2023-11-11T09:29:51-06:00 2022-12-31 420714325 RSM US LLP 1250 H STREET SUITE 700 WASHINGTON DC 20005 990 2022-01-01 260876000 GREAT MINDS GREA 2022231854 55 M STREET SE 340 WASHINGTON DC 20003 CHI KIM CHAIRMAN, BOARD OF TRUSTEES 2022231854 2023-11-09 1 CHI KIM XXX-XX-XXXX 0 ELIZABETH W HELLER P00397829 2022932200 2023-11-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHI KIM 55 M STREET SE 340 WASHINGTON DC 20003 57008104 0 X THEIBISGROUP.ORG X 2007 DC GREAT MINDS NFP IS DEVOTED TO IMPROVING LITERACY FOR CHILDREN AND ADULTS WITH A FOCUS ON SUPPORTING THOSE WITH DYSLEXIA. 6 4 4 4 0 0 5500 0 0 0 2610 42838571 6297 0 14407 42838571 0 2125000 0 0 412523 418790 0 0 0 994299 1479182 1406822 4022972 -1392415 38815599 37307146 145205588 657025 1061901 36650121 144143687 X THE MISSION OF GREAT MINDS NFP IS:TO IMPROVE LITERACY FOR CHILDREN AND ADULTS WITH A FOCUS ON SUPPORTING THOSE WITH DYSLEXIA. 1 0 2953903 2125000 EDUCATION ASSESSMENT AND GRANT MAKING 2953903 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 29 0 1 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 4 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 CA DC HI LA NY OR TX X FRANK TSAI 4153053197 55 M STREET SE 340 WASHINGTON DC 20003 CHI KIM TRUSTEE, CHAIR 20.00 X X 0 0 0 MARIA NEIRA TRUSTEE, SECRETARY 10.00 20.00 X X 0 48462 0 JASON GRIFFITHS TRUSTEE, EXEC DIRECTOR 25.00 15.00 X X 64000 542500 0 JAMES TANTON TRUSTEE 5.00 X 0 0 0 SALLY SHAYWITZ TRUSTEE 2.00 X 0 0 0 ROBERT PIANTA TRUSTEE 2.00 X 0 0 0 STEVEN SHADEL SR. DIRECTOR THRU 6/15/2022 40.00 X 120687 85446 34818 LYNNE MUNSON FORMER TRUSTEE/EXECUTIVE DIRECTOR 0.00 40.00 X 0 2371217 40493 184687 3047625 75311 1 1 1 0 0 422604 422604 50000000 7584033 42415967 42415967 42415967 6585500 6585500 0 42838571 0 0 42838571 2125000 2125000 64000 64000 328387 328387 7010 7010 3504 3504 15889 14159 1730 63477 63477 15960 15960 361149 361149 191861 114924 76937 51293 51293 88967 994 87973 115745 89057 26688 28181 28181 129695 129695 8289 7949 340 SHARED SERVICES 406634 406634 OTHER EXPENSES 17931 17931 4022972 2953903 1069069 0 8071340 2580306 102340 46019347 17500 29109755 96605935 6211 0 37307146 145205588 244800 106898 550000 412225 405003 657025 1061901 X 36650121 144143687 36650121 144143687 37307146 145205588 X 38815599 68677967 X 0 1 X 1 0 X 5500 5500 84112039 118815892 202927931 84112039 118815892 5500 202933431 0 0 0 202933431 156379 219152 8739 2610 422604 809484 156379 219152 8739 2610 422604 809484 84268418 119035044 8739 8110 422604 203742915 0.99600 0.99850 0.00400 0.00150 X 0 96605935 C 96605935 DUE TO GREAT MINDS PUBLIC BENEFIT CORPORATION 405003 405003 X 7008104 0 7008104 35830467 35830467 42838571 10608472 6585500 6585500 4022972 0 4022972 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE ORGANIZATION IS SUBJECT TO TAXATION ON NET UNRELATED BUSINESS INCOME. DURING THE TAX YEAR ENDED DECEMBER 31, 2022, THE ORGANIZATION HAD NO NET UNRELATED BUSINESS INCOME. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. PART XI, LINE 4B - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON PART VIII LINE 10B -6,585,500. GAIN ON SALE OF GREAT MINDS PBC COMMON STOCK 42,415,967. PART XII, LINE 2D - OTHER ADJUSTMENTS: COSTS OF GOODS SOLD REPORTED ON PART VIII LINE 10B 6,585,500. PART VII, LINE 2: THE ORGANIZATION CHANGED THE VALUATION OF ITS INVESTMENT IN SUBSIDIARY DURING 2022. THE YEAR-END BALANCE REPRESENTS 75% OF BOOK VALUE OF THE SUBSIDIARY'S NET ASSETS. PART XI, LINE 4B: GAIN ON SALE OF MINORITY INTEREST IN WHOLLY OWNED SUBSIDIARY TO A THIRD PARTY AT A PREMIUM OVER VALUATION. 