Chicago Association of Realtors

“Compensation for the organization's top financial official is determined by the CEO after reviewing the Annual Chicagoland Association Forum Compensation & Benefits Survey Booklet, salary.com and payscale.com. The location (city of Chicago), the revenues ($5-10M), and the staff size (21-50) are the factors utilized. The target is to be within the 25th to 75th percentile.”

“Each member of the Executive Committee shall be a member of the board of directors. The purpose of the Executive Committee is to make policy recommendations for Board approval and is empowered to act on behalf of the board between meetings, including ratification of Professional Standards cases. Except as specifically authorized by the Board of Directors by resolution duly adopted, no committee or work group shall have any authority to amend, alter or, repeal the bylaws; elect, appoint or, remove any member of any committee or any director or officer of CAR; amend the articles of incorporation; adopt a plan of consolidation with another corporation; authorize the sale, lease, or exchange of any of the property or assets of CAR; authorize the voluntary dissolution of CAR; or amend, alter or, repeal any resolution of the Board of Directors. The designation and appointment of any committee or work group and the delegation to that committee or work group of authority shall not operate to relieve the Board of Directors or any individual director of any responsibility imposed upon it or any individual director by law.”

“THERE ARE EIGHT CATEGORIES OF MEMBERS AUTHORIZED IN THE ORGANIZATION'S BYLAWS, AS FOLLOWS: 1. REALTOR Members. a. Individuals who, as sole proprietors, partners, corporate officers, or branch office managers, are engaged actively in the real estate profession, including buying, selling, exchanging, renting or leasing, managing, appraising for others for compensation, counseling, building, developing or subdividing real estate, and who maintain or are associated with an established real estate office in the State of Illinois or a state contiguous thereto. All persons who are partners in a partnership, or all officers in a corporation who are actively engaged in the real estate profession within the state or a state contiguous thereto shall qualify for REALTOR membership only, and each is required to hold REALTOR membership (except as provided in the following paragraph) in an association of REALTORS within the state or a state contiguous thereto, unless otherwise qualified for Institute Affiliate membership. b. In the case of a real estate firm, partnership, or corporation, whose business activity is substantially all commercial, only those principals actively engaged in the real estate business in connection with the same office, or any other offices within the jurisdiction of the association in which one of the firm's principals holds REALTOR membership, shall be required to hold REALTOR membership unless otherwise qualified for Institute Affiliate membership. c. Individuals who are engaged in the real estate profession other than as sole proprietors, partners, corporate officers, or branch office managers and are associated with a REALTOR Member and meet the qualifications. REALTOR Members may be: - A Primary REALTOR Members has selected CAR as its "Primary" Association. - A Secondary REALTOR Members has not not selected CAR as its "Primary" Association. - A Designated REALTOR Members is a sole proprietor, partner, corporate officer, or branch office manager acting on behalf of the firm's principal(s), who has been designated in writing to be responsible for all duties and obligations of membership. 2 Franchise REALTOR Members. Corporate officers (who may be licensed or unlicensed) of a real estate brokerage franchise organization with at least one hundred fifty (150) franchisees located within the United States, its insular possessions and the commonwealth of Puerto Rico, elected to membership pursuant to the provisions in the NAR Constitution and Bylaws. Such individuals shall enjoy all of the rights, privileges, and obligations of REALTOR membership (including compliance with the Code of Ethics) except: obligations related to association-mandated education, meeting attendance, or indoctrination classes or other similar requirements; the right to use the term REALTOR in connection with their franchise organization's name; and the right to hold elective office in the local association, state association, and NAR. 3. Institute Affiliate Members. Institute Affiliate Members shall be (a) individuals who hold a professional designation awarded by an Institute, Society, or Council affiliated with NAR that addresses a specialty area other than residential brokerage, or (b) individuals who otherwise hold a class of membership in such Institute, Society, or Council that confers the right to hold office. Any such individual, if otherwise eligible, may elect to be a REALTOR Member, subject to payment of applicable dues. 4. Affiliate Members. Affiliate Members shall be individuals, firms, or corporations, wherever residing or located, who, while not engaged in the real estate profession as described in Paragraph 6.1.A or Section 6.5 of these Bylaws, have interests requiring information concerning real estate, and who share and are in sympathy with the objectives of CAR. Affiliate Members shall not be entitled to vote, to hold office, use the term REALTOR or be a Participant or Subscriber in CAR / MLS (MRED); except as provided under A”

“Prior to filing the return with the irs, a draft of the completed form 990 is reviewed by the organization's management with its independent paid tax preparers. A final copy of the form 990 is made available to the organization's board of directors prior to being filed with the irs.”

“DIRECTORS, COMMITTEE MEMBERS, AND STAFF ARE REQUIRED TO SIGN A CONFLICT OF INTEREST DISCLOSURE STATEMENT ANNUALLY, IN ACCORDANCE WITH THE ORGANIZATION'S POLICY AND PERSONNEL MANUALS. Board members' conflict of interest disclosure statements are reviewed by the CEO to determine whether a potential or actual conflict exists. Committee members' conflict of interest disclosure statements are reviewed by the staff person assigned to such committee to determine whether a potential or actual conflict exists. If an actual conflict is determined to exist, the individual is recused from discussions and voting on matters relating to such conflict.”

“Compensation set forth in the organization's CEO's 3-year contract is determined by the Executive Committee after review of the compensation survey from the Association Forum, data from salary.com as well as payscale.com and compensation information reported in Forms 990 for other similarly sized Realtor Associations. The Executive Committee reviewed the compensation information and then prepared a formal motion for approval by the board of directors. The approval process for the CEO's 3-year contract was documented in the Executive Committee and board meeting minutes and was last performed in June 2024 as part of the contract renewal process. The approved motion, along with the comparability data, are also placed in the CEO's personnel file. In addition, the Executive Committee reviews the compensation survey from the Association Forum, data from salary.com as well as payscale.com and conducts a formal performance evaluation of the CEO on an annual basis, which was last performed in June 2024 in determining whether pay adjustments and/or bonuses will be awarded per the terms of the CEO's contract. The annual review/approval process is also documented in the Executive Committee meeting minutes.”

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