2025-11-17T17:00:30-06:00 2024-12-31 BDO USA 601 Union Street Suite 2300 Seattle WA 98101 990 2024-01-01 941751440 SEMI % KEVIN BAUER SEMI 4089436900 673 South Milpitas Boulevard Milpitas CA 950355473 Kevin Bauer CFO & Bus. Operation 4089436900 2025-11-17 true true Matthew Frerker P01677675 2063827777 2025-11-17 2024 2025-03-06 01:10:19Z Ajit Manocha 673 South Milpitas Boulevard Milpitas CA 950355473 108857917 false X HTTP://www.SEMI.org X 1970 CA SEMI IS A NOT-FOR-PROFIT ORGANIZATION FORMED TO PROMOTE AND SUPPORT THE GLOBAL ELECTRONICS SUPPLY CHAIN. SEMI MEMBERS CONSIST OF CORPORATIONS, COMPANIES, FIRMS, OR ORGANIZATIONS, OR DEPARTMENTS OR SUBDIVISIONS THEREOF, WHOSE INTEREST 21 20 62 8000 65300 0 8564442 11788762 57992898 87081203 3271972 3721287 5273072 6266665 75102384 108857917 0 0 0 0 26715573 29782756 0 0 0 32170152 52505097 58885725 82287853 16216659 26570064 125561245 145321053 65237724 55752400 60323521 89568653 X SEMI IS A NOT-FOR-PROFIT ORGANIZATION FORMED TO PROMOTE AND SUPPORT THE GLOBAL ELECTRONICS SUPPLY CHAIN. SEMI MEMBERS CONSIST OF CORPORATIONS, COMPANIES, FIRMS, OR ORGANIZATIONS, OR DEPARTMENTS OR SUBDIVISIONS THEREOF, WHOSE INTEREST OR CORPORATE OBJECTIVE IS IN THE GLOBAL ELECTRONICS SUPPLY CHAIN PROVIDED THAT SUCH ENTITIES SHALL NOT BECOME VOTING MEMBERS EXCEPT UPON PAYMENT OF SUCH INITIATION FEES AS MAY BE DETERMINED BY THE BOARD OF DIRECTORS. false false SEMI'S PROGRAM IS TO SUPPORT THE GLOBAL ELECTRONICS SUPPLY CHAIN THROUGH TRADE SHOWS, CONFERENCES, SEMINARS, DEVELOPMENT OF INDUSTRY STANDARDS, ALONG WITH THE PUBLICATION OF MARKET AND INDUSTRY RESEARCH REPORTS. SEMI'S MARKET AND INDUSTRY RESEARCH REPORTS INCLUDE WORLD FAB FORECAST AND CAPITAL EQUIPMENT CONSENSUS FORECASTS. SEMI PARTNERS WITH A VARIETY OF ORGANIZATIONS TO DELIVER TECHNICAL CONTENT COVERING WAFER FABRICATION, ASSEMBLY, ADVANCE PACKAGING, YIELD IMPROVEMENT, METROLOGY, SEMICONDUCTOR PHYSICS, IC DESIGN, OPTICS, RELIABILITY, MEMS, LED, PV, AND FLEXIBLE HYBRID ELECTRONICS.ADDITIONALLY, SEMI FOCUSES ON THE EXTENDED SUPPLY CHAIN'S KEY CHALLENGES IN WORKFORCE DEVELOPMENT, SUSTAINABILITY, GLOBAL ADVOCACY AND SUPPLY CHAIN REDESIGN BY DELIVERING NEW PROGRAMS AND ORGANIZING INDUSTRY WORKING GROUPS TO JOINTLY FIND SOLUTIONS THROUGH COLLABORATION. false false false true false false false false false true false false true true true false true false true true false false false false false false false false true false false false false false false false false false false false true true true false true X 119 0 true 62 true true true true CH KS JA IN BE GM TW SN UK false false false false true false X 21 20 false false false false true true true true true false true true false true true true true true true false false CA X KEVIN BAUER 4089436900 673 SOUTH MILPITAS BLVD Miplitas CA 950355473 Ajit Manocha President & CEO 40.0 4.0 X X 1756592 0 1473321 Kevin Bauer CFO, Business Operations 40.0 2.0 X 773540 0 623583 Bettina Weiss Chief of Staff & Corporate Str 40.0 0.0 X 530014 0 383186 Melissa Grupen-Shemansky VP, Technology Communities 40.0 0.0 X 516460 0 340501 John M Cooney VP, Global Public Policy & Adv 40.0 0.0 X 519379 0 302642 Shari Liss Executive Director, SEMI Found 8.0 32.0 X 452911 0 308239 Geraldine tan VP, Finance 40.0 0.0 X 468662 0 292353 Joseph Stockunas President, SEMI Americas 40.0 0.0 X 485927 0 183350 Vicki L Jeska SR. Director. Global Human Res 40.0 0.0 X 366450 0 214267 Mousumi Bhat VP, SEMI Global Sustainability 40.0 0.0 X 465064 0 31496 Olivier Naimi Project Director, Digital Tran 40.0 0.0 X 306579 0 143379 Tim Brosnihan Executive Director, MSIG 40.0 0.0 X 376249 0 48596 Mary G Puma Chair 1.0 0.0 X