Manatee Association of Realtors Inc

“the organization receives an annual review by an independent accouting firm. once the review is complete the tax return is prepared by an independent accounting firm. The executive vice president then reviews the tax return prior to filing.”

“the leadership of the organization is given a copy of the conflict of interest policy at the beginning of the year and asked to sign it indicating that they have received the copy and understand it. additional copies are periodically presented during the Board of Director's meetings.”

“The Executive Vice President has an employment contract with the Organization that calls for an annual performance review by the Current and Past Presidents and the President-Elect of the Organization's Board of Directors. Any and all alterations to the contract, including increases in compensation requires the approval of the Board of Directors.”

“no officers are compensated. key employee compensation is by contract with annual review process. Compensation is researched to be competitive based on surveys from other organizations.”

“All required disclosures are available upon request or can be obtained at Guidestar.org.”

“Assets transferred due to merger - See Sch. O = -$1216145”

“On September 16, 2014, the membership of the Sarasota Association of Realtors, Inc. and the Manatee Association of Realtors, Inc. approved a merger agreement dated August 27, 2014. The merger of the two organizations will be effective January 1, 2015. The Articles of Incorporation and By-Laws of the Sarasota Association of Realtors, Inc. were amended to reflect a newly formed governing body for the operations of the merged organization and the name was changed to Realtor Association of Sarasota and Manatee. The Manatee Association of Realtors, Inc. entity will cease to exist as a corporate entity after the merger.The merger was made to unite two geographic contiguous Realtor associations to provide their membership with a stronger voice in the region with the Florida Association of Realtors and the National Association of Realtors, enhanced financial and operational strengths, and provide more services and support to the membership.The combination has been accounted for pursuant to FASB Accounting Standards Update 2010-07 Not-for-Profit Entities: Mergers and Acquisitions. Under this accounting standard, Realtor Association of Sarasota and Manatee. is considered a new reporting entity and therefore will have no previous operations to report. The assets, liabilities and net assets of the organization will be measured using the carryover method. In applying the carryover method, the combined entitys initial set of financial statements carry forward the assets and liabilities of the combining entities, measured at their carrying amounts in the books of the combining entities at the merger date.”