Civic Intelligence

Institute of Real Estate Management Foundation

990 • Fiscal year 2013 • EIN 36-2924251

Jan 01, 2013 to Dec 31, 2013 • Filed on Aug 04, 2014

Organization Profilewww.irem.org
430 N Michigan Avenue60611-4087

(312) 329-6000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

19th percentile

0.00x

Higher debt load relative to assets than 19% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Liabilities / Revenue

22nd percentile

0.01x

Higher debt load relative to revenue than 22% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Net Margin

81st percentile

25%

Higher net margin than 81% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Top Officer Pay

96th percentile

$333,381

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 90.9% of source-year revenue.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2013

Asset Growth

64th percentile

6.9%

Faster asset growth than 64% of similar nonprofits.

2013 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets19th percentile

Assets

Up

$1,079,976

Up $69,660 (+6.9%) from 2012

Net Assets

Up

$1,075,615

Up $69,659 (+6.9%) from 2012

Liabilities

Up

$4,361

Up $1 (+0.0%) from 2012

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin81st percentile

Revenue

$366,737

No earlier filing loaded for comparison.

Expenses

Up

$274,341

Up $29,552 (+12%) from 2012

Net Income

$92,396

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth64th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0Assets 2010: $822,119Liabilities 2010: $4,341Net Assets 2010: $817,7782010Assets 2011: $862,577Liabilities 2011: $5,000Net Assets 2011: $857,5772011Assets 2012: $1,010,316Liabilities 2012: $4,360Net Assets 2012: $1,005,9562012Assets 2013: $1,079,976Liabilities 2013: $4,361Net Assets 2013: $1,075,6152013Assets 2014: $1,150,279Liabilities 2014: $32,099Net Assets 2014: $1,118,1802014Assets 2015: $1,190,815Liabilities 2015: $43,209Net Assets 2015: $1,147,6062015Assets 2016: $1,244,390Liabilities 2016: $8,873Net Assets 2016: $1,235,5172016Assets 2017: $1,456,984Liabilities 2017: $10,942Net Assets 2017: $1,446,0422017Assets 2018: $1,446,248Liabilities 2018: $61,658Net Assets 2018: $1,384,5902018Assets 2019: $2,569,598Liabilities 2019: $19,178Net Assets 2019: $2,550,4202019Assets 2020: $2,534,392Liabilities 2020: $84,964Net Assets 2020: $2,449,4282020Assets 2021: $2,627,808Liabilities 2021: $99,683Net Assets 2021: $2,528,1252021Assets 2022: $2,087,099Liabilities 2022: $55,731Net Assets 2022: $2,031,3682022Assets 2023: $2,138,328Liabilities 2023: $61,298Net Assets 2023: $2,077,0302023Assets 2024: $2,020,351Liabilities 2024: $58,778Net Assets 2024: $1,961,5732024

Highlighted filing

2013

Assets$1,079,976
Liabilities$4,361
Net Assets$1,075,615
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2010: $219,4852010Expenses 2011: $205,7942011Expenses 2012: $244,7892012Revenue 2013: $366,737Expenses 2013: $274,341Net Income 2013: $92,3962013Revenue 2014: $402,556Expenses 2014: $338,114Net Income 2014: $64,4422014Revenue 2015: $399,498Expenses 2015: $338,216Net Income 2015: $61,2822015Revenue 2016: $365,911Expenses 2016: $321,208Net Income 2016: $44,7032016Revenue 2017: $464,047Expenses 2017: $314,352Net Income 2017: $149,6952017Revenue 2018: $474,147Expenses 2018: $446,944Net Income 2018: $27,2032018Revenue 2019: $1,640,010Expenses 2019: $599,596Net Income 2019: $1,040,4142019Revenue 2020: $591,688Expenses 2020: $847,814Net Income 2020: -$256,1262020Revenue 2021: $851,552Expenses 2021: $840,368Net Income 2021: $11,1842021Revenue 2022: $600,024Expenses 2022: $805,863Net Income 2022: -$205,8392022Revenue 2023: $876,934Expenses 2023: $939,552Net Income 2023: -$62,6182023Revenue 2024: $820,670Expenses 2024: $998,020Net Income 2024: -$177,3502024

Highlighted filing

2013

Revenue$366,737
Expenses$274,341
Net Income$92,396
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Aug 4, 2014
Return Version
2013v3.0
Gross Receipts
$880,592
Mission and Program Overview

Mission

To be a resource for people and organizations seeking to advance the profession of real estate management. The irem foundation supports initiatives developed or endorsed by irem that increases diversity, the engagement of young professionals, and expansion of industry knowledge.

