irem chapter 61 · web viewa copy is mailed to the irs, irem headquarters and the regional vp no...

Policies & ProceduresManual

Revised 5/21/23 of 26

Table of ContentsMission Statement.............................................................................................................................................................5

General Information...........................................................................................................................................................5

Bylaws............................................................................................................................................................................ 5

IREM Association Executive (“IAE”)................................................................................................................................5

Calendars........................................................................................................................................................................6

Membership Calendar................................................................................................................................................6

Perpetual Calendar.....................................................................................................................................................6

Administrative Information................................................................................................................................................6

Files/Documents............................................................................................................................................................6

Hard Copy Files...........................................................................................................................................................6

Digital Files.................................................................................................................................................................6

Member Data Records...............................................................................................................................................6

Inventory........................................................................................................................................................................6

Website..........................................................................................................................................................................7

Post Office......................................................................................................................................................................7

Insurance........................................................................................................................................................................7

Finances & Accounting.......................................................................................................................................................7

501(c) (6) Status.............................................................................................................................................................7

Banking...........................................................................................................................................................................8

Checking Account.......................................................................................................................................................8

Savings Account..........................................................................................................................................................8

Scholarship Fund Savings Account.............................................................................................................................8

Credit Cards................................................................................................................................................................8

Investment Policy and Account

Accounting System.......................................................................................................................................................11


Tax Returns...................................................................................................................................................................11

Member and Committee Expenses..............................................................................................................................12

Committee Expenses................................................................................................................................................12

Committee Lunches..................................................................................................................................................12

Conference & Travel Expenses.................................................................................................................................12

The Annual Budget.......................................................................................................................................................12

Financial Reports..........................................................................................................................................................12

Annual Audit.................................................................................................................................................................13

Chapter Leadership..........................................................................................................................................................13

Volunteers....................................................................................................................................................................13

Committee Chairs.........................................................................................................................................................13

The Nominating Committee.........................................................................................................................................14

The Board.....................................................................................................................................................................14

The Officers..................................................................................................................................................................14

Leadership Development.............................................................................................................................................14

Officer and Committee Chair Job Descriptions............................................................................................................15

Conference Attendance................................................................................................................................................15

Leadership Planning & Orientation Meeting (Annual).................................................................................................15

Board of Director Meetings..........................................................................................................................................16

Sources of Chapter Income..............................................................................................................................................16

Industry Partners (IP) Program.....................................................................................................................................16

IP Renewals..............................................................................................................................................................17

IP Replacements or Additions..................................................................................................................................17

IP Introductions........................................................................................................................................................17

IP Tax Liability...........................................................................................................................................................18

Other Vendor Participation......................................................................................................................................18


Friends Plus Program................................................................................................................................................18

Dues............................................................................................................................................................................. 18

Luncheons....................................................................................................................................................................18

Scholarships & Awards.....................................................................................................................................................19

CPM/Member of the Year Award.................................................................................................................................19

Chapter Scholarships....................................................................................................................................................19

National Scholarships...................................................................................................................................................20

Marketing, Member Recruitment & Outreach.................................................................................................................21

Corporate Outreach.....................................................................................................................................................21

Community Outreach...................................................................................................................................................21

Addendum 1 – Anti-Trust Policy.......................................................................................................................................22

Addendum 2 - Conflict of Interest Policy.........................................................................................................................23

Ownership Disclosure and Conflict of Interest Policy..................................................................................................23

Addendum 3 - Document Retention Policy......................................................................................................................25


It is the responsibility of all officers, board members & committee chairs to be familiar with the Policies & Procedures of IREM Austin. Any changes to these policies are made via board approval.

Mission Statement(Revised 8/24/17)

IREM Austin works to enrich our members’ careers in the real estate industry through education and professional development. Through various initiatives, from networking events and information sharing to highly regarded industry credentialing programs, our association provides services to our members at a variety of levels. For over 80 years, IREM has set the standard for professionalism in the real estate industry through adherence to the highest ethical standards and the promotion of best practices. We believe that good management matters and that well-managed properties pay dividends in terms of value and in the quality of life for residents, tenants and customers.

General InformationBylawsThe chapter bylaws are maintained in accordance with IREM National requirements and follow their “Model Chapter Bylaws”. They are posted and updated (as needed) on the IREM Austin website by the IAE and are included in the binders given to the full leadership team at the Annual Planning Meeting or in one of the first board and committee meeting of the year. All chapter officers, board members and committee chairs are responsible for being familiar with and following the chapter bylaws.

The Chapter Bylaws were last updated in 2011.

IREM Association Executive (“IAE”)The IREM Association Executive (IAE) is a contractor and not an employee of IREM Austin. His or her contract should be reviewed annually by the Executive Committee. The Executive Committee is also responsible for all contract administration including negotiating, terminating (if necessary), and signing the annual contract and job description with the IAE or the following year. Adjustments to contract rates are considered during the contract renewal process so that they can be reflected in the annual budget.

A portion of the contract should at minimum require that IREM Austin perform an annual review of the IAE’s performance and adherence to contract requirements. This review is conducted by the past president, the current president, and the current president elect. During the annual review, the IAE’s budgeted annual bonus is discussed and affirmed or altered. The immediate past president is responsible for coordinating and documenting the review. Documentation of the IAE review should be completed by the current chapter president, distributed to all contributors and stored in the chapter files. Revised 5/21/23 of 26

CalendarsMembership Calendar A Member Calendar is produced each year by the IAE as directed by the Executive Committee (and especially the current President) to include scheduled luncheon meetings, board meetings, classes, the bowling event, the TRENDs event, national conferences, etc. The IAE will post the Calendar on the IREM Austin website in order to distribute it to all members at the beginning of the year. The IAE will review and update the Calendar on the IREM Austin website at least once monthly.

