Mind Oc

“The finance committee, which will consist of two or more directors, will have and exercise the authority of the board in management of the corporation.”

“The form 990 is prepared by the organization's outside public accounting firm based on information provided by management. Once a draft of the return is available, it is reviewed by the board with any changes or revisions incorporated into the filing. The revised return is then submitted to the ceo and cfo/director of finance for their review and approval prior to submitting to the irs.”

“Before any discussion and vote on whether a conflict of interest exists, an interested person may make a presentation to the board or the executive committee regarding the interested person's position or financial interest. After such presentation, the interested person will leave the meeting during the discussion of, and the vote on, the proposed transaction. The board or the executive committee will undertake appropriate due diligence and inform itself of all material information reasonably available to it and explore all reasonable alternatives to the proposed transaction that would not involve the conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board or the executive committee will determine by a majority vote of the disinterested directors whether the proposed transaction is (i) in the corporation's best interest, (ii) for the corporation's own benefit, and (iii) fair and reasonable to the corporation. In conformity with this determination, the board or the executive committee will make its decision as to whether the corporation may enter into the proposed transaction.”

“A competitive compensation assessment is used to research the reasonableness and competitiveness in determining the compensation of the top executives: the chief executive officer, cfo and the coo. The process described here was last completed in 2024.”

“While federal tax laws do not mandate that the organization's governing documents, conflict of interest policy, and financial statements be made available for public inspection, the organization makes it financial statements available upon request, on guidestar and on our website.”

“Reason for amendment: the tax returns are being amneded to reflect the changes on the audited financial statements that were reissued on 12/31/2025. The adjustment related to the following: during the year ended december 31, 2023, the organization recognized $40,000,000 received in advance to build the irvine campus as revenue. The revenue should have been recognized during the year ended december 31, 2023, was $6,838,307, resulting in an adjustment of $33,161,693 as of december 31, 2023. Return changes: form 990, page 12, line 8 prior period adjustment $(33,191,693) form 990, page 9, line 1e government grants (increase $3,499,972) for a total of $45,262,850 form 990, page 11, line 25 other liabilities (increase in refundable advances $29,661,721) for a total of $35,090 531 form 990, page 11, line 27 net assets without donor restrictions (decrease $28,646,069) for a total of $35,717,208 form 990, page 11, line 28 net assets with donor restrictions (decrease $1,015,652) for a total of $116,881,673”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”