UTAH ASSOCIATION OF REALTORS® 2015 BOARD OF

UTAH ASSOCIATION OF REALTORS®
2015 BOARD OF DIRECTORS MEETING AGENDA
Friday, Jan. 23, 2015
12 p.m.
UAR Board Room
1.
Call to Order
Ryan Kirkham
2.
Opening Ceremonies
a. Invocation
b. Pledge of Allegiance
c. Antitrust policy review
Vern Fielding
Nancy Tallman
Meri Crandall
3.
Approval of Meeting Minutes: Oct. 30, 2014 [Exhibit A]
4.
Dan C. Simons Sr. Tribute Video
5.
Legislative Preview
Gage Froerer
6.
NAR Update
Kenny Parcell
7.
Reports of Officers
a. Past President
b. President
i. Proposed bylaws [Exhibit B]
c. President-elect
d. Vice President
e. Treasurer
i. 2014 year-end draft financials [Exhibit C]
ii. Budget [Exhibit D]
8.
Reports of Committees and Groups
a. Convention report
b. Leadership Academy report
c. Forms report
d. RPAC fundraising report [Exhibit E]
e. Professional standards report
f. Legislative report
g. UARHOF report [Exhibit F]
h. Association executives report
9.
Adjourn
10.
Next meeting: May 28, 2015
Rick Southwick
Ryan Kirkham
Chris Nichols
DeAnna Dipo
Donna Smith
Jechelle Secretan
Dean Crandall
Lerron Little
Angie Domichel Nelden
Donna Pozzuoli
Jodee Smith
Ron Adams
Curtis Bullock
No officer, director, or member of the Association shall disclose any information about any individual member’s votes, motions, or comments made relating to the
business conducted during this meeting and shall refrain from, outside of this meeting, criticizing or disparaging decisions made by this body.
Exhibit A
Thursday, Oct. 30, 2014
Attendees (voting)
Cheryl Acker
Russell Booth
Andrea Cahoon
Meri Crandall
DeAnna Dipo
Bill Freeze
Bill Hobson
Shawn Janke
Craig Lelis
Craig Morley
Michael Rowe
Chris Sloan
Rick Southwick
Stefanie Tugaw-Madsen
Paul Willden
Attendees (non-voting)
John Anderson
Peter Christensen
Deanna Devey
Rebecca Jensen
Christine Macfarlane
Kaci Ogier
Kenny Parcell
Laney Riegel
Jodee Smith
Bryce Wallentine
Excused
Martell Dansie
Jayanne Ivins
Dennis Marchant
JuNette Terry
Absent
Kiko Arvizu
Jed Mark Nilson
Utah Association of REALTORS®
Board of Directors Meeting
Minutes
230 W. Towne Ridge Parkway
Suite 500
Sandy, Utah 84070
Ronald Adair
Jim Bringhurst
Lori Chapman
Marcie Davis
Vern Fielding
Kalene Gamble
Carol Howell
Ryan Kirkham
Lerron Little
Calvin Musselman
Sam Sampson
Donna Smith
Stephanie Summers
Ed Tugaw
Sue Shrewsbury
Jeannine Butler
Dean Crandall
Randy Day
Dave Frederickson
Donna Hartle
Diane Janes
Scott Lalli
Gary Madsen
George Richards
Mark Shepherd
Randy Smith
Nancy Tallman
Steve Vincent
Karlie Brand
Melissa Connor
Christina Harrison
Megan Kallas
Emily Merkley
Taylor Oldroyd
Donna Pozzuoli
Jechelle Secretan
Andrea Sweat
Gail Wells
Curtis Bullock
Vardell Curtis
Craig Hawker
Chris Kyler
Chris Nichols
Mike Ostermiller
Anne Reynolds
Susan Sepe
Kreg Wagner
Anna Young
Angie Domichel Nelden
Adam Kirkham
Karen Martino-Basso
Jeff Findarle
Al Mansell
Dave Robison
David Bellessa
George Morris
Michael Morgan
Troy Peterson
President Rick Southwick called the meeting to order at 12:30 p.m. Vern Fielding gave
the invocation, and Meri Crandall led the Pledge of Allegiance. Nancy Tallman read the
anti-trust policy.
1. MINUTES: A MOTION to approve the May 29, 2014, minutes passed.
2. QUORUM: Rick Southwick stated a quorum was present.
3. ELECTION OF NAR DIRECTOR:
i. Ryan Kirkham explained the procedure for the election.
ii. Candidates presented two-minute speeches to the board.
1. Craig Morley
2. Cal Musselman
3. Donna Smith
iii. Directors cast ballots.
4. PRESIDENT’S REPORT:
i. Rick Southwick recognized Lerron Little for being inducted into
the RPAC Hall of Fame and recognized other major investors.
ii. The UAR earned the NAR President’s Cup for the fourth
consecutive year.
iii. Southwick talked about the importance of attending NAR
meetings.
5. PRESIDENT-ELECT’S REPORT:
i. Ryan Kirkham said REALTOR® Day at the Legislature will be
held on Feb. 18, 2015. Attendees will meet at the Hilton for
education and then proceed to the Capitol.
ii. The RPAC Golf Tournament will be held April 27 at the Alpine
Country Club.
iii. Convention will be held at the Manchester Grand Hyatt in San
Diego Aug. 6-7.
iv. The UAR will be hiring an independent NAR-certified facilitator
for certifying local board core standards compliance.
v. The Uintah Basin Board of REALTORS®, Grand/San Juan
Association of REALTORS® and Central Utah Board of
REALTORS® voted to merge with the Utah County Association
of REALTORS®.
vi. NAR is working on several MLS policies.
6. ELECTION RESULTS:
i. Ryan Kirkham announced the elected national director is Cal
Musselman.
7. IMMEDIATE PAST PRESIDENT’S REPORT:
i. Cal Musselman said the Executive Committee is recommending
that the UAR convention in 2016 be held in St. George. A
MOTION to approve convention in St. George in 2016 passed.
ii. UAR leadership will present locations for subsequent conventions
at an upcoming meeting.
8. VICE PRESIDENT’S REPORT:
i. Craig Morley gave an update on UAR building leases, capital
improvements, and maintenance items.
9. TREASURER’S REPORT:
i. DeAnna Dipo reviewed the year-to-date financials. A MOTION to
approve the 2014 year-to-date financials as reported passed.
ii. A MOTION to approve the 2015 budget passed.
10. CONVENTION REPORT:
i. Jechelle Secretan reported on the success of the 2014 convention,
including the Convention Committee raising more than $100,000
in sponsorships.
11. LEADERSHIP ACADEMY REPORT:
i. Scott Lalli reviewed the final retreat, recognized the 2014
graduates, and thanked everyone involved in the program. He
reminded local boards to send in their applications for 2015
participants.
12. FORMS REPORT:
i. Craig Hawker reported that the Forms Committee has finalized
lease forms and continues work on FIRPTA.
13. RPAC FUNDRAISING REPORT:
i. Shawn Janke discussed the RPAC successes for the year, including
Utah being in the top three in the nation for major investors. About
$642,000 was raised, which is 153 percent of the goal.
ii. Janke recognized local boards for their participation and
announced the winners of the RPAC Participation Challenge.
