Silicon Valley Creates

“The organization made amednments to its by laws. Changes included: - brings bylaws into alignment with current mission statement. - a) eliminate the requirement for directors to be placed in three classes; (b) clarifies that that after serving two three-year terms, the person shall be eligible to return to the board after a one year break; and (c) permits any president during the previous three years to serve up to an additional two years beyond the two three-year term limit. - eliminate the requirement for committees to prepare minutes except in circumstances where a corporate action or response is required. - eliminate the reference to the ceo being generally subject to a contract of employment.”

“The 990 is reviewed by the ceo and then a copy of the 990 was sent via email to all governing board members prior to filing.”

“A conflict of interest policy is signed by each board member annually. Board members also have the ability to communicate any conflict of interest at board meetings.”

“Compensation was established by the executive committee which consists of the board chair, vice chair, treasurer and secretary. The process was last undertaken in 2011.”

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

“Other professional fees: program service expenses 300,111. Management and general expenses 83,983. Fundraising expenses 1,249. Total expenses 385,343.”

“Cca impairment -6,410,763.”

“The process has not changed since prior year.”

“Silicon valley creates entered into a long-term land lease with the city of san jose for the purpose of developing a creative center on city-owned land in japantown. During the year ended june 30, 2020, silicon valley creates left the project due to numerous delays, a 50% increase in construction costs, a lost opportunity for new market tax credits and the changing of priorities of major donors. Silicon valley creates and other equity partners deemed the vision of the (cca) infeasible. The cca project was then taken over by the current developer, with the organization leading the development of the first floor on behalf of the other equity partners. The organization assessed whether the carrying amount of these long-lived assets and liabilities related to the cca may not be recoverable and evaluated them for impairment. As the plans for building the cca for use as a facility by the organization and the formation of the llc is no longer planned, the organization determined the previously recorded assets and liabilities were impaired as of june 30, 2020. The organization recognized an impairment of $6,410,763 in the accompanying financial statements.”