To support education and training opportunities in real estate management

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$563,464$617,659▲ $54,195
Savings and Temporary Cash Investments$249,373$233,733▼ $15,640
Cash and Non-Interest-Bearing Accounts$133,730$165,583▲ $31,853
Total Assets$1,010,316$1,079,976▲ $69,660
Other Assets Total$63,749$63,001▼ $748
Liabilities
Accounts Payable and Accrued Expenses$4,360$4,361▲ $1
Total Liabilities$4,360$4,361▲ $1
Net Assets / Fund Balance
Unrestricted Net Assets$729,341$812,623▲ $83,282
Temporarily Rstr Net Assets$276,615$262,992▼ $13,623
Total Net Assets Fund Balance$1,005,956$1,075,615▲ $69,659
Total Liabilities and Net Assets / Fund Balance$1,010,316$1,079,976▲ $69,660

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$63,001--
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Kimberly HolmesFoundation AdministratorFT$73,278$73,278

Board Members and Trustees

NameTitle
Robert B Toothaker CPMPresident
Gail P Duke CPMVice President
Clark Lindstrom CPMDirector
Donald B Wilkerson CPMDirector
Edward H Boudreau Jr CPMDirector
Emily Goodman CPMDirector
Eugene J Burger CPMDirector
George D Griffin III CPMDirector
Gordon Dowrey CPMDirector
Jae Roe CPMDirector
John N Gallagher CPMDirector
Julie L Muir CPMDirector
Lori Burger CPMDirector
Mary WilkenDirector
Michael B Simmons CPMDirector
Pamela W Monroe CPMDirector
W Alan Huffman CPMDirector
William PJ McCarthy CPMDirector
Russell C SalzmanExecutive Director
Revenue and Support

Revenue Composition

Contributions and Grants
$269,161
Program Service Revenue
$0
Investment Income
$83,457
Other Revenue
$14,119
All Other Contributions
$245,636
Change in Net Assets
$92,396

Audited Revenue Reconciliation

Revenue per Audited Statements
$360,972
Revenue Not Reported on Financial Statements
$5,765
Revenue Not Reported on Form 990
$45,641
Other Revenue Adjustments
$5,765
Total Revenue per Audited Statements
$406,613
Total Revenue per Form 990
$366,737
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$166,248
Other Expenses$108,093
Total Fundraising Expense$36,031
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$129,507--$129,507
Fees for Services Management$30,888$11,666$17,078$59,632
Grants to Domestic Orgs$36,741--$36,741
Office Expenses-$2,976$11,479$14,455
Fees for Services Accounting-$9,576-$9,576
Travel-$9,304-$9,304
Fees for Service Investment Mgmnt Fees-$5,765-$5,765
Conferences and Meetings--$5,576$5,576
Other Expenses$605$525$125$525
Insurance-$387-$387
Fees for Services Other-$370-$370
Total Functional Expenses$197,741$40,569$36,031$274,341

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$336,954
Total Expenses per Form 990$274,341
Expenses per Audited Statements$268,576
Expenses Not Reported on Form 990$68,378
Expenses Not Reported on Financial Statements$5,765
Other Expense Adjustments$5,765
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
36-6214767-501(c)(6)Conference attendance scholarships and writing competition$24,938
56-0547478-501(c)(3)Real Estate Professional Development Program$7,500
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$34,410
Fundraising Direct Expenses$24,510
Gaming Gross Income$552
Gaming Direct Expenses$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Event 2$19,390$11,240-$11,240
Event 1$21,525$10,650-$10,650
Total Events$57,935$34,410$24,510$9,900
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The 990 was completed by an independent CPA firm. The completed tax return was reviewed by IREM's staff presented to the Board of Directors prior to filing.”

Form 990, Part VI, Section B, line 12C

“Members are required at each meeting to state if they are in compliance with their current conflict of interest statement. IREM also has an ethics and appeal board to review any complaints lodged against a member.”

Form 990, Part VI, Section B, line 15

“Salaries reported from related party on page seven are from Institute of Real Estate Management. IREM uses competitive research studies to determine salaries of all staff including CEO. The three elected officers of the board approve the compensation package of the CEO.”

