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        <PersonNm>MICHAEL PIERCE</PersonNm>
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        <PersonNm>TOM SCOTT</PersonNm>
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        <PersonNm>LINDA ZELLER</PersonNm>
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        <PersonNm>SUSIE LEIN</PersonNm>
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        <PersonNm>KEITH BECKER</PersonNm>
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        <PersonNm>BEN LAMSON</PersonNm>
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      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <ConsolidatedBasisFinclStmtInd>X</ConsolidatedBasisFinclStmtInd>
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      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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      <OnlyInHouseLobbyingInd>0</OnlyInHouseLobbyingInd>
      <AgreeCarryoverPriorYearInd>1</AgreeCarryoverPriorYearInd>
      <DuesAssessmentsAmt>7312483</DuesAssessmentsAmt>
      <NonDeductibleLbbyngPltclCYAmt>1632568</NonDeductibleLbbyngPltclCYAmt>
      <NonDeductibleLbbyngPltclTotAmt>1632568</NonDeductibleLbbyngPltclTotAmt>
      <AggregateReportedDuesNtcAmt>3102076</AggregateReportedDuesNtcAmt>
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    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LeaseholdImprovementsGrp>
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        <BookValueAmt>0</BookValueAmt>
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      <EquipmentGrp>
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        <DepreciationAmt>254409</DepreciationAmt>
        <BookValueAmt>58853</BookValueAmt>
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      <OtherLandBuildingsGrp>
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        <DepreciationAmt>7017</DepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>58853</TotalBookValueLandBuildingsAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ASSOCIATION IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND SECTION 23701E OF THE CALIFORNIA REVENUE AND TAXATION CODE AND, THEREFORE, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ONLY ON NONEXEMPT MONIES EARNED. ACCOUNTING GUIDANCE ISSUED BY FASB PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FOR THOSE BENEFITS TO BE RECOGNIZED, A TAX POSITION MUST BE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE ASSOCIATION DID NOT HAVE UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2019 AND 2018 AND DOES NOT EXPECT THIS TO CHANGE SIGNIFICANTLY OVER THE NEXT TWELVE MONTHS. THE ASSOCIATION WILL RECOGNIZE INTEREST AND PENALTIES ACCRUED ON ANY UNRECOGNIZED TAX BENEFITS AS A COMPONENT OF INCOME TAX EXPENSE. AS OF DECEMBER 31, 2019 AND 2018, THE ASSOCIATION HAS NOT ACCRUED INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
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      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>API LEGISLATIVE CAUCUS INSTITUTE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1514 PINNACLES STREET</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95616</ZIPCd>
        </USAddress>
        <RecipientEIN>202609319</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>11000</CashGrantAmt>
        <PurposeOfGrantTxt>TO INCREASE PARTICIPATION OF ASIAN PACIFIC ISLANDERS IN GOVERNMENT THROUGH LEADERSHIP DEVELOPMENT PROGRAMS THAT STRENGTHEN COMMUNITY AND CIVIC ENGAGEMENT.</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>ASSOCIATION OF CA CITIES</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>500 S MAIN STREET</AddressLine1Txt>
          <CityNm>ORANGE</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>92868</ZIPCd>
        </USAddress>
        <RecipientEIN>800670293</RecipientEIN>
        <IRCSectionDesc>501(C)(4)</IRCSectionDesc>
        <CashGrantAmt>5150</CashGrantAmt>
        <PurposeOfGrantTxt>TO OFFER EDUCATIONAL OPPORTUNITIES ON HOUSING ISSUES TO LOCAL ELECTED OFFICIALS ON HOUSING POLICIES.</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CALIFORNIA ISSUES FORUM</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1717 I STREET</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95811</ZIPCd>
