Real Estate Educational Programs Inc.

“01. Form 990 governing body review (part vi, line 11) the form 990 will be provided to appropriate members of the governing body.”

“In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. An interested person may make a presentation but shall leave the meeting during discussion of, and the vote on, the transaction or arrangement. A disinterested thrid party may be appointed to investigate alternatives to the proposed transaction or arrangement. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain.”

“The 990 is available on guidestar.org and via direct request.”

“As required, form 1023 and other governing documents are available to the public upon request. The request must be made in writing to the address on the tax return. If documents are needed at a rush or additional costs are incurred to provide them, a fee may be charged at the discretion of the president.”

“Statement regarding adjustment to sch a, part iii, public support, column b: in 2017 real estate educational programs received an unusual grant from an unrelated organization that was misclassified as a normal grant on the 2017, 2018, and 2019 form 990. This misclassified grant has been removed from sch a, part iii, public support, column b to correct this misclassification. Amended returns for 2017, 2018, and 2019 will be filed showing the proper classification. The donor of the unusual grant contributed because of their attraction to the mission of real estate educational programs. This grant was unusual and unexpected, and would endanger the organization status as normally meeting the 33 1/3% public support test. The nature of the unusual grant is three parcels of undeveloped land valued at a combined $1,506,000. Treating this grant as an unusual grant is in line with the instructions for form 990 and is listed as the example for an unusual grant. Details on the unusual grant: donor - redacted for privacy per instructions to form 990. Year of donation - 2017 date of donation - december 29, 2017 description of grant: three parcels of undeveloped land. Fair market value of grant: $1,506,000 in three sections. Parcel 1 fair market value: $121,000 (sold in 2020 to further the mission of real estate educational programs) parcel 2 fair market value: $660,000 parcel 3 fair market value: $725,000 further details may be made available upon request.”

“Organization's mission or most significant activites: to promote and engage in projects that will raise scholarship funds for real estate students and provide financial support for real estate programs. This will provide "hands on real world" internship experiences for students.”

“Statement regarding the cost basis of 2017 undeveloped land: the cost basis of the donor on the sold parcel 1, was $120,000, the property was sold for $120,000, and was initially listed as an unrestricted net asset of $121,000. This resulted in an unrealized loss of $1,000 and is reflected on form 990 part xi, reconciliation of net assets, line 5. The cost basis of the donor for parcel's 2 and 3 is not currently dislcosed.”