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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Inspection
Name of the organization
COUNCIL OF RESIDENTIAL SPECIALISTS
Employer identification number
36-4470215
36-4470215
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 1 | THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE PRESIDENT, PRESIDENT ELECT, FIRST VICE PRESIDENT, IMMEDIATE PAST RESIDENT, TWO AT-LARGE MEMBERS, ALL OF WHOM SERVE A ONE-YEAR TERM. THE COUNCIL REPRESENTATIVE ON NAR'S EXECUTIVE COMMITTEE SERVES AS AN EX-OFFICIO, VOTING MEMBER. IN ADDITION, THE CHIEF EXECUTIVE OFFICER SERVES AS AN EX-OFFICIO, NON-VOTING MEMBER. WITH THE EXCEPTION OF THE CHIEF EXECUTIVE OFFICER, NO MORE THAN ONE MEMBER OF THE EXECUTIVE COMMITTEE, WHETHER OFFICER OR AT-LARGE MEMBER, MAY DERIVE AN ONGOING INCOME, DIRECTLY OR INDIRECTLY, FROM A BUSINESS RELATIONSHIP WITH THE COUNCIL, INCLUDING BUT NOT LIMITED TO CERTIFIED INSTRUCTORS, VENDORS OR COURSE SPONSORS. WITH THE EXCEPTION OF THE CHIEF EXECUTIVE OFFICER, EMPLOYEES OF THE COUNCIL MAY NOT SERVE AS MEMBERS ON THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE SERVES AS A REFERENCE COMMITTEE OF THE BOARD OF DIRECTORS BY DETERMINING IF COMMITTEE AND STAFF RECOMMENDATIONS MEET CRITERIA FOR BOARD OF DIRECTORS DECISION-MAKING (I.E., DOCUMENTATION OF PROPOSED IDEAS FROM A MEMBER INPUT AND BUDGETARY PERSPECTIVE, CONSISTENCY WITH THE STRATEGIC PLAN, ETC.). THE EXECUTIVE COMMITTEE SHALL HAVE AUTHORITY TO ACT ON RECOMMENDATIONS FROM THE EDUCATION ADVISORY BOARD AND OTHERWISE ON BEHALF OF THE COUNCIL AS THE EXECUTIVE COMMITTEE DETERMINES NECESSARY FOR THE SUCCESSFUL COMPLETION OF THE COUNCIL'S GOALS AND OBJECTIVES IN AN EFFICIENT MANNER BETWEEN THE TWO YEARLY COUNCIL MEETINGS. IT WILL REPORT ITS ACTIONS TO THE BOARD OF DIRECTORS. MEMBERS OF THE BOARD OF DIRECTORS WILL BE NOTIFIED OF ALL BUSINESS OR CONTRACTUAL AGREEMENTS ENTERED INTO BETWEEN THE TWO ANNUAL BUSINESS MEETINGS. THE EXECUTIVE COMMITTEE SHALL ALSO HAVE THE AUTHORITY TO AMEND THE BUDGET APPROVED BY THE BOARD OF DIRECTORS FOR THE CURRENT YEAR BY UP TO TEN PERCENT (10%), IN THE AGGREGATE, OF TOTAL BUDGETED EXPENDITURES FOR THE YEAR. ALL SUCH ACTIONS AND RESULTING ADJUSTMENTS TO THE BUDGET SHALL BE REPORTED TO THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE FORM 990 IS REVIEWED AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS AND THE CEO BEFORE IT IS FILED WITH THE IRS. THE RETURN IS SIGNED BY THE CFO. |
| FORM 990, PART VI, SECTION B, LINE 12C | ANNUALLY, THE ORGANIZATION'S OFFICERS AND GOVERNING BOARD (INTERESTED PERSONS) ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE TO DETERMINE IF ANY POTENTIAL OR ACTUAL CONFLICTS OF INTEREST EXIST WITH THE ORGANIZATION. AS OUTLINED IN THE POLICY, INTERESTED PERSONS ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST OR IF HE OR SHE MAY STAND TO DIRECTLY OR INDIRECTLY BENEFIT FROM A TRANSACTION COMPLETED OR DECISION MADE BY THE ORGANIZATION. COMPLETED QUESTIONNAIRES ARE REVIEWED BY THE ORGANIZATION TO DETERMINE IF AN ACTUAL CONFLICT EXISTS. IF IT IS DETERMINED AN ACTUAL CONFLICT EXISTS, THE PERSON WITH A CONFLICT IS REQUIRED TO REFRAIN FROM VOTING OR OTHERWISE INFLUENCES THE DECISION ON A MATTER OR TRANSACTION FOR WHICH A CONFLICT EXISTS. MINUTES OF APPROPRIATE MEETINGS SHALL REFLECT THAT SUCH DISCLOSURE WAS MADE AND THAT SUCH PERSON REMOVED HIM OR HERSELF FROM THE DISCUSSION OR PROS AND CONS AND THE VOTE ON THE MATTER WITH A CONFLICT. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE COMPENSATION OF THE CEO IS DETERMINED BY A FOUR MEMBER PERSONNEL PRACTICES COMMITTEE, WHICH INCLUDES THE PRESIDENT AND PRESIDENT-ELECT OF THE BOARD, USING COMPARABILITY DATA FROM OTHER SIMILAR ORGANIZATIONS. EACH YEAR THERE IS A PERFORMANCE EVALUATION WHICH INCLUDES A DISCUSSION OF THE UPCOMING YEAR'S GOALS AND OBJECTIVES (DETERMINED BY THE CEO AND THE EVALUATION TEAM) AND ANY CHANGES IN PAY (INCLUDING BONUSES AND MERIT INCREASES). THE CEO DOES NOT TAKE PART IN ANY DISCUSSION OR VOTING REGARDING THEIR OWN COMPENSATION. AT THE COMPLETION OF THE FORMAL EVALUATION, THE EVALUATION DOCUMENT IS SIGNED, DATED AND GIVEN TO THE DIRECTOR OF ADMINISTRATION AND HUMAN RESOURCES AS AUTHORIZATION AND DOCUMENTATION TO PROCESS THE APPROPRIATE PAPERWORK. THE LAST CEO PERFORMANCE EVALUATION EFFECTIVE FOR THE 2014 TAX YEAR TOOK PLACE NOVEMBER 8, 2014 AND COVERS THE PERIOD FROM MAY 9, 2013 TO DECEMBER 31, 2014. THE ORGANIZATION DOES NOT HAVE ANY OTHER COMPENSATED OFFICERS OR DIRECTORS. OTHER KEY EMPLOYEES ARE EVALUATED BY THEIR SUPERVISORS UNDER THE COUNCIL'S EMPLOYEE PERFORMANCE EVALUATION PROGRAM. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE MADE AVAILABLE ON A CASE BY CASE BASIS AS APPROPRIATE. |
| FORM 990, PART VI, SECTION A., LINE 6 | CRS'S MEMBERS DO NOT POSSESS THE KINDS OF RIGHTS OUTLINED IN PART VI, LINE 6 OF THE 990 INSTRUCTIONS. AS SUCH, THE ORGANIZATION HAS CHECKED "NO" TO THE QUESTIONS ON LINES 6- 7B. |
| FORM 990, PART XI, LINE 9: | POSTRETIREMENT PLAN LOSS -347,000. |
| FORM 990, PART XII, LINE 2C | THE ORGANIZATION'S FINANCIAL STATEMENTS ARE ISSUED ON A CONSOLIDATED BASIS WITH THE NATIONAL ASSOCIATION OF REALTORS. NAR'S AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014
Additional Data
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