2024-07-17T13:37:48-05:00 2023-12-31 882730877 CHERRY BEKAERT ADVISORY LLC 1707 N RANDALL ROAD STE 200 ELGIN IL 60123 990 2023-01-01 366214767 INSTITUTE OF REAL ESTATE MANAGEMENT INST 8008370706 430 N MICHIGAN AVE 500 CHICAGO IL 606114090 CHRISTOPHER MIGALA CFAO 8008370706 2024-07-10 1 CHRISTOPHER MIGALA 999009999 1 ELEANOR A LIVINGSTON CPA MST P00226461 8478888600 0 AAL1 IAL1 2023 2023-04-26 12:10:37Z CHRISTOPHER MIGALA 430 N MICHIGAN AVE 500 CHICAGO IL 606114090 17787429 0 X WWW.IREM.ORG X 1933 IL TO ADVANCE THE PROFESSION OF REAL ESTATE MANAGEMENT. 18 18 74 300 67056 26860 554351 449750 11797681 12850732 -117302 298314 389059 511412 12623789 14110208 0 0 0 0 6659622 7120038 0 0 0 6517998 6769291 13177620 13889329 -553831 220879 10259836 10227366 5255429 4666433 5004407 5560933 TO ADVANCE THE PROFESSION OF REAL ESTATE MANAGEMENT WHILE HELPING REAL ESTATE MANAGERS PROSPER AND ADD TO THEIR COMPANIES AND THE PROPERTIES THEY MANAGE. 0 0 CONDUCT COURSES IN PROPERTY MANAGEMENT FOR A TOTAL OF 8,400 STUDENTS. ISSUED AND MAINTAINED CERTIFICATIONS FOR OVER 10,000 INDIVIDUALS AND NEARLY 500 PROPERTIES WORLDWIDE. OFFERED MEETINGS FOR THE MUTUAL EXCHANGE OF PROFESSIONAL INFORMATION FOR THE BENEFIT OF THE MEMBERSHIP. 0 1 0 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 73 0 1 74 1 1 1 0 0 0 1 1 0 0 0 X 18 18 0 0 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X X CHRISTOPHER MIGALA 3123296049 430 N MICHIGAN AVENUE SUITE 500 CHICAGO IL 60611 BRAD ASHLEY CPM DIRECTOR 1.00 X 0 0 0 BRANDEN BARKER CPM DIRECTOR 1.00 X 0 0 0 BARRY BLANTON CPM IREM PAST PRESIDENT 10.00 X 0 0 0 DAWN CARPENTER CPM IREM SECRETARY TREASURER 25.00 X X 0 0 0 GERGORY CICHY CPM DIRECTOR 1.00 X 0 0 0 KIMBERLY COLLINSCPM DIRECTOR 1.00 X 0 0 0 WALTER CRUMPLER CPM FOUNDATION PRESIDENT 1.00 X 0 0 0 ELIZABETH EKRE CPM IREM PRESIDENT ELECT 25.00 X X 0 0 0 MINDY GRONBECK CPM DIRECTOR 25.00 X 0 0 0 TONI HARRISCPM ARM DIRECTOR 1.00 X 0 0 0 RYAN HUFFMAN CPM DIRECTOR 1.00 X 0 0 0 SIDNEY INGELSON CPM DIRECTOR 1.00 X 0 0 0 TIMOTHY KRAMER CPM ARM DIRECTOR 1.00 X 0 0 0 DEBORAH PHILLIPS CPM DIRECTOR 1.00 X 0 0 0 SHANIECE SANFORD CPM DIRECTOR 1.00 X 0 0 0 RENEE SAVAGE CPM IREM PRESIDENT 25.00 X X 0 0 0 SHARON SIMMONS CPM ADVISOR TO IREM BOARD 1.00 X 0 0 0 CHIP WATTS CPM NAR REP TO IREM BOARD 1.00 X 0 0 0 LINDA CARADINE-POINSETT EVP AND CEO 45.00 X 347432 0 36261 CHRISTOPHER MIGALA CFAO 45.00 X 203275 0 41711 WENDY BECKER CPO 45.00 X 201787 0 41226 LYNN DISBROW COO 45.00 X 204773 0 29325 ALEX LEVIN SR. DIRECTOR, TECHNOLOGY & COM 45.00 X 143648 0 31912 BRIDGET TERRONES VICE-PRESIDENT, MARKETING 45.00 X 150187 0 15019 JOEL LOUGHMAN