2023-03-23T09:51:00-05:00 2022-05-31 135565207 KPMG LLP 1305 WALT WHITMAN ROAD MELVILLE NY 11747 990 2021-06-01 131776434 CONSUMER REPORTS INC CONS 9143782000 101 TRUMAN AVENUE YONKERS NY 107031044 ERIC WAYNE SR. VP AND CFO 9143782000 2023-03-22 1 ERIC WAYNE 999009999 FELICIA R TUCKER P00505155 6314256000 2023-03-23 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z MARTA L TELLADO 101 TRUMAN AVENUE YONKERS NY 107031044 388937468 0 X WWW.CONSUMERREPORTS.ORG X 1936 NY WE ARE AN INDEPENDENT, NONPROFIT ORGANIZATION THAT WORKS SIDE BY SIDE WITH CONSUMERS. 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IS EXEMPT WITH THE IRS UNDER SECTION 509(A)(2). HOWEVER, TO SUPPORT THE USE OF SPECIAL 2% RULE FOR REPORTING CONTRIBUTIONS ON SCHEDULE B, THE ORGANIZATION HAS FILLED OUT PART II. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 1 6000 1 115329 1 164421 0 1 179702 1 3344 0 468796 0 PART II-B, LINE 1: LINE 1A - VOLUNTEERS TESTIFY BEFORE CONGRESS AND STATE LEGISLATURES; SPEAK AT PRESS CONFERENCES REGARDING STATE AND FEDERAL LEGISLATION; LOBBY LEGISLATORS. LINE 1B - PAID STAFF OR MANAGEMENT: PLEASE SEE BELOW ACTIVITIES, AS STAFF AND MANAGEMENT ARE INCLUDED IN THOSE ACTIVITIES AND TOTALS. LINE 1C - MEDIA ADVERTISEMENTS: MEDIA SPACE PURCHASED IN PRINT AND RADIO AND SOCIAL MEDIA REGARDING STATE OR FEDERAL LEGISLATION. LINE 1D - MAILING TO MEMBERS, LEGISLATORS, OR THE PUBLIC: LETTERS AND EMAILS TO STATE OR FEDERAL LEGISLATORS AND STAFF REGARDING LEGISLATION; EMAIL ACTION ALERTS REGARDING STATE OR FEDERAL LEGISLATION TO OUR MEMBERS OR ACTIVISTS. LINE 1E - PUBLICATIONS, OR PUBLISHED OR BROADCAST STATEMENTS: LOBBYING MESSAGES REGARDING LEGISLATION THAT APPEAR IN CONSUMER REPORTS AND ITS OTHER PUBLICATIONS. LINE 1G - DIRECT CONTACT WITH LEGISLATORS, THEIR STAFFS, GOVERNMENT OFFICIALS, OR LEGISLATIVE BODY: FACE-TO-FACE MEETINGS OR; TELEPHONE CALLS WITH STATE OR FEDERAL LEGISLATORS, INCLUDING TRAVEL TIME. LINE 1H - RALLIES, DEMONSTRATIONS, SEMINARS, CONVENTIONS, SPEECHES, LECTURES, OR ANY SIMILAR MEANS: SPEECHES; RALLIES; CONFERENCES WHERE CR STAFF SUPPORTS OR OPPOSES STATE OR FEDERAL LEGISLATION PUBLICLY. 11935255 11935255 72171739 52168896 20002843 795261 681105 114156 27661000 24595621 3065379 127811864 108430033 19381831 54499464 PENSION LIABILITY 11175086 CHARITABLE GIFT ANNUITY 8528415 457(B) LIABILITY 4687148 LIABILITY DERIVATIVE INSTRUMENT 2742024 ASC 712 LIABILITY 1631160 LIFETIME SUBSCRIBER LIABILITY 1194000 OTHER DEFERRED 890219 OPERATING LEASE LIABILITY 699000 31547052 X 251565000 -42193389 5260439 -36932950 288497950 363461 -95708 267753 288765703 250204000 0 250204000 363461 -97020 266441 250470441 PART X, LINE 2: FIN 48 UNCERTAINTY IN TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CONSUMER REPORTS [CR] IS EXEMPT FROM TAXES ON INCOME, EXCEPT FOR UNRELATED BUSINESS INCOME. FOR THE YEARS ENDED MAY 31, 2022 AND 2021, PROVISIONS FOR INCOME TAXES WERE $1,181,000 AND $1,362,000, RESPECTIVELY. IN ACCORDANCE WITH ASC TOPIC 740, INCOME TAXES, CR EVALUATED ITS TAX POSITIONS AND DETERMINED THAT ALL ARE MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION. ACCORDINGLY, CR BELIEVES THAT THERE ARE NO UNRECOGNIZED BENEFITS OR APPLICABLE INTEREST AND PENALTIES THAT SHOULD BE RECORDED. CR'S TAX RETURNS FOR THE FISCAL YEARS ENDED MAY 31, 2019, 2020 AND 2021 ARE SUBJECT TO EXAMINATION BY FEDERAL, STATE AND LOCAL AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: PENSION RELATED CHARGES 3,267,740. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -306,244. UNREALIZED GAIN ON INTEREST RATE SWAP 2,298,943. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -96,643. OTHER ROUNDING 935. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES -96,643. OTHER ROUNDING -377. EUROPE 0 0 PROGRAM SERVICES PUBLICATION INFO. 973459 NORTH AMERICA 0 0 PROGRAM SERVICES PUBLICATION INFO. 1066284 0 0 0 0 0 0 2039743 0 2039743 0 0 0 0 0 0 PART III ACCOUNTING METHOD: PART I, LINE 3, COLUMN (F) THE ACCRUAL METHOD OF ACCOUNTING WAS USED IN PART I, LINE 3, COLUMN (F). 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THEY ARE RESULT-ORIENTED, AND HAVE TANGIBLE GOALS AND OBJECTIVES. -IF POSSIBLE, THE PROJECTS ARE REPLICABLE, AND PROVIDE A MODEL FOR ORGANIZING AND ADVOCACY ON OTHER CONSUMER AND PUBLIC INTEREST ISSUES, OR IN OTHER LOCATIONS. -THE PROJECTS MUST MAKE SENSE IN THE CONTEXT OF THE NEEDS AND SUSTAINABILITY OPPORTUNITIES OF THE OVERALL CONSUMER MOVEMENT. -BECAUSE OUR FUNDS ARE LIMITED, OUR OPERATING STRATEGY IS TO IDENTIFY PROSPECTIVE GRANTEES AND INVITE THEM TO APPLY. MOST GRANTS ARE AWARDED TO PRE-SELECTED ORGANIZATIONS. MONITORING GRANT FUNDS GRANTEES ARE REQUIRED TO SUBMIT PROGRAM AND FINANCIAL REPORTS AT THE CONCLUSION OF THE PROJECT, INCLUDING A LIST OF GRANT-RELATED EXPENDITURES, AND A SUMMARY OF DELIVERABLES AND PROJECT RESULTS. THE TIMING OF THE REPORTS IS DETERMINED ACCORDING TO A SCHEDULE CONTAINED IN AN EXECUTED AGREEMENT BETWEEN CR AND THE GRANTEE. X X X X X 0 0 0 0 0 0 0 1 0 MARTA L TELLADO PRESIDENT & CEO 722865 0 68550 0 28251 0 29000 0 2964 0 851630 0 0 0 LEONORA WIENER SR. VP & COO 482163 0 25413 0 25044 0 29000 0 13186 0 574806 0 0 0 ERIC WAYNE SR. VP & CFO 398747 0 30000 0 15449 0 29000 0 41860 0 515056 0 0 0 JASON FOX VP, CHIEF DIGITAL OFFICER 398034 0 20000 0 15750 0 28900 0 39110 0 501794 0 0 0 GWENDOLYN BOUNDS VP, CHIEF CONTENT OFFICER 404985 0 25000 0 15645 0 28900 0 2879 0 477409 0 0 0 MICHAEL HUBNER VP, GENERAL COUNSEL 415297 0 15000 0 16517 0 29000 0 1206 0 477020 0 0 0 LIAM MCCORMACK VP, RESEARCH, TESTING & INSIGHTS 386830 0 17000 0 14521 0 29000 0 28480 0 475831 0 0 0 LAUREN STANICH VP, CHIEF MARKETING OFFICER 381325 0 20000 0 5595 0 28191 0 38136 0 473247 0 0 0 ESTHER HAN VP, NEW PRODUCTS & SERVICES 336945 0 17000 0 19786 0 28158 0 28853 0 430742 0 0 0 SHAR TAYLOR VP, CHIEF SOCIAL IMPACT OFFICER 332480 0 15000 0 7322 0 25750 0 15386 0 395938 0 0 0 PETER DIRENZO CHIEF TECHNOLOGY OFFICER 304801 0 10500 0 6143 0 29000 0 38881 0 389325 0 0 0 HEATH GRAYSON CHIEF PRIVACY OFFICER & DEPUTY GC 304156 0 8000 0 6513 0 29000 0 35420 0 383089 0 0 0 RAFAEL PEREZ VP, CHIEF DIVERSITY OFFICER 300319 0 15000 0 2702 0 28156 0 34544 0 380721 0 0 0 CORINNE OSBORN SR DIR LABOR & EMPL RELS 286970 0 10000 0 6063 0 28786 0 37317 0 369136 0 0 0 PART I, LINE 7 MARTA TELLADO, LEONORA WEINER, ERIC WAYNE, JASON FOX, GWENDOLYN BOUNDS, MICHAEL HUBNER, LIAM MCCORMACK, LAUREN STANICH, ESTHER HAN, SHAR TAYLOR, PETER DIRENZO, HEATH GRAYSON, RAFEAL PEREZ, AND CORINNE OSBORN RECEIVED DISCRETIONARY BONUS COMPENSATION IN CALENDAR YEAR 2021. THIS AMOUNT IS REPORTED IN SCHEDULE J, PART II, COLUMN B (III). A CYIDA MULTI-MOD CIV FAC REV BONDS S 2005 521294255 986083BN2 2005-12-22 47300000 REFINANCE & RENOS OR HQ FACILITY 0 0 0 A 14900000 47300000 560305 1066734 9980132 35692829 