TIN:
SCHEDULE O
(Form 990)
Department of the Treasury
Internal Revenue Service
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2021
Open to Public
Inspection
Inspection
Name of the organization
SPECIALTY EQUIPMENT MARKET ASSOCIATION
Employer identification number
95-2544340
95-2544340
| Return Reference | Explanation |
|---|---|
| FORM 990, PART III, LINE 4A, DESCRIPTION OF PROGRAM SERVICE | ANNUAL MARKET STUDY EACH YEAR SEMA'S RESEARCH TEAM SPENDS SIGNIFICANT TIME, EFFORT AND FINANCIAL RESOURCES TO PRODUCE AN ANNUAL MARKET REPORT THAT HELPS MEMBERS UNDERSTAND THE CURRENT STATE OF THE AUTOMOTIVE SPECIALTY EQUIPMENT MARKET. THE REPORT, WHICH IS FREE TO ALL MEMBER COMPANIES, PROVIDES AN OVERVIEW OF THE INDUSTRY'S SIZE, SALES WITHIN DEFINED MARKET NICHES AND PRODUCT SEGMENTS, INDUSTRY AND ECONOMIC TRENDS,VEHICLE SALES TRENDS AND CONSUMER PURCHASE PATTERNS. SEMA MARKET RESEARCH ALSO PROVIDES BUSINESSES WITH ACTIONABLE INSIGHTS THROUGH REGULAR AND ADHOC REPORTS ON DOCUMENTING CHANGES AFFECTING THE INDUSTRY, CONSUMER PURCHASE AND SHOPPING BEHAVIOR, AND SPECIFIC MARKET SECTION NEEDS. ADDITIONALLY, THE MAJORITY OF SEMA FUNCTIONS FEATURE SEMINARS AND PRESENTATIONS DESIGNED TO HELP OUR MEMBERS SELL MORE PRODUCT. SINCE ALMOST EVERY SIGNIFICANT MEMBER OF THE AUTOMOTIVE AFTERMARKET CONVERSE EACH FALL IN LAS VEGAS FOR THE SEMA SHOW, THE EDUCATION DAY PORTION OF THE SHOW WEEK IS DESIGNED TO HELP EDUCATE AND INSTRUCT ALL SEGMENTS OF THE AFTERMARKET ON SUCH TOPICS AS: INDUSTRY TECHNOLOGY AND TRENDS, EFFECTIVE BUSINESS STRATEGIES, ADVERTISING TECHNIQUES, PROFIT OPPORTUNITIES IN SELECT MARKET SEGMENTS, MANAGEMENT TECHNIQUES, AND ALL PRODUCT INSTALLATION SEMINARS ARE AVAILABLE MONDAY THROUGH FRIDAY DURING SHOW WEEK. SEMA'S WIDE RANGE OF VOLUNTEER OPPORTUNITIES COVER VITAL TOPICS THAT IMPACT THE WELLBEING OF THE INDUSTRY TODAY AND THE DIRECTION AND HEALTH FOR THE FUTURE. EVERY SEMA MEMBER IS ELIGIBLE FOR COUNCIL AND NETWORK MEMBERSHIP. IF YOU WERE TO SURVEY THE NATION'S TOP EXECUTIVES AND ASK THEM WHAT IS THE SINGLE MOST VALUABLE COMMODITY IN THE BUSINESS WORLD TODAY, NINE OUT OF THE TEN WOULD ANSWER "TIMELY, ACCURATE AND RELEVANT INFORMATION". SEMA PROVIDES ITS MEMBERS WITH EDUCATIONAL OPPORTUNITIES THROUGHOUT THE YEAR WITH SEMINARS, WEBINARS AND ONLINE LEARNING TOOLS. SEMA CURRENTLY DEDICATES MAJOR ASSOCIATION PUBLICATIONS, ANNUAL INDUSTRY FUNCTIONS, AND ACTIVE COMMITTEES TO ACHIEVE THIS IMPORTANT GOAL. SEMA NEWS