Perpetual CalendarThe Perpetual Calendar is a calendar intended to show annually recurring important or mandatory chapter functions including tax deadlines, timing of the nominating committee appointments, ballots/voting, and inductions, board planning meetings, timing of dues statement distribution, renewal of IP contracts, IAE contract review, etc. The Perpetual Calendar is reviewed annually and is a resource on the website.

Administrative InformationFiles/DocumentsHard Copy FilesHard copies of all chapter files are stored at the office of the IAE. IREM Headquarters maintains copies of many important documents (budgets, tax returns, bylaws, etc.). These documents are maintained per the Document Retention Policy found as an addendum to the Policies and Procedures. The document retention policy is established according to current IRS requirements.

Digital FilesDigital chapter files are maintained on the desktop computer of the IAE. The computer system and all files are backed up electronically on MozyPro daily and IREM HQ has the password for the account. It is the IAE’s responsibility to ensure this back up is operating as intended on at least a monthly basis.

Member Data RecordsMember data records are maintained by IREM Headquarters and are available to IREM Austin whenever needed. Any member data requests should be made to IAE.

InventoryThe IAE owns all furniture in the office. The chapter owns the laptop, desk top, printer, projector and miscellaneous office supplies. All chapter owned equipment can be found in the IAE’s office.

WebsiteThe chapter participates in the IREM HQ website program currently called “Star Chapter”. The IREM HQ staff and the Star Chapter service provider (Star Chapter, 20 New Plant Court, Suite 100, Owing Mill, MD 21117) can provide access


to the full member database and all documents. Star Chapter maintains back up files of all web based documents and records in addition to administering the credit card payment system within the website.

Star Chapter20 New Plant Court

Suite 100Owing Mill, MD 21117

phone: (866) 775 – 3205email: [email protected]

Post OfficeIREM Austin currently shares a post office box with other associations supported by the IAE. This post office box (P.O. Box 91028) is located in Oak Hill. IREM key holders for this box include the IAE and current president. It is incumbent upon the IAE to check in and out keys to presidents as their terms roll.

Oak Hill Post Office6104 Old Fredericksburg Road

Austin, TX 78749

InsuranceIREM HQ provides Errors and Omissions and Director and Officer insurance coverage to its chapters, through NAR's professional liability policy. The policy limits liability to the extent of up to $1,000,000 per occurrence after a deductible of $20,000.

All IREM chapters are listed as additional insured’s under IREM's general corporate insurance policy. This means chapters have comprehensive general liability, bodily injury, and property damage coverage for authorized chapter functions and activities. The policy also includes extended bodily injury (assault and battery) and host liquor coverage. Certificates of Insurance requests should go through IREM headquarters (via the Chapter Services portion of the national website).

Finances & Accounting501(c) (6) StatusIREM Austin is a 501(c) (6). According to the Internal Revenue Service, “a 501(c) (6) organization is a business league devoted to the improvement of business conditions of one or more lines of business. It is not engaged in any regular business typically carried on by for-profits. Trade associations and professional associations are considered to be business leagues. The mission of a 501(c) (6) organization must focus on the advancement of the conditions of a particular trade or the interests of the community.”

BankingThe Chapter checking account and savings accounts are held at Wells Fargo Bank.


Wells Fargo, Oak Hill Branch7101 W Highway 71

Austin, TX (512) 344-8160

The IAE, current chapter treasurer and the past chapter treasurer are authorized on the account. Each year the IAE coordinates updating this contact information with Wells Fargo as the individuals filling these roles rotate. He or she also ensures the current treasurer understands how to access the accounts online, as the current treasurer is responsible for a monthly review of the accounts.

Checking AccountThe Wells Fargo checking account is interest bearing. Checks require only one signature. In all cases, the IAE should endeavor to obtain the current treasurer’s signature. It is that officer’s responsibility to confirm all payments are within the approved budget or have been approved by the Board. In the event that the current treasurer is unavailable for check signing, the responsibility for signing the check and ensuring costs are within the approved budget or approved by the board falls to the former treasurer.

The IAE is not approved by the board to sign checks without specific written approval from the current treasurer and this is only done in extreme situations and as a last resort.

Savings AccountThe Wells Fargo Savings Account is considered a long-term reserve account with the stated goal of reserving at least one year’s budgeted expenses (not including education expenses) to ensure chapter financial stability.

Scholarship Fund Savings AccountA separate Scholarship Fund Savings Account is maintained. The purpose of this account is to fund our chapter scholarships. Scholarships are typically funded throughout the year through the standard Checking/Operating Account. At the end of the year, each year, the full amount of the scholarships provided annually is transferred from this account to reimburse the operating account. There is no current method by which this account is replenished and it is anticipated that this account may be eliminated when exhausted.

Credit CardsIREM Austin does not have any chapter credit cards. All expenses are handled via check or through reimbursement to the IAE or members.

Investment Account (approved October2018)

This policy statement outlines the goals and investment objectives of IREM Austin’s Investment Account. Since this policy statement is intended to provide guidelines for the Investment Committee and its Advisor responsible for managing the Account’s assets, this document outlines certain specific investment policies which will govern how those goals are to be achieved. This statement:

Describes an appropriate risk posture of the investment of the Account’s Assets,


Specifies the target asset allocation policy, Establishes investment guidelines regarding the selection of permissible securities and diversification as assets, Defines the responsibilities of the Investment Committee of the IREM Austin Chapter, and other parties

responsible for the management of the Account’s assets.