X 0 0 0 Tien Wu Vice Chair 1.0 0.0 X X 0 0 0 Bertrand Loy Past Chair 1.0 0.0 X X 0 0 0 Tim Archer Trustee 1.0 0.0 X 0 0 0 Masao Asami Trustee 1.0 0.0 X 0 0 0 Kai Beckmann Trustee 1.0 0.0 X 0 0 0 Doris Hsu Trustee 1.0 0.0 X 0 0 0 Eric Johnson Trustee 1.0 0.0 X 0 0 0 Toshiki Kawai Trustee 1.0 0.0 X 0 0 0 Jon Kemp Trustee 1.0 0.0 X 0 0 0 Chun Hyuk Lee Trustee 1.0 0.0 X 0 0 0 Yong Han Lee Trustee 1.0 0.0 X 0 0 0 Sue Lin Trustee 1.0 0.0 X 0 0 0 Benjamin Loh Trustee 1.0 0.0 X 0 0 0 Daisuke Murata Trustee 1.0 0.0 X 0 0 0 Kyu Dong Sung Trustee 1.0 0.0 X 0 0 0 Kazuo Ushida Trustee 1.0 0.0 X 0 0 0 Yoshiaki Yoshida Trustee 1.0 0.0 X 0 0 0 Jinrong Zhao Trustee 1.0 0.0 X 0 0 0 Li Zheng Trustee 1.0 0.0 X 0 0 0 7017827 0 4344913 85 false true false Global Experience Specialists Inc 7000 Lindell Rd LAS VEGAS NV 89118 SEMICON West 1120540 EVENT TECHNOLOGY SERVICES LLC PO Box 3432 COPPELL TX 75019 SEMICON West 996315 DLA PIPER LLP - US PO Box 780528 PHILADEPLPHIA PA 19178 Legal Services 770931 The Research Foundation for State U PO Box 6000 BINGHAMTON NY 13092 Govt project contrac 720024 PALO ALTO RESEARCH CENTER INC 3333 Coyote Hill Road PALO ALTO CA 94304 Govt project contrac 613609 66 11788762 11788762 TRADESHOWS 541900 53537022 53537022 MEMBERSHIP DUES 541900 15658332 15658332 SPONSORSHIPS 541900 6959507 6959507 PUBLICATIONS 541900 6347649 6347649 CONFERENCES 541900 4306135 4306135 272558 272558 87081203 3721287 3721287 0 4268252 4268252 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 1933113 1933113 ADVERTISING 541800 65300 65300 1998413 108857917 89014316 65300 7989539 0 0 0 0 8385055 0 16665783 1911025 1599147 1221746 12719611 1038838 444044 0 0 0 6183188 319484 775883 2425675 0 5612296 1352001 0 9557671 0 0 452271 169502 GOVERNMENT CONTRACT PAY 8796681 BANK AND FIN. CHARGES 644013 OTHER 287072 TAXES 1726867 82287853 0 0 96523670 118110641 0 0 5769054 3265099 0 0 0 0 0 0 0 0 2395882 1827376 7287776 6063802 1403832 1223974 0 0 0 0 1511621 1511621 0 0 17957186 19382342 125561245 145321053 15564971 20461729 0 0 4327943 4630200 0 0 0 0 0 0 0 0 0 0 45344810 30660471 65237724 55752400 X 60323521 89568653 0 0 60323521 89568653 125561245 145321053 X 26570064 -499916 3660038 -485054 X false true X true true true false false true 3723368 1808946 362067 2171013 825674 1345339 3208207 2201327 1006880 974061 857683 116378 3105508 3004792 100716 1223974 INTERCOMPANY RECEIVABLES 16272122 VAT RECEIVABLES 41203 DEPOSIT 268047 RIGHT OF USE ASSET 2800970 19382342 0 ADVANCE DEPOSITS 22031327 POST-RETIREMENT BENEFITS 1326000 TAXES PAYABLE 1074385 LEASE LIABILITY 3097091 LONG TERM INCENTIVE PAYABLE 3131668 30660471 Part X, Line 2: SEMI is a not-for-profit organization recognized by the IRS and FTB as exempt from federal and state income taxes in the U.S. However, certain activities of subsidiaries or branches in other countries, such as trade shows, are subject to foreign income taxes or other taxes on income generated in their respective jurisdictions. Tax expense, net of refund, was as follows (in thousands): 2024 2023 Current $2,948 $1,692 Deferred (41) (69) Total Income Taxes 2,907 1,623 Other Taxes 2,172 (5,208) Total Taxes $5,079 $3,585 Net deferred tax assets are included in prepaids and other current assets on the consolidated statements of financial position and approximated $321,000 and $270,000 as of December 31, 2024 and 2023, respectively. The sources resulting in net deferred tax assets consist principally of deferred revenues and deferred expenses related to exhibitions, accruals, and depreciation. Additionally, the Group generates unrelated business income, primarily from its advertising activities. These