GMAR BOARD OF DIRECTORSTHURSDAY, JULY 6, 2021 • 9:00 AM

IRONWOOD GOLF COURSE • SUSSEX, WI

MEETING AGENDA

1. Welcome & Introductions

2. Consent Agenda P 3 Approval

3. ReportsA. 2021 Chair-Elect, Kim Curtis

B. Treasurer 1) 2021 Budget Revision2) May 31, 2021 Financials

C. President

D. Departments 1) Equal Opportunity Committee2) Government Affairs 3) Professional Standards

E. Metro MLS, Inc. Update

P 14

P 19

Information

ApprovalApproval

Approval

InformationInformationApproval

5 Min

15 Min

20 Min

5 Min5 Min

15 Min

15 Min

4. Old Business A.None

5. New Business A. None

6. Adjourn

Next Directors Meeting – Thursday, October 14, 2021 • 12:00 PM

* Indicates information will be available at the Directors meeting. Updated: 9/21/2023 12:58 PM

1

DIRECTORS’ POLICIES

Fiduciary Duty

As a GMAR director, you are a fiduciary of GMAR. That means you have a special legal responsibility in connection with the administration, investment, and care of GMAR and its assets. This requires you to make careful, good-faith decisions in the best interest of GMAR. Your decisions must be made independently and free of any undue influence from any person, organization, or brokerage.

Conflict of Interest Policy

A member of any GMAR decision-making body has a conflict of interest whenever that member is a principal, partner, or corporate officer of a business providing, or being considered as a provider of, products or services to GMAR. Members with a conflict of interest must immediately disclose such conflict of interest prior to participating in any discussions or vote of a GMAR decision-making body that pertains to the GMAR. Such members may not participate in any discussions related to the GMAR other than to respond to questions asked of them by other members of the body. A member may not vote on any matter in which the member has a conflict of interest.

2

GMAR BOARD OF DIRECTORSCONSENT AGENDA

1. It is moved, seconded, and carried to approve the minutes of the Board of Directors meeting from May 6, 2021. p. 4

2. It is moved, seconded, and carried to approve of the 180 new members who have applied to become members of the GMAR and paid the appropriate fees. p. 8

3

GREATER MILWAUKEE ASSOCIATION OF REALTORS®BOARD OF DIRECTORS MEETING MINUTES

THURSDAY, MAY 6, 2021 • 12:00 NOONMEETING AT GMAR & VIA ZOOM

1. Call to OrderChair Courtney Stefaniak called the GMAR Directors meeting to order at 12:00 PM with a quorum present for the transaction of business.

Present: Courtney Stefaniak, Chair; Kim Curtis, Chair-Elect; Angela Walters, Secretary/Treasurer; Kel Svoboda, Past Chair; Joe Horning, Ted Dentice, Judy Hearst, Maureen Stallé, Mark Kivley, Sarah Cole, Jose Flores, Summer Hill, Jim Zarek, Jeremy Rynders

Staff Present: Mike Ruzicka, President; Scott Bush, VP Operations; Marne Stück, Chris Carrillo, CEO, Metro MLS

Excused: Roger Rushman

Guest: Bill Malkasian, NAR Former Chief Advocacy Officer

2. Bill Malkasian, NAR Former Chief Advocacy Officer Mr. Malkasian shared his thoughts and perspective on NAR’s federal legislative agenda and NAR’s relationship with the current presidential and Congressional leaders and staff.

3. Consent AgendaA. Approve the minutes of the Board of Directors meeting from March 18, 2021.

B. Approve of the 177 new members who have applied to become members of the GMAR and paid the appropriate fees.

M/S/C to approve the Board of Directors meeting minutes from March 18, 2021 and 177 new GMAR members and recommend placing on file for audit.

4. ReportsA. Chairman’s Report

Mrs. Stefaniak discussed moving from 6 to 4 quarterly Director’s meetings each year. She stated that the Executive Committee unanimously voted to move to a 4-meeting per year format at its April 29th meeting.

The rationale is that the GMAR would like to continue attracting company brokers and office managers to the GMAR’s leadership and not making unnecessary demands on their time. Other organizations, such as WRA and Metro MLS, currently meet 4 times a year.

There is no need to change the GMAR’s bylaws. The bylaws allow the Board to determine how often it meets: “Section 5. Meetings of Directors. The Board of Directors shall designate a regular time and place of meetings.”

Mr. Ruzicka stated that the staff would continue to contact board members as necessary for professional standards decisions, etc. just as they have in the past; and he would continue to send out the “Board Snapshot” that I started last year.

M/S/C to approve of changing the number of Board of Directors meetings from six (6) to four (4) per calendar year.

B. Treasurer’s Report

4

1) Mr. Ruzicka reviewed the March 31, 2021 GMAR financials.

Statement of Financial Position – As of March 31, 2021, GMAR had $1,799,748 in Cash & Investment Balances, down $221,102 compared to last year. Accounts receivable were up $54,430 compared to last year. Prepaid expenses were up $226,645 compared to 2020.

