Sema Fest Inc

“Sema fest, inc. Shall have three classes of members, as set forth below: (a) founding members. The founding members shall be made up of those business members who first contributed the designated amount of membership fees as set forth by the board and recognized by the board as founding members. (b) business members. The business members shall be made up of those businesses involved in the racing community and are professionally engaged in the business of racing, including but not limited to, race teams, engine builders, fabricators, race tracks, sanctioning bodies, race parts resellers, manufactures of racing equipment and parts, and motorsports media. (c) individual members. Individual members are made up of members of the racing community, including, but not limited to racers, enthusiasts, service providers, employees of business members, students of art and science of racing and performance parts, and fans of all forms of racing.”

“Certain officers of the specialty equipment market association and performance racing inc. ("sema") serve as directors of sema fest, ex officio. Vacancies among the directors, whether caused by resignation, death, removal, or expiration of a term, shall be filled by sema.”

“Members of the filing organization shall only have the right to vote on such matters as specifically set forth in the bylaws or as submitted to them by the board. Each member shall be entitled to one vote.”

“The form 990 is prepared by an accounting firm. Management reviews the return and the cfo signs the form 990. The sema board of directors has authorized the audit review committee in conjunction with management to review and approve the form 990.”

“The directors are required to confirm receipt and review of the conflict of interest policy upon commencement and any policy updates. The directors are requested to report any new potential conflicts at the quarterly board of directors meetings. In the event a member or key staff believes that there is a potential conflict of interest, or the appearance of a conflict of interest, he/she shall bring the relevant facts to the attention of the appropriate board of directors. Upon notice of such circumstances, the board of directors shall determine whether a conflict of interest is in evidence and if there is such a conflict of interest, how it is to be addressed. It is understood that certain instances of conflict of interest may be resolved by disclosure and others require recusal. In the event it is later determined that a board member had a conflict of interest, such conflict shall not affect the validity of any vote of the board.”

“Compensation for the top management official is determined by a related organization, specialty equipment market association & performance racing, inc. (sema). Sema's compensation committee uses an independent compensation consultant and compensation surveys to determine the compensation for the top management official and the four vice presidents of the organization. The compensation committee meets periodically as needed to undertake compensation review.”

“Upon request, a hard copy will be mailed out within 30 days.”

“Project expense: program service expenses 155,667. Management and general expenses 0. Fundraising expenses 0. Total expenses 155,667. Consulting services: program service expenses 555,997. Management and general expenses 0. Fundraising expenses 0. Total expenses 555,997. Entertainment: program service expenses 1,492,288. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,492,288.”