IREM Austin believes that the investment policies described in this statement should be conservative. These policies will be reviewed and revised periodically to ensure they adequately reflect changes related to the Account, IREM Austin and the capital markets.

Investment Objective - IREM Austin’s obligations are both short-term and long-term in nature. It is the goal of IREM Austin is to maintain no less than 6 months operating expense in a reserve account or in market linked CD’s. The Account’s funds shall be invested in accordance with sound investment practices that emphasize long-term investment fundamentals as well as providing the liquidity necessary to fund the Institute’s short-term needs in the event of a short fall in the operating account. The investment objective for the Account is to provide for current income and liquidity consistent with a low risk profile. It is understood that there can be no guarantees about the attainment of the goals or investment objectives outlined here.

Information about the Account - The Account can be a general brokerage account, money market account, and market linked certificates of deposits or any combination thereof and funded with money from the Institution’s members and fund-raising events throughout the year. The Institute disburses the funds throughout the year to finance its internal operations and fund-raising events. It’s anticipated the Institute will gain an annual surplus from its operations, net of expenses, and will invest these funds in accordance with the Account’s investment objectives.

Responsibilities of the Account Representatives - The Investment Committee of IREM Austin is responsible for the oversight of the Account assets. The Committee is comprised of the Secretary, Treasurer, President, President-Elect, Immediate Past-President, and Executive Director. The Treasurer serves as the Committee Chairperson and shall report the activities of the Committee to IREM Austin Board.

The Committee members listed above, or their successors are responsible for defining the investment objectives and policies for the Account’s assets, subject to the overall guidelines set forth in this Policy. It is expected that the objectives and policies described here will be used as the criteria for selecting and evaluating the appropriate investments for the Account assets. The Committee has the responsibility to make changes to the investment policy and to implement approved policies, guidelines and objectives with the approval of the IREM Austin Board. The Committee also may appoint consultants and administrators to assist in the management of the Account’s assets with the approval of the Executive Committee.

Security Selection/Asset Allocation - Except as noted below the Investment Committee shall have the discretion to determine the portfolio’s individual security selection.

The Account is expected to operate within an overall asset allocation strategy defining the Account’s mix of asset classes. The strategy sets a long-term percentage target for the amount of the Account’s market value that is to be invested in any one asset class. The allocation strategy also defines the allowable investment shifts between the asset


classes, above and below the target allocations. The Committee is responsible for monitoring the aggregate asset allocation and will re-balance to the target allocation on a periodic basis.

Investment Objectives - The Committee has adopted an overall investment objective for the Account’s assets of low risk investment of the reserves and moderate risk of investment on amounts that exceed that threshold; that threshold shall be defined as six months of operating expense.

Based upon an estimate of gross budgeted expenses, six month’s operating expenses would amount to approximately $100,000. Although this amount may vary year to year based upon that particular year’s current budget, for a general point of reference the investment committee agrees, funds over the amount $100,000 held in the reserve fund, can be invested in a moderate risk investment account.

The Committee will monitor the Account’s performance on a quarterly basis and will evaluate its performance towards meeting the investment objectives outlined below over a five- to ten-year time period, unless otherwise noted.

Risk Tolerance - Investment theory and historical capital market return data suggests that, over long periods of time there is a relationship between the level of risk assumed and the level of return that can be expected in an investment program. In general, higher risk (i.e. volatility of return) is associated with higher return.

Given this relationship between risk and return the Committee is comfortable with a low risk strategy of the reserves and a moderate risk strategy of the amounts that exceed that threshold.

Investment Strategy - The Committee expects to use a general brokerage account, money market account, market linked certificates of deposits or any combination thereof in the management of the Account’s assets. All efforts will be made to use “no-load” or mutual funds with the lowest costs and expenses whenever possible while utilizing those funds which have demonstrated superior performance in their asset class. It is believed that owning individual stocks would produce greater risk than deemed suitable.

Performance Evaluation - As noted above, the Committee will monitor the Account’s performance on a quarterly basis and will evaluate the Account’s success in achieving the investment objectives outlined in this document. The Account’s performance should be reported in terms of rate of return and changes in dollar value. The returns should be compared to appropriate market indexes, for the most recent quarterly, semi-annual and for annual and cumulative prior time periods. The portfolio’s asset allocations should also be reported on a quarterly basis.

Approval - The investment policy as set forth in this document will be reviewed annually by the Committee who can recommend changes to be approved by the IREM Austin Chapter Executive Council. Deviations from the investment policies and constraints outlined in this document must be authorized in writing by the Committee and approved by the IREM Austin Chapter Executive Council.

James A. (Jim) Baker, MBA, CWS®The Fox Alliance | Wealth Advisors

5920 West William Cannon Drive, Building 7, Suite 201Austin, TX 78749


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(512) 554-4969 [email protected]

Accounting SystemChapter financial records are maintained on the IAE’s desktop computer via a program called SAGE 50 Accounting Software, which is a Peachtree product. Those files are backed up on MozyPro nightly per our file policies and some hard copies are maintained in hard copy files maintained at the IAE’s office. It is anticipated that the chapter will move to a third-party consultant for book keeping services effective January 1st, 2018 via Truly Intelligent Accounts.

Truly Intelligent AccountsTia May

(512) [email protected]

Tax ReturnsThe chapter hires Geoffrey Morgan, CPA, to prepare the annual 990EZ tax return form each year. The tax return is reviewed and signed by the current treasurer. A copy is mailed to the IRS, IREM Headquarters and the Regional VP no later than May 15thof each year for the preceding year’s data.