activities have historically generated losses and SEMI has accumulated net operating loss carryforwards (NOLs). As of December 31, 2024 and 2023, SEMI had NOLs of approximately $3,692,000 and $3,686,000, respectively. The NOLs will continue to expire after the year ending December 31, 2024. The ability to utilize the NOLs or realize any benefits is uncertain, and therefore a full valuation allowance has been applied against them. No valuation allowance other than NOLs described in the preceding paragraph was recorded as of December 31, 2024 and 2023, as the Group concluded that all of the deferred tax assets will be realized in future years. Net deferred assets are recorded as prepaids and other current assets on the consolidated statements of financial position and any change is recorded in non-operating expenses on the consolidated statements of activities and changes in net assets. The Group measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. The Group's total gross unrecognized tax benefits are classified as other long-term liabilities on the consolidated statements of financial position. As of December 31, 2024 and 2023, the total amount of gross unrecognized tax benefits was approximately $353,000 and $412,000, respectively, which results entirely from foreign taxes. The aggregate changes in the balance of gross unrecognized tax benefits, which includes interest and penalties, were as follows (in thousands): Balance as of January 1, 2023 $1,146 Decrease Related to expiry of statue of limitation (735) Increases related to tax positions taken during current period 1 Balance as of December 31, 2023 412 Decrease Related to expiry of statue of limitation (73) Increases related to tax positions taken during current period 14 Balance as of December 31, 2024 353 As of December 31, 2024, the Group has analyzed the inventory of tax positions taken with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction) including tax years ended December 31, 2019 through December 31, 2024 for U.S. federal tax purposes and tax years ended December 31, 2018 through December 31, 2024 for California tax purposes (except with respect to the extent of net operating losses for which the statute is open for federal and California tax purposes from tax year December 31, 2001) and tax years ended December 31, 2013 through December 31, 2024 for foreign tax purposes. The composition of unrecognized tax benefits was as follows (in thousands): 2024 2023 Gross unrecognized tax benefits - taxes $262 $304 Gross unrecognized tax benefits - interest and penalties 91 108 Balance, December 31 $353 $412 The Group does not anticipate a material change to its accrued unrecognized tax benefits in the 12 months following December 31, 2024. South Korea Taxes Certain activities engaged by the Group in other countries, such as conferences and expositions, are subject to foreign income taxes and other taxes on income generated in the respective jurisdictions. Exposure to income and local taxes is directly dependent on whether an entity has a taxable presence, or permanent establishment, within the foreign jurisdiction. The Group has determined that conferences and expositions held in South Korea by SEMI did not constitute a permanent establishment in accordance with the provisions of the U.S. and Korea Tax Treaty of 1976. While the interpretation of the U.S. and Korea Tax Treaty of 1976 is left to local Korean tax authorities, the Group held the position that such a conclusion would more-likely-than-not be sustained after an audit. In 2009, SEMI Korea was established as a separate legal entity from SEMI, and a transfer pricing