14. PROFESSIONAL STANDARDS REPORT:
i. Donna Pozzuoli reported on arbitration requests and ethics
complaints. Most ethics complaints dealt with Article 1 and Article
12.
15. UARHOF Report:
i. Laney Riegel reported that the Park City Board of REALTORS®
and the Wasatch County Association of REALTORS® funded
Habitat for Humanity of Summit and Wasatch Counties for a
$3,000 grant.
ii. UARHOF emergency funds were approved to fund Carbon County
flash flood relief efforts. UARHOF also received a grant from
NAR to assist those affected by the flooding.
iii. The trustees approved about $80,000 in grant funds in 2014.
UARHOF has approximately $130,000 in available funds.
iv. The next application deadline is Dec. 15, 2014.
16. ASSOCIATION EXECUTIVES REPORT:
i. Curtis Bullock said the association executives reviewed the NAR
core standards requirements.
17. Rick Southwick thanked the directors for their service and presented his thankyou gift.
18. Meeting adjourned at 2:30 p.m.
19. Next meeting: Jan. 23, 2015
Exhibit B
BYLAWS OF THE
UTAH
ASSOCIATION OF REALTORS®, INCORPORATED
ARTICLE I
Name and Objects
Section 1. The name of the organization shall be UTAH ASSOCIATION OF
REALTORS®, INCORPORATED, hereinafter referred to as the Association.
Section 2. The objects of this Association shall be to unite local Boards/Associations of
REALTORS®, hereinafter referred to as Boards, their members, and REALTOR®
Members in the State of Utah for the purpose of exerting effectively a combined
influence upon matters affecting real estate, to elevate the standards of the real estate
business throughout the state and the professional conduct of persons engaged therein.
ARTICLE II
Membership
Section 1. The members of this Association shall consist of seven classes: (1) Member
Boards, (2) Board Members, (3) REALTOR® Members (4) Institute Affiliate Members,
(5) Affiliate Members, (6) Honorary Members, and (7) Life Members.
Section 2. A Member Board shall be any Board within the State of Utah that has
REALTOR® Members who all hold membership in this Association and in the
NATIONAL ASSOCIATION OF REALTORS®.
Section 3. A Board Member shall be any REALTOR® Member or Institute Affiliate
member of a Member Board as herein before defined.
Section 4. A REALTOR® Member shall be any individual engaged in the real estate
profession as a principal, partner, corporate officer, or branch office manager acting on
behalf of the firm’s principal(s), and licensed or certified individuals affiliated with said
REALTOR® Member whose place of business is located in an area outside the
jurisdiction of any Member Board who meets the qualifications for REALTOR®
membership established by the state association. Secondary REALTOR® membership
shall also be available to individuals who hold primary membership in a
board/association in another state and who desire to obtain direct membership in the
state association without holding membership in a local board/association in the state.
(a) An applicant for REALTOR® membership who is a sole proprietor, partner,
corporate officer, or branch office manager of a real estate firm shall supply
evidence satisfactory to the association through its membership committee or
otherwise that he/she is actively engaged in the real estate profession, and
maintains a current, valid real estate broker's or salesperson's license or is
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licensed or certified by an appropriate state regulatory agency to engage in the
appraisal of real property, has a place of business within the state or a state
contiguous thereto (unless a secondary member), has no record of recent or
pending bankruptcy*, has no record of official sanctions involving unprofessional
conduct**, agrees to complete a course of instruction covering the Bylaws of the
State Association, and the Constitution and Bylaws and Code of Ethics of the
NATIONAL ASSOCIATION OF REALTORS®, and shall pass such reasonable
and nondiscriminatory written examination thereon as may be required by the
committee, and shall agree that if elected to membership, he/she will abide by
such Constitution, Bylaws, Rules and Regulations, and Code of Ethics.
*No recent or pending bankruptcy is intended to mean that the applicant or any real
estate firm in which the applicant is a sole proprietor, general partner, corporate officer,
or branch office manager, is not involved in any pending bankruptcy or insolvency
proceedings or, has not been adjudged bankrupt in the past three (3) years. If a
bankruptcy proceeding as described above exists, membership may not be rejected
unless the association establishes that its interests and those of its members and the
public could not be adequately protected by requiring that the bankrupt applicant pay
cash in advance for association and MLS fees for up to one (1) year from the date that
membership is approved or from the date that the applicant is discharged from
bankruptcy (whichever is later). In the event that an existing member initiates
bankruptcy proceedings, the member may be placed on a "cash basis" from the date
that bankruptcy is initiated until one (1) year from the date that the member has been
discharged from bankruptcy.
**No record of official sanctions involving unprofessional conduct is intended to mean
that the association may only consider:
A.
judgments against the applicant within the past three (3) years of violations
of (1) civil rights laws, (2) real estate license laws, and (3) or other laws
prohibiting unprofessional conduct against the applicant rendered by the
courts or other lawful authorities.
B. criminal convictions if (1) the crime was punishable by death or imprisonment
in excess of one year under the law under which the applicant was convicted,
and (2) no more than ten (10) years have elapsed since the date of the
conviction or the release of the applicant from the confinement imposed for
that conviction, whichever is the later date.
(b) Individuals who are actively engaged in the real estate profession other than as
sole proprietors, partners, corporate officers, or branch office managers, in order
to qualify for REALTOR® membership, shall at the time of application, be
associated either as an employee or as an independent contractor with a
designated REALTOR® member of the association or a designated REALTOR®
member of another association (if a secondary member) and must maintain a
current, valid real estate broker's or salesperson's license or be licensed or
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certified by an appropriate state regulatory agency to engage in the appraisal of
real property, has no record of official sanctions involving unprofessional
conduct*, shall complete a course of instruction covering the Bylaws of the State
Association, and the Constitution and Bylaws and Code of Ethics of the
NATIONAL ASSOCIATION OF REALTORS®, and shall pass such reasonable
and nondiscriminatory written examinations thereon as may be required by the
membership committee and shall agree in writing that if elected to membership
he/she will abide by such Constitution, Bylaws, Rules and Regulations, and the
Code of Ethics.
*No record of official sanctions involving unprofessional conduct is intended to mean
that the association may only consider:
A.
judgments against the applicant within the past three (3) years of violations
of (1) civil rights laws, (2) real estate license laws, and (3) or other laws
prohibiting unprofessional conduct against the applicant rendered by the
courts or other lawful authorities.
B.
criminal convictions if (1) the crime was punishable by death or
imprisonment in excess of one year under the law under which the applicant
was convicted, and (2) no more than ten (10) years have elapsed since the
date of the conviction or the release of the applicant from the confinement
imposed for that conviction, whichever is the later date.
Section 5. Institute Affiliate Members shall be individuals who hold a professional
designation awarded by an Institute, Society, or Council affiliated with the National
Association of REALTORS® that addresses a specialty area other than residential
brokerage, or individuals who otherwise hold a class of membership in such Institute,
Society, or Council that confers the right to hold office. Any such individual if otherwise
eligible may elect to hold REALTOR® membership, subject to payment of applicable
dues for such membership. Individuals whose places of business are located in an area
outside the jurisdiction of a Member Board of REALTORS® shall be eligible to apply for
Institute Affiliate membership in the State Association if they meet the requirements as
specified above.