Geoffrey Morgan (210) 804-0276

[email protected]

Member and Committee ExpensesCommittee ExpensesCommittee budgets should be developed and discussed at the annual planning meeting and added to the annual chapter budget. For unbudgeted costs that arise after the final budget is approved, the committee chair must obtain board approval of the expense variance within the budget prior to the cost being incurred.

Committee LunchesIn addition to expenses related to the committee’s work, the chapter budget includes some money for committee lunches. If a committee will have more than 2 committee lunches in a year, the chair should review this expense with the board in advance if not already included in the approved budget. Every effort should be made to control costs of committee lunches by catering sandwiches, eating at reasonably priced restaurants, etc.

Conference & Travel ExpensesThe annual budget should include assumptions about which officers are scheduled to attend the various national level conferences. It is appropriate for the IAE and the current Executive Committee to review the budgeted allowances at least three months before each conference to identify if the budget assumptions meet chapter needs and officer availability, etc.


mailto:[email protected]

tel:(512)%20554-4969

The chapter typically will reimburse reasonable travel expenses (mileage or air travel, airline bag fees, ground transportation at the destination, long terms airport parking, etc.), hotel costs, and meals. However, when possible the chapter encourages cost saving measures such as the sharing of rooms where appropriate, participation in conference provided meals, etc. The chapter typically will not reimburse items of personal convenience (such as upgrades to transportation or lodging, excess baggage fees, on demand movies, hotel mini bars, and alcohol).

Expense reports should be submitted for reimbursement to the IAE within one month of the expense being incurred utilizing the chapter Expense Report Form (available on the About IREM Documents portion of the chapter website).

The Annual BudgetA preliminary budget is submitted by the IAE to IREM HQ in December. This budget is not the final approved budget and is informal in nature. Typically, it is based on prior year budgets.

The incoming Treasurer is responsible for working with the outgoing Treasurer and IAE to prepare the annual operating budget. During the Annual Planning Meeting, the committee chairs review the typical committee budgeted items for their respective committees and make adjustments if they foresee additional or fewer costs.

Once the budget draft is completed, it is presented to the board by the incoming treasurer for review and approval by the full board at the January Board meeting.

Financial ReportsThe IAE is responsible for producing all financial reports and should provide them to the current treasurer on a monthly basis or as requested. At minimum, this should include a copy of the bank reconciliation report, bank statement, income statement, balance sheet, and aged A/R and should be sent by mid-month. The treasurer may also be interested in reviewing other financial reports at any time. The IAE should promptly comply with all such requests.

At quarterly board meetings, the current treasurer presents financial statements (including at minimum the Income Statement, Balance Sheet and Aged AR) for the board’s review. Discussion is encouraged if needed and additional reports can be provided as needed.

The chapter does not publish financial reports for member review but makes them available upon request.

Annual AuditOn a semi-annual basis, an Audit Committee is formed by the Treasurer to do a review of the on-site records maintained by the IAE. This should be done with both the outgoing and incoming treasurer. Specific actions to be performed are (at minimum):

Review of Balance Sheet and Bank Statements Review of revenue against current membership levels Spot check of disbursements Review cash handling procedures


Chapter LeadershipVolunteersIREM Austin is led primarily by the efforts of our volunteers and as such, it is critical that the chapter constantly recruit new individuals to get involved. In the fall and winter, the Executive Committee and committee chairs leads an annual recruitment effort that typically consists of person to person requests for committee involvement. This is typically done at one of the first (or last) luncheons of the year. During this luncheon, the President announces to the attendees that the committee chairs are recruiting and the committee chairs are identified via a name tag ribbon.

Around this same time (at the end of the year), the IAE emails all members encouraging them to volunteer with the organization. This email will point all members directly to the volunteer sign-up form and ask that they contact the IAE or any member of the chapter leadership team for more information. While the volunteer form is actively circulated at this time, it is always available on the chapter website (in the “About IREM Documents” section) and may be filled out and submitted to the IAE or any chapter leader at any time. It is incumbent upon the Executive Committee to ensure that each member who expresses interest in being involved is appropriately placed on a committee and engaged.

Committee ChairsCommittee chairs are appointed by the president and this appointment is based on their willingness to serve, their strengths, the chapter’s needs, etc. In selecting committee chairs, an effort should be made to attract a vibrant and diverse group of leaders including a balance of new members and seasoned members as well as a cross section of managers working with all property types – office, retail, multi-family, etc. Frequently these spots are filled by those committee volunteers who have shown leadership and commitment in the prior year’s committee performance.

The Nominating CommitteeEach year a nominating committee is appointed by the president (and approved by the board) in July in accordance with the bylaws. This committee is responsible for nominating the officers and the board for the following year and contacting those individuals to confirm their willingness to serve.

The BoardOnce a collection of individuals has been nominated to serve as board members, the acceptance of their nomination (and that of the nominated officers) is voted on by the membership population during the September luncheon. Board members are typically nominated based on their successful performance and proven leadership as committee members and committee chairs. Ideally the board is made up of 4-5 people, with one member being the immediate past president and the remaining members being sourced from the prior year’s committee chairs.

Each year board members are asked to execute a form detailing their responsibilities to ensure all involved sincerely recognize the importance and seriousness of the commitment. The form is distributed during the Leadership Planning Meeting.