agreement was enacted between SEMI and SEMI Korea. SEMI Korea receives compensation for services provided, including for events in South Korea, to ensure transactions engaged in between the entities were conducted at an arms-length and did not create a permanent establishment in South Korea for SEMI. Accordingly, the Group maintained their assessment that no taxes should be assessed on conferences and expositions held in South Korea, due to a lack of a taxable presence. In August 2019, the Group received an inquiry from the South Korean National Tax Service (NTS). The NTS subsequently challenged the Group's position, ruling that SEMI has a permanent establishment in South Korea. The Group responded to the NTS inquiries and subsequently received notification in March 2020 of an income tax assessment for the 2012 tax year. As required by the NTS, the Group paid the assessment to allow the Group to begin an appeal process. The Group was further notified in July 2020 that additional taxes and penalties would be assessed for 2013 through 2019 tax years. As a consequence of this ruling, the Group accrued income taxes, value added taxes (VAT) and penalties for the years from 2012 through 2019 for approximately $6,946,000 as of December 31, 2019, which were paid in 2020. The Group did not accrue any additional taxes and penalties related to this matter in subsequent years as the Group believes that its activities in South Korea do not create a permanent establishment and appealed the assessment. In February 2023, NTS ruled in favor of the Group's appeal of the South Korea tax assessment, ruling that the Group does not have a permanent establishment in South Korea. In March 2023, NTS refunded cumulative taxes, interest and penalties assessed in relation to this matter, which approximated $6,492,000 as of the date of refund. The refund was recorded as a tax benefit for the year ended December 31, 2023 in the consolidated statements of activities and changes in net assets. East Asia and the Pacific 1 16 Program Services Trade Shows 28014425 Europe (Including Iceland and Greenland) 0 0 Program Services Trade Shows 3954615 East Asia and the Pacific 0 0 Investments Investments 815608 Europe (Including Iceland and Greenland) 0 0 Investments Investments 37800 South Asia 0 0 Investments Investments 658213 1 16 1 16 33480661 33480661 false false true false false false X X X X X X false false false Ajit Manocha President & CEO 725066 1006950 24576 1431165 42156 3229913 1006950 Kevin Bauer CFO, Business Operations 401212 360000 12328 587700 35883 1397123 360000 John M Cooney VP, Global Public Policy & Adv 345927 171500 1952 272700 29942 822021 171500 Bettina Weiss Chief of Staff & Corporate Str 319986 205725 4303 350700 32486 913200 205725 Melissa Grupen-Shemansky VP, Technology Communities 321205 189000 6255 317700 22801 856961 189000 Joseph Stockunas President, SEMI Americas 307227 172480 6220 149471 33879 669277 172480 Mousumi Bhat VP, SEMI Global Sustainability 278408 183048 3608 14105 17391 496560 183048 Shari Liss Executive Director, SEMI Found 290577 159000 3334 305700 2539 761150 159000 Geraldine tan VP, Finance 297081 169650 1931 280194 12159 761015 169650 Vicki L Jeska SR. Director. Global Human Res 231449 126000 9001 192200 22067 580717 126000 Olivier Naimi Project Director, Digital Tran 239362 63605 3612 107489 35890 449958 63605 Tim Brosnihan Executive Director, MSIG 247126 126898 2225 17250 31346 424845 126898 Schedule J, Part II: COMPENSATION REPORTED ON SCHEDULE J, PART II, COLUMN F REPRESENT AMOUNTS THAT WERE REPORTED ON PRIOR YEARS' FORMS 990 AS THE BENEFITS WERE ACCRUED. THESE AMOUNTS ARE