Powered by Google

Search form






 


NATIONAL ASSOCIATION OF REALTORS®
INSTITUTE AFFILIATE DUES
Financial Policies
November, 2003

Bylaw:
The policies and procedures for the reporting of members and the payment of dues by the Institutes, Societies and Councils of the National Association shall be established by the Board of Directors of the National Association.

NATIONAL ASSOCIATION OF REALTORS®
INSTITUTE AFFILIATE DUES COLLECTION POLICY

Note: the NAR Finance Committee is responsible for the collection of NAR dues from its Boards and ISCs, identifying specific patterns of delinquency in the collections process, requiring Boards and ISCs to provide specific written explanations of delinquencies, and requiring Board and ISC representatives to appear at hearings to explain the occurrences of such patterns.

DECEMBER 1st: The Institute Affiliate Financial Policies and the Dues Collection Policy, as approved by the NAR Board of Directors, is distributed to all commercial Institutes, Societies and Councils (ISCs).

JANUARY 1st: Dues for all renewing Institute Affiliate members from the commercial ISCs on a calendar year dues cycle are due and owing to the National Association of REALTORS®. Note that dues will be owed on a monthly basis (the first day of the month following the anniversary date) to NAR for those ISCs with an anniversary date dues billing cycle.

JANUARY 1 - MARCH 31: For commercial ISCs operating on a calendar-year dues cycle, the 90 day grace period for receipt of Institute Affiliate dues ends on March 31. Dues remittances to NAR must be delivered no later than April 1 and must cover all of the ISCs’ renewing designee members who wish to hold Institute Affiliate membership for that fiscal year. If the annual dues are not paid by April 1, NAR may assess such late charges and administrative fees up to 1.5% monthly on the outstanding balance. For commercial ISCs operating on an anniversary-date dues cycle, the dues remittance is to be received by NAR no later than the end of the month following the receipt of the remittance by the ISC and the 90 day grace period will begin on the first day of the month following the date of the membership renewal. If the annual dues are not paid by day 91, NAR may assess such late charges and administrative fees up to 1.5% monthly on the outstanding balance. If a REALTOR member of a commercial ISC becomes inactive, the ISC will have a 90 day grace period from the date of notification of the change to bill and collect the member’s Institute Affiliate dues.

If any commercial ISC continues to be delinquent in payment of dues, they may be required to appear at a show cause hearing of the NAR Finance Committee to explain why the NAR Board of Directors, at its discretion, should not impose additional penalties up to and including dropping the membership of such ISC. (See May 15 below)

MAY 1: Based upon the active Institute Affiliate member count in NRDS, the NAR Treasurer, with input from NAR Finance staff, prepares a delinquency notice, if necessary, and sends it to each commercial ISC Executive Officer and President whose Institute Affiliate dues have not been fully paid.

MAY 15: NAR Treasurer corresponds with delinquent commercial ISCs (Executive Officer and President) requesting written correspondence addressed to the Finance Committee of NAR stating reasons for unpaid Institute Affiliate dues or providing documented information to prove that the commercial ISC has, in fact, fully paid its dues. The Treasurer's correspondence indicates that unless the delinquency is resolved prior to May 31, the commercial ISCs may be required to appear before the Finance Committee or Sub-Committee at a special show cause hearing to resolve any delinquencies.
  • Should NAR have reason to believe that a commercial ISC has failed to remit the proper amount of dues to NAR pursuant to Article II, Section 1 of the NAR Bylaws for the current year, or for any period within three years prior to the current year, it may initiate inquiry to determine whether such commercial ISC fully paid its dues. Should written correspondence fail to resolve the matter to the satisfaction of the NAR Treasurer, a hearing may be scheduled to take place at the next regularly scheduled meeting of the Finance Committee or at any special meeting of the Finance Committee called for the purpose of addressing the alleged dues deficiency, provided, however, that any commercial ISC must have at least 30 days prior written notice of such regular or special meeting.
  • The notice to the commercial ISC is addressed to the commercial ISC President with copies to the commercial ISC Executive Officer, commercial ISC Treasurer, and NAR Finance Committee and sets forth the procedure to be followed in the hearing, and emphasizes that the issues to be determined by the Finance Committee or Sub-Committee is whether the commercial ISC has appropriately paid its dues in full to NAR or whether there are extenuating and mitigating circumstances that should be considered.
  • The requirements to appear will be vigorously enforced. Failure to appear will result in the Finance Committee presenting a recommendation to the Leadership Team and Executive Committee based on the information available to them at that time. At such meeting, the commercial ISC will be asked to state the reasons for not having to pay the proper amount of dues or provide documentation indicating it fully satisfied its dues obligation.
  • The Finance Committee may recommend disciplinary action be taken against any commercial ISC to be found in violation of Article II of the NAR Bylaws, which disciplinary action may include dropping the membership of the commercial ISC.

EXECUTIVE COMMITTEE: After consideration of the findings and recommendations of the Finance Committee, the Executive Committee may determine disciplinary actions or recommend to the Board of Directors disciplinary action including possible dropping of the membership of the delinquent commercial ISC or any other recommendations or punitive measure deemed necessary.

NAR HEARINGS: NAR Finance Staff distributes copies of written correspondence with the commercial ISCs and copies of written responses from delinquent commercial ISCs to the Finance Committee. If there are delinquent commercial ISCs who have not submitted a written response, NAR Finance staff summarizes conversations for the Finance Committee.
  • The hearing is conducted by a quorum of the NAR Finance Committee or Sub-Committee. The hearing is staffed by the Finance Division in consultation with the Board Policy Division and the Legal Affairs Division. Failure to appear at the hearing will result in the Finance Committee making a decision based on the information available to them at that time.
  • The Finance Committee or Sub-Committee, upon review of the results of the hearing, if necessary, shall present to the Executive Committee and subsequently the Board of Directors its recommendation of disciplinary action consisting of reprimands, fines, suspension of entitlements, and/or dropping the membership of the commercial ISC.

NAR BOARD OF DIRECTORS: Board of Directors reviews the recommendations, if any, of the Finance and Executive Committees regarding the delinquent commercial ISC and determines the necessary disciplinary or punitive measures.

NOTE: Copies of all correspondence will be provided to the Leadership Team, Board Policy Division, Legal Affairs Division, and the Finance Division.

NEW MEMBER DUES: Effective January 1, 2004, dues for new ISC Institute Affiliate members (defined as those individuals who have not already, during the current fiscal year, been included in the calculation of IA dues payable by the Institute, Society or Council, or by any Member Board, or by any other Institute, Society or Council) are due to NAR by the end of the month following the month of receipt of that member’s payment by the ISC. Dues are to be prorated on a monthly basis. NAR Finance staff will monitor these new member payments on a monthly basis and follow up on past due payments as necessary.


*******************************************************************
NATIONAL ASSOCIATION OF REALTORS®
The attached information is intended for NAR members who are registered as users at REALTOR.org.

If you are a member of the National Assocation of REALTORS® and are
registered at REALTOR.org, please
to view and download the remaining information on this page.

If you are a member of the National Association of REALTORS® but have not yet registered for REALTOR.org, you can register here.


*******************************************************************