2007 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 1 1 MORGAN STANLEY 30.500000000000 0 0 0 0 0 A 0 PART II, LINE 11 - OTHER SPENT PROCEEDS $35,045,813 OF BOND PROCEEDS WERE USED TO REFUND BONDS ISSUED IN 1989, 1991, AND 1995. ISSUER FEE, TITLE INSURANCE, STATE BOND ISSUANCE CHARGE, SURVEY AND RECORDING FEES: $647,016 PART III, LINE 9 - ESTABLISHMENT OF WRITTEN PROCEDURES ON MAY 31, 2015, CR IMPLEMENTED A PROCESS TO MONITOR PRIVATE BUSINESS USE OF THE FACILITY. IN ADDITION, CR CONDUCTED A REVIEW OF THE PAST 5 YEARS OF THE FACILITY USE AND DETERMINED THAT NO PRIVATE USE OF THE FACILITY HAD OCCURRED THAT WAS NOT IN COMPLIANCE WITH THE NEW POLICY. X 19 92283 FAIR MARKET VALUE 0 1 0 SCHEDULE M, PART I, COLUMN (B) THE NUMBER 19 REPRESENTS THE NUMBER OF GIFT ITEMS OR CONTRIBUTORS THAT DONATED OF PUBLICLY TRADED SECURITIES RECEIVED BY CONSUMER REPORTS, INC. IN FISCAL YEAR 2022. EACH GIFT ITEM OR CONTRIBUTOR HAS EITHER ONE OR MULTIPLE SHARES OF PUBLICLY TRADED SECURITIES THAT WERE DONATED TO THE ORGANIZATION. THESE SECURITIES ARE SOLD FOR CASH PROMPTLY AFTER CR TAKES POSSESSION. FORM 990, PART III, LINE 4A CONSUMER INFORMATION: CONSUMER REPORTS PUBLISHES AND DISSEMINATES INFORMATION AND ADVICE TO CONSUMERS REGARDING TOPICS SUCH AS CONSUMER GOODS, SERVICES, HEALTH AND PERSONAL FINANCE IN ORDER TO EFFECT ITS EDUCATIONAL PURPOSE. THE NUMBER OF PAID SUBSCRIBERS FOR EACH AS OF 5/31/22 INCLUDE CONSUMER REPORTS MAGAZINE 2,831,781; CONSUMER REPORTS ON HEALTH 517,945; AND CR ONLINE 2,880,444. CONSUMER REPORTS DOES NOT ACCEPT OUTSIDE ADVERTISING IN ANY OF ITS PUBLICATIONS. IN ADDITION, CONSUMER REPORTS DISSEMINATES CONSUMER INFORMATION THROUGH OTHER PRINT, RADIO, TELEVISION, ELECTRONIC PUBLISHING AND INTERACTIVE MEDIA. PRODUCT INFORMATION: CONSUMER REPORTS CONDUCTS INDEPENDENT AND IMPARTIAL TESTS AND ANALYSES ON A WIDE RANGE OF CONSUMER PRODUCTS AND SERVICES, SUCH AS ELECTRONICS, APPLIANCES, HOUSEHOLD PRODUCTS, INSURANCE, RECREATIONAL GOODS, AND CARS. THE TESTS AND SURVEYS EVALUATE HOW THE PRODUCTS AND SERVICES PERFORM AND EDUCATE CONSUMERS ON THE EXTENT TO WHICH THEY ARE CONVENIENT, SAFE, AND ECONOMICAL. DURING THE FISCAL YEAR ENDED 5/31/22, CONSUMER REPORTS CONDUCTED TESTS AND EVALUATIONS ON MORE THAN 2,100 MODELS OF VARIOUS CONSUMER PRODUCTS, MAKING USE OF ABOUT 60 LABORATORIES AND ITS AUTO TRACK. THE INFORMATION GATHERED AS RESULT OF THESE TESTS IS DISSEMINATED TO THE GENERAL PUBLIC AS DESCRIBED ABOVE. FORM 990, PART III, LINE 4B EDUCATION AND ADVOCACY PROGRAMS: CONSUMER REPORTS IS DEDICATED TO IMPROVING THE LIVES OF CONSUMERS AND CREATING A FAIR AND JUST MARKETPLACE FOR ALL OF US. WE ARE AN INDEPENDENT, NONPROFIT ORGANIZATION WITH 6 MILLION MEMBERS ACROSS THE U.S. CR SEEKS TO INFORM AND EMPOWER CONSUMERS TO ESTABLISH A NEW ERA OF CONSUMER RIGHTS. IN THE 86 YEARS SINCE CR WAS FOUNDED, WE HAVE BUILT A LEGACY OF TRUST AMONG CONSUMERS BY CONDUCTING EXPERT RIGOROUS SCIENCE-BASED TESTING OF PRODUCTS AND SERVICES, INCENTIVIZING CORPORATIONS TO PRIORITIZE SAFETY AND TRANSPARENCY, AND WORKING WITH POLICYMAKERS TO ENSHRINE THE RIGHTS AND INTERESTS OF CONSUMERS IN LAWS AND REGULATIONS. WE PROVIDE TRUSTED INFORMATION THROUGH TESTING, RATINGS, AND REVIEWS; SURVEYS, REPORTS AND ANALYSES; AND INVESTIGATIVE AND SERVICE JOURNALISM - ALL OF WHICH IS DISSEMINATED THROUGH MULTIPLE DIGITAL AND PRINT PLATFORMS THAT REACH MORE THAN 15 MILLION PEOPLE EACH