Section 6. Affiliate Members shall be real estate owners and/or other individuals,
associations, or firms engaged in real estate-related activities who do not qualify under
any other membership category herein, and may include Affiliate Members of Member
Boards.
Section 7. Honorary Members may be selected at the discretion of the Board of
Directors and shall be individuals other than those engaged in the real estate business
who have contributed notably to this Association.
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Bylaws – Approved on Jan. 23, 2015 3 Section 8. An Affiliate or Honorary Member shall not have the right to vote, hold
elective office, or serve as a Director in the Association.
Section 9. Life Members shall be those Members who have served as president of this
Association or who have been awarded the Distinguished Service Award by the
National Association of REALTORS® or the Utah Association of REALTORS®.
ARTICLE III
Dues and Fees
Section 1. The annual dues of each Member Board as defined in Article II, Section 2 of
these Bylaws shall be an amount equal to (1) that amount set by the Board of Directors
times the number of REALTOR® Members of the Board, plus (2) an amount equal to
that amount set by the Board of Directors times the number of real estate salespersons
and licensed or certified appraisers employed by or affiliated as independent contractors
with REALTOR® Members of the Board who are not themselves REALTOR® Members.
In calculating the dues payable by a Member Board, nonmembers, as defined in the
preceding sentence, shall not be included in the computation of dues if dues have been
paid in another Board in the state, or a state contiguous thereto, provided the Board
notifies the State Association in writing of the identity of the Board to which dues have
been remitted.
Section 2. The annual dues of each REALTOR® Member actively engaged in the real
estate business from areas not within the jurisdiction of a Member Board shall be (1)
that amount set by the Board of Directors plus an amount equal to (2) that amount set
by the Board of Directors times the number of real estate salespersons and licensed or
certified appraisers who (A) are employed by or affiliated as independent contractors, or
who are otherwise directly or indirectly licensed with such REALTOR® Member and (B)
are not REALTORS® provided, however, that if two or more REALTORS® are
principals of the same firm, partnership, or corporation, then only that REALTOR®
designated from time to time in writing (the "designated" REALTOR®) by the firm,
partnership, or corporation shall be required to pay that portion of the dues which is
computed on the basis of the real estate salespersons and licensed or certified
appraisers employed by or affiliated as independent contracts with such firm,
partnership, or corporation, and the dues of the remaining REALTORS® who are
principals of such firm, partnership, or corporation shall be that amount set by the Board
of Directors.
Section 3. The annual dues of each REALTOR® Member holding secondary
membership directly in the State Association shall be that amount set by the Board of
Directors.
Section 4. The annual dues of each Institute Affiliate Member shall be as established in
Article II of the National Association of REALTORS® Constitution and Bylaws.
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Bylaws – Approved on Jan. 23, 2015 4 Section 5. Upon payment to the Utah Association of REALTORS® of the dues required
under Sections 1, 2, 3, and 4 of this Article, each REALTOR®, and Institute Affiliate
Member of Member Boards within the State, and each REALTOR® and Institute Affiliate
Member from areas not within the jurisdiction of a Member Board within the state shall
be deemed a REALTOR®, or Institute Affiliate Member, as the case may be, in good
standing of the Utah Association of REALTORS®. Upon payment of dues required
under any Sections of this Article, the individual making such payment shall be deemed
a Member as designated in good standing of the Utah Association of REALTORS®.
Section 6. The annual dues of each Affiliate Member shall be that amount set by the
Board of Directors.
Section 7. Honorary Members shall be exempt from annual dues.
Section 8. Life Members shall be exempt from annual dues.
Section 9. In January of each year, each Member Board shall file with the Utah
Association of REALTORS®, in such format as shall be determined by the Utah
Association, a list of its REALTORS® and the real estate salespersons and licensed or
certified appraisers employed by or affiliated as independent contractors with such
REALTOR® Members certified by the president and secretary of the Member Board
and that Member Board shall pay dues for the current year on the basis of such list;
provided, however, that adjustments shall be made each month for Members dropped
or enrolled by the Member Board during the preceding month. On a monthly basis, the
Member Board shall report to the Association the names and addresses of REALTOR®
Members dropped or enrolled during the preceding month. Any Member Board or other
Member who has not paid renewal dues by April 1 of each year shall be dropped from
membership. For any Boards or other Members dropped from membership,
reinstatement may occur only after total payment of dues owed plus a late fee
established by the Finance Committee with the approval of the Executive Committee.
ARTICLE IV
Officers and National Directors
Section 1. The elective officers of the Association shall be President, President-elect,
Vice President, and Treasurer. In the absence, for any reason, of the President, the
President-elect shall perform the duties of the President. All officers shall serve for one
year or until their successors are elected and qualified and shall be members of the
Board of Directors. The President shall not be eligible to serve a second successive
term. National Directors shall be elected to serve three-year terms. Said terms shall be
staggered by the Board of Directors. The number of National Directors representing the
Association at National Association of REALTORS® meetings shall be based on the
criteria established by the National Association of REALTORS®.
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Bylaws – Approved on Jan. 23, 2015 5 Section 2. The duties of the officers shall be such as their titles, by general usage,
would indicate and such as may be assigned to them respectively by the Board of
Directors from time to time, and such as are required by Law.
Section 3. In the event of a vacancy in the office of President, the President-elect shall
succeed to the office of President before the normal term expires. In the event of a
vacancy in the office of President-elect, Vice President, Treasurer, or National Director,
the Nominating Committee shall nominate at least one qualified individual for each
office, and the Board of Directors shall elect one individual per vacancy to serve for the
remainder of the unexpired term.
Section 4. Each member of the Executive Committee and each member of the
Association staff, who has authority to sign checks, shall be bonded. The amount of the
surety bond shall be in such amount as the Finance Committee may determine with the
cost to be paid by the Association.
Section 5. The Board of Directors may employ a Chief Executive Officer who shall be
the corporate secretary of the Association and shall perform such other duties as may
be delegated to him/her by the Board of Directors. He/she shall provide a surety bond in
such amount as the Board of Directors may determine the cost to be paid by the
Association. The Chief Executive Officer may employ such other persons as may be
necessary to conduct the activities of the Association.
Section 6. Every officer, director, and staff member of the Association shall be
indemnified by the Association against all expenses and liabilities, including counsel
fees, reasonably incurred or imposed upon such individual in conjunction with any
proceeding to which that individual may have been made a party or in which that
individual may become involved by reason of being or having been an officer, director,
or staff member of the Association, or any settlement thereof, whether or not the
individual is still an officer, director, or staff member of the Association at the time such
expenses are incurred, except in such cases wherein the individual is adjudged guilty of
willful misfeasance or malfeasance in the performance of his/her duties or shall have
acted in such a manner as has exceeded his/her authority so to act. The foregoing right
of indemnification, which shall be in addition to and not exclusive of all other rights to
which such individual may be entitled, will be determined by the membership on record
with the Association as of July 31 of the year of election.
