2024-11-13T20:37:31-06:00 2023-12-31 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 20 COMMERCE DRIVE SUITE 301 CRANFORD NJ 070163618 990 2023-01-01 271916040 THE INSTITUTE FOR NEW ECONOMIC THINKING INC INST 6467514900 60 E 42ND STREET 450 NEW YORK NY 10165 ROBERT JOHNSON PRESIDENT 6467514900 2024-11-13 1 1 GARRETT M HIGGINS P00543209 9082726200 2023 2024-10-15 13:58:12Z X ROBERT JOHNSON 60 E 42ND STREET 450 NEW YORK NY 10165 753427 0 X WWW.INETECONOMICS.ORG X 2010 DE THE INSTITUTE FOR NEW ECONOMIC THINKING, INC. ("INET") PROVIDES FRESH INSIGHT AND THINKING TO PROMOTE CHANGES IN ECONOMIC THEORY AND PRACTICE THROUGH CONFERENCES, GRANTS, AND EDUCATION INITIATIVES. 10 9 15 11 0 0 1147721 82589 0 0 84407 597165 24449 73673 1256577 753427 640552 555983 0 0 3823567 2582616 0 0 396809 2742721 2849889 7206840 5988488 -5950263 -5235061 21303856 15497843 2451264 1475131 18852592 14022712 X THE INSTITUTE FOR NEW ECONOMIC THINKING, INC. ("INET") PROVIDES FRESH INSIGHT AND THINKING TO PROMOTE CHANGES IN ECONOMIC THEORY AND PRACTICE THROUGH CONFERENCES, GRANTS, AND EDUCATION INITIATIVES. 0 0 2384306 299867 CONTENTINET CONDUCTS AND COMMISSIONS RESEARCH, CONVENES FORUMS FOR EXCHANGING IDEAS, DEVELOPS CURRICULA, AND NURTURES A GLOBAL COMMUNITY OF YOUNG SCHOLARS. INET CAREFULLY INCUBATES NEW ECONOMIC THINKING WITHIN THE ACADEMY AND BEYOND. WE WORK TO GUIDE THE FIELD AWAY FROM ECONOMIC ORTHODOXY SO THAT IT CAN FREE ITSELF OF INERTIA AND PAST FAILURES. WE THEN PROMOTE THE NEW ECONOMIC THINKING THROUGH RESEARCH, MULTIMEDIA PRODUCTION, AND OUR YOUNG SCHOLARS INITIATIVE. 1232492 98031 YOUNG SCHOLARS INITIATIVE2023 MARKED A FURTHER BROADENING OF YSI COMMUNITY'S EFFORTS TO ACHIEVE BOTH DEPTH AND SCALE TO ITS PLATFORM DELVING INTO NEW ECONOMIC IDEAS. THE COLLABORATIVE EFFORTS INCLUDED AMONGST OTHER ACTIVITIES WORKSHOPS, PRE-CONFERENCES, WEBINARS AND READING GROUPS. THE NEWLY CREATED YSI HUBS ALLOW FOR MORE ONGOING LOCAL COLLABORATION AND COMMUNITY BUILDING.IN 2023 THE YSI COMMUNITY ORGANIZED 121 PROJECTS, 101 WERE IN-PERSON WORKSHOPS. 49 OF THEM TOOK PLACE IN EUROPE, 29 IN LATIN AMERICA, 11 IN AFRICA, 7 IN NORTH AMERICA, 4 IN ASIA, AND 1 IN THE MIDDLE EAST. THE 20 VIRTUAL PROJECTS CONTAINED BOTH ONE OFF WEBINARS AND SERIES. YSI ALSO SUPPORTED 23 EVENTS BY OTHER STUDENT ORGANIZATIONS THROUGH ITS EVENTS GRANTS PROGRAM. THE COMMUNITY GREW ITS MEMBERSHIP BY 12% TO OVER 22,000 MEMBERS DEMONSTRATING ITS ROBUST EXPANSION AND COMMITMENT TO ITS MISSION. 