MONTH. THE PUBLIC CAN ACCESS SUBSTANTIAL FREE CONSUMER EDUCATION INFORMATION AS A PUBLIC SERVICE THROUGH CONSUMERREPORTS.ORG, CR SOCIAL MEDIA CHANNELS, WEBINARS, PARTNERSHIPS WITH 170 ENGLISH AND SPANISH LOCAL TV STATIONS, AND MEDIA COVERAGE. THESE COMBINED EFFORTS LEVERAGE CONSUMER DEMAND TO SHAPE A PRO-CONSUMER MARKETPLACE, AND WE ENGAGE DIRECTLY WITH INDUSTRY TO SET STANDARDS AND PROMOTE SAFETY, DIGITAL RIGHTS, FINANCIAL FAIRNESS AND SUSTAINABILITY PRINCIPLES IN THE DESIGN AND DELIVERY OF PRODUCTS AND SERVICES. CONSUMER REPORTS' LONGSTANDING COMMITMENT TO EDUCATING CONSUMERS AND ADVOCATING FOR LAWS, POLICIES AND PRACTICES THAT BENEFIT CONSUMERS IS EXEMPLIFIED BY OUR FY 21 (JUNE 1, 2021 THROUGH MAY 31, 2022) ACCOMPLISHMENTS, SOME OF WHICH INCLUDE: SAFETY: - PRESIDENT SIGNS LANDMARK LAW TO BAN DANGEROUS INFANT SLEEP PRODUCTS PRESIDENT BIDEN SIGNED AN INFANT SAFETY LAW CHAMPIONED BY CONSUMER REPORTS, DOCTORS, SAFETY EXPERTS, AND GRIEVING FAMILIES. THE LAW IS CALLED THE SAFE SLEEP FOR BABIES ACT. IT BANS TWO DANGEROUS INFANT SLEEP PRODUCTS: INCLINED SLEEPERS AND CRIB BUMPER PADS, BOTH OF WHICH ARE UNSAFE FOR INFANT SLEEP AND HAVE BEEN LINKED WITH CLOSE TO 200 REPORTED CHILD DEATHS. THE LAW WAS PROMPTED IN LARGE PART BY A CR INVESTIGATION THAT REVEALED DOZENS OF DEATHS TIED TO PRODUCTS SUCH AS THE FISHER-PRICE ROCK 'N PLAY SLEEPER, WHICH WERE NOT COVERED BY FEDERAL SAFETY STANDARDS. - MAJOR FAST-FOOD CHAINS ANNOUNCE STEPS TO REMOVE PFAS CHEMICALS FROM FOOD PACKAGING, FOLLOWING CR INVESTIGATION THREE NATIONAL FAST-FOOD RESTAURANT CHAINS-BURGER KING, CHICK-FIL-A, AND NATHAN'S FAMOUS PUBLICLY ANNOUNCED THEY WOULD LIMIT DANGEROUS PFAS CHEMICALS IN THEIR FOOD PACKAGING, ONCE THEY LEARNED OF CR'S INVESTIGATION THAT REVEALED PFAS IN WRAPPERS, CUPS, BOWLS, AND OTHER CONTAINERS FROM RESTAURANTS AND GROCERY STORES. ELEVEN STATES HAVE ENACTED LAWS THAT BAN THE INTENTIONAL USE OF PFAS IN FOOD PACKAGING, AND CR IS URGING CONGRESS TO APPROVE A NATIONAL BAN. IN RECENT DECADES, PFAS EXPOSURE HAS BEEN LINKED TO A GROWING LIST OF PROBLEMS, INCLUDING IMMUNE SYSTEM SUPPRESSION, LOWER BIRTH WEIGHT, AND INCREASED RISK FOR SOME CANCERS. CR'S WORK ON THIS CLASS OF CHEMICALS WON A FAST COMPANY 2022 WORLD CHANGING IDEAS AWARD FOR OUR YEAR-LONG SERIES WITH THE GUARDIAN TO EXPOSE THE WIDESPREAD CONTAMINATION OF PFAS IN TAP WATER. - ADVOCATING FOR SAFER CARS AND ROADS CR INTRODUCED NEW RATINGS AND EVALUATIONS TO INCENTIVIZE AUTOMAKERS TO IMPROVE THEIR IN-CAR SYSTEMS FOR DRIVER ASSISTANCE AND DRIVER MONITORING. FOR THE FIRST TIME, CR IS AWARDING RATING POINTS TO VEHICLES WITH AUTOMATION SYSTEMS THAT ENCOURAGE SAFE DRIVING, AND WE WILL PENALIZE THOSE LACKING SAFEGUARDS STARTING WITH THE 2024 MODEL YEAR. CR PRODUCED AN IN-DEPTH RESEARCH REPORT CALLED "UNDERSTANDING THE CURRENT STATE OF VEHICLE AUTOMATION" FOR INDUSTRY AND GOVERNMENT OFFICIALS. WE CREATED THE REPORT AFTER THE NATIONAL HIGHWAY TRANSPORTATION SAFETY ADMINISTRATION ORDERED AUTOMAKERS TO REPORT CRASHES INVOLVING VEHICLES THAT COME EQUIPPED WITH A CERTAIN LEVEL OF ADVANCED DRIVER ASSISTANCE. OUR REPORT PROVIDES KEY DATA AND GUIDANCE ABOUT ACTIVE DRIVER-ASSISTANCE SYSTEMS, INCLUDING A VEHICLE LIST THAT SPECIFIES THE AVAILABILITY OF SYSTEMS BY MANUFACTURERS, MAKES, AND MODELS FOR THE CURRENT YEAR. CONGRESS PASSED A BIPARTISAN INFRASTRUCTURE LAW THAT CONTAINS AUTO SAFETY REFORMS ENDORSED BY CR. THE LAW REQUIRES