        </USAddress>
        <RecipientEIN>010595129</RecipientEIN>
        <IRCSectionDesc>501(C)(4)</IRCSectionDesc>
        <CashGrantAmt>25000</CashGrantAmt>
        <PurposeOfGrantTxt>TO PROMOTE SOCIAL WELFARE BY EDUCATING THE PUBLIC AND PROVIDING A FORUM TO DISCUSS TOPICAL ISSUES OF COMMUNITY INTEREST</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CALIFORNIA LEGISLATIVE LGBT FOUNDATION</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>1017 L STREET SUITE 222</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95814</ZIPCd>
        </USAddress>
        <RecipientEIN>380805115</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>20000</CashGrantAmt>
        <PurposeOfGrantTxt>TO CONTINUE TO SUPPORT THE FOUNDATIONS MISSION OF EDUCATION AND OUTREACH WHICH IS FOCUSED ON SCHOLARSHIPS, STUDENT FINANCIAL AID SERVICES, AND AWARDS</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CALIFORNIA POLICY GROUP</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1215 K STREET STE 1400</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95814</ZIPCd>
        </USAddress>
        <RecipientEIN>841989534</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>30000</CashGrantAmt>
        <PurposeOfGrantTxt>TO SUPPORT THE ORGANIZATION'S COMMITMENT OF PROVIDING NONPARTISAN, UNBIASED DATA AND ANALYSIS OF IMPORTANT POLICY ISSUES IN THAT AFFECT THE CALIFORNIA ECONOMY.</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CIVIL JUSTICE ASSOC OF CA</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1201 K STREET STE 1850</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95814</ZIPCd>
        </USAddress>
        <RecipientEIN>942565764</RecipientEIN>
        <IRCSectionDesc>501(C)(4)</IRCSectionDesc>
        <CashGrantAmt>27500</CashGrantAmt>
        <PurposeOfGrantTxt>TO REDUCE EXCESSIVE AND UNWARRANTED LITIGATION.</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>EQUALITY CALIFORNIA</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>202 W 1ST STREET SUITE 3-0130</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90012</ZIPCd>
        </USAddress>
        <RecipientEIN>954708781</RecipientEIN>
        <IRCSectionDesc>501(C)(4)</IRCSectionDesc>
        <CashGrantAmt>20000</CashGrantAmt>
        <PurposeOfGrantTxt>TO HELP CONTINUE TO SUPPORT THE ORGANIZATION'S EFFORTS OF EDUCATION AND ADVOCACY THROUGH THE NATION'S LARGEST STATEWIDE LGBTQ CIVIL RIGHTS ORGANIZATION</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>FOUNDATION FOR CALIFORNIA'S TECHNOLOGY &amp; INNOVATION ECONOMY</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>777 S FIGUEROA STREET STE 4050</AddressLine1Txt>
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          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90017</ZIPCd>
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        <PurposeOfGrantTxt>TO CONTINUE TO HELP THE FOUNDATION WITH ITS EDUCATIONAL OUTREACH EFFORTS TO EDUCATION CALIFORNIANS ABOUT THE ROLE TECHNOLOGY AND INNOVATION PLAYS IN THE ECONOMIC SUCCESS OF THE STATE</PurposeOfGrantTxt>
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      <RecipientTable>
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        <CashGrantAmt>30000</CashGrantAmt>
        <PurposeOfGrantTxt>TO HELP INDIVIDUALS AND FAMILIES EITHER REMAIN IN OR RETURN TO STABEL HOUSING.</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>LOS ANGELES COUNTY COALITION FOR RESPONSIBLE HOUSING SOLUTIONS</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>515 S FIGUEROA STREET STE 1110</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90071</ZIPCd>
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        <CashGrantAmt>10000</CashGrantAmt>
        <PurposeOfGrantTxt>TO PROMOTE POSITIVE HOUSING POLICIES IN LOS ANGELES COUNTY</PurposeOfGrantTxt>
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      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>THE SILICON VALLEY ORGANIZATION</BusinessNameLine1Txt>
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          <CityNm>SAN JOSE</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
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        <RecipientEIN>941659396</RecipientEIN>