ALSO REPORTED ON SCHEDULE J, PART II, COLUMB B(II) AS THEY WERE ALSO REPORTABLE ON THE CURRENT YEAR'S FORMS W-2 FOR THE AFFECTED INDIVIDUALS. THE AMOUNTS REPORTED ON SCHEDULE J, PART II, COLUMN F SHOULD BE SUBTRACTED FROM THE AMOUNT REPORTED ON SCHEDULE J, PART II, COLUMN E TO ARRIVE AT THE ACTUAL COMPENSATION FOR THE CURRENT YEAR. Form 990, Part I, Line 1, Description of Organization Mission: OR CORPORATE OBJECTIVE IS IN THE GLOBAL ELECTRONICS SUPPLY CHAIN; PROVIDED THAT SUCH ENTITIES SHALL NOT BECOME VOTING MEMBERS EXCEPT UPON PAYMENT OF SUCH INITIATION FEES AS MAY BE DETERMINED BY THE BOARD OF DIRECTORS. Form 990, Part V, Line 4B, list of foreign countries: CHINA, SOUTH KOREA, JAPAN, INDIA, BELGIUM, GERMANY, TAIWAN, SINGAPORE, UNITED KINGDOM Form 990, Part VI, Section A, Line 6: SEMI MEMBERS CONSIST OF CORPORATIONS, COMPANIES, FIRMS, OR ORGANIZATIONS, OR DEPARTMENTS OR SUBDIVISIONS THEREOF, WHOSE INTEREST OR CORPORATE OBJECTIVE IS IN THE GLOBAL ELECTRONIC SUPPLY CHAIN? PROVIDED THAT SUCH ENTITIES SHALL NOT BECOME VOTING MEMBERS EXCEPT UPON PAYMENT OF SUCH INITIATION FEES AS MAY BE DETERMINED BY THE BOARD OF DIRECTORS. Form 990, Part VI, Section A, line 7a: EACH VOTING MEMBER IN GOOD STANDING IS ENTITLED TO VOTE FOR THE ELECTION OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B: VOTING MEMBERS HAVE THE POWER TO AMEND THE ARTICLES OF INCORPORATION AND CORPORATE BYLAWS OF SEMI AND MAY HAVE OTHER POWERS CONFERRED BY THE NONPROFIT PUBLIC BENEFIT CORPORATION LAW OF THE STATE OF CALIFORNIA. FORM 990, PART VI, SECTION B, LINE 11B: BDO 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. RECOMMENDED CHANGES ARE REFLECTED IN THE RETURN AND A DRAFT TAX RETURN IS PREPARED. THE FINANCE COMMITTEE RECEIVES THE FINAL VERSION OF THE TAX RETURN FOR REVIEW PRIOR TO FILING. THE BOARD HAS DELEGATED MONITORING AND REVIEW OF FINANCIAL MATTERS TO THE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C: SEMI HAS A CODE OF CONDUCT POLICY, WHICH INCLUDES THE CONFLICT OF INTEREST POLICY. SEMI HAS REVIEWED THIS POLICY WITH ALL EMPLOYEES, OFFICERS AND DIRECTORS AND OBTAINED THEIR COMMITMENT TO ABIDE BY IT. FORM 990, PART VI, SECTION B, LINE 15A: IN CONJUNCTION WITH AN INTERNATIONAL BOARD OF DIRECTORS MEETING EACH YEAR, THE BOARD COMPENSATION COMMITTEE MEETS WITH THE PRESIDENT AND CEO AND CFO. BASED UPON SALARY SURVEY INFORMATION AND THE USE OF AN INDEPENDENT COMPENSATION CONSULTANT, THEY PRESENT RECOMMENDED MERIT INCREASES ON A REGIONAL BASIS FOR APPROVAL BY THE BOARD COMPENSATION COMMITTEE. ONCE APPROVED, THE SEMI EXECUTIVE AND STAFF MERIT INCREASES ARE ADMINISTERED BY FUNCTIONAL LEADERSHIP THROUGH THE PERFORMANCE MANAGEMENT SYSTEM WITH FINAL APPROVAL BY THE PRESIDENT AND CEO. THE CEO'S ANNUAL COMPENSATION ADJUSTMENT IS DISCUSSED PRIVATELY WITH THE BOARD COMPENSATION COMMITTEE AND THE CFO. A REVIEW OF THE CEO'S GOALS AND ACCOMPLISHMENTS IS ACCOMPANIED BY A RECOMMENDED COMPENSATION ADJUSTMENT BASED ON INDEPENDENT SALARY SURVEYS. THE BOARD COMPENSATION COMMITTEE THEN MEETS IN CLOSED SESSION TO REVIEW THIS INFORMATION AND DETERMINE AN APPROPRIATE PERFORMANCE RATING AND THE ACCOMPANYING BONUS AND MERIT INCREASE. FORM 990, PART VI, SECTION C, LINE 18: SEMI MAKES ITS FORMS 990 AND 990-T AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19: SEMI MAKES ITS AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS: CURRENCY EXCHANGE 1,208,884. CHANGE IN TRANSLATION RESERVES -1,120,717. CHANGE IN PENSION ACCRUAL -506,713. Bad Debts -66,508 TOTAL TO FORM 990, PART XI, LINE 9 -485,054. SEMI Foundation 673 South Milpitas Boulevard Milpitas CA 950355473 300155873 Educ. 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