Civic Intelligence

The Great Books Foundation

990 • Fiscal year 2017 • EIN 36-2182034

Jul 01, 2016 to Jun 30, 2017 • Filed on Mar 14, 2018

Organization ProfileWWW.GREATBOOKS.ORG

View Organization Page

233 N MICHIGAN No 420Chicago, IL 60601

(312) 332-5870

Siviq Scores

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

Liabilities / Assets

66th percentile

0.34x

Higher debt load relative to assets than 66% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

66th percentile

0.37x

Higher debt load relative to revenue than 66% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

10th percentile

-24%

Higher net margin than 10% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

61st percentile

$143,568

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 3.9% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

10th percentile

-8.8%

Faster asset growth than 10% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

14th percentile

-16%

Faster revenue growth than 14% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets66th percentile

Assets

Down

$4,058,796

Down $391,755 (-8.8%) from 2016

Net Assets

Down

$2,688,277

Down $993,241 (-27%) from 2016

Liabilities

Up

$1,370,519

Up $601,486 (+78%) from 2016

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin10th percentile

Revenue

Down

$3,715,766

Down $692,213 (-16%) from 2016

Expenses

Down

$4,610,224

Down $747,321 (-14%) from 2016

Net Income

Up

-$894,458

Up $55,108 (+5.8%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

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

2017

Assets$4,058,796
Liabilities$1,370,519
Net Assets$2,688,277
Open 2017 Filing

Operations Trend

Revenue Growth14th percentile

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

2017

Revenue$3,715,766
Expenses$4,610,224
Net Income-$894,458
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Mar 14, 2018
Return Version
2016v3.0
Gross Receipts
$6,010,298
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$449,045$962,157▲ $513,112
Inventories for Sale or Use$979,438$946,716▼ $32,722
Savings and Temporary Cash Investments$266,815$512,284▲ $245,469
Investments in Publicly Traded Securities$1,719,522$466,179▼ $1,253,343
Prepaid Expenses and Deferred Charges$214,388$328,851▲ $114,463
Cash and Non-Interest-Bearing Accounts$138,445$233,100▲ $94,655
Pledges and Grants Receivable-$85,000-
Land, Buildings, and Equipment, Net$70,732$58,225▼ $12,507
Total Assets$4,450,551$4,058,796▼ $391,755
Other Assets Total$612,166$466,284▼ $145,882
Liabilities
Other Liabilities$138,355$930,197▲ $791,842
Accounts Payable and Accrued Expenses$540,264$347,288▼ $192,976
Deferred Revenue$90,414$93,034▲ $2,620
Total Liabilities$769,033$1,370,519▲ $601,486
Net Assets / Fund Balance
Unrestricted Net Assets$3,471,598$2,527,765▼ $943,833
Temporarily Rstr Net Assets$209,920$160,512▼ $49,408
Total Net Assets Fund Balance$3,681,518$2,688,277▼ $993,241
Total Liabilities and Net Assets / Fund Balance$4,450,551$4,058,796▼ $391,755

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$30,023$281,522$311,545
Leasehold Improvements$28,202$245,294$273,496
Other Assets Org$466,284--
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph CoulsonPresident & CEOFT$142,500$1,068$143,568
Peter WaltonVice-President & CFOFT$79,137$15,108$94,245

Board Members and Trustees

NameTitle
James M ReumChairman
Charles Brummell JrVice-Chairman
Alex J PollockDirector
Barbara BowmanDirector
Carole AmesDirector
David W CurdDirector
Donald StatlandDirector
George SchueppertDirector
Kevin ConlonDirector
Marcia Wachs DamDirector
Paul BartonDirector
Paula DuffyDirector
Roy LipnerDirector
Jane C HuntDirector (Life Director as
William LawlorDirector (Life Director as
James W HaughLife Director
Michael IgoeLife Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Gurfield Management LLCSales commission1621 Collins Avenue, Miami Beach, FL 33139$131,704
Revenue and Support