Fixed Assets decreased by $62,265. Total Assets were $3,894,034 which is down $2,292 compared to 2020.

On the Liability side, accounts payable were up $146,461 compared to last year. This is almost entirely because of a $135,000 PPP loan that GMAR received due to the cancellation of the Home and Garden Show. So long as the money is used for allowed purposes, the entire loan should be forgiven. Accrued vacation expenses were down $2,710. Unearned revenue is down $32,810. Overall, Total Liabilities were $614,049 which is up $90,319 compared to 2020.

GMAR has a Net Gain of $1,317,561 through March 31, 2021, down $4,934 from last year. Overall, Total Net Assets were $3,279,984; $92,611 lower than the same point in 2020. The primary reason for almost all of these significant changes was the cancellation of the 2021 Home and Garden Show. The 2020 Show wasn’t cancelled until late March, and its cancellation was so unexpected that several of the financial repercussions weren’t reflected until later months. Most of the dramatic increases and decreases between 2020 and 2021 should moderate over the next couple of months.

Statement of Activities – Membership: Through March 2021, $1,761,761 was collected in dues. Last year through the end of March we had collected $1,631,634 in dues, so dues are $130,127 ahead of last year at the same time. GMAR had a 91% renewal based on number of members billed. New member budget for 2021: 500 REALTORS®, 50 DRs and 20 Affiliates. Through March, actual new members: 356 REALTORS®, 23 DRs and 4 Affiliate.

Promotions: Through March 31, Home and Garden Show income is $27 and expenses are $13,619 for a net loss of $13,592. In March, the 2021 Show was cancelled and virtually all income was refunded. Most of the incurred expenses have been transferred to the 2022 show or refunded, but the remaining expenses will remain in 2021 and result in a net loss. Budgeted net income for the Show was $254,200.

Expenses related to Public Policy and Professional Standards are basically all personnel costs, incurring expenditures primarily in Labor and Overhead.

The Leadership section includes expenditures for meetings, committees, officer expenses, strategic planning, NAR Home Buyer and Seller survey and NAR meetings. The main expenses recorded through March were a few small memberships, and sponsorships.

The Administrative section includes investment and rental income and expenses for professional fees, salaries, fringe benefits, building, insurance, occupancy, property taxes, general office expenses and depreciation.

The bottom line shows net income of $1,317,561. Last year our net income was $1,322,495 for the same time period.

Mr. Ruzicka said he was pleasantly surprised that the Association was in as relatively good financial health as it is, considering two cancelled Home & Garden Shows in the last 12 months.

M/S/C to approve the unaudited Statement of Financial Position (Balance Sheet) and Statement of Activities as of March 31, 2021 and recommend placing on file for audit.

5. President’s Report

5

Mike Ruzicka reported the following in addition to his written memorandum to the Board of Directors:

Leading With Diversity – Leading with Diversity is a new NAR initiative to incorporate more diversity in NAR and all state and local associations. Here is a link to the program, https://www.nar.realtor/ae/leading-with-diversity. It’s a good starting point, and the GMAR will work on identifying the demographic makeup of our market and our membership, and report back to the Equal Opportunity Committee. One item we can act on immediately is to host an implicit/unconscious bias training program for members.

Public Policy Task Force – The PPTF met on April 28th and spent most of its time focusing on two topics:

Increase Homeownership in MKE / Minority Homeownership – The staff put forth several ideas, both short-term and longer-term, to increase homeownership in the City of Milwaukee. Some of the ideas include a) asking the city to clamp down on absentee landlords and pressure them to sell their properties, b) explore creating a non-profit organization that would ask the city to inspect properties, and c) asking the City to make condo construction easier vs. apartment construction.

One idea the panel did not think would work is putting the residency requirement back in place, because it would be too difficult to reinstate.

Errors & Omissions Insurance Requirement – The task force was unanimously in support of asking the WRA to make E&O insurance a requirement for a broker.

This came up when a broker called me to ask if the GMAR could request that the state require E&O insurance. Mr. Ruzicka talked with WRA, and they said it is currently a requirement in 14 states, but that in the current political climate it would be a tough sell.

Nonetheless, Mr. Ruzicka said would send WRA a letter asking that this matter be added to their legislative agenda.

M/S/C to send a letter to the Wisconsin REALTORS® Association requesting Errors & Omissions Insurance be requirement by all brokers in the State of Wisconsin.

Statistics/ Social Media/ PR Task Force – The task force was to meet on May 4 th, however, the chair had a scheduling problem, so it will be re-scheduled.

Mr. Ruzicka stated he would like to explore better ways of examining and distributing the MLS housing data each month. In addition, the TF’s mission is expanding in scope to include the GMAR’s social media effort and public relations ideas.

2021 Public Awareness Campaign – Since embarking on our own public awareness campaign, limited to social media channels, the Association has seen a significant increase in member engagement. Given that boosting social media posts are significantly cheaper than “traditional” print, radio, etc. Mr. Ruzicka asked two brokers if he could have their social media staff take a look at our plan.

