Act Inc

“Some current and former officers, directors, and key employees have a business relationship with other current and former officers, directors, and key employees to the extent that they also serve together on the boards of other entities related to the organization: janet godwin, curt yedlik, shane king, and jason happel”

“In may 2024, the organization completed an asset purchase agreement with a buyer to sell various operations, assets and liabilities of the organization, as well as equity interests of the organization's wholly owned subsidiaries. The sale to the buyer was considered a strategic shift that had a major effect on the organization's operations. Following the sale of its operations and majority of its assets , the organization amended and restated its bylaws and articles of incorporation. The significant changes are listed below: 1. Changed its name from act, inc. To intermediaryed. 2. Updated the number of board members to at least five but not more than nine. 3. Removed all sections that reference the act state organizations.”

“Procedures for review of form 990 the audit committee of the corporation conducts a substantive review of the form 990 prior to its filing with the assistance of the corporation's chief financial officer and executive director. The final version of the form 990 is provided to all of the members of the corporation's board of directors before it is filed with the irs.”

“Conflict of interest questionnaires submitted by directors and officers are reviewed by counsel and addressed by the governance and nominating committee.”

“Compensation of the ceo is determined based upon a process that includes contemporaneous documentation and a periodic independent compensation study conducted by a professional firm. Among other benchmarks, the study includes a review of compensation published by similar organizations contained in form 990. Compensation of the ceo is approved by the board based upon the recommendation of the compensation committee. Form 990, part vi, section b, line 15b: compensation of all other officers and key employees is established under the organization's compensation policy. The ceo approves the compensation for all other officers.”

“The organization does not make its governing documents, conflict of interest policy, and financial statements available to the public.”

“Per the organization policy, board members are expected to participate in four two-day board meetings, committee meetings that occur throughout the year, and at other times to discuss important and strategic matters pertaining to the organization. In exchange for their valuable time and service, the organization compensates the board with an annual amount that is prorated for meeting attendance and partial years of service. The chairman of the board and committee chairs, as well as board members who are requested to provide time other than for meeting attendance, receive additional compensation at a commensurate rate. In addition to serving as a voting member of the board of directors, janet godwin also served as ceo of the organization until 5/1/24. Compensation as ceo is disclosed on form 990, part vii, section a and schedule j. She receives no additional compensation for service as a member of the board of directors.”

“Hours listed for each individual are reported on a calendar year basis. Hours reported for employees represent recorded payroll hours. Actual hours worked may exceed the hours reported.”

“The organization has state organizations that serve as advisory and advocacy groups to facilitate communications between itself and the educational institutions and agencies that participate in its programs. These organizations are not separate legal entities, but do have organizing bylaws. The state organizations provide feedback to the organization on its programs as they relate to the information needs of individuals, schools, and agencies in the state. There are 362 representatives including educators, agency personnel, leaders of state associations, and workforce professionals who actively volunteer their time to serve in an advisory capacity by attending meetings with the organization's regional and national office staff to provide input.”

“All programs and services were sold on 5/1/24 as part of an asset purchase agreement. A few contracts could not be immediately assigned to the new for-profit public benefit corporation, so the organization retained the existing contract and sub-contracts the delivery to the new company. More specifically, the organization retained the oregon preact contract that expires on 6/30/27. The organization provides contract and program oversight, it coordination support (i.e., e-mails and web hosting) and annual invoicing/payment support. The organization also retained two existing grants (ecmc and kresge) and subcontracted to the new company for delivery. The organization provides grant contract and program oversight as well as accounting support.”

“Other data processing: program service expenses 3,115,540. Management and general expenses 45,436. Fundraising expenses 0. Total expenses 3,160,976. Computer programming-external: program service expenses 922,337. Management and general expenses 0. Fundraising expenses 0. Total expenses 922,337. Computer processing-external: program service expenses 6,941,544. Management and general expenses 164,771. Fundraising expenses 0. Total expenses 7,106,315. Temporary labor: program service expenses 457,755. Management and general expenses 0. Fundraising expenses 0. Total expenses 457,755. Intercompany service & m: program service expenses 331,011. Management and general expenses 0. Fundraising expenses 0. Total expenses 331,011. Essay scoring: program service expenses 2,266,439. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,266,439. Item development: program service expenses 57,754. Management and general expenses 0. Fundraising expenses 0. Total expenses 57,754. Consulting and other service fees: program service expenses 22,956,532. Management and general expenses 290,303. Fundraising expenses 0. Total expenses 23,246,835. Honoraria: program service expenses 22,412. Management and general expenses 30,818. Fundraising expenses 0. Total expenses 53,230.”

“Income on equity investment -5,946,025. Passthrough income book-tax difference -24,131,622. (decrease) in net assets - act international consolidated -56,196. (increase) in net assets - act assessment technologies consolidated 373,257. (decrease) in net assets - encoura, llc -1,247,790. (decrease) in net assets - act education assessment services -725. Net loss from eliminating entries -339,233.”

“The organization's audit committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant.”