ARTICLE V
Board of Directors
Section 1. Composition
a. The government of the UAR shall be vested in a Board of Directors consisting of the
following voting directors:
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Bylaws – Approved on Jan. 23, 2015 6 1. UAR Elected Officers: The President, President-elect, Vice President,
Treasurer, and Immediate Past President during their elected terms.
2. UAR Past Presidents: Five past presidents as elected by the Past
Presidents’ Council for two-year staggered terms.
3. Largest Firms: Each of the five largest member real estate firms sited in
Utah shall designate one director for a one-year term. This director must
be a principal, partner, corporate officer, or branch office manager of the
firm and must be a member of the Utah Association of REALTORS®. All
real estate businesses operating under common control, regardless of
their business structure, shall be considered a firm.
4. UAR National Directors: All members of the Association serving as the
Association’s elected NAR Directors during their elected terms, all NAR
Distinguished Service Award recipients, and all NAR past presidents.
5. Local Boards/Associations: Each local board president and presidentelect shall serve during their elected terms, or a board can designate a
member in good standing from their current local board elected
leadership, local board past presidents, or local board of directors to serve
a one-year term in place of either the president or president-elect.
6. Local Board Chapters: Each president of a UAR-approved local board
chapter shall serve during their elected term.
7. Local Boards/Associations with 1,000 REALTOR® Members or More:
Each board with at least 1,000 REALTOR® members shall have additional
director positions based on the following formula and chart. Boards shall
select each additional director from their current local board elected
leadership, local board past presidents, or local board of directors to serve
a one-year term.
Formula: Each qualifying board has an additional elected director for each 1,000
REALTOR® members or fraction thereof.
Local Board REALTOR®
Membership Number as of
July 31
1,000
1,001-2000
2,001-3,000
3,001-4,000
4,001-5,000
5,001-6,000
6,001-7,000
7,001-8,000
8,001-9,000
9,001-10,000
Deleted: two
Number of Additional
Directors
1
2
3
4
5
6
7
8
9
10
b. The number of directors to which each member board and the largest firms are
entitled each year will be determined by the Association’s membership record as of July
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7 Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
31 of the previous year. The term of all directors shall be the same as the Association
elective year.
c. The executive officer of any local board shall be a non-voting member.
d. The president-elect of a UAR-approved local board chapter shall be a non-voting
member during their elected term.
Kreg Wagner 1/15/15 2:20 PM
Deleted: member
Section 2. The Board of Directors shall approve the annual budget of the Association
and shall have sole authority to appropriate money. All money must be appropriated by
a majority vote except that appropriations from the Legal Contingency Fund for
purposes other than legal defense shall require a 75 percent vote. The accounts of the
Association shall be reviewed annually by an accountant selected by the Finance
Committee and approved by the Executive Committee.
Section 3. The Board of Directors shall meet at least three times each year.
Section 4. There shall be an Executive Committee composed of the President,
President-elect, Vice President, Treasurer, Immediate Past President, and Chief
Executive Officer (non-voting). This group shall act as the governing body of the
Association including administration of Association finances in accordance with the
budget set by the Board of Directors. The Executive Committee shall make
recommendations to the Board of Directors and shall report its actions in full to the
Board of Directors.
Section 5. Special meetings by the Board of Directors may be called at any time upon
10 days written notice by the President or by any 10 Directors.
Section 6. A majority of the voting Directors shall constitute a quorum of the Board of
Directors.
Section 7. The Member Board shall fill vacancies in the Board of Directors, where
applicable, for the remaining term.
Section 8. Directors will automatically forfeit their directorship if absent from two
meetings in the calendar year.
ARTICLE VI
Meetings
Section 1. The Association shall hold an annual membership meeting, the time and
place to be designated by the Board of Directors. Current dues-paying Board Members
and REALTOR® Members, present at any meeting of this Association, shall be
delegates entitled to participate fully in all discussion and deliberations and to vote on
any matters before the meeting.
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Section 2. The Association may hold annual conventions. The time and place for any
such conventions shall be designated by the Board of Directors. All conventions shall be
open to all members upon payment of a registration fee determined in accordance with
the budget set by the Board of Directors. In the event the annual membership meeting
is held at a convention, attendance at the annual membership meeting shall not require
registration for the convention.
Section 3. Other general membership meetings may be called by the Board of
Directors. Any call for a meeting shall state the purpose, time, and place of the meeting,
and shall be issued in writing or by e-mail at least 15 days in advance.
Section 4. All Board Members and REALTOR® Members present shall constitute a
quorum at any membership meeting or convention. Any action taken by a majority vote
at such a meeting after being commenced shall be deemed binding without further
requirement for a quorum.
ARTICLE VII
Election of Officers and National Directors
Section 1. The annual election of officers of the UAR shall be done by the board of
directors of the Association at the regularly scheduled second board of directors
meeting. The annual election of national directors shall be done by the board of
directors of the Association at the regularly scheduled third board of directors meeting.
Election shall be by secret ballot using an instant run-off ballot method. The person
receiving the highest number of votes shall be elected to the office for which they were
balloted. The Directors may vote in absentia by mailing or faxing the official absentee
ballot to the Association office. Said absentee ballot shall be added to the secret ballots
at an election meeting. The said official absentee ballot shall be available at the Utah
Association of REALTORS® office 15 days prior to an election meeting, and in order to
be valid must be submitted to the Association by 5 p.m. one day before an election
meeting. A quorum of the Board of Directors is necessary to conduct the said election.
Section 2. The Nominating Committee shall be made up as follows: the President-elect
of the Association and one member from each member board to be appointed by the
President of that board. Said appointee to have been a member of the Association
Board of Directors in the past three years. The Immediate Past President of the
Association shall serve ex-officio as chairman with the right to vote in the event of a tie.
If the Immediate Past President is unable to serve, the President, with the approval of
the Board of Directors, shall appoint a past president to serve as ex-officio chairman.
Section 3. Anyone being nominated as an officer of the Association or as a National
Director, except Vice President and Treasurer, must have been or be a voting member
of the Board of Directors within the past five years. All officers and National Directors
must be current REALTOR® members. The Nominating Committee shall nominate at
Bylaws – Approved on Jan. 23, 2015 9 Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
least one candidate for President-elect, Vice President, and Treasurer and at least one
candidate for each National Director position.
Section 4. The Nominating Committee report shall be deemed final once the committee
chair has a complete slate of candidates and the report is noted as final in the meeting
minutes. The report of the Nominating Committee shall be announced to Directors at
least 30 days before an election is held. No nominations may be made from the floor at
an election meeting, except as provided herein. After announcement of the final report,
the name of a qualified individual not nominated by said Committee can be placed on
the ballot for the positions of President-elect, Vice President, or Treasurer by submitting
to the chairman of the Nominating Committee, at least 15 days prior to an election
meeting, a petition signed by 25 Board or REALTOR® Members. Only Members in
good standing with the Association shall sign said petition.
Section 5. The President-elect shall automatically become President unless two thirds
of the Directors qualified to vote and present at the election meeting object, in which
case at least one nomination from the floor of qualified candidates shall be presented to
be placed on the ballot.