730762 MULTIMEDIA PRODUCTIONIN THE FIELD OF VIDEO AND MULTIMEDIA, INET HAS RELEASED 70 NEW PRODUCTIONS THIS YEAR, ENCOMPASSING A WIDE RANGE OF FORMATS. THESE INCLUDE IN-DEPTH EDUCATIONAL VIDEO SERIES, ENGAGING ANIMATED EXPLAINERS, VIDEOCASTS, AND INSIGHTFUL INTERVIEWS, AND PROMOTIONAL VIDEOS TO DRIVE PEOPLE TO OUR 2,000+ VIDEO LIBRARY. ALL OUR 14 TELLY AWARD AND 3 TIME WEBBY AWARD HONORED VIDEOS ARE DESIGNED TO FOSTER UNDERSTANDING AND DISCUSSION OF OUR SCHOLARS AREAS OF EXPERTISE. 518431 158085 RESEARCHIN 2023, INET SUPPORTED APPROXIMATELY 50 RESEARCH GRANT PROJECTS, WHICH INCLUDED 12 NEW INITIATIVES. THE ORGANIZATION ALLOCATED APPROXIMATELY $650,000 TO RESEARCH GRANTS, WITH THE MAJORITY OF NEW PROJECTS BASED IN THE UNITED STATES, ALONGSIDE OTHERS IN THE UK, GERMANY, AND CANADA. INET'S WORKING PAPER SERIES ADDED 18 NEW PAPERS LAST YEAR, BRINGING THE TOTAL TO 214. THESE PAPERS ADDRESSED SIGNIFICANT ISSUES, SUCH AS ANTITRUST, PRIVATE EQUITY IN HEALTHCARE, FINANCIALIZATION, INFLATION, AND MANY OTHER TIMELY ISSUES.SIGNIFICANT OTHER PROGRAMSINET'S COMMISSION ON GLOBAL ECONOMIC TRANSFORMATION CONTINUED ITS WORK DURING 2023, AIMING FOR A FINAL REPORT RELEASE IN 2024.INET CONTINUED ITS ONLINE FORUM ENTITLED INET LIVE, AND SIGNIFICANT WORK IN THE AREAS OF CURRICULUM REFORM AND THE HISTORY OF ECONOMIC THOUGHTINET CONTINUED THE EXPANSION OF ITS SUBSTANTIAL FOOTPRINT OF EVENT PROGRAMMING IN INDIA, WITH A MIX OF ONLINE AND IN-PERSON ACTIVITIES. 518431 158085 4865991 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 26 0 15 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 9 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 0 0 0 0 NY X X RJS ASSOCIATES AND CONSULTANTS LLC 9088037784 362 CHARNWOOD ROAD NEW PROVIDENCE NJ 07974 ROBERT JOHNSON PRESIDENT 40.00 X X 445763 0 73246 ROHINTON MEDHORA CHAIRPERSON 1.00 X X 0 0 0 CLIVE COWDERY DIRECTOR, THRU 4/4/23 0.25 X 0 0 0 GAURAV DALMIA DIRECTOR 1.00 X 0 0 0 JAMIE DAVES DIRECTOR 1.00 X 0 0 0 NEVA GOODWIN DIRECTOR 1.00 X 0 0 0 WILLIAM JANEWAY DIRECTOR, THRU 10/11/23 1.00 X 0 0 0 ANATOLE KALETSKY DIRECTOR 1.00 X 0 0 0 DRUMMOND PIKE DIRECTOR 1.00 X 0 0 0 JOHN A POWELL DIRECTOR 1.00 X 0 0 0 GILLIAN TETT DIRECTOR 1.00 X 0 0 0 RICHARD VAGUE DIRECTOR 1.00 X 0 0 0 JASON SHURE CFO/SECRETARY 40.00 X 196504 0 42065 DONNA FOLKERTS CHIEF ADMIN OFFICER 40.00 X 194806 0 34416 MATTHEW KULVICKI DIRECTOR OF FILM AND VIDEO 40.00 X 189120 0 27190 RAMON CONTRERAS HEAD OF SPECIAL POJECTS 40.00 X 158240 0 42407 ALBERT T FERGUSON DIRECTOR OF RESEARCH 40.00 X 130000 0 7352 