Vacation Rental Management Association

“Line 3 explanation - the association is managed by a professional association management company who serves at the direction of the board of directors.”

“Line 6 explanation - classes of membership. The association shall have members (each, a member and collectively, the members). The members shall be divided into the following four classes of membership: manager members. Manager members shall consist of individuals, sole proprietors, corporations, partnerships, associations and other entities that (a) are regularly engaged in the vacation rental management business as defined by the board of directors, which definition may be amended from time to time by the board of directors; (b) have been approved for membership by the board of directors; and (c) have paid the required membership dues and other assessments as established from time to time by the board of directors. Vendor/supplier members. Vendor/supplier members shall consist of sole proprietors, corporations, partnerships or other entities that (a) sell or provide a product and/or service to those regularly engaged in the management of vacation rental properties, (b) but are not themselves regularly engaged in professional vacation rental management as defined by the board of directors; (c) have been approved for membership by the board of directors; and (d) have paid the required membership dues and other assessments as established from time to time by the board of directors. Associate members. Associate members shall consist of sole proprietors, corporations, partnerships or other entities that (a) provides a service for at least two vacation rental units on behalf of a third-party owner, (b) are not engaged in all aspects of professional vacation rental management as defined by the board of directors, and (c) would not qualify as a supplier member as defined by the board of directors; (d) have been approved for membership by the board of directors; and (e) have paid the required membership dues and other assessments as established from time to time by the board of directors. Start-up members. Start-up members shall consist of individuals, sole proprietors, corporations, partnerships or other entities that (a) are in the growth stage of a professional vacation rental management business, but (b) do not fully qualify as professional vacation rental management as defined by the board of directors; (c) have been approved for membership by the board of directors; and (d) have paid the required membership dues and other assessments as established from time to time by the board of directors. With the expectation that the members business will develop in the course of the introductory year, this status is not eligible for renewal.”

“Line 7a explanation - an annual meeting of the members (the annual membership meeting) shall be held during each fiscal year of the association at the time and place fixed by the board of directors. The purpose of the annual membership meeting shall be to elect directors, or if the election of directors takes place by written ballot, to announce the results of such election, and to transact such other business as may come before the annual membership meeting. The annual membership meeting may be held in conjunction with the associations annual conference and showcase. The failure to hold the annual membership meeting does not affect the validity of any action taken by the association. Manager members and vendor/supplier members shall be entitled to one vote on matters submitted to a vote of the members. Any member whose membership in the association has been suspended shall not be entitled to exercise its voting rights. Any member that is a corporation, partnership, limited liability company or other corporate entity shall submit a signed written statement to the secretary of the association in the form prescribed by the secretary of the association designating an individual authorized to exercise the vote of the member and to take any other actions on behalf of the member in connection with its membership in the association. Such representative shall be entitled to cast the vote of the member represented, including the execution of proxies or written ballots, the giving of consents and the waiving of notices, and to take such other action on behalf of the member represented, with the same effect if done by the represented member.”

“Line 7b explanation - an annual meeting of the members (the annual membership meeting) shall be held during each fiscal year of the association at the time and place fixed by the board of directors. The purpose of the annual membership meeting shall be to elect directors, or if the election of directors takes place by written ballot, to announce the results of such election, and to transact such other business as may come before the annual membership meeting. The annual membership meeting may be held in conjunction with the associations annual conference and showcase. The failure to hold the annual membership meeting does not affect the validity of any action taken by the association. Manager members and vendor/supplier members shall be entitled to one vote on matters submitted to a vote of the members. Any member whose membership in the association has been suspended shall not be entitled to exercise its voting rights. Any member that is a corporation, partnership, limited liability company or other corporate entity shall submit a signed written statement to the secretary of the association in the form prescribed by the secretary of the association designating an individual authorized to exercise the vote of the member and to take any other actions on behalf of the member in connection with its membership in the association. Such representative shall be entitled to cast the vote of the member represented, including the execution of proxies or written ballots, the giving of consents and the waiving of notices, and to take such other action on behalf of the member represented, with the same effect if done by the represented member.”

“Line 11b explanation - the form 990 is reviewed by the president of the association.”

“Each board member completes a form annually disclosing any known conflicts. In addition, the board members are asked if they have any conflicts with agenda items at the beginning of each board meeting.”

“Consistent with the requirements of 6104(d) of the internal revenue code and the regulations there under, electronic copies of the organization's form 990 shall be made available, upon request, in a timely manner, and without charge to any individuals who request it.”

“The process has not changed from the prior year.”