Revenue Composition

Contributions and Grants
$238,508
Program Service Revenue
$866,415
Investment Income
$197,473
Other Revenue
$2,413,370
All Other Contributions
$238,508
Change in Net Assets
$-894,458

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,710,407
Revenue Not Reported on Financial Statements
$5,359
Revenue Not Reported on Form 990
$-98,783
Total Revenue per Audited Statements
$3,611,624
Total Revenue per Form 990
$3,715,766
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,659,781
Other Expenses$1,950,443
Total Fundraising Expense$135,910
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,645,148$235,881$63,078$1,944,107
Occupancy$731,912$73,191$8,132$813,235
Office Expenses$294,147$29,415$3,268$326,830
Other Employee Benefits$238,481$53,124$14,556$306,161
Current Officers, Directors, Trustees, and Key Employees$71,921$146,612$41,723$260,256
Travel$243,686$6,110-$249,796
Fees for Services Other$205,377$14,225-$219,602
Payroll Taxes$126,304$18,110$4,843$149,257
Advertising$47,801$4,000-$51,801
Insurance$36,209$4,023-$40,232
Depreciation Depletion$32,143$3,179-$35,322
Fees for Services Accounting-$34,800-$34,800
Information Technology$27,874$2,787$310$30,971
Fees for Services Legal-$22,782-$22,782
Conferences and Meetings$13,200$998-$14,198
Fees for Service Investment Mgmnt Fees-$5,359-$5,359
All Other Expenses$942$2,040-$2,982
Other Expenses$503$75,313-$503
Total Functional Expenses$3,742,365$731,949$135,910$4,610,224

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$4,610,224
Expenses per Audited Statements$4,604,866
Total Expenses per Audited Statements$4,604,866
Expenses Not Reported on Financial Statements$5,358
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$2,099

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 Pacific - AustraliaTeacher TrainingTeacher Training00$2,099
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$930,197
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 11B

“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

Filer Name
The Great Books Foundation
EIN
36-2182034
Phone
3123325870
Address
233 N MICHIGAN No 420, CHICAGO, IL 60601

Signing Officer

Name
Joseph Coulson
Title
Chief Executive Officer
Phone
3123325870
Signed
2018-03-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Coulson
Formed
1947
Legal Domicile
Il
Voting Board Members
18
Independent Board Members
17
Employees
46
Volunteers
17

Preparer

Firm
Plante & Moran Pllc
Address
10 S Riverside Plaza 9th Floor, Chicago, IL 60606
Preparer
Kimberly A Haumann
Phone
3122071040
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“The Foundation is exempt from income tax under provisions of Internal Revenue Code Section 501(c)(3). 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 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, 2017 and 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements.”

