Denver Metro Association of Realtors

“The organization has members who pay dues on an annual basis for membership.”

“Members of the organization elect the governing body.”

“Changes to the organization's bylaws are subject to approval by the members, following approval by the board of directors.”

“The governing body is notified when the form 990 is prepared and ready for inspection or review.”

“Board members are required to sign a conflict of interest statement annually and to update any changes that occur during the year.”

“The ceo's annual evaluation is conducted, and compensation determined, by the ceo compensation committee, which is made up of members of the board of directors who report to the entire board. The committee reviews compensation surveys provided by the american society of association executives (asae), mountain states employers council (msec), and the national association of realtors (nar), as available. The ceo determines compensation for all other employees and uses compensation comparability data from asae, msec, and nar, if available.”

“The organization's governing documents and tax forms (990) are available for public inspection upon request at the organization's executive office.”

“Accountant oversight process, selection of independent accountant: the chief operating officer reviews recommendations for proposals and recommends to the audit and investment committee a selection of independent accountants. The audit and investment committee confirms accountants' independence, and makes a recommendation to the board. Once an accountant is selected by the board, the audit and investment committee monitors the review process.”

“The 990 is amended to correct the association's reporting of assets and related revenue. During review of year end financial records, the association identified a $1,200,000 note receivable received in conjuction with the sale of shares of stock. The addition of this note receivable resulted in an adjustment to part viii, statement of revenue, to reflect the increase in the gain associated with the addition of this asset. Corresponding corrections were made to part x,balance sheet, to report the note receivable as an asset. No other changes were made to the return.”