Daytona Beach Area Association of Realtors Inc

“Changed the bylaws from an audit every other year or whenever a new association executive is hired to having an audit every year. The board of directors may elect to perform an audit at any time at its discretion. The treasurer shall review, each month prior to the finance committee meeting, all the bank statements to ensure the balances match what is reported on monthly balance sheets presented to the finance committee. This eliminated the bank statements being mailed to the treasurer. The association went to electronic voting and billing and all members must have a valid email address on file with the association.”

“The organization has seven classes of members. 1) realtor members- these members can elect the members of the governing body and approve the significant decisions of the governing body. There are several categories of realtor members. Only individual members, primary & secondary realtor members, and designated realtors have the rights mentioned above. 2) institure affiliate members - these members do not have the right to elect or to approve significant decisions of the governing body. 3) affiliate members - these members do not have the right to elect or to approve significant decisions of the governing body. 4) public service members - these members do not have the right to elect or to approve significant decisions of the governing body.5) honorary members - these members can elect the members of the governing body and approve the significant decisions of the governing body. 6) honorary life members - these members can elect the members of the governing body and approve the significant decisions of the governing body. 7) student members - these members do not have the right to elect or to approve significant decisions of the governing body.”

“The following classes have the right to elect the members of the organization's governing body. Honorary members, honorary life members, and realtor members (individuals, primary/secondary realtor members, and designated realtor members).”

“Realtor members (individuals, primary/secondary realtor members, and designated realtor members) have to approve non-budgeted items over $10,000 and bylaw changes.”

“Prior to filing, form 990 will be reviewed at a regularly scheduled board of director's meeting.”

“Each member of the board of directors is asked to sign an ownership disclosure and conflict of interest policy form. Also, at the beginning of each board meeting, the directors are asked if they have any conflict with any item on the agenda.”

“Associate executive (top management official): the board of directors has an executive session after a regular board of director's meeting and discusses the associate executive's evaluation and compensation. The consumer price index for all urban consumers is used as a reference. The board maintains the minutes from these executive sessions.”

“These documents are on the organization's website and are also available upon request.”

“The organization has an employee leasing agreement with a professional employer organization. In accordance with irs instructions the compensation paid to the leasing company has been treated like compensation paid to a management company for purposes of 990 compensation reporting. However, since the organization leases its employees it is not responsible for filing any federal employment tax returns, rather, the leasing company filed all required federal employment tax returns on behalf of the organization.”

“The process for the selection and supervision of the organization's independent auditor has remained consistent with the prior year.”