DIRECTOR, ASSOC. MANAGEMENT 45.00 X 140974 0 23104 STACY PRICHISKY DIRECTOR, HUMAN RESOURCES 45.00 X 130508 0 22375 LILLIANE SMOTHERS SR. DIRECTOR, MEMBERSHIP AND CHAPTERS 45.00 X 132354 0 11653 1654938 0 252586 13 0 1 0 WARREN MCKENNA DESIGN GROUP INC 77 W WACKER DR 4500 CHICAGO IL 60601 MARKETING 188328 LOBBY CRE LLC 201 RAMPART STREET CHARLOTTE NC 28203 ASSET MANAGEMENT 180000 GENERAL LEARNING COMMUNICATIONS LLC 9911 WOODS DRIVE SKOKIE IL 60077 PUBLICATION SERVICES 143434 PROFORM TECHNOLOGIES INC 7664 PLAZA COURT WILLOWBROOK IL 60527 PRINTING AND SUPPLIES 125794 PERSONIFY INC PO BOX 759470 BALTIMORE MD 21275 ASSOCIATION MANAGEMENT 119586 6 449750 449750 MEMBERSHIP DUES 900099 7266150 7266150 LEARNING 900099 3354828 3354828 APPLICATIONS & EXAMS 900099 1327919 1327919 MEETINGS & CONFERENCES 900099 592798 592798 PUBLISHING 541800 309037 241981 67056 12850732 291106 291106 107910 107910 3684429 3677221 7208 7208 7208 MANAGEMENT SERVICE CONTRACT 900099 403502 403502 403502 14110208 12783676 67056 809726 1105790 4667324 316214 601318 429392 37016 55755 28137 568893 509978 358722 5254 728810 650762 1061900 181546 77850 CHAPTER EXPENSES 808924 MAINTENANCE AND REPAIRS 563807 SERVICE AND ADMIN FEES 393859 MEMBER PAYMENTS 259732 478346 13889329 848575 542962 467197 189417 245917 326311 30979 29238 284143 343314 4750080 4479708 338501 270372 7014254 8007637 1030270 518115 10259836 10227366 1363253 1207108 2743953 2873995 1148223 585330 5255429 4666433 X 5004407 5560933 5004407 5560933 10259836 10227366 220879 335647 0 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 7266150 258811 -936 257875 271471 -13596 154900 129083 25817 4549154 4350625 198529 46026 46026 270372 RIGHT-OF-USE OPERATING LEASES 518115 518115 OPERATING LEASE LIABILITIES 585330 585330 X 14417718 335647 335647 14082071 28137 28137 14110208 13861192 0 13861192 28137 28137 13889329 PART X, LINE 2: THE INSTITUTE WAS GRANTED AN EXEMPTION FROM FEDERAL INCOME TAXES BY THE INTERNAL REVENUE SERVICE PURSUANT TO THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(6). THE TAX-EXEMPT PURPOSE OF THE INSTITUTE AND THE NATURE IN WHICH IT OPERATES IS DESCRIBED IN THE FIRST PARAGRAPH OF NOTE 1. MANAGEMENT'S ASSERTION IS THAT THERE ARE NO UNCERTAIN TAX POSITIONS, AND THE INSTITUTE CONTINUES TO OPERATE IN COMPLIANCE WITH ITS TAX-EXEMPT PURPOSE. CERTAIN INSTITUTE ACTIVITIES ARE CONSIDERED TO BE UNRELATED BUSINESS INCOME WHICH IS SUBJECT TO INCOME TAXES. THE FINANCIAL STATEMENTS DO NOT INCLUDE A PROVISION FOR INCOME TAXES BECAUSE THE INSTITUTE'S UNRELATED BUSINESS INCOME IS REDUCED BY RELATED EXPENSES, RESULTING IN ONLY A SMALL AMOUNT OR NO