FAQs about the Campaign
All of these answers are based on proposals/suggestions for the Foundation. The actual Foundation details will be determined by NAR.
General
How will the Foundation be established?
The Board of Directors (BOD) of the National Association of REALTORS® will approve the creation of the Foundation along with its governing documents. Of course, it will be vetted from legal and financial standpoints.
Who will benefit?
Those who have suffered catastrophically from disease, accident, or acts of God and qualify according to the guidelines established by NAR will benefit. The campaign intention is that all sources of aid and funding have been exhausted by the person needing assistance. Those persons eligible would be the class approved by NAR and the IRS. The campaign proposes those who have been REALTORS® for two years, their immediate families, and those who have been staff for two years.
What will be the process to obtain an award?
A confidential application would be completed and sent to the NAR staff person responsible. The application would be checked out. It would then be sent to a Grant Committee of the Foundation Trustees who would then determine, under an agreement of confidentiality, the award. In order to protect the dignity of the individual and family the names of recipients would not be revealed.
What will be the benefit amounts?
There will probably be an “up to” amount that is the maximum for a calendar year. That amount will be determined in the founding documents. The amount will be whatever NAR deems appropriate for example up to $5,000 or $10,000.
How will distribution be made?
Payment is made to vendors or to service providers and not the individual.
What would be guidelines for vendors and payments?
Specific guidelines should be a part of the Foundation documents, operating policies and application for assistance. The intention is to assist in expenses related to but not limited to health, shelter, rehabilitation, nurses, doctors, medicine, funerals. It is not intended to pay business expenses including dues or business overhead. Specific guidelines are vital to a quick decision on an application.
What is required for it to be a 501(c)(3) (tax deductible) foundation?
IRS approval of the Foundation including the benefiting class.
How will the Foundation proposal be presented to the Board of Directors of NAR?
It is envisioned to go through the normal process of committees, leadership, Executive Committee and finally the BOD. A diverse work group or PAG may be the starting point to craft a proposal.
Where would the proposed Foundation fit in NAR’s Strategic Plan?
Strategic Objective 5: Strengthen the relationships between the REALTOR® Organization and REALTORS®
How will the Foundation be funded?
The campaign believes initial funding should be by NAR, and once established with the Foundation would accept contributions, memorials and honorariums.
Who will be on the BOD/Trustees of the Foundation?
The BOD/Trustee appointment process will be determined by NAR when approving the establishment of the Foundation. It could be any number of ways: NAR Presidential Appointment; or, after naming the initial BOD/Trustees, the BOD/Trustees elect their replacements; or the Foundation recommends to NAR a slate for NAR approval; or? There are legal restrictions and IRS restrictions that must be taken into account
How would this work in relation to the REALTORS® Relief Foundation?
That Foundation, which has done may good works, requires that the area being given money to have been declared a disaster area in the USA and its territories and possessions. The scope is huge. It has given to 9/11; Katrina; Haiti; the Nashville floods; etc. It is given as out reach to communities...a humanitarian outreach. The Benevolent Foundation would serve individual members of the REALTOR® Family. It could be called “in-reach”. It compliments the REALTORS® Relief Foundation and completes the REALTOR® Circle of Compassion.
REALTORS® reaching out to help REALTORS®