THE NEWS TO STAY ON TOP IS ALL HERE ON THE PAGES OF OUR MONTHLY ASSOCIATION NEWSLETTER. IT CONCENTRATES ON BEST PRACTICES TO KEEP AHEAD AND IT'S FREE TO SEMA MEMBERS. INDUSTRY AND LEGISLATIVE ALERTS ARE SENT OUT WHENEVER NEEDED. THESE VALUABLE ALERTS KEEP MEMBERS APPRISED OF CRITICAL ISSUES, AS THEY ARE HAPPENING, TO GIVE DECISION MAKERS THE INFORMATION THEY NEED TO CREATE A QUICK AND EFFECTIVE RESPONSE. SEMA ALSO STRIVES TO ASSIST MEMBER COMPANIES IN PUBLISHING THEIR OWN NEWSWORTHY ITEMS EACH MONTH. MEMBERS SUBMIT NEWS REGARDING PERSONNEL CHANGES, NEW PRODUCT RELEASES, CHANGE OF ADDRESS, INNOVATIVE NEW PROGRAMS AND SERVICES, AND JUST ABOUT ANYTHING OUR MEMBERS DEEM IMPORTANT. THE INFORMATION THEN APPEARS IN THE APPROPRIATE SECTION OF THE ABOVE PUBLICATIONS. DURING SHOW TIME, MEMBERS ARE ENCOURAGED TO FORWARD PRESS RELEASES TO THE MEDIA CENTER, DRAMATICALLY IMPROVING THE CHANCES FOR PRESS COVERAGE. |
| FORM 990, PART III, LINE 4A, DESCRIPTION OF PROGRAM SERVICE | FOR OVER 50 YEARS, THE SPECIALTY EQUIPMENT MARKET ASSOCIATION HAS SERVED AS THE SOLE GUIDING FORCE BEHIND THE EXTRAORDINARY GROWTH AND SUCCESS OF THE SPECIALTY AUTOMOTIVE AFTERMARKET INDUSTRY - A UNIQUE INDUSTRY DEDICATED TO THE ENHANCED PERFORMANCE, APPEARANCE AND HANDLING OF THE 20TH CENTURY'S GREATEST INNOVATION OF THE AUTOMOBILE. DURING THOSE YEARS, SEMA HAS MATURED FROM AN UPSTART COALITION OF INNOVATIVE ENTREPRENEURS TO AN ESTABLISHED BUSINESS FORCE WHOSE IMPACT IS FELT BY EVERY SEGMENT OF THE MARKETPLACE, AS WELL AS THE LEGISLATIVE BODIES WHICH GOVERN IT. WHETHER IT HAS BEEN THROUGH PROVIDING OUR MEMBERS WITH AN UNRIVALED FORUM TO BUY, SELL AND MARKET PRODUCTS AND SERVICES WHICH HAVE DRIVEN THIS INDUSTRY (THE SEMA SHOW), LEGAL PROTECTION TO ENSURE THAT MEMBERS' DOORS REMAIN OPEN TO DO WHAT THEY DO BEST (BUSINESS), OR OUR VALUABLE MENU OF BENEFITS WHICH HELP MEMBERS IMPROVE THEIR DAY-TO-DAY BUSINESS AND MARKETING ACTIVITIES, SEMA HAS BEEN THERE SINCE THE BEGINNING AS THE ONLY ASSOCIATION DEDICATED EXCLUSIVELY TO SERVING COMPANIES IN THE SPECIALTY AUTOMOTIVE AFTERMARKET INDUSTRY. LITTLE MORE THAN A GENERATION AGO, SEMA'S FOUNDING MEMBERS CREATED A NEW INDUSTRY AND NEW OPPORTUNITIES FOR THEMSELVES BY PROVIDING ACCESS TO IMPROVED PERFORMANCE IN A CULTURE WHERE BIGGER WAS BETTER, AND FASTER WAS THE ONLY WAY TO GO, SEMA MEMBERS MADE THE PARTS THAT PUT MUSCLE AND POWER UNDER THE HOOD. BEFORE LONG, THESE INDUSTRY PIONEERS FOUND THEMSELVES IN