1 THE ALBERT SHANKER INSTITUTE 555 NEW JERSEY AVE NW WASHINGTON DC 20001 521432693 501(C)(3) 50000 0 EDUCATIONAL GRANT READWORKS INC PO BOX 24673 BROOKLYN NY 11202 133593812 501(C)(3) 250000 0 EDUCATIONAL GRANT PROJECT UNITE INC 12400 WILSHIRE BOULEVARD SUITE 1275 LOS ANGELES CA 90025 871541875 501(C)(3) 250000 0 EDUCATIONAL GRANT EXCELINED 215 S MONROE STREET SUITE 420 TALLAHASSEE FL 32301 260615175 501(C)(3) 250000 0 EDUCATIONAL GRANT STANDARDSWORK INC 29 CARTER STREET QUINCY MA 02169 521785250 501(C)(3) 250000 0 EDUCATIONAL GRANT DYSLEXIA ALLIANCE FOR BLACK CHILDREN 3 NORMA PLACE SCARSDALE NY 10583 852395885 501(C)(3) 25000 0 EDUCATIONAL GRANT THE RIGHT TO READ 50 W BROADWAY SUITE 1125 SALT LAKE CITY UT 84101 753077559 501(C)(3) 550000 0 EDUCATIONAL GRANT ROCKEFELLER PHILANTHROPY ADVISORS INC 6 WEST 48TH STREET 10TH FLOOR NEW YORK NY 10036 133615533 501(C)(3) 300000 0 EDUCATIONAL GRANT UTAH FILM CENTER 50 WEST BROADWAY SUITE 1125 SALT LAKE CITY UT 84101 753077559 501(C)(3) 200000 0 EDUCATIONAL GRANT 9 0 PART I, LINE 2: THE ORGANIZATION REQUIRES REPORTING DURING THE YEAR ON HOW THE GRANT FUNDS ARE USED. X 0 0 0 0 0 0 0 0 0 LYNNE MUNSON FORMER TRUSTEE/EXECUTIVE DIRECTOR 0 680756 0 1657013 0 33448 0 13000 0 28006 0 2412223 0 0 JASON GRIFFITHS TRUSTEE, EXEC DIRECTOR 64000 542500 0 0 0 0 0 0 0 0 64000 542500 0 0 STEVEN SHADEL SR. DIRECTOR THRU 6/15/2022 71918 85446 48769 0 0 0 6359 4295 13602 16075 140648 105816 0 0 PART I, LINE 3 THE FORMER EXECUTIVE DIRECTOR IS NOT COMPENSATED BY THE ORGANIZATION FOR HER SERVICES. THE FORMER EXECUTIVE DIRECTOR IS COMPENSATED BY GREAT MINDS PBC, THE ORGANIZATION'S SEVENTY-FIVE PERCENT OWNED SUBSIDIARY, FOR HER SERVICE AS ITS CHIEF EXECUTIVE OFFICER. FORM 990, PART III, LINE 2 THE ORGANIZATION BEGAN GRANT MAKING ACTIVITIES. FORM 990, PART V, LINE 15: THE ORGANIZATION DID NOT REPORT OR PAY THE SECTION 4960 EXCISE TAX. THE FORMER EXECUTIVE DIRECTOR WAS NOT COMPENSATED BY THE ORGANIZATION DURING 2022. 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 2022. 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). FORM 990, PART VI, SECTION B, LINE 11B THE GOVERNING BODY REVIEWS AND APPROVES A DRAFT OF THE 990. THE GOVERNING BODY IS PROVIDED WITH A COPY OF THE 990 VIA ELECTRONIC TRANSMITTAL PRIOR TO SUBMISSION OF THE FORM TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 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. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE DIRECTOR DERIVES ALL BUT $64K OF REPORTED COMPENSATION FROM GREAT MINDS PBC (A SUBSIDIARY OF THE ORGANIZATION) FOR WORK THAT HE AND HIS COMPANY DOES EXPRESSLY AND EXCLUSIVELY FOR THAT PBC UNDER SEPARATE CONTRACT. IN 2022 THERE WERE NO MANAGEMENT STAFF EMPLOYED BY THE ORGANIZATION. THE MANAGEMENT WAS PERFORMED BY THE VOLUNTARY CHAIR OF THE BOARD AND CONSULTANTS THAT WORKED ON A FRACTIONAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES THE LATEST VERSION OF ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST. FORM 990, PART VI: IN JANUARY 2023, THE ORGANIZATION CHANGED ITS NAME TO THE IBIS GROUP. FORM 990, PART XI, LINE 9: EQUITY LOSS ON GREAT MINDS PBC OPERATIONS -4,005,972. EQUITY ADJUSTMENT TO INVESTMENT IN GREAT MINDS PBC 72,683,939. GREAT MINDS PUBLIC BENEFIT CORPORATION 55 M STREET SE STE 340 WASHINGTON DC 20003 843785772 EDUCATION SERVICES DC GREAT MINDS C 692201 269006232 0.75000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 GREAT MINDS PBC P 406634 COST