The OfficersFrequently referred to as the Executive Committee, the Officers consist of those volunteers appointed to serve as President, President Elect, Secretary and Treasurer of the chapter. Officers are typically nominated based on their successful performance and proven leadership as board members and committee chairs. Like the board, these individuals are nominated by the nominating committee and then approved by vote by chapter members at the September luncheon. Each officer (excepting the president) provides oversight over various committees. In this role, officers are referred to as Committee Advisors (or informally as “Pod Leaders”). This role is intended to increase connection and accountability between the Executive Committee and the committee chairs, and also to provide mentorship for volunteer leaders. It is expected that the officers will support the committee chairs, provide over-sight and accountability for primary committee functions, keep the board informed of issues and progress, etc.

Leadership DevelopmentOne of the primary roles of the nominating and executive committee is to address succession planning. Ideally, members would rise through the ranks of leadership in an organically structured manner, where proven skill and commitment levels over time are rewarded by roles of increased responsibility: committee member committee chair board member officer. This philosophy guides the appointment and nomination of leadership roles.

Although it should never be a given that by serving as a committee chair you may be nominated for a board position and by serving as a board member you may be nominated for an officer position, care should be given during the nominating process to evaluate leadership skills and to ensure that individuals nominated for the board might be willing to consider serving in a leadership capacity in the future.

Officer and Committee Chair Job DescriptionsOfficer and committee chair job descriptions are contained in a separate document that details the performance and attendance requirements of all chapter leaders. The Executive Committee reviews it for accuracy on an annual basis prior to the Annual Planning Meeting. At the Annual Planning Meeting it is distributed via the binders to all chapter leaders to help educate them about their roles in the chapter. Job descriptions are also available on the chapter website in the About IREM section.

Conference AttendanceThe purpose of conference attendance is to develop our leaders. At a minimum, in accordance with IREM national requirements, the chapter pays for the following people to attend the following identified conferences:

President – Regional Conference (spring) President Elect – Global Summit (fall)

The IAE attends all conferences and attendance is considered to be a portion of his or her job duties. Any exceptions to this should be discussed in depth with the executive committee. Additional attendees are determined based on availability of budgeted funds and need for leadership development.

It is understood that if the chapter is subsidizing the cost of attendance, all attendees must attend all required meetings and participate fully. Attendees are additionally asked to provide notes taken during the conference, report Revised 5/21/23 of 26

on the conference at the board meeting and may be asked to write an article for chapter publications. IREM Austin may require each conference attendee to execute and accountability contract governing expectations at conferences.

Required Meetings:

Regional Meeting

Regional Dinner

Chapter Leadership Forum

At least one national Committee Meeting

Governing Council

Education Sessions (if you will be missing more than two, coordinate this in advance of the conference)

Subsidies for attendance by additional officers, board members, etc. shall be determined by the Board and through consulting the budgeted funds available. If a full subsidy is not feasible or warranted, partial subsidy may be considered.

Leadership Planning & Orientation Meeting (Annual)Each fall, the incoming president will hold a planning and orientation meeting for all committee chairs, board members and officers. The purpose of this meeting is to educate and prepare the leadership team for fulfilling their roles in the year following, to help them plan for their specific activities/functions, encourage team work, resource sharing, and open communication between leaders and to help facilitate those close relationships that make volunteering and leadership roles so rewarding for our members.

All attendees are given Informational binders that become a key resource and reference in the year to come. Typically the binder includes at minimum:

Preliminary budget (if available) By-Laws Directory of Officers & Committee Chairs Listing of IP’s Historical membership information Historical dues information Historical Educational & Social Offerings Historical Committee Chair Listing Preliminary Calendar Historical Speaker Listings Policies & Procedures Committee & Officer Job Descriptions


Board of Director MeetingsBoard of Director Meetings are held in accordance with Robert’s Rules with the President typically presiding. Meetings frequently include Committee Chairs as well. The chapter Secretary must record meeting minutes in writing for all meetings of the Board of Directors. Minutes shall be recorded in a manner as to reflect the actions, motions and statements of the board, without recording superfluous discussions. Minutes are submitted to and reviewed by the IAE before distribution to the Board for approval.

Sources of Chapter IncomeIndustry Partner ProgramThe purpose of the IP program is to build financial support for the chapter. The program has been successful over the years because of the continued focus on this objective. By accepting only one company per service type, the chapter has protected the exclusivity and has limited the number of vendors so that managers are not overwhelmed by sales at IREM events and vendors are attracted to the exclusivity of their role within the organization. Most of the Industry Partners have been long-time supporters and our chapter has benefitted greatly from this stable, continuous income source with very low turnover and few collection problems. Finally, IREM has benefitted from the relationships formed with these vendors because they are solid businesses with good reputations in the Austin real estate community.

Traditionally IREM Austin’s Industry Partners program has been one of the most successful in the country. As of 2019 the Industry Partner contract allows for up to 30 Partners/ we typically strive for an appropriate ratio (10% or lower) of IP’s to members to ensure the program objectives are maintained.

Because Industry Partners are considered to be sponsors of the chapter and not members, IP participation is limited to attendance at events, volunteering for committees/events, and providing instructors for Learn @ Lunches.

The Industry Partner income is incredibly significant to our chapter’s operating income. As part of the program, the chapter has committed that no members at any level will continually approach IP’s for additional funding for most chapter events. Under no circumstances should individual committees reach out to IPs or non-IP vendors for additional support (including lunches, giveaways, etc.) without the express approval of the Officers. (The Bowling Event is one exception to this general rule.)

IP RenewalsIPs that are in good standing are traditionally given the first right of refusal to renew, but the IP contract does not guarantee their automatic renewal. Payment can be made annually in advance or semi-annually. Typically, the outgoing president has responsibility to initiate the renewal process by mid-summer so that any replacements can be addressed early. By early October, all renewals should be confirmed and billed.