        <IRCSectionDesc>501(C)(6)</IRCSectionDesc>
        <CashGrantAmt>7500</CashGrantAmt>
        <PurposeOfGrantTxt>PROMOTE A VIBRANT LOCAL ECONOMY IN SILICON VALLEY AND EDUCATE THE PUBLIC ON THE IMPORTANCE OF BUSINESS AND ECONOMIC DEVLOPMENT</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>6</Total501c3OrgCnt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ASSOCIATION PARTICIPATES ON THE GOVERNING BODIES OF MOST OF THOSE ENTITIES WHICH RECEIVE GRANTS FROM THE ASSOCIATION AND THUS MONITORS BOTH THE FINANCIAL AND PERFORMANCE STANDARDS OF THE RECIPIENT ORGANIZATIONS. IN SITUATIONS WHERE THE ASSOCIATION DOES NOT PARTICIPATE ON THE GOVERNING BODIES OF THE OTHER RECIPIENT ORGANIZATIONS, THE ASSOCIATION REVIEWS THE SUCCESS OF THE ENTITY(S) VIA QUARTERLY OR ANNUAL REPORTS.</ExplanationTxt>
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    </IRS990ScheduleI>
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        <TotalCompensationFilingOrgAmt>164820</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>HEIDI PALUTKE</PersonNm>
        <TitleTxt>SENIOR VP COMPLIANCE AND EDUCATION</TitleTxt>
        <BaseCompensationFilingOrgAmt>147351</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>7404</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>2479</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>157234</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>RHOVY ANTONIO</PersonNm>
        <TitleTxt>VP PUBLIC AFFAIRS</TitleTxt>
        <BaseCompensationFilingOrgAmt>144272</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>10248</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>6827</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>161347</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WHITNEY BENZIAN</PersonNm>
        <TitleTxt>VP PUBLIC AFFAIRS</TitleTxt>
        <BaseCompensationFilingOrgAmt>141414</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>7250</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>1597</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>150261</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 1</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE COMMITTEE MAY ACT IN PLACE AND STEAD OF THE CAA BOARD BETWEEN BOARD MEETINGS ON ALL MATTERS, EXCEPT THOSE SPECIFICALLY RESERVED TO THE BOARD BY THE BYLAWS. THE COMMITTEE SHALL OVERSEE THE CORPORATE AFFAIRS OF CAA. ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO AND RATIFIED BY THE BOARD BY MAIL OR AT THE NEXT BOARD MEETING. THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE ELECTED OFFICERS(PRESIDENT, PRESIDENT-ELECT, VICE PRESIDENT, SECRETARY, TREASURER); THE IMMEDIATE PAST PRESIDENT, A MEMBER APPOINTED BY THE PRESIDENT, THE CAAPAC CHAIRPERSON, AND CHAIRPERSONS OF STANDING COMMITTEES. THE EX-OFFICIO MEMBERS OF THE EXECUTIVE COMMITTEE, WITHOUT THE RIGHT TO VOTE, SHALL BE THE CHAIRPERSON OF THE ASSOCIATION EXECUTIVES' COMMITTEE AND THE CAA CHIEF EXECUTIVE OFFICER. A MAJORITY OF THE EXECUTIVE COMMITTEE SHALL CONSTITUTE A QUORUM AT ANY DULY CALLED MEETING OF THE COMMITTEE. THE PRESIDENT SHALL CALL SUCH MEETINGS OF THE EXECUTIVE COMMITTEE AS THE BUSINESS OF THE CALIFORNIA APARTMENT ASSOCIATION MAY REQUIRE, OR A MEETING SHALL BE CALLED BY THE CHIEF EXECUTIVE OFFICER ON REQUEST OF TWENTY-FIVE PERCENT(25%) OF THE MEMBERS OF THE EXECUTIVE COMMITTEE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>CAA HAS TWO(2) CLASSES OF MEMBERS: REGULAR MEMBERS AND ASSOCIATE MEMBERS. REGULAR MEMBERS SHALL BE COMPOSED OF RESIDENTIAL RENTAL PROPERTY OWNERS AND MANAGEMENT COMPANIES. ASSOCIATE MEMBERS ARE INDIVIDUALS OR ENTITIES WHO HAVE AN INTEREST IN THE GROWTH, PRESERVATION AND EXPANSION OF THE RENTAL HOUSING INDUSTRY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>REGULAR AND ASSOCIATE MEMBERS SHALL HAVE VOTING PRIVILEGES AS PROVIDED IN THE BYLAWS. THEY ARE OBLIGATED TO SUPPORT CAA AND ITS BYLAWS AND CODE OF ETHICS AND TO TAKE NO ACTION ADVERSE THERETO.