ALL NEW CARS TO COME STANDARD WITH EFFECTIVE, PASSIVE TECHNOLOGY TO PREVENT DRUNK AND IMPAIRED DRIVING, WHICH THE INSURANCE INSTITUTE FOR HIGHWAY SAFETY ESTIMATES COULD SAVE MORE THAN 9,000 LIVES PER YEAR-PREVENTING FULLY ONE-QUARTER OF ALL ROAD FATALITIES. THE LAW ALSO INCLUDES PROVISIONS TO IMPROVE AUTO SAFETY RECALLS AND SAFETY REPORTING BY MANUFACTURERS, AND REQUIRES CARS TO COME STANDARD WITH AUTOMATIC SHUTOFF SYSTEMS TO PREVENT CARBON MONOXIDE POISONING. FORM 990, PART III, LINE 4B (CONTINUED) - CR TESTING LEADS TO FOOD RECALL FOR THE FIRST TIME, CR'S TESTING PROMPTED A RECALL OF DANGEROUS FOOD. WE DETECTED A POTENTIALLY DEADLY CONTAMINANT IN ONE OF OUR SAMPLES OF KROGER-BRANDED GROUND BEEF SOLD AT A FRED MEYER SUPERMARKET IN SEATTLE. WE IMMEDIATELY ALERTED THE U.S. DEPARTMENT OF AGRICULTURE'S FOOD SAFETY AND INSPECTION SERVICE. THE AGENCY PROMPTLY INVESTIGATED THE PLANT WHERE THE MEAT WAS PROCESSED, RESULTING IN A RECALL BY THE DISTRIBUTOR OF 28,000 POUNDS OF GROUND BEEF SHIPPED FROM THE PLANT TO OTHER NATIONAL STORES IN ADDITION TO KROGER'S, LIKE WALMART AND ALBERTSONS. CONSUMERS CAN NOW GET TEXT MESSAGES ABOUT FOOD RECALLS AND FOODBORNE ILLNESSES BY SIGNING UP FOR A FREE SERVICE CALLED FOOD SAFETY ALERT. SUSTAINABILITY: - ADVANCING CLEAN CAR RULES TO REDUCE EMISSIONS, SAVE CONSUMERS MONEY THE FEDERAL GOVERNMENT APPROVED RULES TO LOWER THE EMISSIONS AND IMPROVE THE FUEL ECONOMY OF NEW CARS AND LIGHT-DUTY TRUCKS FOR MODEL YEARS 2023 TO 2026. CR'S ADVOCATES TESTIFIED BEFORE THE ENVIRONMENTAL PROTECTION AGENCY AND THE DEPARTMENT OF TRANSPORTATION TO EXPLAIN HOW STRINGENT RULES WOULD HAVE A POSITIVE IMPACT ON PUBLIC HEALTH AND THE ENVIRONMENT, WHILE HELPING CAR BUYERS SAVE THOUSANDS OF DOLLARS OVER THE LIFE OF VEHICLES THAT CAN GO FURTHER ON A GALLON OF GAS OR NO GAS AT ALL. CR ALSO ORGANIZED DOZENS OF CONSUMERS TO SPEAK AT THESE HEARINGS. WHILE SOME OF THE GOVERNMENT'S INITIAL PROPOSALS WERE DEEMED TO BE RELATIVELY WEAK BY CR AND OTHER GROUPS, THE REGULATORS ULTIMATELY CHOSE TO PUT STRONGER STANDARDS IN PLACE, AND MANY OF CR'S RECOMMENDATIONS WERE INCLUDED IN THE FINAL RULES. AT THE STATE LEVEL, CR WORKED WITH OFFICIALS AND GRASSROOTS ORGANIZATIONS IN NEVADA TO ADVANCE CLEAN CAR RULES TO CURB TRANSPORTATION POLLUTION AND PROVIDE NEVADANS WITH MORE CHOICES FOR ELECTRIC AND PLUG-IN HYBRID VEHICLES. CR SURVEYED NEVADA CONSUMERS AND FOUND WIDESPREAD SUPPORT FOR THESE INITIATIVES, WHICH WE SHARED IN TESTIMONY AND FILINGS. NEVADA BECAME THE NATION'S 16TH CLEAN CAR STATE IN OCTOBER 2021 WHEN A COMMISSION APPROVED THE CR-ENDORSED PROGRAM. - HELPING CONSUMERS NAVIGATE HIGH GAS PRICES AND CLEAN CAR OPTIONS AS THE PRICE OF GASOLINE HIT RECORD HIGHS IN FY22, CR PROVIDED CONSUMERS WITH FREE INFORMATION ABOUT HOW TO CONSERVE FUEL AND FIND THE LOWEST PRICES. WE ADVISED CAR BUYERS ON HOW ELECTRIC VEHICLES OFFER CERTAIN ADVANTAGES OVER GAS-POWERED VEHICLES WHEN IT COMES TO FUEL COSTS, REPAIRS AND MAINTENANCE, AND WE REPORTED ON OTHER OPTIONS LIKE PLUG-IN HYBRIDS. PLUS, WE LAUNCHED A FREE ONLINE TOOL CALLED ELECTRIC VEHICLE INCENTIVE FINDER WHERE PEOPLE CAN SEE WHAT TAX INCENTIVES AND DISCOUNTS ARE AVAILABLE FOR PEOPLE WHO BUY ELECTRIC VEHICLES IN THEIR ZIP CODE. - SHINING A SPOTLIGHT ON THE GROWING IMPACT OF AMAZON WAREHOUSES ON RESIDENTIAL NEIGHBORHOODS CR AND THE GUARDIAN INVESTIGATED AMAZON AND THE IMPACT OF ITS GROWING NUMBER OF WAREHOUSES