,246
Fees for Services Legal-$1,873-$1,873
Total Functional Expenses$5,739,568$690,714$27,701$6,457,983

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$6,457,983
Expenses per Audited Statements$6,447,737
Total Expenses per Audited Statements$6,447,737
Expenses Not Reported on Financial Statements$10,246
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$18,679

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificTeacher TrainingTeacher Training00$18,679
East Asia and the PacificProgram Service RevenueSales of Inventory and Training Course Revenue00-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent Abatement$227,476
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

The board retains the services of an independent cpa firm to prepare the organization's form 990. The board appointed audit committee has at least three (3) members who meet the for profit test of having qualified financial experience. The audit committee reviews the audit and the tax return and reports to the board. Copies of the audit and tax return are provided to the board members.

Form 990, Part VI, Section B, Line 12C

Annually, the board members are required to submit a signed conflict of interest form to the chairman of the audit committee. The chairman reviews the forms and refers any stated conflicts to the audit committee. Upon disclosure of an actual or possible conflict of interest, disclosure shall be made in writing to the chairman of the audit committee of the board of directors and to the president of the foundation. The audit committee shall maintain a permanent record of all conflict of interest disclosures. Following full disclosure of a possible conflict of interest, including any condition listed above, the audit committee shall consider whether a conflict of interest exists. The committee may authorize or reject the conflicting condition or take any other action deemed necessary. A director involved in the conflicting situation may not take part in the committee's deliberations or participate in the vote. However, the person with the potential conflict may be present to provide clarifying information unless objected to by any present director.

Form 990, Part VI, Section B, Line 15

Compensation for all employees, including the president, is approved by the board within the annual budget. The president's salary, when established and adjusted, would be compared to local salary surveys of nfp organizations of similar size and of educational administrators of small to medium districts or colleges. A separate approval by the board is made for any payments to the employees' retirement plan.

Form 990, Part VI, Section C, Line 19

The foundation indicates on its web site that copies of the 990 and other relevant documents are available, upon request, from the foundation.

Filing and Contact Details

Filer

EIN
36-2182034
Phone
3123325870

Signing Officer

Name
Joseph Coulson
Title
Chief Executive Officer
Phone
3123325870
Signed
2015-03-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Coulson
Formed
1947
Legal Domicile
Il
Voting Board Members
23
Independent Board Members
22
Employees
58
Volunteers
22

Preparer

Preparer
Kimberly a Haumann
Phone
3122071040
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the foundation and recognize a tax liability if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by the foundation, and has concluded that as of june 30, 2014 and 2013, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to 2011.

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IRS990/ActivityOrMissionDesc0THE GREAT BOOKS FOUNDATION IS A LEADER IN CLOSE READING, CRITICAL THINKING, AND COOPERATIVE LEARNING FOR THE PURPOSE OF ADVANCING CIVIL DISCOURSE, CIVIC AWARENESS, AND SOCIAL JUSTICE. THE FOUNDATION PUBLISHES A WIDE RANGE OF LITERATURE ANTHOLOGIES, NONFICTION MATERIALS, AND OTHER CLASSROOM BOOKS THAT ARE DESIGNED TO EMPOWER K-12 STUDENTS TO BECOME INDEPENDENT READERS AND THINKERS. SCHOOLS THAT INTEGRATE GREAT BOOKS MATERIALS INTO THEIR CURRICULUM HELP THEIR STUDENTS IMPROVE THEIR CRITICAL THINKING, READING COMPREHENSION, WRITING, AND SPEAKING AND LISTENING SKILLS. THE FOUNDATION ALSO SPONSORS PROGRAMS IN LITERACY AND COMMUNICATION FOR UNDERSERVED GROUPS; THESE INITIATIVES ARE AN IMPORTANT PART OF THE FOUNDATION'S MISSION TO SERVE THE COMMON GOOD.
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