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FORM 990 IS REVIEWED AND DISCUSSED IN DETAIL BY MANAGEMENT TO MAKE CERTAIN THE INFORMATION IS COMPLETE AND ACCURATE. THE FORM 990 IS THEN PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND TO ANSWER ANY QUESTIONS THAT MAY COME UP DURING THE PROCESS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>PERSONS COVERED BY CAA'S CONFLICT OF INTEREST POLICY WILL ANNUALLY DISCLOSE OR UPDATE TO THE CHAIRMAN OF THE BOARD OF DIRECTORS ON A FORM PROVIDED BY THE ORGANIZATION THEIR INTERESTS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST, SUCH AS A LIST OF FAMILY MEMBERS, SUBSTANTIAL BUSINESS OR INVESTMENT HOLDINGS, AND OTHER TRANSACTIONS OR AFFILIATIONS WITH BUSINESSES AND OTHER ORGANIZATIONS OR THOSE OF FAMILY MEMBERS. FOR EACH INTEREST DISCLOSED TO THE CHAIRMAN OF THE BOARD OF DIRECTORS, THE CHAIRMAN WILL DETERMINE WHETHER TO: (A) TAKE NO ACTION; (B) ASSURE FULL DISCLOSURE TO THE BOARD OF DIRECTORS AND OTHER INDIVIDUALS COVERED BY THIS POLICY; (C) ASK THE PERSON TO RECUSE FROM PARTICIPATION IN RELATED DISCUSSIONS OR DECISIONS WITHIN THE ORGANIZATION; OR (D) ASK THE PERSON TO RESIGN FROM HIS OR HER POSITION IN THE ORGANIZATION OR, IF THE PERSON REFUSES TO RESIGN, BECOME SUBJECT TO POSSIBLE REMOVAL IN ACCORDANCE WITH THE ORGANIZATION'S REMOVAL PROCEDURES. THE ORGANIZATION'S CHIEF EMPLOYED EXECUTIVE AND CHIEF EMPLOYED FINANCE EXECUTIVE WILL MONITOR PROPOSED OR ONGOING TRANSACTIONS FOR CONFLICTS OF INTEREST AND DISCLOSE THEM TO THE CHAIRMAN OF THE BOARD OF DIRECTORS IN ORDER TO DEAL WITH POTENTIAL OR ACTUAL CONFLICTS, WHETHER DISCOVERED BEFORE OR AFTER THE TRANSACTION HAS OCCURRED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION IS DETERMINED BY THE OFFICERS OF THE BOARD WHICH MAKE UP THE COMPENSATION COMMITTEE. THE OFFICERS REVIEW ORGANIZATIONS OF SIMILAR SIZE AND REVENUE IN ADDITION TO OTHER TRADE ORGANIZATIONS TO DETERMINE WHAT A COMPARABLE COMPENSATION WOULD BE FOR THE CEO.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAKES ALL INFORMATION AVAILABLE TO THOSE THAT MAKE A WRITTEN OR VERBAL REQUEST THROUGH THEIR OFFICE.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043500001">
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CALIFORNIA RENTAL HOUSING SERVICES CORPORATION</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>980 9TH STREET STE 1430</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95814</ZIPCd>
        </USAddress>
        <EIN>680333121</EIN>
        <PrimaryActivitiesTxt>ASSOCIATION MANAGEMENT</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CA</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>CALIFORNIA APARTMENT ASSOCIATION</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ShareOfTotalIncomeAmt>-2375</ShareOfTotalIncomeAmt>
        <ShareOfEOYAssetsAmt>195389</ShareOfEOYAssetsAmt>
        <OwnershipPct>1.00000</OwnershipPct>
        <ControlledOrganizationInd>1</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>CAA RENTAL HOUSING INSURANCE BROKERS INC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>980 9TH STREET STE 1430</AddressLine1Txt>
          <CityNm>SACRAMENTO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>95814</ZIPCd>
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        <EIN>260357063</EIN>
        <PrimaryActivitiesTxt>BROKERS INSURANCE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CA</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>CALIFORNIA RENTAL HOUSING SERVICES CORPORATION</BusinessNameLine1Txt>
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        <ShareOfEOYAssetsAmt>346348</ShareOfEOYAssetsAmt>
        <OwnershipPct>1.00000</OwnershipPct>
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      <ReceiptOfIntAnntsRntsRyltsInd>1</ReceiptOfIntAnntsRntsRyltsInd>
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      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
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      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
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      <PerformOfServicesForOthOrgInd>1</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
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      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>CAA RENTAL HOUSING INSURANCE BROKERS INC</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>535000</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH RECEIPTS</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>