Form 990, Part VI, Section C, line 19

“Bylaws and financial statements are available on the Foundation's website.”

Filing and Contact Details

Filer

EIN
36-2924251
Phone
3123296000

Signing Officer

Name
Russell C Salzman
Title
Executive Director
Phone
3123296000
Signed
2014-08-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Russell C Salzman
Formed
1977
Legal Domicile
Il
Voting Board Members
19
Independent Board Members
18
Employees
0
Volunteers
18

Preparer

Preparer
Patrick W Melvin CPA
Phone
7737794720
Supplemental Narrative

Financial Statement Notes

Part X, Line 2:

“FIN 48 note from Audited Financial Statements IREM Foundation was granted an exemption from federal income taxes by the Internal Revenue Service pursuant to the provisions of Internal Revenue Code Section 501(c)(3). The Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi) and has been classified as an organization that is not a private foundation under Section 509(a)(1). The tax exempt purpose of the Organization and the nature in which it operates is described in the first paragraph of Note 1. The Organization continues to operate in compliance with its tax exempt purpose. The Organization's annual information and income tax returns filed with the federal and state governments are subject to examination for the statutory period.”

Part XI, Line 4B - Other Adjustments:

“Investment expense 5,765.”

Part XII, Line 4B - Other Adjustments:

“Investment expense 5,765.”

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IRS990/Form990PartVIISectionAGrp/PersonNm19Kimberly Holmes
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
IRS990/Form990PartVIISectionAGrp/TitleTxt17Director
IRS990/Form990PartVIISectionAGrp/TitleTxt18Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt19Foundation Administrator
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0To support the Institute's goal of cultivating ethical, professionally educated property managers. It is through various programs such as the Professional Recognition Awards, Professional Development Grant and Chapter Restricted Fund that the mission is accomplished.
IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt02867
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt02976
IRS990/OfficeExpensesGrp/TotalAmt014455
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/FundraisingAmt1125
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IRS990/OtherExpensesGrp/TotalAmt01773
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0Russell C Salzman
IRS990/ProfessionalFundraisingInd00
IRS990/ProgSrvcAccomActy2Grp/Desc0Research Studies - Summarize the latest trends in establishing the value of property management companies so members can easily understand the valuation process and readily take advantage of the results of the analysis.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt036741
IRS990/ProgSrvcAccomActy2Grp/GrantAmt036741
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IRS990/RelatedOrganizationCtrlEntInd00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0243745
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0367158
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0180190
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0180190
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01355102
IRS990ScheduleA/TotalSupportAmt01448967
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleD/DonatedServicesAndUseFcltsAmt068378
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt063001
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Contribution receivable-Institute of Real Estate Management
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IRS990ScheduleD/OtherRevenuesNotIncludedAmt05765

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,079,976
Liabilities
$4,361
Net assets
$1,075,615
Revenue
$366,737
Expenses
$274,341
Net income
$92,396
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.02$0.06$1.96$0.82$1.00$0.18
2023Detailed filing. Detailed filing data is available for this year.$2.14$0.06$2.08$0.88$0.94$0.06
2022Detailed filing. Detailed filing data is available for this year.$2.09$0.06$2.03$0.60$0.81$0.21
2021Detailed filing. Detailed filing data is available for this year.$2.63$0.10$2.53$0.85$0.84$0.01
2020Detailed filing. Detailed filing data is available for this year.$2.53$0.08$2.45$0.59$0.85$0.26
2019Detailed filing. Detailed filing data is available for this year.$2.57$0.02$2.55$1.64$0.60$1.04
2018Detailed filing. Detailed filing data is available for this year.$1.45$0.06$1.38$0.47$0.45$0.03
2017Detailed filing. Detailed filing data is available for this year.$1.46$0.01$1.45$0.46$0.31$0.15
2016Detailed filing. Detailed filing data is available for this year.$1.24$0.01$1.24$0.37$0.32$0.04
2015Detailed filing. Detailed filing data is available for this year.$1.19$0.04$1.15$0.40$0.34$0.06
2014Detailed filing. Detailed filing data is available for this year.$1.15$0.03$1.12$0.40$0.34$0.06
2013Detailed filing. Detailed filing data is available for this year.$1.08$0.00$1.08$0.37$0.27$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.01$0.00$1.01$0.24
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.86$0.01$0.86$0.21
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.82$0.00$0.82$0.22
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2013 filings • 501(c)3 • $1M-$5M nonprofits