2024-02-13T10:23:40-05:00 2023-06-30 201702555 TOMKIEWICZ WRIGHT LLC 6111 PEACHTREE DUNWOODY RD BLG E ST ATLANTA GA 303284522 990 2022-07-01 264723391 THE GLOBAL CENTER FOR MEDICAL INNOVATION INC GLOB 4043855191 575 14TH STREET NW ATLANTA GA 30332 ROBERT FOY TREASURER 4043857107 2024-02-13 true ROBERT FOY 999009999 false JOHN NELSON P00576033 7703510411 2024-02-13 2022 2023-04-26 12:10:37Z JEFFREY WHITE 1583156 false X WWW.GCMIATL.COM X 2008 GA TO FACILITATE, PROMOTE, STRUCTURE, AND COORDINATE COLLABORATIVE SCIENTIFIC RESEARCH AND DEVELOPMENT OF INTELLECTUAL PROPERTY FOCUSING ON PUBLIC HEALTH NEEDS. 7 2 0 0 100000 81226 1079430 1498798 1243 3132 0 1180673 1583156 0 0 1269307 1482905 0 0 1060401 1004322 2329708 2487227 -1149035 -904071 7234543 8428847 2269034 3546117 4965509 4882730 TO FACILITATE, PROMOTE, STRUCTURE, AND COORDINATE COLLABORATIVE SCIENTIFIC RESEARCH AND DEVELOPMENT OF INTELLECTUAL PROPERTY FOCUSING ON PUBLIC HEALTH NEEDS. false false 1754281 THE ORGANIZATION PROVIDES COMPREHENSIVE DESIGN, MATERIAL, AND MECHANICAL ENGINEERING RESOURCES FROM THE ORGANIZATION'S MEDICAL DEVICE PROTOTYPING DESIGN AND DEVELOPMENT CENTER. 1754281 true false false false false false false false false false true false false true true true false true false false false false false false false false false false false true false false false false false false false false false false false false false true true false false false true 14 0 0 false false false false false false false false false false false false false false X 7 2 false false false false false true false true true false false true true true true false true false false false GA X JEFFREY WHITE 4043855191 575 14TH STREET NW ATLANTA GA 30332 CHAOUKI ABDALLAH DIRECTOR 1.00 39.00 X 0 417734 89177 ANDRES J GARCIA DIRECTOR 1.00 39.00 X 0 384195 55893 SHERRY FARRUGIA CEO 40.00 X 0 301197 74609 JEFFREY WHITE COO 40.00 X 0 275234 54353 ROBERT FOY TREASURER 5.00 35.00 X 0 215025 62882 MACHELLE PARDUE FORMER DIREC X 0 175226 34373 ROGER MASON ASST. 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ACCORDINGLY, NO INCOME TAXES ARE REFLECTED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. ASC 740, INCOME TAXES, IS APPLICABLE TO NOT-FOR-PROFIT ENTITIES IN THAT CERTAIN MATTERS, SUCH AS GCMI'S AND T3 LABS' TAX-EXEMPT STATUS, ARE CONSIDERED TAX POSITIONS TAKEN IN THEIR ANNUAL INFORMATIONAL TAX RETURNS AND THUS MUST BE ASSESSED FOR POTENTIAL UNRECOGNIZED TAX BENEFITS. UNDER ASC 740, THE ORGANIZATION ASSESSES THE LIKELIHOOD, BASED ON THEIR TECHNICAL MERIT, THAT SUCH TAX POSITIONS TAKEN IN ITS INFORMATIONAL TAX RETURNS WILL BE SUSTAINED UPON EXAMINATION OF THE FACTS, CIRCUMSTANCES, AND INFORMATION AVAILABLE AT THE END OF EACH FINANCIAL STATEMENT PERIOD. UNRECOGNIZED TAX BENEFITS ARE MEASURED AND RECORDED AS A LIABILITY WHERE THE ORGANIZATION HAS DETERMINED IT TO BE PROBABLE A TAX POSITION WOULD NOT BE SUSTAINED AND THE AMOUNT OF THE UNRECOGNIZED TAX BENEFIT, INCLUDING ASSOCIATED PENALTIES AND INTEREST, CAN BE REASONABLY ESTIMATED. THE AMOUNT RECOGNIZED IS SUBJECT TO ESTIMATE AND MANAGEMENT JUDGMENT WITH RESPECT TO THE LIKELY OUTCOME OF EACH UNCERTAIN TAX POSITION. THE AMOUNT THAT IS ULTIMATELY SUSTAINED FOR AN INDIVIDUAL UNCERTAIN TAX POSITION, OR FOR ALL UNCERTAIN TAX POSITIONS IN THE AGGREGATE, COULD DIFFER FROM THE AMOUNT RECOGNIZED. MANAGEMENT HAS DETERMINED THAT THERE IS NO TAX LIABILITY RESULTING FROM UNRECOGNIZED TAX BENEFITS RELATING TO UNCERTAIN INCOME TAX POSITIONS TAKEN, OR EXPECTED TO BE TAKEN, IN ITS INFORMATIONAL TAX RETURNS AS OF JUNE 30, 2023. NO INFORMATIONAL TAX RETURNS ARE CURRENTLY UNDER EXAMINATION. false false false false false false false false false CHAOUKI ABDALLAH DIRECTOR 417734 59704 29473 506911 ANDRES J GARCIA DIRECTOR 383795 400 28182 27711 440088 SHERRY FARRUGIA CEO 301187 10 58204 