Great Minds
- Assets
- $37.3m
- Revenue
- $14.4k
- Investments
- $29.1m
- Employees
- 3
- Location
- Washington, DC
- Founding
- 08/2008
- Data as of
- 12/2021
- EIN
- 26-0876000
Organization Overview
Great Minds is located in Washington, DC. The organization was established in 2008. According to its NTEE Classification (B05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Education and related organizations. As of 12/2021, Great Minds employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Minds is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Great Minds generated $14.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (64.3%) each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
GREAT MINDS NFP IS DEVOTED TO IMPROVING LITERACY FOR CHILDREN AND ADULTS WITH A FOCUS ON SUPPORTING THOSE WITH DYSLEXIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR GREAT MINDS SCHOOLS PROGRAM FOCUSES ON THREE PRIMARY PILLARS OF STUDENT GROWTH: KNOWLEDGE BUILDING, STUDENT DISCOURSE, AND EMPOWERING STUDENT LEADERSHIP. WE KNOW THAT EVERY CHILD IS CAPABLE OF GREATNESS IN BOTH PERSONAL AND ACADEMIC GROWTH, THROUGH A KNOWLEDGE-RICH CURRICULUM THAT FOSTERS STUDENT DISCOURSE, INQUIRY, AND A SENSE OF WONDER. WE ARE COMMITTED TO CREATING PROFESSIONAL DEVELOPMENT STRUCTURES AND SCHEDULES FOR ALL TEACHERS AND SUPPORT STAFF. WE ENSURE HIGH-QUALITY CURRICULUM MATERIALS ARE PROVIDED FOR ALL CORE CONTENT AREAS AND ARE DELIVERED WITH INTEGRITY. PARENTS/GUARDIAN INVOLVEMENT AND SUPPORT IS INCREASED THROUGH TARGETED PARTNERSHIP EVENTS AND ACTIVITIES. IN COLLABORATION WITH RESEARCH PARTNERS, COMPREHENSIVE STRATEGIES ARE DEVELOPED TO SUPPORT STUDENT DEVELOPMENT AND SHARED WITH SCHOOLS ACROSS THE WORLD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Shadel Director, Great Minds Schools | Officer | 40 | $193,761 |
Lynne Munson Trustee/exec Dir Til 11/3/21 | OfficerTrustee | 5 | $0 |
Penny Gennuso Trustee/treasurer | OfficerTrustee | 2 | $0 |
Chi Kim Trustee/chairman | OfficerTrustee | 8 | $0 |
Maria Neira Trustee/secretary | OfficerTrustee | 2 | $0 |
Andrew Chen Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Us Performance Academy Consulting | 12/30/21 | $234,615 |
Zerbe Miller Fingeret Frank & Jadav Legal Services | 12/30/21 | $118,990 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,500 |
| Noncash contributions included in lines 1a–1f | $5,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,500 |
| Total Program Service Revenue | $0 |
| Investment income | $2,610 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,407 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $211,820 |
| Compensation of current officers, directors, key employees. | $210,191 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $179,310 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $21,393 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $112,140 |
| Fees for services: Accounting | $4,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $149,336 |
| Advertising and promotion | $27,880 |
| Office expenses | $434,241 |
| Information technology | $20,826 |
| Royalties | $0 |
| Occupancy | $3,500 |
| Travel | $66,598 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,883 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,406,822 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,071,340 |
| Savings and temporary cash investments | $102,340 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $29,109,755 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,211 |
| Total assets | $37,307,146 |
| Accounts payable and accrued expenses | $244,800 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $412,225 |
| Total liabilities | $657,025 |
| Net assets without donor restrictions | $36,650,121 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $37,307,146 |
Grants Awarded
Over the last fiscal year, Great Minds has awarded $151,800 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: SPONSORSHIPS | $100,000 |
Pikesville, MD PURPOSE: SPONSORSHIPS | $26,800 |
Quincy, MA PURPOSE: SPONSORSHIPS | $15,000 |
Huntley, IL PURPOSE: SPONSORSHIPS | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Great Minds has recieved totaling $7,907.
| Awarding Organization | Amount |
|---|---|
Essex Elementary School Foundation Inc Essex, CT | | $7,907 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
America First Inc Arlington, VA | $3,850,844 | $14,195,522 |
National Student Clearinghouse Research Center Herndon, VA | $3,158,535 | $8,719,036 |
R Street Institute Washington, DC | $9,433,752 | $12,078,892 |
American Bankruptcy Institute Alexandria, VA | $21,045,850 | $6,767,069 |
Centerpoint Education Solutions Washington, DC | $2,694,353 | $5,212,147 |
National Association Of Independent Colleges & Universities Washington, DC | $15,482,036 | $7,647,704 |
Achieve Inc Silver Spring, MD | $324,503 | $3,902,025 |
Thomas B Fordham Institute Washington, DC | $10,011,588 | $4,932,903 |
Excelencia In Education Inc Washington, DC | $16,958,749 | $12,336,645 |
State Educational Technology Directors Association Glen Burnie, MD | $1,209,563 | $3,539,021 |
American Cornerstone Institute Inc Washington, DC | $2,381,561 | $5,226,033 |
National Council On Teacher Quality Washington, DC | $2,597,023 | $2,378,006 |