ON RESIDENTIAL NEIGHBORHOODS. PEOPLE WHO LIVE NEAR THE NEW WAREHOUSES TOLD REPORTERS THAT THEY FACE INCREASED AIR POLLUTION FROM TRUCKS AND VANS, MORE DANGEROUS STREETS FOR KIDS WALKING OR BIKING, CLOGGED TRAFFIC, AND NEAR-CONSTANT NOISE. WE FOUND THAT AMAZON OPENS MOST OF ITS WAREHOUSES IN NEIGHBORHOODS WITH A DISPROPORTIONATELY HIGH NUMBER OF PEOPLE OF COLOR AND LOW-INCOME RESIDENTS: 69 PERCENT OF AMAZON WAREHOUSES HAVE A GREATER SHARE OF PEOPLE OF COLOR LIVING WITHIN A MILE RADIUS THAN THE TYPICAL NEIGHBORHOOD IN THE SAME METRO AREA, AND 57 PERCENT OF AMAZON WAREHOUSES ARE IN NEIGHBORHOODS WITH A GREATER SHARE OF LOW-INCOME RESIDENTS THAN TYPICAL FOR THE SAME METRO AREA. CR SHARED OUR FINDINGS WITH THE COMPANY AND OTHER STAKEHOLDERS. WE ARE URGING AMAZON TO MEASURE AND MITIGATE THE POLLUTION, TRAFFIC, AND OTHER IMPACTS, COMMIT TO ELECTRIFYING ITS HEAVY-DUTY FLEET OF VEHICLES, AND DIRECTLY ENGAGE WITH COMMUNITIES BEFORE MOVING INTO THEIR NEIGHBORHOODS. FINANCIAL FAIRNESS: - EXPOSING PROBLEMS WITH CREDIT APPS CR TOOK A CLOSE LOOK AT FIVE POPULAR APPS THAT PROVIDE CREDIT SCORE MONITORING-CREDIT KARMA, CREDIT SESAME, EXPERIAN CREDIT REPORT, TRANSUNION SCORE & REPORT, AND MYFICO. WE FOUND THAT THEY HAD SIGNIFICANT DRAWBACKS AND ONLY A FEW UPSIDES. ALL OF THE APPS COLLECTED AND SHARED MORE DATA ABOUT CONSUMERS THAN THEY NEED TO PERFORM THEIR CORE FUNCTIONS, OFTEN SO THEY CAN UPSELL OTHER PRODUCTS AND SERVICES. MOST OF THESE APPS DID NOT PROVIDE ACCESS TO THE TYPE OF CREDIT SCORES THAT CAN MEANINGFULLY HELP A CONSUMER. GIVEN THE HUGE IMPACT THAT CREDIT HAS ON A PERSON'S FINANCIAL POWER, CR CONTINUES TO CALL ON CREDIT BUREAUS TO PROVIDE FREE AND FULL ACCESS TO CREDIT REPORTS, AS WELL AS THE RELEVANT CREDIT SCORES THAT COMPANIES USE TO MAKE MAJOR DECISIONS ABOUT CONSUMERS. - FIXING A BROKEN SYSTEM FOR STUDENT LOAN FORGIVENESS AFTER THOUSANDS OF COMPLAINTS BY CONSUMERS AND GROUPS LIKE CR, THE U.S. DEPARTMENT OF EDUCATION FINALLY TOOK STEPS TO OVERHAUL ITS BROKEN PUBLIC SERVICE LOAN FORGIVENESS PROGRAM. CREATED BY CONGRESS IN 2007, THE PROGRAM PROMISED STUDENT LOAN FORGIVENESS FOR PEOPLE WHO DEVOTED A DECADE OF THEIR LIVES TO PUBLIC SERVICE. BUT 98 PERCENT OF THE APPLICANTS WERE REJECTED. THE SYSTEM WAS POORLY MANAGED BY LOAN SERVICERS. IT LEFT HUNDREDS OF THOUSANDS OF TEACHERS, MILITARY SERVICE MEMBERS, NURSES, AND OTHER PUBLIC SERVANTS WITH HUGE SURPRISE DEBTS. PRESSURE BY CR'S MEMBERS AND OTHERS LED TO CHANGES IN OCTOBER 2021, CLEARING A PATH FOR SOME 550,000 AFFECTED PEOPLE TO MOVE TOWARD THE DEBT CANCELLATION THAT WAS OFFERED TO THEM. - UNCOVERING OVERPRICED AUTO LOANS OVER THE LAST DECADE, THE MONTHLY COST OF AUTO LOANS HAS INCREASED MORE THAN 25 PERCENT, AND AUTO LOAN DEBT HELD BY AMERICANS HAS SURPASSED $1.4 TRILLION. CR ANALYZED 858,000 AUTO LOANS FROM MAJOR LENDERS THAT WERE BUNDLED INTO BONDS SOLD TO INVESTORS. OUR INVESTIGATION FOUND THAT CONSUMERS WHO ARE FINANCIALLY SIMILAR AND HAVE COMPARABLE CREDIT SCORES CAN BE CHARGED WILDLY DIFFERENT INTEREST RATES. EVEN PEOPLE WITH HIGH CREDIT SCORES CAN BE CHARGED EXORBITANTLY, SUGGESTING THAT DEALERS AND LENDERS MAY BE SETTING INTEREST RATES NOT ONLY ON RISK BUT ALSO ON WHAT THEY THINK THEY CAN GET AWAY WITH. FORM 990, PART III, LINE 4B (CONTINUED) DIGITAL RIGHTS: - WORKING FOR BETTER BROADBAND FOR ALL CONSUMERS CR WORKED WITH MEMBERS OF CONGRESS TO INCLUDE NEARLY $60 BILLION IN