16405 375806 JEFFREY WHITE COO 263789 180 11265 25118 29235 329587 ROBERT FOY TREASURER 178954 15 36056 36614 26268 277907 MACHELLE PARDUE FORMER DIRECTOR 156143 19083 34177 196 209599 ROGER MASON ASST. TREASURER 145009 540 29428 12343 187320 CYNTHIA MARTIN ASST. TREASURER 142451 200 28838 15816 187305 TANESHA STEWARD SECRETARY 130292 26476 15833 172601 ALYSSA PANITCH DIRECTOR 123155 25500 11608 8266 168529 FORM 990, PAGE 6, PART VI, LINE 7A BOARD MEMBERS ARE APPOINTED BY THE PRESIDENT OF THE GEORGIA INSTITUTE OF TECHNOLOGY. FORM 990, PAGE 6, PART VI, LINE 11B FOLLOWING REVIEW BY MANAGEMENT AND CERTAIN OFFICERS, THE SECRETARY EMAILS A DRAFT OF THE FORM 990 TO THE FULL BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO FILING WITH THE IRS. IF THE REVIEW RESULTS IN ANY CHANGES, THE REVISED FORM 990 IS DISTRIBUTED TO THE BOARD PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C CONFLICT OF INTEREST POLICY APPLIES TO EACH MEMBER OF THE BOARD OF DIRECTORS AND TO ALL OFFICERS OF THE ORGANIZATION. THE POLICY ALSO SERVES AS GUIDANCE FOR ALL PERSONS EMPLOYED BY THE GEORGIA INSTITUTE OF TECHNOLOGY WHO HAVE SIGNIFICANT RESPONSIBILITIES FOR THE ACTIVITIES OF THE ORGANIZATION. THE POLICY REQUIRES EACH DIRECTOR AND OFFICER ANNUALLY TO (1)REVIEW THE POLICY (2)DISCLOSE ANY POSSIBLE PERSONAL, FAMILIAL OR BUSINESS RELATIONSHIPS THAT REASONABLY COULD GIVE RISE TO A CONFLICT OF INTEREST INVOLVING THE ORGANIZATION AND (3)ACKNOWLEDGE BY HIS OR HER SIGNATURE THAT THEY ARE IN ACCORDANCE WITH THE LETTER AND SPIRIT OF THE POLICY. DISCLOSURE FORMS ARE DISTRIBUTED AND COLLECTED BY THE EXECUTIVE DIRECTOR OF THE ORGANIZATION WHO PROVIDES ANY POSITIVE RESPONSES TO THE BOARD OF DIRECTORS IN EXECUTIVE SESSION AS APPROPRIATE. DIRECTORS AND OFFICERS ARE REQUESTED TO DISCLOSE SUBSTANTIVE RELATIONSHIPS THEY OR MEMBERS OF THEIR FAMILY MAINTAIN WITH ORGANIZATIONS THAT DO BUSINESS WITH THE ORGANIZATION OR WHICH OTHERWISE COULD BE CONSTRUED TO POTENTIALLY AFFECT THEIR INDEPENDENT, UNBIASED JUDGMENT IN LIGHT OF THEIR DECISION- MAKING AUTHORITY OR RESPONSIBILITY. DIRECTORS OR OFFICERS WHO HAVE DECLARED OR HAVE BEEN FOUND TO HAVE A CONFLICT OF INTEREST REFRAIN FROM CONSIDERATION OF PROPOSED TRANSACTIONS UNLESS FOR SPECIAL REASONS THE BOARD REQUESTS INFORMATION OR INTERPRETATION. PERSONS WITH THE CONFLICTS DO NOT VOTE, PARTICIPATE IN THE DISCUSSION OR ATTEND THE MEETING DURING VOTE. ANY PROPOSED TRANSACTION IN WHICH A CONFLICT OF INTEREST HAS BEEN DECLARED OR FOUND TO EXIST MUST BE APPROVED BY A MAJORITY OF THE DISINTERESTED MEMBERS OF THE BOARD OR THE APPROPRIATE COMMITTEE OF THE BOARD AFTER DISCLOSURE OF THE CONFLICT OF INTEREST. FORM 990, PAGE 6, PART VI, LINE 19 PROVIDED UPON REQUEST. FORM 990, PART IX, LINE 11G OPERATIONAL CONSULTANTS 111,245 0 0 CONTRACT LABOR 225,683 1,148 0 SURGICAL EXPENSE 19,222 0 0 TOTAL 356,150 1,148 0 FORM 990, PART X LINE 15, OTHER ASSETS: CONSISTS OF MEMBERSHIP INTEREST IN T3 LABS, INC., A CONTROLLED ENTITY OF THE ORGANIZATION. FORM 990, PART XI, LINE 9 CHANGE IN T3LABS INVESTMENT VALUE 204,489 FORGIVENESS OF PAYABLE BALANCES 616,803 TOTAL 821,292 DURING THE YEAR ENDED JUNE 30, 2023, THE GEORGIA INSTITUTE OF TECHNOLOGY ("GIT") FORMALLY NOTIFIED THE ORGANIZATION THAT IT WOULD NOT ENFORCE COLLECTION OF SPECIFIC ACCOUNTS PAYABLE BALANCES FROM PRIOR PERIODS TOTALING 616,803. THE BALANCE RESULTED FROM A PAYABLE RECORDED ON THE ORGANIZATION'S BOOKS REPRESENTING SERVICES PROVIDED BY GIT, BUT NOT RECORDED ON GIT'S BOOKS AS RECEIVABLE FROM THE ORGANIZATION. BOTH ORGANIZATIONS AGREED THE LIABILITY PREVIOUSLY RECOGNIZED BY THE ORGANIZATION WAS NOT OWED TO GIT. THE CHANGE IN NET ASSETS RESULTING FROM THE ORGANIZATION'S WRITE OFF OF THE PAYABLE HAS BEEN REPORTED ON PART XII LINE 9 AS AN ADJUSTMENT TO NET ASSETS. 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