2024-11-08T07:09:44-06:00 2023-12-31 473556755 JACOB COHEN CPA LLC 1613 WALNUT STREET 2ND FLOOR PHILADELPHIA PA 19103 990 2023-01-01 843859483 FIRST GENERATION INVESTORS FIRS 6462593243 48 WALL STREET 1100 NEW YORK NY 10005 JOSEPH KAKKIS TREASURER 4013249679 2024-11-07 1 1 JACOB COHEN CPA P01083745 2677645476 X 2023 2024-10-15 13:58:12Z X STEPHANIE PRESSLEY 48 WALL STREET 1100 NEW YORK NY 10005 360553 0 X FIRSTGENERATIONINVESTORS.COM X 2019 PA TO TEACH THE POWER OF INVESTING TO HIGH SCHOOL STUDENTS IN UNDERSERVED COMMUNITIES 6 6 2 311 0 0 192739 346407 0 0 13716 12568 0 0 206455 358975 0 0 0 0 140212 221149 0 0 0 46893 76788 187105 297937 19350 61038 295069 355038 0 13113 295069 341925 FIRST GENERATION INVESTORS (FGI) IS A NON-PROFIT 501(C)(3) ORGANIZATION THAT TEACHES HIGH SCHOOL STUDENTS THE POWER OF INVESTING AND BRINGS CLASSROOM LESSONS TO LIFE BY PROVIDING STUDENTS WITH REAL MONEY TO INVEST. 0 0 177095 FGI PROVIDES AN 8 LESSON COURSE FOR HIGH SCHOOL STUDENTS BY ALIGNING WITH HIGH SCHOOLS AND SCHOOL DISTRICTS. THE PROGRAM IS FACILITATED BY TUTORS AT LOCAL COLLEGES AND UNIVERSITIES OR TEACHERS. STUDENTS WHO COMPLETE THE PROGRAM AND PARTICIPATE IN THE CAPSTONE PROJECT WILL RECEIVE $100 TO INVEST IN A SELECT GROUP OF INVESTMENT FUNDS IDENTIFIED BY FGI. A PARTICIPANT'S INVESTMENT IS HELD IN FGI'S INVESTMENT ACCOUNT UNTIL SUCH PARTICIPANT SATISFIES THE FOLLOWING CRITERIA (1) SUCH PARTICIPANT HAS GRADUATED HIGH SCHOOL, AND (2) SUCH PARTICIPANT HAS REACHED THE AGE OF 18. ONCE THESE CRITERIA ARE MET, THE CURRENT VALUE OF THEIR INITIAL INVESTMENT, AS REFLECTED IN FGI'S INVESTMENT ACCOUNT, SHALL BE TRANSFERRED TO AN INVESTMENT ACCOUNT IN SUCH PARTICIPANT'S NAME DESIGNATED IN WRITING BY SUCH PARTICIPANT. 177095 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 2 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 1 0 1 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 AL AK AR CA CT FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC ND OH OR PA RI SC TN UT VA WV WI X X THE ORGANIZATION 6462593243 48 WALL STREET SUITE 1100 NEW YORK NY 10005 DYLAN INGERMAN CO-CHAIRMAN 10.00 X X 0 0 0 COLE MATTOX CO-CHAIRMAN 6.00 X X 0 0 0 BLAKE KERNAN SECRETARY 1.00 X X 0 0 0 ALEX INGERMAN DIRECTOR 5.00 X 0 0 0 JOSEPH KAKKIS TREASURER 3.00 X X 0 0 0 PAUL GERMAIN DIRECTOR 3.00 X 0 0 0 STEPHANIE PRESSLEY EXECUTIVE DIRECTOR 40.00 X 115521 0 0 115521 0 0 1 0 0 0 0 346407 9622 346407 2396 2396 11750 1578 10172 10172 10172 358975 0 0 12568 115521 57761 57760 89267 89267 16361 11860 4501 30698 30698 8350 8350 5173 5173 6798 5520 1278 20316 8982 11334 1949 1907 42 1706 1706 STUDENT ACCOUNTS 1798 1798 297937 177095 120842 0 187490 184402 24126 270 83453 170366 295069 355038 0 13113 0 13113 X 277930 339824 17139 2101 295069 341925 295069 355038 61038 -14182 0 X X 1 X 0 0 0 X 58766 222043 192739 346407 819955 58766 222043 192739 346407 819955 361691 458264 270 1109 2396 3775 823730 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 FIDELITY & SCHWAB INVESTED FUNDS 170366 F 170366 CREDIT CARD AND OTHER 4324 401K PAYABLE 702 PAYROLL TAXES PAYABLE 8087 13113 X PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE ORGANIZATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THERE WAS NO UNRELATED BUSINESS INCOME FOR THE TAX YEAR ENDED DECEMBER 31, 2023. THEREFORE, NO PROVISION FOR INCOME TAXES IS REFLECTED IN THESE FINANCIAL STATEMENTS. US GAAP REQUIRES TAX EFFECTS FROM AN UNCERTAIN TAX POSITION TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE-LIKELY-THAN-NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. IF AN UNCERTAIN TAX POSITION MEETS THE MORE-LIKELY-THAN-NOT THRESHOLD, THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY TO BE RECOGNIZED UPON ULTIMATE SETTLEMENT WITH THE TAXING AUTHORITY IS RECORDED. THE ORGANIZATION'S PRIMARY TAX POSITIONS RELATE TO ITS STATUS AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES AND CLASSIFICATION OF ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. MANAGEMENT HAS EVALUATED THE TAX POSITIONS REFLECTED IN THE ORGANIZATION'S TAX FILING AND DOES NOT BELIEVE ANY MATERIAL UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023. FORM 990, PART VI, SECTION A, LINE 2 DYLAN AND ALEX INGERMAN ARE SIBLINGS. FORM 990, PART VI, SECTION A, LINE 2 DYLAN INGERMAN AND COLE MATTOX HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 1. THE ARTICLES OF AMENDMENT: REMOVED THE "INC." FROM THE NAME; AND UPDATED THE PURPOSES IN KEEPING WITH THE MISSION LANGUAGE. 2. FIXED ERRANT REFERENCES TO AN OFFICER POSITION OF "CHAIR" SINCE THE BYLAWS PROVIDE FOR A PRESIDENT INSTEAD. WE ALSO MADE CHANGES TO COMPLY WITH THE CURRENT NONPROFIT CORPORATION LAW, WHICH WAS UPDATED IN JANUARY OF 2023. 3. AMENDED BYLAWS: BYLAWS WERE UPDATED TO ALIGN WITH CURRENT PENNSYLVANIA LAW - INCLUDING RECENTLY ENACTED CHANGES AND OTHER CHANGES INCLUDING (BUT NOT LIMITED TO): A. AMENDING ARTICLE 5.7 REMOVAL OF DIRECTORS: TO ENABLE THE REMOVAL OF DIRECTORS WITH OR WITHOUT CAUSE B. REMOVING THE MANDATORY MEDIATION PROVISION IN ARTICLE 7.6: DEADLOCK C. ADDING A SECTION GOVERNING FGI'S ADVISORY BOARD 4. POLICIES: FGI'S CONFLICT OF INTEREST POLICY WAS REPLACED WITH A MORE DEVELOPED FORM, INCLUDING DISCLOSURE FORM. IN ADDITION, WE ADOPTED DOCUMENT RETENTION, WHISTLEBLOWER, AND FAIR MARKET VALUE POLICIES. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A BOARD MEETING REQUIRING PARTICIPATION OF ALL MEMBERS IS HELD PRIOR TO FILING TO REVIEW A FINAL DRAFT OF THE 990. THIS DRAFT IS SENT TO ALL MEMBERS VIA EMAIL TO ALL MEMBERS PRIOR TO THE MEETING. ANY REVISIONS OR CORRECTIONS TO THE 990 ARE NOTED AT THE MEETING, AND A FINAL COPY IS SENT TO ALL MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF ANY CONTROLLING INTEREST, FINANCIAL INTEREST, OWNERSHIP INTEREST, OR SIGNIFICANT RELATIONSHIP AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD AND COMMITTEE MEMBERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. IN CONNECTION WITH ANY PROPOSED TRANSACTION OR ARRANGEMENT WITH AN ORGANIZATION THAT IS UNDER CONSIDERATION BY FGI IN WHICH AN INTERESTED PERSON HAS A CONTROLLING INTEREST, FINANCIAL INTEREST, OWNERSHIP INTEREST, OR SIGNIFICANT RELATIONSHIP, THE BOARD OR COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT (WITHOUT THE INTERESTED PERSON) SHALL MEET, DISCUSS, AND VOTE UPON WHETHER A CONFLICT OF INTEREST EXISTS. THE INTERESTED PERSON SHALL BE GIVEN THE OPPORTUNITY TO DISCLOSE ANY ADDITIONAL MATERIAL FACTS RELATED TO HIS OR HER CONTROLLING INTEREST, FINANCIAL INTEREST, OWNERSHIP INTEREST, OR SIGNIFICANT RELATIONSHIP AND THE PROPOSED TRANSACTION OR ARRANGEMENT, EITHER IN WRITING, OR BY INVITATION, AT THE BOARD OR COMMITTEE MEETING DURING WHICH THE POTENTIAL CONFLICT OF INTEREST IS BEING CONSIDERED. IF THE BOARD OR COMMITTEE MEMBERS DETERMINE A CONFLICT OF INTEREST EXISTS, THE FOLLOWING PROCEDURES WILL BE IMPLEMENTED: A. THE PRESIDENT OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. B. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER FGI CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. C. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN FGI'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. AFTER THE BOARD OR COMMITTEE HAS COMPLETED ITS ANALYSIS, IT SHALL VOTE ON WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. APPROVAL SHALL BE BY MAJORITY VOTE OF DIRECTORS OR COMMITTEE MEMBERS WHO ARE FREE OF THE CONFLICT UNDER CONSIDERATION. THE FOLLOWING PROCEDURES GOVERN VIOLATIONS OF THIS POLICY: A. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE AN INTERESTED PERSON HAS FAILED TO DISCLOSE A CONTROLLING INTEREST, FINANCIAL INTEREST, OWNERSHIP INTEREST, OR SIGNIFICANT RELATIONSHIP, IT SHALL INFORM THE INTERESTED PERSON OF THE BASIS FOR SUCH BELIEF AND AFFORD THE INTERESTED PERSON AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF, AFTER HEARING THE INTERESTED PERSON'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THE INTERESTED PERSON HAS FAILED TO DISCLOSE A CONTROLLING INTEREST, FINANCIAL INTEREST, OWNERSHIP INTEREST, OR SIGNIFICANT RELATIONSHIP AS REQUIRED UNDER THIS POLICY, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A THE NONPROFIT [THE FULL BOARD] SHALL ANNUALLY EVALUATE THE EXECUTIVE DIRECTOR ON HIS/HER PERFORMANCE, AND ASK FOR HIS/HER INPUT ON MATTERS OF PERFORMANCE AND COMPENSATION. THE FULL BOARD WILL OBTAIN RESEARCH AND INFORMATION TO MAKE A RECOMMENDATION TO THE FULL BOARD FOR THE COMPENSATION (SALARY AND BENEFITS) OF THE EXECUTIVE DIRECTOR (AND OTHER HIGHLY COMPENSATED EMPLOYEES OR CONSULTANTS) BASED ON A REVIEW OF COMPARABILITY DATA. TO APPROVE THE COMPENSATION FOR THE EXECUTIVE DIRECTOR (AND OTHER HIGHLY COMPENSATED EMPLOYEES AND CONSULTANTS) THE BOARD MUST DOCUMENT HOW IT REACHED ITS DECISIONS, INCLUDING THE DATA ON WHICH IT RELIED, IN MINUTES OF THE MEETING DURING WHICH THE COMPENSATION WAS APPROVED. COMPENSATION WAS LAST REVIEWED AND APPROVED ON APRIL 7, 2023, TO REFLECT 2023 COLA. FORM 990, PART VI, SECTION C, LINE 18 ORGANIZATION WEBSITE, OTHER WEBSITE (GUIDESTAR) FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC. FORM 990, PART XII, LINE 1 IN PREVIOUS YEARS THE ORGANIZATION PREPARED IT FINANCIAL STATEMENT USING THE CASH BASIS OF ACCOUNTING. IN 2023, THE ORGANIZATION ELECTED TO TREAT IN-KIND DONATIONS DIFFERENTLY FROM THE ACCOUNTING THAT WOULD BE REQUIRED BY THE CASH BASIS OF ACCOUNTING.