JAY POCKLINGTON DIRECTOR YOUNG SCHOLARS 40.00 X 126750 0 24228 BERNHARD WILPERT COMM. & DEV. CONSULTANT 40.00 X 120000 0 8788 1561183 0 259692 10 0 1 0 LYNN PARRAMORE WEST 20TH STREET NEW YORK NY 10011 EDITING SERVICES 133200 SHARMINI PERIES 17 YARMOUTH GARDENS TORONTO ONTARIO CA M6G 1W3 PROFESSIONAL CONSULTING SERVICES 131004 ENTROPY LABS COOPERATIVE RAFFINADERIVEJ 20 2300 KOBENHAVN S COPENHAGEN DA SOFTWARE DEVELOPMENT SERVICES 116684 INDUS INTERFACE LLC SHELTON COURT PRINCETON NJ 08550 INTERNATIONAL STRATEGIC CONSULTING SERVI 108329 4 82589 82589 597165 597165 8400 0 8400 8400 8400 EXPENSE REIMBURSEMENT 900099 64466 64466 OTHER INCOME 900099 807 807 65273 753427 0 0 670838 X 163347 163347 36275 36275 356361 356361 986800 545300 337698 103802 1163226 1068604 84156 10466 60902 54493 4806 1603 234493 199353 27919 7221 137195 104786 25503 6906 9130 7928 1202 49500 42980 6520 745804 578889 43598 123317 72747 72747 102088 65568 33674 2846 299981 208432 54971 36578 206337 157551 38517 10269 926435 829325 16537 80573 47000 42629 869 3502 3578 3578 152586 116482 28432 7672 40568 23067 15745 1756 VIDEO PRODUCTION/OUTREA 183125 183125 MISCELLANEOUS EXPENSES 10337 8270 1772 295 REPAIRS AND MAINTENANCE 673 479 191 3 5988488 4865991 725688 396809 3549237 331811 15273125 13760229 1368975 573310 4574 490 37443 28834 3107882 2928539 234089 179343 24518 811895 623826 21303856 15497843 419768 233025 1150896 558739 700 880600 682667 2451264 1475131 X 18305175 13649402 547417 373310 18852592 14022712 21303856 15497843 X -5235061 3321 401860 X X 0 1 X 1 0 X 1821289 2138635 1310335 1147721 82589 6500569 1821289 2138635 1310335 1147721 82589 6500569 1565185 4935384 21855 6722 12266 102007 605565 748415 84563 207042 9282 6849 65273 373009 7621993 0.64750 0.55540 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 526157 514963 11194 542800 537001 5799 2038925 1876575 162350 179343 OPERATING LEASE OBLIGATION 584130 PAYCHECK PROTECTION PROGRAM LOAN PAYABLE 98537 682667 756748 3321 3321 753427 0 753427 5586628 0 5586628 401860 401860 5988488 PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANT REFUNDS 375,000. LOSS ON FOREIGN EXCHANGE 26,860. 