Raw XML AppendixShowing 400 of 620 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Joseph Coulson
IRS990/Form990PartVIISectionAGrp/PersonNm1James M Reum
IRS990/Form990PartVIISectionAGrp/PersonNm2Charles Brummell Jr
IRS990/Form990PartVIISectionAGrp/PersonNm3Carole Ames
IRS990/Form990PartVIISectionAGrp/PersonNm4Paul Barton
IRS990/Form990PartVIISectionAGrp/PersonNm5Barbara Bowman
IRS990/Form990PartVIISectionAGrp/PersonNm6Kevin Conlon
IRS990/Form990PartVIISectionAGrp/PersonNm7David W Curd
IRS990/Form990PartVIISectionAGrp/PersonNm8Marcia Wachs Dam
IRS990/Form990PartVIISectionAGrp/PersonNm9Paula Duffy
IRS990/Form990PartVIISectionAGrp/PersonNm10Jane C Hunt
IRS990/Form990PartVIISectionAGrp/PersonNm11William Lawlor
IRS990/Form990PartVIISectionAGrp/PersonNm12Roy Lipner
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IRS990/Form990PartVIISectionAGrp/PersonNm14George Schueppert
IRS990/Form990PartVIISectionAGrp/PersonNm15Donald Statland
IRS990/Form990PartVIISectionAGrp/PersonNm16James W Haugh
IRS990/Form990PartVIISectionAGrp/PersonNm17Michael Igoe
IRS990/Form990PartVIISectionAGrp/PersonNm18Peter Walton
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice-Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director (Life Director as
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director (Life Director as
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Life Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Life Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Vice-President & CFO
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IRS990/MissionDesc0The 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.
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IRS990/OtherExpensesGrp/Desc1TRAINING MATERIALS
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IRS990/ProgSrvcAccomActy2Grp/Desc0The Foundation's Professional Learning program provided over 3,000 educators over the past year the specialized instruction and classroom assistance in the Shared Inquiry method of learning through reading and discussion of great literature. The Foundation worked closely with schools across the country to build teachers' proficiency and integrate inquiry-based learning across the curriculum by providing customized days of on-site modeling, coaching, and consultation. The Foundation has been recognized by the National Staff Development Council as a "what works" in teacher Professional Development and assisted educators in increasing student achievement. Feedback from those who have participated in the Foundation's Professional Learning activities suggests that the Foundation played an important part in creating and sustaining vibrant learning communities for adults and students.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Great Books Discussions, the adult education division of the Great Books Foundation rebranded as Great Books Now, shares the mission of the organization as a whole: to help sustain and strengthen our democratic society by providing opportunities for learners to engage in discussions of works and ideas of enduring value and to develop the habits of mind essential to civic participation and personal fulfillment. To this end, Great Books Now supports a network of book groups nationwide; creates special initiatives for often under-served sectors of the population including veterans of the armed forces; and holds public events to engage audiences in the discussion of books and ideas. To enable these various programs, Great Books Now publishes books and other materials designed to assist in the practice of Shared Inquiry , the Great Books Foundation's unique discussion method.
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IRS990/ProgSrvcAccomActy3Grp/RevenueAmt094926
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Included in Other Programs is the Foundation's Digital Media department. The Digital Media department of the Great Books Foundation, in keeping with the Foundation's mission, offers teachers and parents online instruction in the Shared Inquiry method of learning through blended core courses or webinars on specific skills. In addition, the Digital Media department produces educational and instructional videos necessary to practice and promote Shared Inquiry . To remain relevant and successful in the 21st century, the department creates a Great Books digital experience by developing electronic publications and products, and improving digital access to content across digital platforms. This includes the Great Books Plus a digital platform that offers electronic versions of Great Books Anthologies. The department maintains and produces content for The Great Books Foundation Website which promotes awareness and provides information for the public. The department also connects with a wider audience through the use of social media. This digital experience updates and enhances the Great Books learning model and allows the Foundation to reach a wider, more diverse audience.
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,058,796
Liabilities
$1,370,519
Net assets
$2,688,277
Revenue
$3,715,766
Expenses
$4,610,224
Net income
-$894,458
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.11$0.75$1.36$2.60$3.24$0.64
2023Detailed filing. Detailed filing data is available for this year.$2.77$0.78$1.99$4.42$3.52$0.91
2022Detailed filing. Detailed filing data is available for this year.$2.88$1.84$1.05$3.45$3.60$0.15
2021Detailed filing. Detailed filing data is available for this year.$3.06$1.73$1.33$3.29$3.01$0.28
2020Detailed filing. Detailed filing data is available for this year.$2.50$1.58$0.93$2.43$3.36$0.93
2019Detailed filing. Detailed filing data is available for this year.$3.01$1.17$1.84$3.42$3.68$0.26
2018Detailed filing. Detailed filing data is available for this year.$3.25$1.15$2.10$3.44$4.03$0.59
2017Detailed filing. Detailed filing data is available for this year.$4.06$1.37$2.69$3.72$4.61$0.89
2016Detailed filing. Detailed filing data is available for this year.$4.45$0.77$3.68$4.41$5.36$0.95
2015Detailed filing. Detailed filing data is available for this year.$5.45$0.72$4.73$4.96$6.45$1.49
2014Detailed filing. Detailed filing data is available for this year.$7.26$0.92$6.35$6.77$6.46$0.31
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.81$0.99$5.82$6.48
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.54$0.76$4.78$6.08