ARTICLE VIII
Approval of Local Board Chapters
Section 1. In order to have a chapter president and president-elect on the Board of
Directors, the local board chapter must be approved by a majority vote of the Executive
Committee.
Kreg Wagner 1/15/15 1:15 PM
Formatted: Left
ARTICLE IX
Result Areas, Committees, and Forums
Section 1. Result Areas will function as follows: (1) Determine programs and services
to further the Association's vision within assigned plan objectives. (2) Provide funding
for such programs and services within approved Result Area Operating budget.
A. ASSOCIATION OPERATIONS
B. GOVERNMENT AFFAIRS
C. PROFESSIONAL DEVELOPMENT
D. COMMUNICATIONS/MEMBER SERVICES
Section 2. The President may appoint committees, task forces, and advisory groups to
accomplish the objectives of the strategic plan.
Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
Bylaws – Approved on Jan. 23, 2015 10 Section 3. Committees, task forces, and advisory groups shall have such duties as their
titles indicate, and as the Board of Directors and/or President may assign. All actions of
committees, task forces, and advisory groups affecting a change in Association policy or
finances shall be subject to the approval of the Board of Directors.
ARTICLE X
Fiscal Year and Elective Year
Section 1. The fiscal year of the Association shall be the calendar year. The Elective
Year of the Association shall be the calendar year.
ARTICLE XI
Code of Ethics
Kreg Wagner 1/15/15 1:28 PM
Deleted: I
Kreg Wagner 1/15/15 12:28 PM
Deleted: day after the national
convention ends.
Section 1. The Code of Ethics of the National Association of REALTORS® is adopted
as the Code of Ethics of the Association and shall be considered a part of its Rule and
Regulations, and the Code of Ethics and the Rules and Regulations of the Association
shall, in the future, be deemed to be amended and changed whenever said Code of
Ethics is amended or changed by the National Association
ARTICLE XII
Professional Standards
Section 1. Professional Standards hearings and the organizational procedures incident
thereto shall be governed by the Code of Ethics and Arbitration Manual of the National
Association of REALTORS®, as from time to time amended, which by this reference is
made a part of these Bylaws.
ARTICLE XIII
Use of Terms REALTOR® OR REALTORS®
Section 1. Use of the terms REALTOR® or REALTORS® by members shall at all times
be subject to the provisions of the Constitution and Bylaws of the National Association
of REALTORS® and to the Rules and Regulations prescribed by its Board of Directors.
The State Association shall have the authority to control, jointly and in full cooperation
with the National Association of REALTORS®, use of the terms within those areas of
Utah not within the jurisdiction of a Member Board. Any misuse of the terms by
members is a violation of a membership duty and may subject members to disciplinary
action by the Board of Directors after a hearing as provided for in the association’s
Code of Ethics and Arbitration Manual.
Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
Bylaws – Approved on Jan. 23, 2015 11 Section 2. REALTOR® Members of the State Association shall have the privilege of
using the terms REALTOR® or REALTORS®, in connection with their business so long
as they remain REALTOR® Members in good standing. No other class of members
shall have this privilege.
Section 3. A REALTOR® Member who is a principal of a real estate firm, partnership,
or corporation may use the terms REALTOR® or REALTORS® only if all of the
principals of such firm, partnership, or corporation, who are actively engaged in the real
estate profession within the state, are REALTORS® or Institute Affiliate Members.
Section 4. An Institute Affiliate Member shall not use the terms REALTOR® or
REALTORS® and shall not use the imprint of the emblem seal of the National
Association of REALTORS®.
ARTICLE XIIV
Rules of Order
Kreg Wagner 1/15/15 1:28 PM
Deleted: I
Section 1. Robert's Rules of Order, latest edition, shall be recognized as the authority
governing all meetings and conferences when not in conflict with the Bylaws of the
Association.
ARTICLE XV
Amendments
Kreg Wagner 1/15/15 1:28 PM
Deleted: I
Section 1. Any meeting of the Board of Directors may amend these Bylaws where a
quorum is present, provided the substance of such proposed amendment or
amendments shall be plainly stated in the call for the meeting 30 days in advance of the
meeting. The Board of Directors may, at any regular or special meeting of the Board of
Directors at which a quorum is present, approve amendments to the Bylaws, which are
mandated by NAR policy.
Section 2. Amendments to these Bylaws affecting the admission or qualifications of
Board Members, REALTOR® Members, and Institute Affiliate Members, the use of the
terms REALTOR® or REALTORS®, or any alteration in the territorial jurisdiction of a
Board shall become effective upon the approval of the Board of Directors of the National
Association of REALTORS®.
ARTICLE XVI
Harassment
Section 1. Any member of the Association may be reprimanded, placed on probation,
suspended, or expelled for harassment of an Association or MLS employee or
Association Officer or Director or Association Committee member after an investigation
Bylaws – Approved on Jan. 23, 2015 12 Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
in accordance with the procedures of the Association. As used in this Section,
harassment means any verbal or physical conduct including threatening or obscene
language, unwelcome sexual advances, stalking, actions including strikes, shoves,
kicks, or other similar physical contact, or threats to do the same, or any other conduct
with the purpose or effect of unreasonably interfering with an individual’s work
performance by creating a hostile, intimidating, or offensive work environment. The
decision of the appropriate disciplinary action to be taken shall be made by the
investigatory team comprised of the President, President-elect, and one member of the
Board of Directors selected by the highest ranking officer not named in the complaint,
upon consultation with legal counsel for the Association. Disciplinary action may include
any sanction authorized in the association’s Code of Ethics and Arbitration Manual. If
the complaint involves the President, President-elect, Vice President, or Treasurer,
he/she may not participate in the proceedings and shall be replaced by the Immediate
Past President or, alternatively, by another member of the Board of Directors selected
by the highest-ranking officer not named in the complaint.
ARTICLE XVII
Dissolution
Section 1. Upon the dissolution or winding up of the affairs of the Association, the
Board of Directors, after providing for payment of all obligations, shall distribute any
remaining assets to any nonprofit and tax exempt organization as determined by the
Board of Directors.
Article XVIII
Antitrust Compliance
The following Antitrust Compliance statement is to be read at all meetings.
The Utah Association of REALTORS® (UAR) and its officers, directors, employees, and
committees fully support and intend to comply with all applicable federal and state antitrust laws and shall not engage in any anti-competitive conduct or practice, nor allow the
UAR to be used by any member or committee for any anti-competitive effect, including
but not limited to the following kinds of prohibited conduct:
1.
Any discussion or effort to directly or indirectly fix, peg, raise, lower, control,
recommend, suggest, or maintain brokers’ commissions or commission splits on the
sale of real estate.
2.
Any contract, combination, conspiracy, discussion, or effort to divide or allocate
real estate markets to customers.
3.
Any discussion or effort to disparage or injure anyone’s business or trade.
Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
Bylaws – Approved on Jan. 23, 2015 13 Minutes should be kept of all business of the directors, the Executive Committee, and
standing committees, which accurately summarize the action taken at the meeting. For
maximum protection, the officer in charge and/or UAR counsel should review the
minutes to ensure the language used is not subject to misinterpretation.