IP Replacements or AdditionsIf there is an opening for an additional or replacement IP, the board (not committee chairs) are given at least one week to nominate a replacement in the current category or to suggest an alternate category. Preference is given to


IPs who can reasonably be expected to be engaged. It is the board members’ responsibility to contact the potential IP and discuss the basic terms of the sponsorship in advance to avoid any misunderstandings. Once all the nominees are submitted, the board will review submissions and vote accordingly.

Vendor Expressed Interest – Potential IPs are asked to complete a form on the website to express their interest. This list is maintained by the IAE. The list isn’t to imply first come first offered but to be a reminder of vendors to consider.

It is important that the service categories filled by IPs be limited to those that property managers are directly involved in hiring and administering. Not only does this encourage engaged IPs due to their access to appropriate decision makers and beneficial networking with end users, but our members can only evaluate the services of those companies they contract with directly. For this reason, historically, the chapter has voted to not include attorneys, architects, title companies, etc. Possible appropriate services for future consideration include (by way of example) glass companies, sign companies, MEP engineering firms, and flooring companies.

The companies being considered for the IP program should have a long-standing, local business presence in Austin, as well as a positive reputation among the membership. Vendors have repeatedly voiced that IREM Austin is a highly-coveted opportunity and are willing to compete for the chance to join. The chapter can afford to and should give careful thought as to what a potential IP brings to the table and whether our association with them will positively impact our chapter.

IP IntroductionsThe President Elect will strive to introduce two or three IP’s at each luncheon. For tax purposes (see below) it is imperative that these introductions are personal and informative in nature. No endorsements or marketing of any kind should be included. The introductions should be brief (approximately 1 minute and in addition to stating the name of the company say one or two sentences about the kind/category of business should be a part of this introduction.

IP Tax LiabilityIP income is not subject to income tax if the IPs function as sponsors rather than as advertisers. It is critical then that the IPs always be treated as such. Any presentations using their staff or during the introduction must be informational/educational and not an endorsement or advertisement.

Other Vendor ParticipationThe chapter does not allow non-IP vendors to attend luncheons or chapter events with the single exception of the annual bowling tournament. IP’s are encouraged/coached by the IAE to form relationships and to avoid selling/pushing at IREM meetings and events.

IP Plus ProgramThe IP Plus program allows six IP’s to contribute an additional $500 annually. This money is reflected as “seed money” in various committee budgets (Future Leaders, Socials, Learn @ Lunches, Seminars, etc.). Contributing IPs are listed on the flyer for the event they are sponsoring but they are not given the opportunity to speak, give gift cards, etc. to avoid the appearance of “advertising.” The IAE sends out an offer to all IP’s offering the Revised 5/21/23 of 26

opportunity to fill these spots in early February. There are currently 6 spots that may be filled, but this number could be expanded at a future date if chapter need arose. The current president will make the Plus assignments for specific events and communicate this to the committees and IAE.

IP Introductions

One of the major benefits of IREM involvement for the IP’s is the opportunity to be featured (along with one or 2 other IPs) at a monthly luncheon. This introduction should be brief and more personal in nature and should not suggest that members give the IP business. Each IP has selected one single category to represent so in the introduction, that should be the only category mentioned to avoid any crossing over of categories.

DuesDues are collected annually or at the time membership begins. Dues rates are reviewed and adjusted (if needed) on an annual basis by both IREM National and IREM Austin. Any increases to the following year’s dues amounts should be announced to the membership at large by the IAE by early summer of the year preceding to ensure members can reflect accurate IREM expenses in their appropriate budgets. Additionally, the IAE is responsible for updating the website with the determined dues rates and ensuring the related income line item is accurately reflected in the chapter budget. IREM Headquarters is responsible for invoicing local and national dues and does so for local dues at amounts determined by the local chapter.

IREM HQ handles all dues invoicing for the Chapter and sends members at least three notices for non-payment of dues. Typically, the IAE will send one last personalized e-mail to members at risk of being dropped and suggest alternate forms of membership (associate versus candidate), payment plans, etc.

LuncheonsLuncheons are typically held at Westwood Country Club at a frequency determined by the Executive Committee. The price of admission is determined based upon the total cost of the venue as well as the approved cost structure (as voted on by the Board of Directors). Typically, the following guidelines are followed with respect to luncheon admission:

Luncheon prices are the same for all membership levels. Although IP’s are not members, they are given the member price at all events. Luncheon prices are higher for non-members.

Luncheon costs should be reviewed annually with the goal of a break-even bottom line the majority of the time.

Members are offered a pre-pay luncheon option at the beginning of the year. The cost for the Holiday luncheon is more than regular luncheons to account for additional costs incurred. The chapter does not typically “comp” lunches for prospective members, etc. unless this has been discussed

and approved by the board in advance. The guest speaker and any visiting national IREM officers do not pay for their luncheons.

Our website still permits the invoicing of members for their luncheon. The IAE should invoice for chapter luncheons within three days of the luncheon.


Scholarships & AwardsCPM/Member of the Year AwardThe outgoing president traditionally selects a CPM and/or a Member of the Year based on their contributions to the chapter. The outgoing president is not eligible for this honor. Additional awards may be awarded by the outgoing president at their discretion. The plaques for these awards are ordered by the IAE and are typically given at the Holiday Party.

Chapter & Foundation Scholarships

Effective in 2018, local members are asked to submit Chapter & Foundation Scholarships on a quarterly basis so that they can be awarded fairly.

Applications are due March 31, June 30, September 30 and December 31st.