TAXABLE INCOME. THE INSTITUTE HAS ADOPTED THE REQUIREMENTS FOR ACCOUNTING FOR UNCERTAIN TAX POSITIONS AND MANAGEMENT HAS DETERMINED THE INSTITUTE WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 131624 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 55878 NORTH AMERICA 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 40866 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 15012 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 4683 RUSSIA AND NEIGHBORING STATES 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 3172 SOUTH AMERICA 0 0 PROGRAM SERVICES MEMBERSHIP AND EDUCATION 1958 0 0 0 0 0 0 253193 0 253193 0 0 0 0 0 0 X X X 1 1 X X X 0 0 0 LINDA CARADINE-POINSETT EVP AND CEO 327890 0 19542 0 0 0 16819 0 19442 0 383693 0 0 0 CHRISTOPHER MIGALA CFAO 191903 0 11372 0 0 0 21304 0 20407 0 244986 0 0 0 WENDY BECKER CPO 191155 0 10632 0 0 0 20998 0 20228 0 243013 0 0 0 LYNN DISBROW COO 195053 0 9720 0 0 0 21101 0 8224 0 234098 0 0 0 ALEX LEVIN SR. DIRECTOR, TECHNOLOGY & COM 138148 0 5500 0 0 0 14724 0 17188 0 175560 0 0 0 BRIDGET TERRONES VICE-PRESIDENT, MARKETING 143799 0 6388 0 0 0 15019 0 0 0 165206 0 0 0 JOEL LOUGHMAN DIRECTOR, ASSOC. MANAGEMENT 136974 0 4000 0 0 0 14337 0 8767 0 164078 0 0 0 STACY PRICHISKY DIRECTOR, HUMAN RESOURCES 124445 0 6063 0 0 0 13271 0 9104 0 152883 0 0 0 PART I, LINE 1A SCHEDULE J, PART I, LINE 1A OFFICERS CAN FLY BUSINESS CLASS IF THE FLIGHT EXCEEDS THREE HOURS. SCHEDULE J, PART I, LINE 1A OFFICERS BROUGHT A COMPANION ON CERTAIN BUSINESS TRIPS. THE BENEFIT WAS TREATED AS TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 1A PAYMENTS INCLUDE A GROSS-UP TO COVER THE TAX LIABILITY. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS, CONSISTING OF 18 MEMBERS AS LISTED ON PAGES SEVEN AND EIGHT OF THE FORM 990, IS RESPONSIBLE TO CONDUCT THE AFFAIRS OF IREM, OVERSEE BUSINESS MANAGEMENT, AND MANAGE STRATEGIC PLAN IMPLEMENTATION. IT MEETS APPROXIMATELY FOUR TIMES PER YEAR WITH THE PRESIDENT PRESIDING OVER THE MEETINGS. THE GOVERNING COUNCIL INCLUDES THE BOARD OF DIRECTORS AND OVER 200 OTHER MEMBERS. IT MEETS ONCE A YEAR APPROVING MAJOR ISSUES SUCH AS MEMBERSHIP CHANGES, THE ANNUAL BUDGET AND OPERATING PLAN, THE STRATEGIC PLAN, AND AMENDMENTS TO THE BYLAWS. THE GOVERNING COUNCIL IS PROVIDED WITH THE QUARTERLY FINANCIAL AND OPERATIONS REPORTS. FORM 990, PART VI, SECTION A, LINE 4 ARTICLE VII, SECTION 2 OF THE BYLAWS WERE UPDATED ON AUGUST 24, 2023, TO CHANGE THE FOLLOWING PREVIOUSLY REQUIRED QUALIFICATIONS FOR OFFICERS OF THE BOARD: SECTION 2.02 BEING AN IREM FOUNDATION CONTRIBUTOR REMOVED AS A REQUIREMENT AS IT DOES NOT SPEAK TO AN