He reported that both social media experts said the GMAR has a solid effort going. The roughly $50 a week the GMAR is spending is going a long way.

2021 GMAR Budget Review – Mr. Ruzicka is currently reviewing the 2021 budget and had hoped to have a revised one to the Directors by the meeting. However, he was not able to complete the analysis in time, so he will present the update at the next meeting.

6

Strategic Plan Update – Mr. Ruzicka provided an update on the status of meeting the broad goals of the GMAR Strategic Plan’s Core Goals. In addition to these communications, the GMAR also send out an “Ethics Exchange” newsletter twice a month.

NewsletterCode of Ethics

Value Proposition

Public Policy

January 6 3 4February 1 1 3March 1 2 5April 5 1 5

13 7 17

6. DepartmentsA. Promotions (Home & Garden Show (HGS))

Mr. Ruzicka reported: 2021 Home & Garden Show (Virtual):

Highlight digital Home & Garden Resource Guide Article by Creative Construction on “What to Expect During a Home Inspection” Home & Garden Handy Hints Webinar: “Entering the Design Build Remodel

Process” 2021 “That's Who We R” TV advertisements Link to Stein's Garden & Home Seminars

2022 HGS: To be held March 25th – April 3rd at State Fair Park Presenting sponsor: Unilock Aquatica to build 50’ x 50' show theme feature area Reservations online using expo genie software, which will go live Aug 1st

B. Equal Opportunity Committee

C. Government AffairsMarne Stuck reported on the following: Public Policy TF:

Increase Homeownership in MKE / Minority Homeownership Errors & Omissions Insurance Requirement

D. Professional Standards Scott Bush reported the following: Recommended disciplinary action for case E21-15

M/S/C to approve of the decision

Mr. Bush reported that the advertising citation policy needed to reflect the “one click” rule, allowed for in the Code of Ethics, SOP 12-5. However, the allowance for one click on social media or other electronic platforms may not comply with state law.

7. MLSChris Carrillo, Metro MLS CEO, provided an update on: Delayed Listings – Mr. Carrillo explained that the Metro MLS Board of Directors decided not to

change the current policy in light of a request to do so by a member broker. A spirited discussion ensued about the merits of changing the policy vs. maintaining its current status. No decision was made as to suggesting any changes to the Metro MLS board.

REAL MLS is joining the MRKT team, which is an association of MLS’s.

7

Metro MLS is assisting NAHREP (National Association of Hispanic Real Estate Professionals) in expanding its footprint in the Greater Milwaukee market.

8. Old BusinessA. None

9. New BusinessA. None

10. AdjournThe meeting adjourned at 1:20 PM

Respectfully Submitted,

Mike RuzickaPresident/CEO

__________________________________________Angela Walters Secretary/Treasurer

8

NEW MEMBER REPORT

180 New Members joined April 30 - June 29, 2021 for approval (DR's - 10, R's - 169, A's - 1)

FIRST LAST COMPANYBrian Adam Lake Breeze RealtySalvatore Alioto Prestige Realty WI LLCFaatimah Al-Mujaahid EXP Realty, LLC~MKENyla Al-Mujaahid EXP Realty, LLC~MKERuqqiyyah Al-Mujaahid EXP Realty, LLC~MKEBrian Austing Keller Williams Realty Milw SW~New BerlinShakkiah Beasley Keller Williams Success RealtyShirlee Bedard First Weber Inc~WKJennifer Beltrame Keller Williams Success RealtyG Kirk Bennett Wild West Group LLCElizabeth Benz Network HealthJennifer Borkenhagen 1st Class Real Estate ImpactMichael Brost Agape Realty Group LLCAinsley Budzinski EXP Realty, LLC~MilwAndrew Campbell Shorewest, REALTORS~N OaklandJeniece Carter HPB Realty LLCMaria Chereji Gardner & Associates Real EstateKaren Clark EXP Realty, LLC~MKERobert Clark Homestead Realty Inc~MilwaukeeRobert Coburn Keller Williams Realty~Milw N Shore W BayCandice Coleman EXP Realty, LLC~MKEKeith Cornehls Shorewest, REALTORS~New BerlinJessica Currie EXP Realty, LLC~MKEJason Cyborowski J & J Custom Real EstateMartin Daniel Homestead Realty Inc~MilwaukeeRebecca Daul Realty Executives Integrity~BrookfieldLisa Dixon Acquire Realty LLCMichelle Dorshkind Shorewest, REALTORS~MeadowbrookDavid Dunn EXP Realty, LLC~MKEKamryn Eberle Provident Realty Group LLCErica Ecklund EXP Realty, LLC~MKETyler Enright Shorewest, REALTORS~OCMichael Fazio Mahler Sotheby's International RealtyJulieta Fife Mindful Home Realty LLCNicholas Ford 1st Class Real Estate ImpactCole Gagnon First Weber Inc~WKMegan Gallamore Realty Executives SoutheastMaria Garcia Hernandez EXP Realty, LLC~MKECrystal Garrett Homestead Realty Inc~MilwaukeeMichael Garrison Benefit RealtySteven Gentz Homestead Realty Inc~Milwaukee