1 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROJECT GRANTS FOR RESEARCH, HONORAIA, SPONSORSHIP 325621 SUB-SAHARAN AFRICA 0 0 SPONSORSHIP 12900 SOUTH AMERICA 0 0 SPONSORSHIP 11840 SOUTH ASIA 0 0 SPONSORSHIP 5500 NORTH AMERICA 0 0 HONORAIA 500 NORTH AMERICA 0 1 PROFESSIONAL CONSULTING 131004 EUROPE (INCLUDING ICELAND & GREENLAND) 0 1 SOFTWARE DEVELOPMENT 116684 0 2 0 0 0 2 604049 0 604049 EUROPE (INCLUDING ICELAND & GREENLAND) EUROPEAN ENERGY-INDUSTRIAL DECARBONISATION IN THE GLOBAL CONTEXT: INTEGRATION, CONSISTENCY AND STRATEGY 99000 WIRE 0 EUROPE (INCLUDING ICELAND & GREENLAND) PLURALIST CERTIFICATE FOR STUDENTS 49500 WIRE 0 EUROPE (INCLUDING ICELAND & GREENLAND) THE INFLUENCE OF ACADEMIA ON DISRUPTIVE TECHNOLOGIES AND ECONOMIC DEVELOPMENT 48000 WIRE 0 EUROPE (INCLUDING ICELAND & GREENLAND) PRODUCTIVITY, COMPETITIVENESS AND STRATEGIC TRADE IN AN ERA OF RECONFIGURATION OF GLOBAL VALUE CHAINS 21105 WIRE 0 3 1 PROJECT GRANTS FOR RESEARCH, HONORARIA, AND SPONSORSHIP EUROPE (INCLUDING ICELAND & GREENLAND) 24 74811 WIRE HONORARIA NORTH AMERICA 1 500 WIRE SPONSORSHIP SUB-SAHARAN AFRICA 5 12900 WIRE SPONSORSHIP SOUTH ASIA 2 5500 WIRE SPONSORSHIP SOUTH AMERICA 4 11840 WIRE 0 0 0 0 0 0 PART I, LINE 2: THE INSTITUTE FOR NEW ECONOMIC THINKING MONITORS THE USE OF FUNDS BY REQUESTING AND REVIEWING GRANTEE REPORTS PRIOR TO CLOSING THE GRANT. THE NORMAL SCHEDULE FOR SUCH REPORTS IN EVERY SIX MONTHS, IN ADVANCE OF PROGRESS PAYMENTS. TYPICALLY, THESE REPORTS INCLUDE DETAILED FINANCIAL REPORTING ALONG WITH NARRATIVES THAT FURTHER SUPPORT THE SPENDING. INET ALSO COMMUNICATES EXTENSIVELY WITH GRANT MANAGERS TO PROACTIVELY ADDRESS ANY QUESTIONS IN SPENDING OR DIVERSIONS FROM BUDGET. OUR GRANT SELECTION PROCESS IS BY INVITATION ONLY. THE GOVERNING BOARD, INET PRESIDENT AND RESEARCH DIRECTOR ALL HAVE DISCRETION OVER GRANTS. ADDITIONALLY, THE RESEARCH DIRECTOR SOLICITS INPUT FROM THE ACADEMIC COUNCIL. PROPOSALS MUST FIT WITHIN THE INET AREAS OF FOCUS, HAVE LIMITED ADMINISTRATIVE COSTS, BE LED BY PRIMARY INVESTIGATORS CAPABLE OF DOING THE WORK, AND HAVE IMPACT ON FUNDAMENTAL ISSUES IN ECONOMICS. ALL PROPOSALS ARE REVIEWED BY THE BOARD, GENERALLY DURING ACTUAL MEETINGS. PART I, LINE 3: THE METHOD USED TO ACCOUNT FOR EXPENDITURES IS BASED ON THE ACCRUAL BASIS. 1 THE ACADEMIC-INDUSTRY RESEARCH NETWORK 12 NEWPORT ROAD CAMBRIDGE MA 02140 274126652 501(C)(3) 49999 0 ANALYZE THE BUSINESS-LEVEL ECONOMICS OF TRANSITIONING FROM PHEVS TO BEVS AS THE DOMINANT TYPE OF EV UNIVERSITY OF UTAH 260 S CENTRAL CAMPUS DRIVE SALT LAKE CITY UT 84112 876000525 501(C)(3) 39900 0 THE CASE AGAINST EFFICIENCIES IN HORIZONTAL MERGER REVIEWS CENTER FOR ECONOMIC AND POLICY RESEARCH 1611 CONNECTICUT AVENUE NW SUITE 400 WASHINGTON DC 20009 522204029 501(C)(3) 38750 0 RACIAL AND GENDER GAP IN WORK-HOUR VOLATILITY AND ECONOMIC SECURITY AMONG