Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
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| FORM 990, PART VI, SECTION A, LINE 6 | INDIVIDUALS INTERESTED IN BECOMING A MEMBER NEED TO SUBMIT AN APPLICATION TO THE BOARD OF DIRECTORS OF THE ASSOCIATION. PROVISIONAL MEMBERSHIP IS PROVIDED IF; 1) ALL DUES AND APPLICATION FEES HAVE BEEN REMITTED; 2) THE REALTOR MEMBER VERIFIES HE/SHE IS ACTIVELY ENGAGED IN THE REAL ESTATE PROFESSION; 3) THE MEMBER MAINTAINS A CURRENT, VALID REAL ESTATE LICENSE; 4) THERE IS NO RECORD OF RECENT/PENDING BANKRUPTCY (WITHIN THE LAST THREE YEARS); 5) THERE IS NO RECORD OF OFFICIAL SANCTIONS INVOLVING UNPROFESSIONAL CONDUCT; AND 6) THE MEMBER AGREES TO COMPLETE A COURSE OF INSTRUCTION COVERING THE BYLAWS AND RULES OF THE ASSOCIATION AS WELL AS THE STATE AND NATIONAL ASSOCIATIONS. FULL MEMBERSHIP IS NOT GRANTED UNTIL THE APPLICATION IS APPROVED BY THE BOARD OF DIRECTORS AT A SCHEDULED MEETING. RIGHTS OF REALTOR MEMBERS INCLUDE: 1) THE RIGHT TO VOTE AND HOLD ELECTED OFFICE WITHIN THE ASSOCIATION; 2) PAY MEMBER RATES FOR ASSOCIATION SERVICES (LOCKBOX SERVICE, REALTOR STORE AND EDUCATIONAL OFFERING AND EVENTS; 3) SERVE ON COMMITTEES. THE OTHER CLASSES OF MEMBERS ARE: AFFILIATE MEMBERS, INSTITUTE AFFILIATE MEMBERS, PUBLIC SERVICE MEMBERS, HONORARY MEMBERS AND STUDENT MEMBERS. AFFILIATE MEMBERS, INSTITUTE AFFILIATE MEBERS, PUBLIC SERVICE MEMBERS AND STUDENT MEMBERS HAVE ALL RIGHTS OF REALTOR MEMBERS EXCEPT THE RIGHT TO VOTE AND HOLD ELECTED OFFICE. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE NORTHERN VIRGINIA ASSOCIATION OF REALTORS HAS ANNUAL ELECTIONS FOR OPEN POSITIONS ON THE BOARD OF DIRECTORS. ALL REALTOR MEMBERS, INCLUDING HONORARY MEMBERS, ARE ALLOWED TO VOTE. THESE ARE TWO-YEAR BOARD POSITIONS. THE CHAIRPERSON-ELECT ANNUALLY APPOINTS THREE (3) REALTORS TO SERVE ON THE BOARD FOR A ONE-YEAR TERM. OFFICERS OF THE ASSOCIATION (CHAIRPERSON, CHAIRPERSON-ELECT AND SECRETARY/TREASURER) ARE NOMINATED BY MEMBERS OF THE BOARD OF DIRECTORS AND ELECTED BY THE BOARD. AN OFFICER OF THE ASSOCIATION NEEDS TO BE A CURRENT MEMBER OF THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7B | AMENDMENTS TO THE BY-LAWS OF THE ASSOCIATION ARE SUBJECT TO APPROVAL BY MEMBERS OF THE ASSOCIATION. ONLY REALTOR MEMBERS IN GOOD STANDING HAVE VOTING RIGHTS. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 WAS REVIEWED, PRIOR TO FILING, WITH THE BOARD OF DIRECTORS. THE REVIEW WAS CONDUCTED BY THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER DURING A REGULARLY SCHEDULED BOARD MEETING. IN ADDITION, THE CHIEF EXECUTIVE OFFICER AND TEH CHIEF FINANCIAL OFFICER REVIEWED THE FORM WITH THE OFFICERS OF THE ASSOCIATION (CHAIRPERSON, CHAIRPERSON-ELECT, SECRETARY/TREASURER AND IMMEDIATE PAST CHAIRPERSON) IN A SEPARATE MEETING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE BOARD OF DIRECTORS, ANY MEMBER OF A STANDING COMMITTEE, AD HOC COMMITTEE OR TASK FORCE APPOINTED BY THE BOARD OR CHAIRPERSON HAS TO SIGN A "CONFLICT OF INTEREST" POLICY AT THE BEGINNING OF THE SERVICE YEAR. THE POLICY DEFINES CONFLICTS AND IMPOSES AN ONGOING DUTY TO THESE MEMBERS TO DISCLOSE, AT THE OUTSET OF A DISCUSSION, ANY INTERESTS THEY MAY HAVE. SUCH MEMBERS MAY NOT PARTICIPATE IN THE DISCUSSION RELATING TO THE BUSINESS AND MAY NOT VOTE ON ANY MATTER IN WHICH A MEMBER HAS A CONFLICT OF INTEREST. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE PROCESS FOR DETERMINING COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER (CEO) IS SET BY THE BOARD OF DIRECTORS. THE OFFICERS OF THE ASSOCIATION MEET AND NEGOTIATE THE SALARY AND BENEFITS TO BE INCLUDED IN THE CEO'S EMPLOYMENT CONTRACT. THE FULL BOARD OF DIRECTORS VOTS ON THE EMPLOYMENT CONTRACT. FACTORS USED TO DETERMINE THE COMPENSATION INCLUDE: 1) A REVIEW OF THE CEO'S ABILITY TO MEET GOALS AND EXPECTATIONS ESTABLISHED BY THE BOARD; AND 2) A REVIEW OF GUIDELINES ESTABLISHED FOR ASSOCIATIONS BASED ON GEOPGRAPHIC LOCATION, SIZE AND SCOPE OF ACTIVITIES OF THE ASSOCIATION. THIS PROCESS WAS LAST UNDERTAKEN FOR THE CEO IN DECEMBER 2013. KEY EMPLOYEE'S COMPENSATION IS APPROVED BY THE CHIEF EXECUTIVE OFFICER BASED ON GUIDELINES ESTABLISHED BY THE BOARD DURING THE ANNUAL BUDGET PROCESS. KEY EMPLOYEE COMPENSATION IS REVIEWED ANNUALLY. |
| FORM 990, PART VI, SECTION C, LINE 18 | THE FORMS ARE MADE AVAILABLE FOR REVIEW EITHER BY REQUESTING A COPY OR REVIEWING IN OUR OFFICE. |
| FORM 990, PART VI, SECTION C, LINE 19 | FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS (I.E. BY-LAWS) ARE AVAILABLE FOR REVIEW EITHER BY REQUESTING A COPY OR REVIEWING IN OUR OFFICE. CURRENTLY, THE CONFLICT OF INTEREST POLICY IS NOT OPEN FOR INSPECTION. |
| FORM 990, PART XI, LINE 2C | THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
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