9

Nicole Geske Iron Edge RealtyMia Giampietro First Weber Inc~BKKarrie Ann Giordano Shorewest, REALTORS~MNM FallsLiza Goodell Keller Williams Prestige RealtyColleen Grams First Weber Inc~NPWJohn Grant Coldwell Banker Realty~OgdenAngela Green Shorewest, REALTORS~MNM FallsShaunice Greer Badger Realty Team~CGMicaela Grossman Mahler Sotheby's International RealtyDiane Gurgul Homestead Realty Inc~MilwaukeeKendall Hafferman Century 21 Affiliated~WauwatosaTom Hamberger Redfin Inc.Manale Hamdan Coldwell Banker Realty~OgdenPedro Hardy Hardy RealtyMaricha Harris Coldwell Banker Realty~OgdenBlake Hassler Keller Williams Realty~Milw N Shore W BayCarlos Herrera Iron Edge RealtyRocky Hofstetter EXP Realty, LLC~MilwPatrick Hopkins First Weber Inc~WKBrittaney Huth Elevated RealtyReem Imseitef Coldwell Banker Realty~BRKDaniel Jackson Coldwell Banker Realty~OgdenAra Jackson Lannon Stone Realty LLCJasmine Jackson Rightly Guided Real Estate LLCTheresa Jeske Homestead Realty Inc~MilwaukeeVernessa Johnson Century 21 Affiliated~WauwatosaCornelius Jones Keller Williams Realty~Milw N Shore W BayJackie Jones Realty DynamicsAbdelrahman Kadadha HomeWire RealtyJennifer Katzfey Real Broker LLCDenise Kenealy First Weber Inc~BKSteven Koepp RE/MAX United LLC~West BendLaura Kolosovsky Berkshire Hathaway HomeServices Metro RealtyThomas Kolowith Shorewest, REALTORS~DowntownEleni Koutras First Weber Inc~WKJohn Kramer Smart Asset Realty IncJessica Krickeberg Keller Williams Realty Milw SW~New BerlinMichelle Kujawski Lake Country ListingsChristopher Lawrence Trillionaire RealtyChristopher Letherwood Shorewest, REALTORS~South MetroJulie LoDuca Keller Williams Realty~Lake CountryAngela Losiniecki Keller Williams Realty~Lake CountryErin Lowder Riverwest Realty MilwaukeeRodney Lynk Century 21 Affiliated~Mt PleasantVincent Mack EXP Realty, LLC~MKEAmber Marquardt Keller Williams Realty~Lake Country

10

Araceli Martinez Realty One Group PreferredLaura Marx Kings Way Homes & RealtyEvan Mason Realty Executives Integrity~BrookfieldCher Maticek Exit Realty XLOscar Mazaba-Ostos ReThought Real EstateJohn Mei Shorewest, REALTORS~DowntownMaggie Meier Keller Williams Realty~Milw N Shore MilwZoilo Melendez ZM Properties of Wisconsin LLCHans Melges Shorewest, REALTORS~MorelandJames Menger Land & Legacy Group LLCNatasha Meyer Keller Williams Realty~Milw N Shore W BayMonica Miller VERA Residential Real Estate LLCZeah Miller NextHome My WayMichael Miller Iron Edge RealtyAlison Miller Tanking Exsell Real Estate Experts LLCAngela Millonzi Elements Realty LLCMariah Misko Coldwell Banker Realty~West BendJesus Morales Mora Coldwell Banker HomeSale Realty~FranklinRaffael Nash Acquire Realty LLCQuanita Nelson Homestead Realty Inc~MilwaukeeDejan Nikitovic DD RealtyPaul Olson Century 21 Affiliated~Oak CreekMadeline Pagel Coldwell Banker Realty~CEDBianca Perez NextHome My WayDanielle Perham Keller Williams Realty Milw SW~New BerlinKristin Petermann Shorewest, REALTORS~MNM FallsSamuel Peterson First Weber Inc~NPWJessica Petritis RE/MAX Realty 100~Hales CorJeffrey Pfannerstill Shorewest, REALTORS~OCSteven Pickerell Exit Realty XLDavid Piotrowski Keller Williams Realty~Milw N Shore W BayElizabeth Potter Shorewest, REALTORS~OCCorey Prom Realty Executives Elite~Hales CornersRoyal Ramseur Keller Williams Realty~Milw N Shore W BayJoel Rechlicz First Weber Inc~BKDaniel Reed EXP Realty, LLC~MKESarah Reeves 1st Class Real Estate ImpactDanielle Reinheardt Coldwell Banker Realty~West BendLarry Rhodes Premier Point Realty LLCElixandra Rivera Martinez NextHome My WayGavin Robertson Keller Williams Realty Milw SW~New BerlinLynette Robinson Talavera Gonzalez RealtySelenia Rodriguez HomeWire RealtyBrandon Roeling Realty Executives SoutheastZachary Rosen HomeBuyers Advantage~MequonNikki Russell Coldwell Banker Realty~N Shore