Deanna Devey 1/16/15 4:26 PM
Deleted: May 30, 2013
Bylaws – Approved on Jan. 23, 2015 14 Exhibit C
UTAH ASSOCIATION OF REALTORS
OPERATING ACCOUNT
UNAUDITED - BUDGET VS. ACTUAL - YEAR ENDED DECEMBER 31, 2014
YTD
Actual
YTD
Budget
Over/Under
Budget
Annual
Budget
REVENUE:
$ 1,490,544
$ 1,266,955
26,912
1,750
25,738
1,200
1,174
550
25,738
1,200
28,662
26,938
1,724
26,938
59,510
98,350
3,600
65,000
80,000
3,600
(5,490)
18,350
0
65,000
80,000
3,600
TOTAL UAR MEETINGS INCOME
161,460
148,600
12,860
148,600
4400/4600 - MISCELLANEOUS INCOME
42,767
1,100
41,667
1,100
4700 - INTEREST & DIVIDENDS
73,383
73,950
0
0
0
0
1,796,816
1,517,543
279,273
1,517,543
733,808
45,419
60,461
3,816
1,840
3,357
735,000
43,500
72,640
2,380
2,500
3,000
(1,192)
1,919
(12,180)
1,436
(660)
357
735,000
43,500
72,640
2,380
2,500
3,000
TOTAL HUMAN RESOURCES
848,701
859,020
(10,319)
859,020
7000 - GOVERNANCE:
7010 - NATIONAL MEETINGS
7020 - REGIONAL MEETINGS
7030 - STATE MEETINGS
7040 - LOCAL MEETINGS
66,293
7,435
67,063
3,321
118,575
15,300
89,074
6,746
(52,282)
(7,865)
(22,011)
(3,425)
118,575
15,300
89,074
6,746
144,112
229,695
(85,583)
229,695
4000 - ANNUAL DUES
4200 - LEGAL AFFAIRS
4210 - Forms Income
4220 - Professional Standards Income
TOTAL LEGAL AFFAIRS INCOME
4300 - UAR MEETINGS
4311 - Convention Registrations
4312 - Convention Sponsorships
4320 -Leadership Academy
4800- APPROPRIATED RETAINED EARNINGS
$
223,589
(567)
$
1,266,955
73,950
.
TOTAL REVENUE
EXPENSES
6000 - HUMAN RESOURCES EXPENSE:
6100 - SALARIES & WAGES
6300 - PAYROLL TAXES
6400 - EMPLOYEE BENEFITS
6500 - WORKERS COMPENSATION
6600 - EMPLOYEE APPRECIATION
6900 - PAYROLL SERVICE FEES
TOTAL GOVERNANCE EXPENSES
UTAH ASSOCIATION OF REALTORS
OPERATING ACCOUNT
UNAUDITED - BUDGET VS. ACTUAL - YEAR ENDED DECEMBER 31, 2014
7200 - LEGAL AFFAIRS
7210 - FORMS
7250 - LEGAL RESOURCE CENTER
7260 - PROFESSIONAL STANDARDS
2,059
39,409
1,563
2,400
40,200
5,000
(341)
(791)
(3,437)
2,400
40,200
5,000
43,032
47,600
(4,568)
47,600
7,730
126,056
10,000
195,000
(2,270)
(68,944)
10,000
195,000
TOTAL UAR MEETINGS EXPENSE
133,787
205,000
(71,213)
205,000
7400 - MISC PROGRAMS & SERVICES
7410 - AWARDS & PROMOTION
7460 - UARHOF
7470 - REGION 11 DUES
17,299
934
9,054
17,500
1,000
8,814
(201)
(66)
241
17,500
1,000
8,814
27,287
27,314
(26)
27,314
10,200
1,808
28,917
10,291
5,327
7,833
469
116
14,661
,66
499
14,455
11,605
4,088
1,897
1,049
2,476
1,704
19,086
10,200
2,450
29,178
8,400
6,000
12,000
2,600
1,000
5,904
5,90
1,718
20,024
12,000
4,840
2,500
1,800
2,500
2,400
23,400
0
(642)
(261)
1,891
(673)
(4,167)
(2,131)
(885)
8,757
8, 5
(1,219)
(5,570)
(395)
(752)
(603)
(751)
(24)
(696)
(4,314)
10,200
2,450
29,178
8,400
6,000
12,000
2,600
1,000
5,904
5,90
1,718
20,024
12,000
4,840
2,500
1,800
2,500
2,400
23,400
136,482
148,914
(12,433)
148,914
(138,629)
51,706
72,057
(114,596)
54,799
59,797
(24,033)
(3,093)
12,260
(114,596)
54,799
59,797
TOTAL LEGAL AFFAIRS EXPENSE
7300 - UAR MEETINGS
7310 - LEADERSHIP ACADEMY RETREATS
7320 - UAR CONVENTION
TOTAL MISC PROGRAMS & SERVICES
8000 - OVERHEAD:
8010 - ACCOUNTING SERVICES
8020 - BANK CHARGES
8030 - CREDIT CARD CHARGES
8040 - COMPUTERS & EQUIPMENT EXPENSE
8050 - COMPUTER SOFTWARE
8060 - EXECUTIVE COMMITTEE EXPENSE
8070 - INSURANCE EXPENSE
8080 - LEGAL FEES
8090 - LEASE
S EXPENSE
S
8100 - INTEREST
8110 - MISCELLANEOUS OFFICE EXPENSE
8120 - OFFICE EXPENSES
8130 - POSTAGE
8140 - PROPERTY TAX EXPENSE
8150 - SATELITE TV SERVICE/UTILITIES
8160 - DUES & SUBSCRIPTIONS
8170 - STAFF EDUCATION & TRAINING
8190 - TELEPHONE EXPENSE
TOTAL OVERHEAD EXPENSES
8500 - BUILDING SUMMARY
8510 - TENANT RENTS
8540 - MORTGAGE INTEREST EXPENSE
8550 - PROPERTY MGT EXPENSES
TOTAL BUILDING SUMMARY
TOTAL EXPENSES
NET UNRESTRICTED OPERATING REVENUES
(14,866)
0
(14,866)
0
1,318,534
1,517,543
(199,009)
1,517,543
478,282
0
478,282
0
UTAH ASSOCIATION OF REALTORS
PUBLIC AND MEMBER AWARENESS FUND
UNAUDITED - BUDGET VS. ACTUAL - YEAR ENDED DECEMBER 31, 2014
YTD
Actual
YTD
Budget
Over/Under
Budget
Annual
Budget
REVENUE:
$ 1,231,319
20,200
9,275
43,800
$ 1,046,615
15,500
4,500
50,000
1,304,594
1,116,615
11,097
33,286
19,566
13,970
37,629
51,947
791
60,000
39,000
23,250
17,400
26,450
66,625
4,987
(48,903)
(5,714)
(3,684)
(3,430)
11,179
(14,678)
(4,196)
60,000
39,000
23,250
17,400
26,450
66,625
4,987
168,285
237,712
(69,427)
237,712
20,000
25,000
(5,000)
25,000
7420.1 - GENERAL COMMUNICATIONS
7421.1 - MAGAZINE
7421.2 - OTHER PRINTED MATERIALS
7421.6 - MARKET STATISTICS
7421
3 - OTHER COMMUNICATIONS
7421.3
7421.3 - RVP CAMPAIGN
7421.4 - H/R AND PRODUCTION COSTS
7400.1 - MEDIA CAMPAIGN
7421.7 - APP DEVELOPMENT COSTS
7421.5 - NAR STATE CAUCUS
25,500
4,666
5,589
18 580
18,580
5,000
271,018
14,500
0
6,971
34,000
4,800
5,640
21 600
21,600
5,000
271,400
150,000
20,000
6,000
(8,500)
(134)
(51)
(3 020)
(3,020)
0
(382)
(135,500)
(20,000)
971
34,000
4,800
5,640
21 600
21,600
5,000
271,400
150,000
20,000
6,000
TOTAL MISC PROGRAMS & SERVICES
351,824
518,440
(166,616)
518,440
22,717
23,440
(723)
23,440
562,826
804,592
(241,766)
804,592
741,768
312,023
429,745
312,023
4000.1 - ANNUAL DUES
4110.1 - GOLF TOURNAMENT INCOME
4120.1 - REALTOR DAY INCOME
4130.1 - RALLY RIDE INCOME
TOTAL REVENUE
$
184,704 $
4,700
4,775
(6,200)
1,046,615
15,500
4,500
50,000
187,979
1,116,615
EXPENSES
7100.1 - GOVERNMENT AFFAIRS
7100.1 - GENERAL GOVERNMENT AFFAIRS
7120.1 - REALTOR DAY
7120.2 - LEGISLATIVE
7130.1 - RPAC FUNDRAISING EFFORTS
7131.1 - GOLF TOURNAMENT
7131.2 - RPAC RALLY
7131.3 - LOCAL BOARD VISITS (RPAC)
TOTAL GOVERNMENT AFFAIRS EXPENSES
7200.1 - LEGAL AFFAIRS
8000.1 - OVERHEAD:
8030 - CREDIT CARD CHARGES
TOTAL EXPENSES
NET REVENUES OVER EXPENSES
12:54 PM
Utah Association of REALTORS®
01/22/15
Balance Sheet
As of December 31, 2014
Accrual Basis
Dec 31, 14
ASSETS
Current Assets
Checking/Savings
1010 · Operating Cash
1011 · First Utah Bank
1012 · First Utah Bank - Sweep
1013 · First Utah Bank - Transfer
Total 1010 · Operating Cash
1100 · Investments
1110 · Morgan Stanley
1120 · Zions Bank - MM
1130 · Wells Fargo
1150 · Realtors Federal Credit Union
Total 1100 · Investments
Total Checking/Savings
-8,812.83
8,349,790.73
15,664.12
8,356,642.02
919,624.90
258,297.07
245,448.47
258,206.56
1,681,577.00
10,038,219.02
Accounts Receivable
1200 · Accounts receivable
9,335.75
Total Accounts Receivable
9,335.75
Other Current Assets
1400 · Prepaid expenses
1410 · Prepaid Credit Card Fees
1500 · Undeposited Funds
34,457.01
40,149.06
730.00
Total Other Current Assets
75,336.07
Total Current Assets
Fixed Assets
1600 · Land
1610 · Land Improvements
1620 · Buildings
1630 · Building Improvements
1640 · Tenant Improvements
1650 · Furniture, fixtures, & equip
1670 · Software
1690 · Accumulated Depreciation
1691 · Accum Depn - Land Improvements
1692 · Accum Depn - Buildings
1693 · Accum Depn - Bldg. Improvements
1694 · Accum Depn -Tenant Improvements
1695 · Accum Depn -Office Equip & Fix
1696 · Accum Dep - Software
Total 1690 · Accumulated Depreciation
Total Fixed Assets
TOTAL ASSETS
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000 · Accounts payable
Total Accounts Payable
Credit Cards
2050 · UAR American Express
Chris Kyler American Express
10,122,890.84
575,710.69
182,313.79
2,304,264.19
598,016.89
395,506.00
588,985.43
17,065.46
-78,884.94
-384,043.92
-103,344.59
-328,036.08
-464,449.91
-13,337.43
-1,372,096.87
3,289,765.58
13,412,656.42
23,753.20
23,753.20
92.11
92.11
Total 2050 · UAR American Express
2055 · Chris Kyler Delta AMEX
Total Credit Cards
5,918.01
6,010.12
Other Current Liabilities
2110 · Accrued payroll
2120 · Accrued paid leave
2150 · Accrued expenses - other
2410 · NAR Dues
2411 · Deferred Dues Revenue
2420 · Professional Standards Deposits
2440 · Unearned Income
16,507.31
168,868.66
18,844.31
310.00
1,681,785.00
750.00
1,438.79
Total Other Current Liabilities
1,888,504.07
Total Current Liabilities
Long Term Liabilities
2800 · Mortgage Payable
2810 · Protective Life Mortgage Payabl
2820 · TI Withholds
Total 2800 · Mortgage Payable
1,918,267.39
1,087,094.15
-349,734.00
737,360.15
2950 · Security Deposits
9,879.50
Total Long Term Liabilities
747,239.65
Total Liabilities
2,665,507.04
Equity
3100 · Public Awareness Fund
3300 · Legal Reserve
3400 · Replacement Reserves
3500 · Retained Earnings
Net Income
4,962,445.39
200,000.00
75,000.00
4,274,931.77
1,234,772.22
Total Equity
TOTAL LIABILITIES & EQUITY
10,747,149.38
13,412,656.42
Page 1
Exhibit D
UTAH ASSOCIATION OF REALTORS
11
EXPENSES
EXCESS REVENUES OVER EXPENSES
2
REVENUES
PUBLIC AWARENESS:
CASHFLOW FROM OPERATIONS
Mortgage & capitalized lease principal payments
Addition to fixed capital
NON-OPERATING CASH NEEDS:
637,520.00
282,080.00
919,600.00
985,373.57
985,373.57
OPERATING REVENUES > EXPENSES
CUMULATIVE
3,850.00
1,600.00
3,580.00
77,650.00
15,426.00
36,997.10
(2,570.00)
1,121,906.67
1,113,200.00
0.00
40.00
100.00
3,600.00
4,966.67
JAN
136,533.10
3
4
5
7
8
9
10
2
2
3
4
5
6
Tab
TOTAL OPERATING EXPENSES
Legal Affairs
Miscellaneous Programs & Services
UAR Meetings
Human Resources Expenses
Governance
Overhead
Building Costs
OPERATING EXPENSES:
TOTAL OPERATING REVENUES
Realtor Dues - Annual Renewal
Realtor Dues - New Applicants
Legal Affairs
Miscellaneous Programs & Services
UAR Meetings
Interest & Dividends
Appropriated Retained Earnings
OPERATING REVENUES:
Description
OPERATING BUDGET SUMMARY
Year Ending December 31, 2015
Version: 10/27/14
47,424.80
90,475.20
137,900.00
67,526.57
1,052,900.13
104,580.10
3,850.00
100.00
1,820.00
77,370.00
9,295.00
16,505.10
(4,360.00)
172,106.67
167,000.00
0.00
40.00
100.00
0.00
4,966.67
FEB
15,260.30
