Siemens Caring Hands Foundation Inc

“The organization's accountant provides information to a certified public accountant who reviews the information and prepares the 990 and supporting schedules. The completed return is reviewed by the president, treasurer and assistant secretary for accuracy and changes are incorporated in the final return. The final return is sent to the board members for their review.”

“The organization requires the conflict of interest policy be reviewed regularly by officers and board members. Any conflicts are to be reported when they arise.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“Three members of the board of directors and the officers are employees of siemens corporation or its affiliates. None of these individuals are compensated by the organization. Siemens corporation provides these individuals services at no cost.”

“The organization's board of trustees approved a plan of voluntary liquidation on april 8, 2019. Liquidation is the process by which an entity converts its assets to cash or other assets and settles its obligations with creditors in anticipation of the entity ceasing all activities. Upon cessation of activities, any remaining cash or other assets are distributed to nonprofit organizations in accord with the internal revenue code. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and a plan for liquidation is approved by the persons with the authority to make such a plan effective and the likelihood that the execution of the plan will be blocked by other parties. The organization determined that liquidation is imminent and estimates liquidation should be completed by septermber 30, 2020. As a result of the board's action, and in accord with fasb asu no. 2013-17 presentation of financial statements (topic 205) liquidation basis of accounting, the organization changed its basis of accounting on april 8, 2019 from the going-concern basis to the liquidation basis. The liquidation basis of accounting presents assets, liabilities, income and costs prospectively. This includes an entity's expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. Liabilities are reported in accord with u.s. Gaap and costs that it expects to incur and income it expects to earn during the expected duration of liquidation, including any costs associated with sale or settlement of those assets and liabilities.”

“There have been no changes in the auditor selection process, nor oversight of financial statements process.”

“The organization's audited financial statements are reviewed by the president and treasurer.”