Semi Foundation

“Semi foundation has one member, semi, a california nonprofit corporation.”

“The member's board of directors may appoint the organization's directors and officers.”

“The member has broad powers, including the power to levy dues and assessments, to select and remove all officers, agents, employees and contractors, to fix reasonable compensation, to authorize and empower officers or agents to enter into contracts and other commitments on behalf of the organization, and to appoint and delegate responsibilities and authority to committees, officers and agents. Finally, the member has such other powers and rights as provided by the nonprofit public benefit corporation law of the state of california.”

“Bpm llp and semi staff work together to gather the required tax information necessary to complete the tax returns. The initial draft return is reviewed by bpm and semi finance staff; items are discussed and reviewed. Any recommended changes are reflected in the return, and a revised draft tax return is prepared. The full board receives the final version of the tax return for review prior to filing.”

“Semi foundation does not have employees. Its officers are full-time employees of semi. Annually semi sends the code of conduct policy, which includes the conflict of interest policy, to all employees. All semi employees are required to review the policy and certify that they agree to abide by it. Semi human resources audits the responses to ensure that all employees respond.”

“Semi foundation makes its form 990, and semi audited financials, available upon request.”

“The financial statements of the organization are consolidated with those of semi, in accordance with gaap, and are audited by an independent public accounting firm. Semi's board, and the finance committee of the board, have responsibility for oversight of the audit of the consolidated financial statements and selection of the independent public accounting firm.”

“Professional services consulting: program service expenses 50,340. Management and general expenses 3,583. Fundraising expenses 0. Total expenses 53,923.”

“Scholarship cancellations 1,000.”