Federation of Exchange Accommodators

“Section b, question 15a - federation of exchange accomodators companies does not compensate any individual. However, the board of directors entered into a management agreement with association management ltd. To manage the daily operations and employ an individual to serve as the executive director of the organization. The agreement is approved by the board of directors before it is offered to association management ltd.”

“Association management, ltd. Manages the day-to-day operations. Associated management, ltd. Employs lynn harkin, who serves as the executive director of federation of exchange accommodators.”

“The organization consists of three classes of members. The rights and privileges of each member within each class shall be equal to the rights and privileges of each other member of that class. No person shall hold more than one membership, regardless of class, in the corporation. The first class of members of the corporation shall be known as members and shall be limited to accommodators in exchange transactions and their primary advisors. The second class of members of the corporation shall be known as affiliates and shall be limited to such affiliate criteria as adopted by the board of directors. The third class of members of the corporation shall be known as individual members and shall be limited to natural persons who are employees of, or independent contractors providing services to, (i) an accommodator in exchange transactions or (ii) their primary advisors.”

“The board of directors establishes the policies governing the conduct of elections. At the annual meetings a majority of the voting members present and voting shall elect such number of directors as necessary to fill vacancies of directors whose terms expire as of such meeting.”

“Electronic draft copies are sent to the executive director of the association for dissemination to the board of directors with written instructions to review and approve the form in accordance with irs regulations. Written comments and questions by the board, if any, are sent to the accountant for responses. Otherwise, each board member signs off on the written instruction sheet that they approve of form 990 as prepared.”

“Each member of the board of directors are required to sign an annual statement, which confirms that such person has received a copy of the conflict of interest policy, has read and understands the policy, and has agreed to comply with the policy. Any possible conflicts of interest are reviewed at each board meeting.”

“The public is able to view the association's governing documents, financial statements and conflict of interest policy upon request. These documents are available for the same period of time as described in internal revenue code section 6104(d) for other public disclosure documents.”

“Fea is the voice for the 1031 exchange industry and works diligently to: - provide tools, resources and legislative updates to member companies - educate consumers on effectively using 1031 exchanges to defer gains associated with the disposition of business use/investment property - drive legislation to ensure appropriate consumer and industry protection - work closely with professions affiliated with the 1031 industry including realtors, lawyers, cpas, tic brokers, escrow agents, and financial institutions”