The Austin chapter values education and ethics, and has scholarship funds available to its members. Because IREM Austin has a fiduciary responsibility to manage its scholarship funds wisely and to make disbursements prudently, all scholarships (for both online and classroom courses) shall be treated as investments that further the property management profession and benefit the chapter. Scholarship outlays are not educational expenses and they are not charity. Chapter members are encouraged to approach their employers first and the Chapter/Foundation second.

The chapter’s intent in offering scholarships is to recognize those who have the most potential to become leaders within the industry as a whole, to encourage those who are most likely to obtain their designation in a timely manner, and to support those who are actively engaged in the chapter and will continue contributing to the chapter.

The scholarship program is intended to be a conduit for developing members, and its purpose is not to be a recruiting tool. Scholarships shall be awarded based on several factors including, but not limited to the items listed below.

Applicants must be a current member of the Austin chapter either as a CPM Candidate, ACoM, ARM or Associate.

A detailed explanation of need must be provided on the application. The member must be in good financial standing on all local and national dues. Applicants must have served on a committee, attended luncheons and/or participated in other chapter

offerings. A description of past involvement must be detailed in the application. Applicants must specify when they anticipate completing all the required course work to receive the

designation they are pursuing. The application must be submitted with an accompanying CPM Experience Form.

Scholarship program guidelines are as follows:

Applications be for classes to be held no sooner than 30 days from the time of application and must be used within one year of being awarded

Scholarships can only be used for the class specified on the application.Revised 5/21/23 of 26

Scholarships are non-transferable. An applicant typically will not receive more than one scholarship for one class in a calendar year. Scholarships can be awarded for classes hosted in Austin or online.

Scholarship applications are submitted to the IAE who checks for thoroughness and submits to the officers for review. A spreadsheet showing member type, involvement, candidacy status, etc. is maintained by the IAE and shared with the Board to ensure consistency. The officers will have the authority to select the recipients and the flexibility to decide scholarship amounts on an individual applicant basis that they then recommend to the board for approval. Scholarship applications receive final approval by vote of the Board.

The application for local scholarships is available on the IREM Austin website and may be periodically distributed by email to promote applications.

National Foundation ScholarshipsNational Foundation scholarships are available and more information on these can be found on the IREM national website. Local members requesting a Foundation scholarship are asked to submit their application and a completed Experience Form to the Chapter Office. The chapter president will meet with each applicant (or will already know them) for national scholarships to help ensure that only qualified individuals are endorsed by the chapter. Once the president has approved the applicant and the applicant’s scholarship package, the EC will vote to endorse and a letter will be drafted by the president.

NOTE – Chapter leaders should consider the support that chapter members and the chapter provide to the Foundation in deciding whether a vetted applicant should be funded thru the Chapter account or the Foundation.

Marketing, Member Recruitment & OutreachCorporate OutreachChapter executive leadership attempts to meet with owners, developers, educators, etc. to promote the hiring of IREM credentialed members, promote IREM’s educational opportunities, etc. The IREM National website has a number of resources (PowerPoint, sample scripts, letters, etc.) that are available to prepare for an outreach meeting.

During the meeting, an attempt should be made to identify any potential IREM members. That database should be sent to the IAE so that they can be added to the “Prospect” database. That list should also be sent to the Membership Committee so that they can personally contact the individuals and explain the various membership options.

Within one week of an outreach meeting, the chapter president and the coordinating member should send a follow up letter/thank you and address any open items, questions, etc. that may have resulted during the meeting.

The chapter president and the coordinating member should call and personally invite the key person with the company to attend the next chapter meeting as a guest.

Two months after the outreach visit, the chapter president and coordinating member should discuss the status of the firm, evaluate any changes, new members, open items, etc. and those items should be addressed.


Community OutreachSince the primary mission of IREM and IREM Austin is education and ethics, the Chapter does not donate money to charitable causes or designate a portion of proceeds from chapter fundraisers to charity.

However, IREM Austin does support a Community Outreach committee to generally “do good” in the community. The philosophy of this committee should approach outreach by using what is unique to IREM Austin – that is the ability for members to leverage their building and property population to promote drives (fan drives, food drives, school supply drives, etc.) and utilize chapter members to assist with these drives. The chapter budgets some seed money for supplies, etc. to support efforts.

The Industry Partners are often very active on the Community Outreach committee, but in keeping with the chapter philosophy regarding fundraising, they should not be asked for monetary contributions.


Addendum 1 – Anti-Trust PolicyIt shall be the policy of the IREM Austin to be in strict compliance with all Federal and State Antitrust laws, rules and regulations. Therefore:

1. These policies and procedures apply to all membership, board, committee and other meetings of the Association, and all meetings attended by representatives of the Association.

2. Discussions of prices or price levels are prohibited. In addition, no discussion is permitted of any elements of a company’s operations which might influence price such as:

Cost of operations, supplies, labor or services; Allowance for discounts; Terms of sale including credit arrangements; and, Profit margins and mark ups, provided this limitation shall not extend to discussions of methods of

operation, maintenance, and similar matters in which cost or efficiency is merely incidental.

3. It is a violation of Antitrust laws to agree not to compete, therefore, discussions of division of territories or customers or limitations on the nature of business carried on or products sold are not permitted.

4. Boycotts in any form are unlawful. Discussion relating to boycotts is prohibited, including discussions about blacklisting or unfavorable reports about particular companies including their financial situation.