INDIVIDUAL'S LEADERSHIP ABILITIES, SKILLS, OR ATTRIBUTES. HOWEVER, DONATING TO THE IREM FOUNDATION WILL CONTINUE TO BE PROMOTED TO ALL VOLUNTEERS AS A SUGGESTED OPTION. SECTION 2.03 SERVED AS AN IREM CHAPTER PRESIDENT OR INTERNATIONAL EQUIVALENT REMOVED AS A STANDALONE REQUIREMENT, PRIMARILY BECAUSE NOT ALL CPMS HAVE THE OPPORTUNITY TO BE A CHAPTER PRESIDENT IF THEY DO NOT FALL WITHIN A CHAPTER'S JURISDICTION. THIS AUTOMATICALLY EXCLUDES MANY MEMBERS. HOWEVER, RECOGNIZING THE LEADERSHIP EXPERIENCE THAT COMES WITH THE ROLE OF CHAPTER PRESIDENT, THIS ITEM IS BEING MOVED TO SECTION 2.04 AS ONE OF SEVERAL OPTIONS THAT DEMONSTRATE EXPERIENCE AS A LEADER. SECTION 2.04 IN ADDITION TO THE ABOVE, ALSO ADDED VICE CHAIR TO 2 OF THE OPTIONS, SINCE SERVING AS A VICE CHAIR OF A GOVERNANCE BODY ALSO BRINGS VALUABLE LEADERSHIP EXPERIENCE, AND CHANGED FROM "MUST MEET TWO OF SIX OPTIONS" TO "MUST MEET THREE OF SEVEN OPTIONS". FORM 990, PART VI, SECTION A, LINE 6 IREM IS A MEMBERSHIP ORGANIZATION THAT HAS JUST OVER 18,000 MEMBERS. THE TWO CATEGORIES OF MEMBERSHIP ARE DESIGNATED MEMBERS AND NONDESIGNATED MEMBERS. DESIGNATED MEMBERS ARE THOSE INDIVIDUALS WHO HAVE CERTIFIED PROPERTY MANAGER (CPM) DESIGNATION AWARDED BY THE INSTITUTE OF REAL ESTATE MANAGEMENT AND WHO, IF THEY RESIDE IN THE UNITED STATES, FURTHER HOLD SOME FORM OF MEMBERSHIP IN A MEMBER BOARD OF THE NATIONAL ASSOCIATION OF REALTORS. ONLY DESIGNATED MEMBERS ARE ELIGIBLE TO HOLD ELECTIVE OFFICE IN THE INSTITUTE OF REAL ESTATE MANAGEMENT. NONDESIGNATED MEMBERS ARE THOSE INDIVIDUALS WHO UPON WRITTEN APPLICATION TO AND APPROVAL BY THE INSTITUTE, HAVE BEEN GRANTED AND CONTINUE TO MAINTAIN MEMBERSHIP, IN ACCORDANCE WITH POLICIES ESTABLISHED BY THE IREM GOVERNING COUNCIL. FORM 990, PART VI, SECTION A, LINE 7A IREM MEMBERS MAY ELECT GOVERNING COUNCILLORS. IREM GOVERNING COUNCIL ELECTS IREM OFFICERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY THE STAFF. THE COMPLETED TAX RETURNS WERE PROVIDED TO THE AUDIT AND INVESTMENT COMMITTEE FOR REVIEW AND DISCUSSION. THE AUDIT AND INVESTMENT COMMITTEE REPORTS TO THE BOARD OF DIRECTORS WHICH IN TURN REPORTS TO THE GOVERNING COUNCIL AS A WHOLE. FORM 990, PART VI, SECTION B, LINE 12C ALL VOLUNTEERS ARE REQUIRED TO READ AND ELECTRONICALLY SIGN-OFF ON A CONFLICT-OF-INTEREST FORM UPON ACCEPTING THEIR ANNUAL APPOINTMENT. FORM 990, PART VI, SECTION B, LINE 15 IREM USES COMPETITIVE RESEARCH STUDIES TO DETERMINE SALARIES OF ALL STAFF INCLUDING THE CEO. THE THREE ELECTED OFFICERS OF THE BOARD APPROVE THE COMPENSATION PACKAGE OF THE CEO. THE PROCESS INCLUDES CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST