Ronda Newport_Leadership Workbook

Page 53

LE A D E RSH I P RE S OU R CE S

POLICIES

BAKERSFIELD ASSOCIATION OF REALTORS ®

FINANCIAL MANAGEMENT

(6/09) Pension Plan: Association /

Strategic Planning and Finance

Managing the financial affairs

GEMLS BOD concurred assuming

Committee. The Association may

of the Bakersfield Association of

responsibility for the Fidelity and

charge GEMLS reasonable rent on

REALTORS®, Inc., requires prudent

NextStep fees associated with the

the portion or percentage of the

management, proving maximum

employees 401K Pension Plan,

building reasonably determined to

protection to members’ money

according to their established

be used by GEMLS as determined

within established guidelines.

proportionate share (Assoc. 35%

by the Strategic Planning and

(11/03) Association to support

/ 65% GEMLS). Target Wealth

Finance Committee.

Management fees to continue

(12/13) Annual Audit: The

Better Business Bureau, Chamber of Commerce, Hispanic Chamber,

to be the responsibility of

Association will have an outside

Kern County Farm Bureau and

participating employees.

Kern Tax. (Classified as dues/

(12/13) The Bakersfield

subscriptions)

Association of REALTORS (the

be the same CPA conducting the

(11/03) Association to provide

Association) and its wholly owned

wholly-owned subsidiary’s, the

subsidiary, the GEMLS share

GEMLS’ audit.

personnel, office space, utilities,

(BAK 4/10/19) Directors in

allocation of $5,000 from General Operating Budget for charitable contributions. (10/06) Budget expenditure limit of $2500 not requiring Board of Directors approval.

CPA conduct an annual audit of the corporation’s finances, which may ®

equipment, supplies and other ordinary and necessary business expenses. The Association and GEMLS shall share common expenses on a fair and equitable

(3/08) Trustees for employee

basis. Costs of personnel shall be

pension plan to be Executive

based on the time each personnel

Officer and two (2) members

spends on Association and GEMLS

from the Association current

matters. Allocations of common

Executive Board, each serving a

costs and expenses may be based

minimum of three (3) years with

on reasonable estimates and

staggered terms.

determined by and reviewed by the

agreement with Corporate Attorney and CPA, affirmed conculsion not to consolidate Association’s and Foundation’s financial statements for audit purposes. (BAK 4/10/19) – Directors approved establishing a Morgan Stanley account for long-term investment funds with a Risk Profile Level #3. Operational Funds to be maintained at a local BAKERSFIELD ASSOCIATION OF REALTORS®

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