NEED OF A UNIFIED VOICE TO PROTECT THEIR BUSINESS. IN 1963, SEMA WAS BORN TO ADDRESS THAT NEED. SINCE THAT TIME, THE KEY TO OUR INDUSTRY'S SPECTACULAR SUCCESS HAS BEEN ITS REMARKABLE ABILITY TO ADAPT TO CHANGE AND SHIFTING CONSUMER TASTES. OUR MANUFACTURING MEMBERS ARE JUST AS LIKELY TO INTRODUCE DRAMATIC RESTYLING ACCESSORIES AND HANDLING COMPONENTS AS THEY ARE "UNDERHOOD" PERFORMANCE PRODUCTS. SEMA'S DISTRIBUTOR AND RETAIL MEMBERS NOW CARRY EXTENSIVE LINES FOR MULTIPLE AUTOMOTIVE MANUFACTURERS, AND OUR SUCCESSORIENTED MANUFACTURERS ARE NOW INCREASINGLY PROVIDING NOT ONLY U.S. ENTHUSIASTS BUT MOTORISTS AROUND THE WORLD, FROM ABU DHABI TO ZURICH, WITH FIRSTRATE INNOVATIVE PRODUCTS THAT ALLOW GLOBAL GEARHEADS TO PERSONALIZE THEIR VEHICLES. AS FAR AS TECHNICAL ASSISTANCE, SEMA MAINTAINS AN EFFECTIVE PROGRAM OF TECHNICAL ASSISTANCE TO HELP THE INDUSTRY DEVELOP RESPONSIBLE PRODUCTS THAT CONFORM TO APPROVED REGULATORY GUIDELINES. IN ADDITION TO CUSTOMIZED EDUCATION SERVICES, SEMA HAS DEVELOPED A RESOURCE GUIDE DESIGNED TO HELP COMPANIES NAVIGATE THE INTRICATE ARENA OF EMISSIONS CERTIFICATION. THE SEMA SHOW IN LAS VEGAS IS THE MOST IMPORTANT EVENT OF THE YEAR FOR ANY BUSINESS INVOLVED IN THE AUTOMOTIVE AFTERMARKET INDUSTRY. THIS WORLD-RENOWNED EXPOSITION TYPICALLY ATTRACTS AROUND 2,400 EXHIBITING COMPANIES, 70,000 QUALIFIED BUYERS, AND 160,000 TOTAL ATTENDEES. THE FOLLOWING SEMA EXCLUSIVE SERVICES ARE AVAILABLE TO MEMBERS. -MEMBERSHIP INDEX: PUBLISHED ANNUALLY, THE SEMA MEMBERSHIP INDEX HAS BECOME THE "WHO'S WHO" OF THE INDUSTRY. THERE ARE MORE THAN 6,500 MEMBER COMPANIES LISTED. -EXPORTING ASSISTANCE: SEMA HAS DEVELOPED A NUMBER OF RESOURCES AND PROGRAMS TO ASSIST MEMBERS IN GROWING THEIR OVERSEAS SALES. THESE EFFORTS INCLUDE PROVIDING MEMBERS WITH NETWORKING OPPORTUNITIES WITH KEY BUYERS THROUGH SPONSORING OVERSEAS TRADE MISSIONS TO MATCH U.S. COMPANIES WITH OVERSEAS BUYERS AND AT EVENTS IN THE U.S., WITH THE LARGEST BEING THE SEMA SHOW. -THE ASSOCIATION ALSO PROVIDES, RELEVANT MARKET DATA, ACCESS TO VEHICLES SALES DATA, INFORMATION ABOUT OVERSEAS LEGISLATIVE AND REGULATORY DEVELOPMENTS AFFECTING THE U.S. OVERSEAS SALES, AS WELL AS, MEASURING SESSIONS PROVIDING HANDSON OPPORTUNITIES TO MEASURE HARD-TO-OBTAIN VEHICLES ONLY SOLD ABROAD IN ORDER TO CREATE EXPORT-READY PRODUCT. -MANUFACTURERS' REPRESENTATIVE DIRECTORY SERVICE: SEMA PUBLISHES, AS PART OF THE SHOW DIRECTORY, AN ANNUAL MANUFACTURERS' REP