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Justin Ryan Redfin Inc.Jose Santiago ReThought Real EstateAlyssa Saxe Shorewest, REALTORS~MorelandChad Schmalz Lightning Realty LLCCarla Schubert Premier Point Realty LLCRenee Schultz Exit Realty XLJenell Seidl Integrity Real Estate Team LLCCaleb Selensky Parkway RealtyJaya Sharma RE/MAX Lakeside~27thAdam Shull Redfin Inc.Christopher Siepmann Siepmann Realty Corp.Daniel Sinthasomphone Powers Realty Group~ShorewoodCecilia Smith VERA Residential Real Estate LLCWillie Smith Real Estate Services of WisconsinDawn Sodemann Coldwell Banker Res Brokerage~West BendMichelle Sopa Shorewest, REALTORS~West BendCarly Stack Brew City, REALTORS LLCCraig Stevens Exit Realty XLMariha Stewart Ogden & Company, Inc.Marisa Szymuszkiewicz Shorewest, REALTORS~MukwonagoKarli Tatum EXP Realty, LLC~MKEJoshua Theys Realty Executives Integrity~BrookfieldDonece Thomas Keller Williams Realty~Milw N Shore W BayAlexus Towers Homestead Realty Inc~MilwaukeeKimberly Treider Exit Realty XLArmando Trujillo Shorewest, REALTORS~MorelandChristina Tsitsos Boardwalk Realty LLCDaniel Vaccaro Coldwell Banker Realty~MEQStephen Valentine Coldwell Banker Realty~MEQTyler Vandermolen Century 21 Affiliated~DelafieldCarolin Varesi Keller Williams Realty Milw SW~New BerlinJune Verette Realty Executives SoutheastMalico Watson Orange Group LLCMeghan Wersel First Weber Inc~BKNicholas Wesell Shorewest, REALTORS~MorelandShannon Wibbert Shorewest, REALTORS~West BendSharitta Wicks NextHome My WayPatrick Wilber Milwaukee Executive RealtyCory Wiler Shorewest, REALTORS~W NorthMelody Wiley Empowerment Realty Group LLCTina Wilson Ogden & Company, Inc.Nicole Wiza Coldwell Banker Realty~N ShoreThomas Wood RE/MAX LegacyJoey Zak Premier Point Realty LLCChad Zeznanski Chad ZeznanskiAustin Zimmer Keller Williams Prestige Realty

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Evan Zuhlke The Real Estate Elite

Membership categories: DR = Designated REALTOR®, R = REALTOR®, RN = REALTOR® No National; A = Affiliate, AC = Affiliate Corporate, LAC = Local Affiliate Corporate, LACC = Local Affiliate Corporate Contact

*Includes former GMAR members who had to rejoin the GMAR as new members.

13

2021 GMAR Budget Revision

The GMAR’s two main sources of revenue, accounting for 90% of GMAR revenue, are member dues and the Home & Garden Show (HGS).

Membership – Membership has been a very bright spot in the GMAR’s budget for several years. In August 2020 we billed 4,814 members and 96% renewed by year’s end. As of May 30th we were 116% ahead of our budgeted new member total of 500, giving us a total of over 5,000 current members.

For the rest of the year, we expect membership to continue its strong growth, estimating we will have 700+ new REALTOR® members, 38 DRs, and 12 Affiliates, yielding total membership revenue of $1.9m.

The SentriLock system is contained under Membership, and the annual expense is $450,000 ($37,500/month).

Promotions – The Home & Garden Show (HGS) was postponed again, and the budget is miniscule compared to most years. The budget shows no income and $14,000 of expenditures.

The budget originally showed $5,000 for the WRA Education Partnership, but we zeroed it out for the rest of the year because there is little “in person” education going on.

Professional Standards – Code of Ethics fine revenue was $3,000 at the end of May; we are maintaining the $5,000 originally budgeted. We also increased the amount for staff and committee training.

We are keeping the line item for a Habitat for Humanity sponsorship of $15,000.

Public Policy – We saved a few thousand dollars this year because everything was virtual (i.e. REALTOR® & Gov’t Day, etc.) We will add back funds for Marne Stück to attend NAR’s GAD Institute in ‘22.

Leadership – For the first time since 2019, we are budgeting for some travel at year’s end as NAR is hosting their convention in San Diego, CA in November. We are continuing to purchase an oversample of NAR’s Consumer survey for the MKE market, as well as Milwaukee Bucks’ tickets for the 2021-2022 season.

Administration – Most Administrative expenses are flat from the original budget. This section includes items such as Rental Income, Audit Fees, and Insurance which we correctly budgeted for earlier this year. Salaries are up $7,000 due to raises and vacation payouts.

The bottom line shows gross income of 2,183,749 with expenses of 2,181,9554, for a net ending balance of $1,795 for FY 2021.