FUNDS TO IMPROVE BROADBAND ACCESS AND AFFORDABILITY FOR CONSUMERS IN THE BIPARTISAN INFRASTRUCTURE LAW. WE SUCCEEDED IN GETTING A PROVISION IN THE LAW TO REQUIRE INTERNET SERVICE PROVIDERS TO PROVIDE A BROADBAND "NUTRITION" LABEL FOR CONSUMERS. THE FCC IS NOW DEVELOPING THIS LABEL, WHICH WILL TELL PEOPLE THE PRICE OF SERVICE, ADDITIONAL FEES, INTERNET SPEEDS, THE DATES WHEN DISCOUNTS WILL EXPIRE, AND OTHER IMPORTANT INFORMATION THAT MIGHT OTHERWISE BE HIDDEN IN THE FINE PRINT. IN FY22 CR LAUNCHED A NATIONAL INITIATIVE TO COLLECT AND ANALYZE BROADBAND BILLS FROM CONSUMERS ACROSS THE COUNTRY. OUR FINDINGS FROM MORE THAN 20,000 BILLS WILL BE REPORTED IN FY23. - CHAMPIONING STATE PRIVACY LAWS CONNECTICUT PASSED A COMPREHENSIVE PRIVACY LAW, WHICH GRANTS CONSUMERS THE RIGHT TO ACCESS, DELETE, AND STOP THE SALE OF THEIR PERSONAL INFORMATION. CR WORKED CLOSELY WITH CONSUMERS AND STATE LAWMAKERS TO IMPROVE AND ADVANCE THE LAW. IT INCLUDES KEY PROVISIONS THAT ARE MISSING FROM SOME OTHER STATE PRIVACY LAWS, SUCH AS A REQUIREMENT FOR COMPANIES TO HONOR BROWSER PRIVACY SIGNALS, SO THAT PEOPLE CAN EASILY OPT OUT OF DATA SALES AT ALL COMPANIES IN A SINGLE STEP. CALIFORNIA, WHICH IS HOME TO THE NATION'S STRONGEST DATA PRIVACY LAW, APPROVED TWO NEW LAWS ENDORSED BY CR. THESE REFORMS ARE AIMED AT DIRECT-TO-CONSUMER GENETIC TESTING COMPANIES LIKE ANCESTRY AND 23ANDME. THE LAWS WILL FORBID THE USE OF A PERSON'S GENETIC DATA WITHOUT THEIR CONSENT, AND REQUIRE THAT SUCH DATA IS STORED SECURELY. - LAUNCHING A MAJOR CYBERSECURITY INITIATIVE CYBERCRIMES COST PEOPLE IN THE U.S. MORE THAN $6.9 BILLION IN 2021, ACCORDING TO THE FBI. PHISHING SCAMS, PERSONAL DATA BREACHES, AND RANSOMWARE ARE JUST A FEW EXAMPLES OF THE CYBER ATTACKS THAT THREATEN PEOPLE'S SECURITY, PRIVACY, AND MONEY. CYBER CRIMINALS CAN DISRUPT PHONE AND COMPUTER NETWORKS, CAUSE ELECTRICITY BLACKOUTS, AND TAKE CONTROL OF INFORMATION SYSTEMS. TO HELP CONSUMERS PROTECT THEMSELVES AND THEIR COMMUNITIES, CR LAUNCHED A MAJOR CYBERSECURITY INITIATIVE IN FY22. WE ARE SCALING UP OUR PRODUCT RESEARCH AND TESTING, INVESTIGATIVE JOURNALISM, AND ADVOCACY TO IDENTIFY DANGERS AND ADVANCE SOLUTIONS. THIS EFFORT INCLUDES FREE APPS TO HELP PEOPLE MANAGE THEIR PERSONAL CYBERSECURITY, MORE TESTING OF PRODUCTS LIKE ANTIVIRUS SOFTWARE AND VIRTUAL PRIVATE NETWORKS, AND THE DEVELOPMENT OF A NUTRITION LABEL FOR DIGITAL DEVICES THAT EXPLAINS THEIR DATA COLLECTION AND SECURITY PRACTICES. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS, STOCKHOLDERS CONSUMER REPORTS IS A NEW YORK STATE NOT-FOR-PROFIT MEMBERSHIP CORPORATION. THE MEMBERS FOR NEW YORK NOT-FOR-PROFIT LAW PURPOSES ARE ANY INDIVIDUAL WITH A PAID MEMBERSHIP TO THE CONSUMER REPORTS MEMBERSHIP PROGRAM. MEMBERS CAN ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING OF MEMBERS; ADOPT, AMEND OR REPEAL THE BY-LAWS OF THE CORPORATION; CALL A SPECIAL MEETING OF THE MEMBERS UNDER CERTAIN CIRCUMSTANCES; AND EXERCISE SUCH OTHER POWERS AS ARE PROVIDED BY LAW. FORM 990, PART VI, SECTION A, LINE 7A SEE EXPLANATION ON LINE 6 ABOVE. