Imec USA Nanoelectronics Design Center

“The organization provides a complete copy of form 990 to the board members before filing the return to the irs through the document share platform that has been set up to support the board meetings.”

“In connection with any actual or possible conflicts of interest, an interested person must disclose the existence of his or her financial interest and must be given the opportunity to disclose all material facts to the directors and/or the members of committees with board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the board or committee has reasonable cause to believe that a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the response of the member and making such further investigation as may be warranted in the circumstances, the board or committee determines that the member has in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. All such proceedings concerning the compliance policy shall be recorded in the board minutes.”

“The board meets annually to assess the management's performance and set the compensation (% salary increase) for the upcoming year. Comparable data is used as warranted. Discussions from the meetings are documented.”

“The organization provides its governing documents, conflicts of interest policy and financial statements to the public on an individual basis, upon request.”

“External service fees: program service expenses 0. Management and general expenses 36,039. Fundraising expenses 0. Total expenses 36,039. Consulting fees: program service expenses 6,400. Management and general expenses 5,667. Fundraising expenses 0. Total expenses 12,067. Temp personnel/interim: program service expenses 351,424. Management and general expenses 23,343. Fundraising expenses 0. Total expenses 374,767.”

“This is the second year that imec usa had a sperate independent audit performed as well as being a consolidated entity. The bod reviews and approves the prepared financial statements that are provided to the independent auditor.”