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Statement of Financial Position (Balance Sheet) As of May 31, 2021, GMAR had $1,665,718 in Cash & Investment Balances, up $264,624 compared to last year.

Accounts Receivable were down $23,697 compared to last year. Prepaid expenses were up $229,228 compared to 2020.

Fixed Assets decreased by $61,665. Total Assets were $3,752,978 which is up $408,490 compared to 2020.

On the Liability side, accounts payable were up $140,359 compared to last year. This is almost entirely because of a $135,000 PPP loan that GMAR received due to the cancellation of the Home and Garden Show. So long as the money is used for allowed purposes, the entire loan should be forgiven. Accrued vacation expenses were down $2,710. Unearned revenue is down $72,725. Overall, Total Liabilities were $606,391 which is up $44,303 compared to 2020.

GMAR has a Net Gain of $1,179,164 through May 31, 2021, up $451,865 from last year. Overall, Total Net Assets were $3,146,587; $364,187 higher than the same point in 2020. The biggest reasons for these differences are the PPP loan received in 2021, greater dues collection in 2021, and a smaller loss for the 2021 Home and Garden Show compared to the 2020 HGS.

Statement of ActivitiesMembership: Through May 2021, $1,861,826 was collected in dues. Last year through the end of May we had collected $1,678,249 in dues, so dues are $183,577 ahead of last year at the same time. GMAR had a 91% renewal based on number of members billed. New member budget for 2021: 500 REALTORS®, 50 DRs and 20 Affiliates. Through May, actual new members: 582 REALTORS®, 34 DRs and 8 Affiliate.

Promotions: Through May 31, Home and Garden Show income is $0 and expenses are $13,939 for a net loss of $13,939. In February, the 2021 Show was cancelled, and all income was refunded. Most of the incurred expenses have been transferred to the 2022 show or refunded, but the remaining expenses will stay in 2021 and result in a net loss. Budgeted net income for the Show was $254,200.

Expenses related to Public Policy and Professional Standards are basically all personnel costs, incurring expenditures primarily in Labor and Overhead.

The Leadership section includes expenditures for meetings, committees, officer expenses, strategic planning, NAR Home Buyer and Seller survey and NAR meetings. The main expenses recorded through May were officer stipends, and a few small memberships and sponsorships.

The Administrative section includes investment and rental income and expenses for professional fees, salaries, fringe benefits, building, insurance, occupancy, property taxes, general office expenses and depreciation.

The bottom line shows net income of $1,179,164. Last year net income was $727,299 for the same time period.

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STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

17

May 31, May 31,2021 2020 $ Change % Change

Assets:Cash 323,846.13 190,079.59 133,766.54 70.4%Investments-BMO 272,391.31 241,745.40 30,645.91 12.7%Bankers' Acceptance/ICS Investment 1,069,480.13 969,268.70 100,211.43 10.3%Accounts Receivable 45,376.14 69,072.91 (23,696.77) -34.3%Prepaid Expenses 267,155.01 37,927.00 229,228.01 604.4% Total Current Assets 1,978,248.72 1,508,093.60 470,155.12 31.2%

Fixed Assets (Net of A/D) 817,480.96 879,146.39 (61,665.43) -7.0%MLS Investment 957,248.29 957,248.29 0.00 0.0%

Total Assets 3,752,977.97 3,344,488.28 408,489.69 12.2%

Liabilities and Fund Balance:Liabilities:Accounts Payable 176,230.95 35,871.95 140,359.00 391.3%Unearned Revenue 5,280.00 78,005.00 (72,725.00) 0.0%Accrued Expenses 64,232.33 66,942.01 (2,709.68) -4.0%Mortgage-Long Term Liability 360,647.89 381,269.51 (20,621.62) 0.0% Total Liabilities 606,391.17 562,088.47 44,302.70 7.9%

Net Assets:Net Assets 1,686,080.69 1,804,404.14 (118,323.45) -6.6%General Reserves - 3% Dues 12,500.00 12,500.00 0.00 0.0%Board Designated Reserve Fund 258,842.55 228,196.64 30,645.91 13.4%Board Designated H&G Reserve 10,000.00 10,000.00 0.00 0.0%Net Revenue (Expense) 1,179,163.56 727,299.03 451,864.53 62.1% Total Net Assets 3,146,586.80 2,782,399.81 364,186.99 13.1%

Total Liabilities and Net Assets 3,752,977.97 3,344,488.28 408,489.69 12.2%

STATEMENT OF ACTIVITIES

18

Current Year Previous Year Current Year5 Months 5 Months Original 2021 Current Year Current Year

Ending 5/31/21 Ending 5/31/20 Annual $ Over (Under) % ofActual Actual Budget Budget Budget