5. It is the Association’s policy that all meetings attended by representatives of the Association where discussion can border on an area of antitrust sensitivity, the Association’s representative request that the discussion be stopped and ask that the request be made a part of the minutes of the meeting being attended. If others continue such discussion, the Association’s representative should excuse himself from the meeting and request that the minutes show that he left the meeting at that point and why he left. Any such instances should be reported immediately to the President and staff of the Association.

6. It is the Association’s policy that a copy of these Antitrust Compliance Policies and Procedures be given to each officer, director, committee member, official representative of member companies and Association employees annually and that the same be read, or understood at all meetings of the membership of the Association.


Addendum 2 - Conflict of Interest Policy Members serving as IREM Austin leaders (officers, executive council members, and executive level staff) shall serve with integrity and shall not:

1. Engage in undisclosed conflicts of interest;

2. Take inappropriate advantage of their position; or

3. Abuse their position of trust and responsibility.

In support of this statement, all members involved in making decisions on behalf of the IREM Austin chapter shall disclose their ownership interests according to the following ownership disclosure and conflict of interest policy.

Ownership Disclosure and Conflict of Interest Policy1. When IREM Austin has an ownership interest in, or is engaged in a partnership agreement for mutual benefit

with, an entity, and a member has an ownership interest* in that same entity, such member must disclose the existence of his or her ownership interest prior to speaking to a decision-making body on any matter involving that entity.

2. If a member has personal knowledge that IREM Austin is considering doing business with an entity in which a member has any financial interest, ** or with an entity in which the member serves in a decision-making capacity, then such member must disclose the existence of his or her financial interest or decision-making role prior to speaking to a decision-making body about the entity.

3. If a member has a financial interest in, or serves in a decision-making capacity for, any entity that the member knows if offering competing products and services as those offered by IREM Austin, then such member must disclose the existence of his or her financial interest or decision-making role prior to speaking to a decision-making body about an issue involving those competing products and services.

After making the necessary disclosure, a member may participate in the discussion and vote on the matter unless that member has a conflict of interest as defined below.

A member of any of IREM Austin’s decision-making bodies (including those of chapters) will be considered to have a conflict of interest whenever that member:

1. Is a principal, partner or corporate officer of a business providing products or services to IREM Austin or a local chapter or in a business being considered as a provider of products or services (“Business”); or

2. Holds a seat on the board of directors of the Business unless the person’s only relationship to the Business is service on such board of directors as IREM’s or an IREM chapter’s representative; or

3. Holds an ownership interest of more than one percent of the Business.


Members with a conflict of interest must immediately disclose their interest at the outset of any discussions by a decision-making body pertaining to the Business and any of its products or services. Such members may not participate in the discussion relating to that Business other than to respond to questions asked of them by other members of the body. Furthermore, no member with a conflict of interest may vote on any matter in which the member has a conflict of interest, including votes to block or alter the actions of the body in order to benefit the Business in which they have an interest.

*Ownership interest is defined as the cumulative holdings of the member, the member’s spouse, children, siblings and to any trust, corporation or partnership in which any of the foregoing individuals is an officer or director, or owns, in the aggregate, at least 50% of the (a) beneficial interest (if a trust), (b) stock (if a corporation) or (c) partnership interests (if a partnership).

**Financial interest means any interest involving money, investments, credit or contractual rights.


Addendum 3 - Document Retention PolicyDescription Retention

PeriodAccident Reports and Claims(settled cases) 7 yearsAccounts payable ledgers and schedules 7 yearsAccounts receivable ledgers and schedules 7 yearsAudit reports of accountants PermanentlyBank reconciliations 2 yearsCapital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.

Permanently

Cash books PermanentlyCharts of accounts PermanentlyChecks (canceled but see exception below) 7 yearsChecks (canceled for important payments, i.e., taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction)

Permanently

Contracts and leases (expired) 7 yearsContracts and leases still in effect PermanentlyCorrespondence (routine) with members, customers, or vendors 1 yearCorrespondence (general) 3 yearsCorrespondence (legal and important matters only) PermanentlyDeeds, mortgages, and bill of sale PermanentlyDepreciation schedules PermanentlyDuplicate deposit slips 2 yearsEmployee personnel records (after termination) 3 yearsEmployment applications 3 yearsExpense analyses and expense distribution schedules 7 yearsFinancial statements (end-of-year, other months optional) PermanentlyGeneral and private ledgers (and end-of-year trial balances) PermanentlyInsurance policies (expired) 3 yearsInsurance records, current accident reports, claims, policies, etc. PermanentlyInternal audit reports (in some situations, longer retention periods may be desirable) 3 yearsInternal reports (miscellaneous) 3 yearsInventories of products, materials, and supplies 7 yearsInvoices to members and customers 7 years


Invoices from vendors 7 yearsJournals PermanentlyMembership applications 3 yearsMinutes of directors and committees, including by-laws and charter PermanentlyNotes receivable ledgers and schedules 7 yearsOption records (expired) 7 yearsPayroll records and summaries, including payments to pensioners 7 yearsPetty cash vouchers 3 yearsPhysical inventory tags 3 yearsPlant cost ledgers 7 yearsProperty appraisals by outside appraisers PermanentlyProperty records-including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans

Permanently

Purchase orders (except purchasing department copy) 2 yearsReceiving sheets 2 yearsRequisitions 2 yearsSales records 7 yearsSavings bond registration records of employees 3 yearsScrap and salvage records (inventories, sales, etc.) 7 yearsStock and bond certificates (canceled) 7 yearsStockroom withdrawal forms 2 yearsSubsidiary ledgers 7 yearsTax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability

Permanently

Time books 7 yearsTrade mark registrations PermanentlyVoucher register and schedules 7 yearsVouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)

7 years
