SAE Annual Report 2010 - 42

SAE INTERNATIONAL
Notes to the Financial Statements Note 1 - Summary of Significant Accounting Policies A. Nature of Organization

SAE International (SAE) is a not-for-profit corporation originally organized in 1905 and incorporated in 1909 under the laws of New York and re-incorporated in 1986 under the laws of Pennsylvania. SAE is a technical society aimed at developing, collecting and disseminating, on a worldwide basis, the knowledge of mobility technologies in order to advance these fields and their practitioners in a manner which serves humanity. SAE Foundation (the Foundation) is an unincorporated division of SAE and, accordingly, is included in the accompanying financial statements. The Foundation was created to facilitate financial contributions from members and others to provide an additional source of income beyond those sources normally available to SAE for activities in support of SAE’s purpose, mission and goals. The Foundation operates under the direction of a Board of Trustees, which ultimately reports to the Board of Directors of SAE. Administrative support is provided by SAE. The following affiliated organizations do not meet the criteria requiring consolidation with SAE. As such, the activities of each are not included in the accompanying financial statements: SAE Foundation Canada is organized as a separate entity under the laws of Canada. It was formed to manage the activities, missions and goals in support of SAE in Canada, which requires SAE Foundation Canada’s solicitation and receipt of specific funding from individuals, public or private corporations, foundations, or government agencies. SAE Foundation Canada operates under the direction of a Board of Directors. SAE is affiliated with Performance Review Institute, Inc. (PRI), a Pennsylvania not-for-profit corporation organized by SAE in April 1990 to compile and review performance standards, to promote and administer quality assurance, accreditation and certification programs for the benefit of the general public, industry and government. PRI also contributes funds, property and services to not-for-profit organizations that develop and publish standards for maintaining and improving quality and performance within the automotive industry. The Internal Revenue Service has granted PRI tax-exempt status under Section 501(c)(6) of the Internal Revenue Code (IRC).

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SAE Annual Report 2010

Table of Contents for the Digital Edition of SAE Annual Report 2010