Receipts:Dues 1,861,826.00 1,678,249.00 1,686,639.00 175,187.00 110.4%Member Outings 34,145.00 16,595.24 104,400.00 (70,255.00) 32.7%Member Services 9,729.26 7,287.65 2,000.00 7,729.26 486.5%Young Prof Network 3,833.33 4,500.00 5,000.00 (1,166.67) 76.7%New Member Orientation 0.00 50.00 0.00 0.00 0.0%Kettle Moraine 0.00 845.00 950.00 (950.00) 0.0%Home and Garden Show 0.00 122,085.00 873,500.00 (873,500.00) 0.0%Other Shows 0.00 0.00 750.00 (750.00) 0.0%Education 200.00 350.00 5,000.00 (4,800.00) 4.0%Youth Foundation 5,416.65 5,416.65 13,000.00 (7,583.35) 41.7%Public Policy 0.00 1,250.00 1,250.00 (1,250.00) 0.0%NAR Grant 0.00 0.00 0.00 0.00 0.0%Wisconsin Real Estate Supply 531.91 392.84 0.00 531.91 0.0%Professional Standards 3,332.66 1,400.00 13,000.00 (9,667.34) 25.6%Investment Income (net) 2,057.54 2,528.65 6,000.00 (3,942.46) 0.0%Realized Gain (Loss) * 10,841.56 (1,493.67) 0.00 10,841.56 0.0%Unrealized Gain (Loss) * (3,912.37) (59.24) 0.00 (3,912.37) 0.0%Administrative 38,153.85 37,238.61 113,629.00 (75,475.15) 33.6%

Total Receipts 1,966,155.39 1,876,635.73 2,825,118.00 (858,962.61) 69.6%

Expenditures:Dues 23,994.76 21,598.01 74,871.00 (50,876.24) 32.0%Member Outings 1,030.28 34,956.64 116,220.00 (115,189.72) 0.9%Member Services 183,832.09 213,045.42 529,750.00 (345,917.91) 34.7%Young Prof Network 565.42 136.74 6,000.00 (5,434.58) 9.4%New Member Orientation 0.00 2,205.72 10,600.00 (10,600.00) 0.0%Membership Department 0.75 77.65 1,050.00 (1,049.25) 0.1%Kettle Moraine 3,078.16 3,980.15 9,125.00 (6,046.84) 33.7%Home and Garden Show 13,938.77 276,591.97 619,300.00 (605,361.23) 2.3%Other Shows 0.00 0.00 300.00 (300.00) 0.0%Education 229.40 361.25 0.00 229.40 0.0%Youth Foundation 26.78 39.82 300.00 (273.22) 8.9%Promo Department 0.33 935.51 0.00 0.33 0.0%Public Policy 737.11 6,118.58 33,548.00 (32,810.89) 2.2%NAR Grant 0.00 0.00 0.00 0.00 0.0%Wisconsin Real Estate Supply 410.32 239.66 0.00 410.32 0.0%Professional Standards 1,213.99 3,543.53 25,000.00 (23,786.01) 4.9%National Meetings 0.00 934.50 66,100.00 (66,100.00) 0.0%Offi cer Expenses 10,876.00 26,085.23 52,900.00 (42,024.00) 20.6%Meetings 376.64 2,007.46 9,425.00 (9,048.36) 4.0%Committees 12,500.00 12,500.00 11,400.00 1,100.00 109.6%Leadership Department 10,017.40 38,986.60 31,700.00 (21,682.60) 31.6%Direct Wages/Fixed OH/Variable OH 360,248.39 309,541.41 1,092,801.00 (732,552.61) 33.0%

Administrative 524,163.63 504,992.26 1,258,557.00 (734,393.37) 41.6%Direct Wage,Fixed/Variable OH Alloc (360,248.39) (309,541.41) (1,092,801.00) 732,552.61 33.0%

Total Expenditures 786,991.83 1,149,336.70 2,856,146.00 (2,069,154.17) 27.6%

Net Income (Expense) - Per Audit 1,179,163.56 727,299.03 (31,028.00) 1,210,191.56 -3800.3%

MEMORANDUM

TO: GMAR BOARD OF DIRECTORS

FROM: MIKE RUZIICKA, PRESIDENT

RE: JULY PRESIDENT’S REPORT

DATE: SEPTEMBER 21, 2023

2021 Member Survey Handout The recent survey the GMAR sent out indicates that the surge in ethics info we sent out is, at least, being noticed by 83% of respondents, and 66% of them think it’s worked.

Almost 2/3rds of members are not concerned about retaliation when filing a complaint. Roughly the same amount are aware of the $100 advertising citation.

A clear majority of respondents have a positive opinion of the SentriLock program; and 1-day codes and trouble using them on some types of doors leading the list of aggravations. The complete results are in the accompanying handout.

2021 GMAR Budget Review P 14WRA and I have reviewed the 2021 budget and revised it based on the latest revenue and expense projections we have. I will present the proposed adjusted budget at the Directors meeting.

2022 Finances & Dues Rate P 21We increased dues in 2018 by $3 (from $204 to $207). In 2019 we raised dues by $173 (to $380) in order to provide the SentriLock system to all members, we lowered them $30 to $350 in 2020, and held steady for 2021.