76,739.70
92,000.00
54,690.42
1,107,590.55
146,624.25
5,550.00
9,780.00
0.00
106,920.00
12,847.15
12,497.10
(970.00)
201,314.67
111,300.00
0.00
84,948.00
100.00
0.00
4,966.67
MAR
(42,862.60)
42,862.60
0.00
(112,935.08)
994,655.47
118,041.75
3,850.00
100.00
2,200.00
84,950.00
14,819.65
13,142.10
(1,020.00)
5,106.67
0.00
0.00
40.00
100.00
0.00
4,966.67
APR
(57,040.00)
57,040.00
0.00
(134,817.38)
859,838.08
139,924.05
3,850.00
100.00
0.00
74,950.00
51,301.95
10,782.10
(1,060.00)
5,106.67
0.00
0.00
40.00
100.00
0.00
4,966.67
MAY
(71,712.00)
71,712.00
0.00
(89,700.43)
770,137.65
94,907.10
3,850.00
100.00
1,200.00
75,150.00
4,650.00
11,057.10
(1,100.00)
5,206.67
0.00
0.00
140.00
100.00
0.00
4,966.67
JUN
(38,840.00)
38,840.00
0.00
(99,543.18)
670,594.47
104,649.85
3,850.00
100.00
0.00
74,950.00
2,217.75
23,342.10
190.00
5,106.67
0.00
0.00
40.00
100.00
0.00
4,966.67
JUL
(67,590.00)
67,590.00
0.00
(177,545.43)
493,049.03
337,702.10
3,850.00
100.00
206,250.00
74,970.00
39,800.00
12,682.10
50.00
160,156.67
0.00
0.00
40.00
100.00
155,050.00
4,966.67
AUG
(81,206.00)
81,206.00
0.00
(148,815.43)
344,233.60
154,022.10
3,850.00
15,100.00
0.00
104,070.00
14,700.00
10,632.10
5,670.00
5,206.67
0.00
0.00
140.00
100.00
0.00
4,966.67
SEP
142,612.10
3,850.00
100.00
0.00
75,200.00
47,800.00
10,082.10
5,580.00
5,106.67
0.00
0.00
40.00
100.00
0.00
4,966.67
NOV
(39,690.00)
39,690.00
0.00
(47,840.00)
47,840.00
0.00
(104,581.43) (137,505.43)
239,652.17
102,146.73
109,688.10
3,850.00
100.00
0.00
75,200.00
12,076.00
12,842.10
5,620.00
5,106.67
0.00
0.00
40.00
100.00
0.00
4,966.67
OCT
(57,790.00)
57,790.00
0.00
(98,819.78)
3,326.95
104,026.45
3,850.00
1,100.00
0.00
80,690.00
2,200.00
10,656.45
5,530.00
5,206.67
0.00
0.00
140.00
100.00
0.00
4,966.67
DEC
193,134.50
956,365.50
1,149,500.00
(101,489.81)
101,489.81
3,326.95
3,326.95
1,693,311.05
47,900.00
28,380.00
215,050.00
982,070.00
227,133.50
181,217.55
11,560.00
1,696,638.00
1,391,500.00
0.00
85,688.00
1,200.00
158,650.00
59,600.00
0.00
TOTAL
Exhibit E
$
$
$
$
$
$
$ 237,762
,
$
$
$
$
$
$ 450,000
Carbon/Emery
Central Utah
Grand/San Juan
Iron County
Northern Wasatch
Park City
Salt Lake
Tooele County
Uintah Basin
Utah County
Wasatch County
Washington County
TOTAL FOR UAR
40,845
2,325
27,761
800
908
9,755
,
9,285
44,404
100
-
725
-
675
832
$ 138,414
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2015 FUNDS
RECEIVED
3
12
31%
0
1
0
0
4
0
4
0
0
0
0
0
0
Major
Investors
110%
101%
41%
16%
15%
4%
34%
65%
1%
0%
44%
0%
4%
22%
PERCENT
OF UAR
GOAL
*Investors having contributed $15 or more are counted toward participation goals.
37,238
2,295
67,110
4,871
5,878
27,456
68,116
9,581
2,295
1,651
1,449
15,580
$
Cache/Rich
3,784
$
2015 UAR
GOAL
Brigham/Tremonton
ASSOCIATION
1798
587
10
405
34
5
85
170
470
1
0
16
0
0
15
Total
Investors*
2015 RPAC Fundraising
As of December 31, 2014
Utah Association of REALTORS®
15%
63%
18%
24%
28%
3%
1%
25%
28%
0%
0%
39%
0%
0%
16%
(based on
10/31/14
membership)
Participation
20
2
0
4
0
0
10
0
4
0
0
0
0
0
0
President's
Circle
Members
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
75,739
-
-
11,326
-
-
7,537
,
12,800
40,196
300
1,060
-
150
655
1,715
2014 Funds
Raised at 12/31
Last Year
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
62,675
40,845
2,325
16,435
800
908
2,218
,
(3,515)
4,208
(200)
(1,060)
725
(150)
20
(883)
Amount Ahead of
/ (Behind) Last
Year
Exhibit F
7,774.77
1,510.07
1,319.53
38,558.71
6,059.98
5,009.89
850.09
Iron County
Northern Wasatch
Park City
Salt Lake
Tooele County
Uintah Basin
Utah County
15,612.68
97,632.26
78,005.35
Washington County
Total Local Funds
State Fund
3,855.54
4,156.55
Grand/San Juan
Wasatch
6,224.57
Central Utah
1,402.28
4,584.81
712.79
$
Carryover Balance
12/31/2013
Carbon/Emery
Cache/Rich
Brigham/Tremonton
Board
$
-
14,790.40
1,183.20
101.38
3,724.21
104.62
57.11
5,105.78
873.21
791.82
1,656.08
107.86
76.39
304.48
594.08
110.18
2014 YTD Interest
Receipts
$
20,000.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2014 Non Interest
Receipts
$
2,958.02
(2,958.02)
(236.64)
(20.27)
(744.83)
(20.93)
(11.41)
(1,021.15)
(174.65)
(158.36)
(331.23)
(21.57)
(15.26)
(60.89)
(118.80)
131,521.63
79,545.53
16,440.91
2,426.49
2,657.04
5,083.13
6,099.97
22,132.74
430.76
414.35
8,934.01
2,732.05
6,278.06
925.94
328.15
4,661.93
TOTAL FUND BALANCES
$
Ending Balance
51,976.10
(28,440.00)
-
(1,500.00)
(800.00)
-
-
(20,000.00)
(1,500.00)
(1,650.00)
-
(1,500.00)
-
-
(1,490.00)
-
2014 Grants
Disbursed
(48,987.27)
-
(1,479.11)
(118.33)
(10.16)
(372.43)
(10.45)
(5.71)
(510.60)
(87.33)
(79.18)
(165.61)
(10.79)
(7.64)
(30.44)
(59.41)
(11.03) $
2014 Admin Fee
(10%)
(22.03) $
2014 State Split
(20%)
As of December 31, 2014
Statement of Receipts & Disbursements
Utah Association of REALTORS® Housing Opportunity Fund