DIRECTORY THAT IS DISTRIBUTED TO ATTENDEES AND EXHIBITORS AT THE SEMA SHOW. IT HAS BECOME A MAJOR RESOURCE FOR COMPANIES DEVELOPING OR REVISING THEIR REP PROGRAMS. SEMA ALSO OFFERS A MANUFACTURERS' REP MATCHING SERVICE FOR MANUFACTURERS INTERESTED IN OBTAINING REP SERVICES. -OEM (ORIGINAL EQUIPMENT MANUFACTURER) RELATIONS: SEMA HAS LAUNCHED AN AMBITIOUS CAMPAIGN TO IMPROVE COMMUNICATIONS BETWEEN AFTERMARKET COMPANIES AND ORIGINAL EQUIPMENT MANUFACTURERS. MANY OEMS PARTICIPATE IN THE ANNUAL SEMA SHOW AND WORK WITH THE AFTERMARKET IN DEVELOPMENT OF SHOW VEHICLES. THE TECHNOLOGY TRANSFER EXCHANGE PROGRAM ALLOWS SEMA MEMBER COMPANIES ACCESS TO TECHNICAL INFORMATION AND DRAWINGS RELATIVE TO VARIOUS CARS, TRUCKS AND SPORT UTILITY VEHICLES. THIS INFORMATION IS CURRENTLY BEING PROVIDED BY FORD, GM, AND FCA. SEMA STRIVES TO PROVIDE ITS MEMBERS WITH TOOLS THEY WILL NEED TO REMAIN COMPETITIVE AND EXCEL IN TODAY'S MARKETPLACE. -MEASURING SESSIONS PROVIDE HANDSON ACCESS TO NEW VEHICLES AND TO SPEAK DIRECTLY TO THE LEADING OEM'S ENGINEERS AND TECHNICAL STAFF. OPEN ONLY TO SEMA MANUFACTURER MEMBERS, THIS PROGRAM GIVES MEMBERS THE OPPORTUNITY TO GET DETAILED INFORMATION ON CURRENT VEHICLES PRIOR TO LAUNCH. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE MEMBERSHIP OF SEMA CONSISTS OF ENTITIES ENGAGED IN THE MANUFACTURE AND/ OR SALE OF SPECIALTY EQUIPMENT, OR VEHICLES CONSISTING OF SPECIALTY EQUIPMENT, AS WELL AS PERSONS RENDERING ESSENTIAL SERVICES TO OR FOR THE PERFORMANCE AND SPECIALTY PARTS INDUSTRY. INDIVIDUAL REPRESENTATIVE OF THE MEMBER COMPANIES CAN BE NOMINATED TO THE BOARD OF DIRECTORS. NO INDIVIDUAL MEMBER COMPANY HAS A RIGHT TO RECEIVE DISTRIBUTIONS OF INCOME FROM THE ASSOCIATION, OR ASSETS OF THE ORGANIZATION. SHOULD THE ORGANIZATION DISSOLVE, THEN ANY REMAINING ASSETS WOULD GO TO ANOTHER 501(C)(6) CORPORATION. |
| FORM 990, PART VI, SECTION A, LINE 7A | EXCEPT FOR SUPPORTING MEMBERS AND HONORARY MEMBERS, ALL MEMBERS ARE ELIGIBLE TO VOTE AT ANNUAL AND SPECIAL MEETINGS OF THE MEMBERS AND IN THE ANNUAL ELECTION OF DIRECTORS IF THEIR DUES ARE CURRENT. |