U.S. WORKERS UNIVERSITY OF TEXAS RIO GRANDE VALLEY FOUNDATION 701 E EXPRESSWAY 83 3 MCALLEN TX 78501 742246970 501(C)(3) 21002 0 LAB: ARTIFICIAL INTELLIGENCE IN RESEARCH PRESIDENT AND FELLOWS OF HARVARD COLLEGE HARVARD LAW SCHOOL 1033 MASSACHUSETTS AVENUE SUITE 3 CAMBRIDGE MA 02138 042103580 501(C)(3) 12000 0 MONEY AS A DEMOCRATIC MEDIUM 2.0 5 PROJECT GRANTS FOR RESEARCH 2 35000 HONORARIA 4 1275 PART I, LINE 2: THE INSTITUTE FOR NEW ECONOMIC THINKING MONITORS THE USE OF FUNDS BY REQUESTING AND REVIEWING GRANTEE REPORTS PRIOR TO CLOSING THE GRANT. THE NORMAL SCHEDULE FOR SUCH REPORTS IN EVERY SIX MONTHS, IN ADVANCE OF PROGRESS PAYMENTS. TYPICALLY, THESE REPORTS INCLUDE DETAILED FINANCIAL REPORTING ALONG WITH NARRATIVES THAT FURTHER SUPPORT THE SPENDING. INET ALSO COMMUNICATES EXTENSIVELY WITH GRANT MANAGERS TO PROACTIVELY ADDRESS ANY QUESTIONS IN SPENDING OR DIVERSIONS FROM BUDGET. OUR GRANT SELECTION PROCESS IS BY INVITATION ONLY. THE GOVERNING BOARD, INET PRESIDENT AND RESEARCH DIRECTOR ALL HAVE DISCRETION OVER GRANTS. ADDITIONALLY, THE RESEARCH DIRECTOR SOLICITS INPUT FROM THE ACADEMIC COUNCIL. PROPOSALS MUST FIT WITHIN THE INET AREAS OF FOCUS, HAVE LIMITED ADMINISTRATIVE COSTS, BE LED BY PRIMARY INVESTIGATORS CAPABLE OF DOING THE WORK, AND HAVE IMPACT ON FUNDAMENTAL ISSUES IN ECONOMICS. ALL PROPOSALS ARE REVIEWED BY THE BOARD, GENERALLY DURING ACTUAL MEETINGS. X 0 0 0 0 0 0 0 0 0 ROBERT JOHNSON PRESIDENT 445763 0 0 0 0 0 16500 0 56746 0 519009 0 0 0 JASON SHURE CFO/SECRETARY 196504 0 0 0 0 0 10000 0 32065 0 238569 0 0 0 DONNA FOLKERTS CHIEF ADMIN OFFICER 194806 0 0 0 0 0 10000 0 24416 0 229222 0 0 0 MATTHEW KULVICKI DIRECTOR OF FILM AND VIDEO 189120 0 0 0 0 0 9500 0 17690 0 216310 0 0 0 RAMON CONTRERAS HEAD OF SPECIAL POJECTS 158240 0 0 0 0 0 8000 0 34407 0 200647 0 0 0 JAY POCKLINGTON DIRECTOR YOUNG SCHOLARS 126750 0 0 0 0 0 6438 0 17790 0 150978 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED IT IS REVIEWED BY MANAGEMENT PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. A COPY IS PROVIDED TO THE BOARD AFTER THE FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE DIRECTORS, OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION OWE A DUTY OF LOYALTY TO THE ORGANIZATION WHICH REQUIRES THAT IN SERVING THE ORGANIZATION THEY ACT, NOT IN THEIR PERSONAL INTERESTS OR IN THE INTERESTS OF OTHERS, BUT RATHER SOLELY IN THE INTERESTS OF THE ORGANIZATION. A CONFLICT OF INTEREST MAY ARISE WHEN A PERSON HAS AN EXISTING OR POTENTIAL FINANCIAL INTEREST OR