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.
Better Business Bureau, Chamber of Commerce, Hispanic Chamber,
Management fees to continue to be the responsibility of
(12/13) Annual Audit: The Association will have an outside
Kern County Farm Bureau and
participating employees.
Kern Tax. (Classified as dues/
(12/13) The Bakersfield
corporation’s finances, which may
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.
allocation of $5,000 from General Operating Budget for charitable contributions. (10/06) Budget expenditure limit of $2500 not requiring Board of Directors approval.
personnel, office space, utilities, equipment, supplies and other ordinary and necessary business expenses. The Association and GEMLS shall share common expenses on a fair and equitable
CPA conduct an annual audit of the
(BAK 4/10/19) Directors in agreement with Corporate Attorney and CPA, affirmed conculsion not to consolidate Association’s and Foundation’s financial statements for audit purposes.
(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
Profile Level #3. Operational
staggered terms.
determined by and reviewed by the
Funds to be maintained at a local
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BAKERSFIELD ASSOCIATION OF REALTORS®
(BAK 4/10/19) – Directors approved establishing a Morgan Stanley account for long-term investment funds with a Risk