| FORM 990, PART VI, SECTION A, LINE 7B | ACTIVE MEMBERS VOTE TO ELECT DIRECTORS ON THE SEMA BOARD OF DIRECTORS AND THE CHAIR-ELECT. REMOVAL OF THE CHAIRMAN OF THE BOARD OR CHAIR-ELECT REQUIRES A VOTE OF TWO-THIRDS OF THE ACTIVE MEMBERS AT A MEETING CALLED FOR THE PURPOSE OF VOTING ON THE REMOVAL OF THAT RESPECTIVE OFFICER. A VOTE OF THE MAJORITY OF ACTIVE MEMBERS PRESENT AND VOTING IN PERSON OR BY PROXY AND ENTITLED TO VOTE AT ANY MEETING SHALL BE NECESSARY FOR THE ADOPTION OF ANY MATTER VOTED UPON BY THE MEMBERS. THE BOARD OF DIRECTORS MAY OFFER ANY PROPOSALS TO MEMBERS FOR CONSIDERATION AND VOTING BY MAIL, FAX, EMAIL, PERSONAL DELIVERY AND WRITTEN COMMUNICATION WHEN IT APPEARS INADVISABLE OR IMPRACTICAL TO CALL A SPECIAL MEETING FOR SUCH PURPOSE. THE QUESTION THUS STATED AND SUBMITTED BY THE BOARD SHALL BE DETERMINED ACCORDING TO A MAJORITY OF THE VOTES RECEIVED FROM THE ACTIVE MEMBERS BY MAIL WITHIN ONE HUNDRED AND TWENTY (120) DAYS AFTER THE MAILING THEREOF TO THE MEMBERS, PROVIDED THAT IN EACH CASE THE VOTES OF AT LEAST ONE-THIRD OF THE ACTIVE MEMBERS SHALL BE RECEIVED. ANY AND ALL ACTION TAKEN IN PURSUANCE OF ANY SUCH MAIL VOTE SHALL BE BINDING UPON THE ASSOCIATION. |
| FORM 990, PART VI, SECTION B, LINE 11B | 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. BEFORE FILING WITH THE IRS, THE RETURN IS REVIEWED IN DETAIL WITH THE AUDIT REVIEW COMMITTEE. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE DIRECTORS, OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO CONFIRM RECEIPT AND REVIEW OF SEMA'S CONFLICT OF INTEREST POLICY UPON COMMENCEMENT AND ANY POLICY UPDATES. THE DIRECTORS, OFFICERS AND KEY EMPLOYEES 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. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE COMPENSATION FOR THE PRESIDENT/CEO IS DETERMINED BY THE SPECIALTY EQUIPMENT MARKET ASSOCIATION COMPENSATION COMMITTEE. THE REVIEW IS BASED ON DATA OBTAINED THROUGH OUTSIDE RESEARCH RESPONSE TO REQUESTS. THE FIRM THAT WAS HIRED TO PERFORM THIS SERVICE WAS QUATT & ASSOCIATES. THE POSITIONS INCLUDED IN THE COMPARISON WERE THE PRESIDENT & CEO, AND FOUR OF THE VICE PRESIDENTS. THE COMPENSATION REVIEW COMMITTEE, A SEMA STANDING COMMITTEE, MEETS PERIODICALLY AS NEEDED TO UNDERTAKE COMPENSATION REVIEW. THEY USE OUTSIDE BENCHMARKING EXPERTISE IN FORMULATING COMPENSATION CHANGES. THE COMMITTEE REVIEWS THE BENCHMARKING REPORT TO MAKE CHANGES ACCORDINGLY. |
| FORM 990, PART VI, SECTION C, LINE 19 | ALL DOCUMENTS ARE MADE AVAILABLE WITHIN THIRTY (30) DAYS OF A WRITTEN REQUEST. |
| FORM 990, PART XI, LINE 9: | UNRELATED BUSINESS INCOME FROM PARTNERSHIPS -30,781. INTERCOMPANY TRANSACTION - APIC TO PAPI -28,355. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2021
Additional Data
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