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE 990 IS PREPARED UTILIZING THE ASSISTANCE OF AN INDEPENDENT ACCOUNTING FIRM, KPMG. THE RELATED SERVICES FROM KPMG ARE APPROVED BY THE AUDIT COMMITTEE AS PART OF THE AUDIT APPROVAL PROCESS. AFTER THE 990 IS PREPARED BY CR FINANCE DEPARTMENT WITH COORDINATION WITH KPMG, IT IS REVIEWED BY THE CONTROLLER AND CFO BEFORE IT IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. A COPY OF THE 990 IS THEN PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST COMPLIANCE PROCESS CONSUMER REPORTS' BOARD OF DIRECTORS AND STAFF MEMBERS ARE REQUIRED TO FILL OUT AND SIGN A DISCLOSURE OF INTEREST STATEMENT AND ATTESTATION OF COMPLIANCE EACH YEAR. BOARD MEMBERS' FORMS ARE REVIEWED BY A COMMITTEE OF THE BOARD; STAFF MEMBERS' FORMS ARE REVIEWED BY AN OUTSIDE INDEPENDENT REVIEWER. ANY CONFLICTS WILL BE ADDRESSED WITH THE APPLICABLE BOARD OR STAFF MEMBER, WITH UNRESOLVED CONFLICTS ADDRESSED BY THE APPROPRIATE CONFLICT OF INTEREST COMMITTEE. REMEDIES FOR CONFLICTS OF INTEREST INCLUDE RECUSAL FROM PARTICIPATION IN THE MATTER GIVING RISE TO THE CONFLICT, DISPOSING OF AN INVESTMENT, TERMINATION OF EMPLOYMENT OR RESIGNATION. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION PROVIDED TO CR'S PRESIDENT AND SENIOR EXECUTIVE STAFF TO ENSURE THAT THEY ARE CONSISTENT WITH CR'S MISSION, ARE DESIGNED TO ATTRACT AND RETAIN THE HIGH LEVELS OF LEADERSHIP TALENT NEEDED TO ACHIEVE CR'S OPERATING PLANS, AND ARE COMPLIANT WITH LAW. TO THAT END, THE EXECUTIVE COMMITTEE (1) RECOMMENDS TO THE BOARD OF DIRECTORS COMPENSATION PLANS AND PAY LEVELS FOR THE PRESIDENT, TAKING INTO ACCOUNT PEER GROUP PRACTICES AND ANY SPECIAL CONSIDERATIONS, AS WELL AS EMPLOYMENT AGREEMENTS; (2) REVIEWS THE COMPENSATION OF THE PRESIDENT AND SENIOR EXECUTIVE STAFF TO ENSURE COMPLIANCE WITH THE IRS INTERMEDIATE SANCTION REQUIREMENTS; AND (3) REVIEWS AND APPROVES (A) FOR EXECUTIVES REPORTING DIRECTLY TO THE PRESIDENT, ANY PROPOSED COMPENSATION INCREASE FOR CURRENT EXECUTIVES AND THE PROPOSED COMPENSATION FOR ANY NEW HIRE AND (B) FOR EXECUTIVES NOT REPORTING DIRECTLY TO THE PRESIDENT, (I) ANY PROPOSED COMPENSATION INCREASE THAT EXCEEDS THE ANNUAL SALARY INCREASE GUIDELINES ESTABLISHED BY PEOPLE AND CULTURE AND (II) THE PROPOSED COMPENSATION FOR ANY NEW EXECUTIVE HIRE THAT EXCEEDS THE MARKET MEDIAN AS REPORTED IN EXECUTIVE COMPENSATION STUDIES CONDUCTED BY A THIRD PARTY EXECUTIVE COMPENSATION CONSULTING FIRM. THE EXECUTIVE COMMITTEE'S RECOMMENDATION ON THE PRESIDENT'S COMPENSATION PLANS AND PAY LEVELS IS VOTED ON BY THE FULL BOARD OF DIRECTORS. DELIBERATIONS AND DECISIONS REGARDING THE FOREGOING COMPENSATION ARRANGEMENTS ARE CONTEMPORANEOUSLY RECORDED IN THE ORGANIZATION'S MINUTES. TO ENSURE COMPLIANCE WITH THE IRS INTERMEDIATE SANCTIONS AS REQUIRED AND MEET THE CONDITIONS FOR THE REBUTTABLE PRESUMPTION UNDER TREASURY REGULATION 53.4958-6, THE COMMITTEE THAT DETERMINES COMPENSATION OF EXECUTIVES ARE COMPOSED OF MEMBERS WHO ARE INDEPENDENT WITH RESPECT TO THE COMPENSATION ARRANGEMENTS. THE FOREGOING PROCESS FOR ESTABLISHING COMPENSATION FOR THE INDICATED PERSONS WAS LAST UNDERTAKEN IN MAY OF 2022. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC AVAILABILITY OF FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS CONSUMER REPORTS' ANNUAL FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON ITS WEBSITE, WWW.CONSUMERREPORTS.ORG. OUR GOVERNING DOCUMENTS, FORM 1023, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED GAIN INTEREST RATE SWAP 2,298,943. PENSION RELATED CHANGES 3,267,740. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT -306,244. ROUNDING -1,009. CHARITABLE REMAINDER TRUST (5) ANNUITY NY N/A T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0