OTHER MATERIAL INTEREST THAT IMPAIRS, OR MIGHT APPEAR TO IMPAIR HIS OR HER INDEPENDENCE OR OBJECTIVITY IN THE DISCHARGE OF RESPONSIBILITIES AND DUTIES TO THE ORGANIZATION. EACH DIRECTOR, OFFICER AND KEY EMPLOYEE OF THE ORGANIZATION SHALL PROMPTLY DISCLOSE ANY DIRECT OR INDIRECT FINANCIAL OR OTHER MATERIAL INTEREST WHICH HE OR SHE HAS OR REASONABLY EXPECTS TO HAVE IN ANY PROPOSED OR EXISTING ARRANGEMENT WITH THE ORGANIZATION PRIOR TO THE START OF ANY NEGOTIATIONS WITH RESPECT TO SUCH MATTER. A DIRECT OR INDIRECT FINANCIAL INTEREST REQUIRED TO BE DISCLOSED UNDER THIS POLICY SHALL BE DISCLOSED IN WRITING TO THE BOARD OF DIRECTORS. SUCH DISCLOSURE SHALL INCLUDE ALL MATERIAL FACTS AND SUPPLY ANY REASONS WHY THE ARRANGEMENT MIGHT BE OR NOT BE IN THE BEST INTEREST OF THE ORGANIZATION. EACH YEAR, EACH DIRECTOR, OFFICER, KEY EMPLOYEE AND MEMBER OF THE ACADEMIC COUNCIL SHALL ACKNOWLEDGE HIS OR HER FAMILIARITY WITH THIS POLICY AND (I) EACH DIRECTOR, OFFICER AND KEY EMPLOYEE SHALL DISCLOSE IN WRITING TO THE BOARD OF DIRECTORS ANY EXISTING DIRECT OR INDIRECT FINANCIAL OR OTHER MATERIAL INTEREST OR GRANTMAKING INTEREST SUBJECT TO THIS POLICY AND (II) EACH MEMBER OF THE ACADEMIC COUNCIL SHALL DISCLOSE ANY GRANTMAKING INTEREST SUBJECT TO THIS POLICY, BY COMPLETING THE ATTACHED CONFLICT OF INTEREST DISCLOSURE STATEMENT. THE CONFLICT OF INTEREST DISCLOSURE STATEMENTS SHALL BE REVIEWED BY THE BOARD OF DIRECTORS. THE CONFLICT OF INTEREST DISCLOSURE STATEMENTS SHALL BE RETAINED IN THE CONFIDENTIAL FILES OF THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPROVES THE COMPENSATION FOR THE CEO, OFFICERS, AND KEY EMPLOYEES. IN 2022 A DECISION WAS REACHED TO INITIATE A LAYOFF AND TO REDUCE COMPENSATION ACROSS TO KEY EMPLOYEES TO PRESERVE THE ORGANIZATIONS CASH. THIS IS DOCUMENTED IN THE NOVEMEBER 3, 2022 ORGANIZATIONS BOARD MINUTES. THE ORGANIZATION DOES NOT PROVIDE ANNUAL PAY INCREASES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTANTS: PROGRAM SERVICE EXPENSES 266,006. MANAGEMENT AND GENERAL EXPENSES 39,579. FUNDRAISING EXPENSES 85,149. TOTAL EXPENSES 390,734. PAYROLL SERVICES: PROGRAM SERVICE EXPENSES 18,752. MANAGEMENT AND GENERAL EXPENSES 4,019. FUNDRAISING EXPENSES 670. TOTAL EXPENSES 23,441. RESEARCH AND TRANSLATION: PROGRAM SERVICE EXPENSES 294,131. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 37,498. TOTAL EXPENSES 331,629. FORM 990, PART XI, LINE 9: GRANT REFUNDS 375,000. LOSS ON FOREIGN EXCHANGE 26,860. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.