I would like to suggest raising dues for 2022 to $355 and an additional $5 for 2023. There is no question that our expenses are increasing and, while we did increase dues $173 to pay for SentriLock, we have not increased them to pay our regular expenses in 3 years.

As a general rule, I prefer to raise dues in small amounts, rather than in large jumps. Additionally, we are experiencing a surge of members right now, which will allow us to capture additional revenue in the short-term.

For some perspective I drafted a comparative list of associations around the nation, 10 larger than the GMAR and 10 smaller, as well as our nearest competitors in the state (P 21) . However, as you can see there is no decipherable pattern among our peers because each region has different priorities. Some charge for electronic boxes and MLS fees, while others charge á la carte.

GMAR Bylaws Review & Update When NAR changed the bylaws mandate, via Core Standards, a few years ago, each association is now required to update their own bylaws and make sure NAR’s required components are contained in it.

19

After looking at a few provisions in recent months, it appears we have some outdated language dating back to the 1994 Waukesha – Milwaukee merger. Scott Bush and I will review the bylaws and provide an update to you prior to the October meeting, with a possible vote at that time.

Directors’ Meeting Dates Since the Directors’ decision to go from 6 to 4 meetings a year, the Executive Committee decided that the schedule for meetings should be the first month of each quarter: January, April, July, and October; and to stick with the traditional 3rd Thursday of the month at 12:00 noon if possible.

However, we cannot meet on October 21st, 2021, due to the Youth Foundation already having their meeting that day. So, for this year we will meet on the 2nd Thursday, October 14th, at 12:00 noon. We will try to keep the meetings to 2-hours in length.

Alberta Leaving – August 19th As you may know, our long-time receptionist, Alberta Dhillon, who is literally the voice of the GMAR, is leaving us next month. [I guess she’s had enough of Scott’s and my antics.]

We’re not letting her leave without an adequate “goodbye” however. We’ll be hosting a Happy Hour on Thursday, August 19 th from 4:00 PM – 7:00 PM at Leff’s Lucky Town in the Village of Wauwatosa.

We will be sending an email out to you, past directors, and other people who Alberta’s grown close to. We will also add a brief announcement to an upcoming newsletter.

Recurring Status Reports

GMAR Snapshot P 22

2021 Public Awareness / Social Media Campaign P 25

GMAR Strategic Plan Update P 27

SentriLock Statistics P 27

2021 GMAR Organizational Chart P 28

2021 GMAR Board of Directors Roster P 29

2021 GMAR Calendar P 30

GMAR Strategic Plan P 32

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ASSOCIATION DUES COMPARISON

Association Count State DuesRICHMOND ASSOCIATION OF REALTORS® INC 5,559 VA $ 200.00 NEXUS ASSOCIATION OF REALTORS® 5,553 NJ $ 195.00 MONTANA ASSOCIATION OF REALTORS® 5,523 MT --- MAINE ASSOCIATION OF REALTORS® 5,469 MA --- SOUTH METRO DENVER REALTOR® ASSOCIATION INC 5,381 CO $ 230.00 NEBRASKA REALTORS® ASSOCIATION 5,376 NE --- KNOXVILLE AREA ASSOCIATION OF REALTORS® INC 5,263 TN $ 180.00 NORTH OAKLAND COUNTY BOARD OF REALTORS® INC 5,251 MI --- CINCINNATI AREA BOARD OF REALTORS® INC 5,191 OH $ 169.00 GREATER HARTFORD ASSOCIATION OF REALTORS® INC 5,155 CT $ 815.00 GREATER MILWAUKEE ASSOCIATION OF REALTORS® 5,117 WI $ 350.00 NORTH SAN DIEGO COUNTY ASSN OF REALTORS® 5,093 CA --- SOUTH BAY ASSOCIATION OF REALTORS® 4,963 CA $ 184.00 GREATER LOUISVILLE ASSOCIATION OF REALTORS® INC 4,939 KT --- GREATER TULSA ASSOCIATION OF REALTORS® INC 4,835 OK $ 270.00 OSCEOLA COUNTY ASSOCIATION OF REALTORS® INC 4,771 FL $ 454.00 SILICON VALLEY ASSOCIATION OF REALTORS® 4,726 CA --- SPACE COAST ASSOCIATION OF REALTORS® , INC 4,718 FL $ 180.00 BIRMINGHAM AREA ASSOCIATION OF REALTORS® INC 4,632 AL $ 250.00 SOUTHWEST RIVERSIDE COUNTY ASSN OF REALTORS® 4,628 CA $ 119.00 GREATER BALTIMORE BOARD OF REALTORS® INC 4,571 MD $ 295.00

Ozaukee Association of REALTORS 320 $ 360.00 Southshore Association of REALTORS 816 $ 170.00 Lakes Area REALTORS Association 485 $ 173.00

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PUBLIC AWARENESS / SOCIAL MEDIA CAMPAIGN

Social Media Goals1. Increase brand awareness – Getting our name out there. 2. Increase member engagement – Grab members’ and consumers’ attention. Experiment with

messaging and content. Members and consumers can be our best cheerleaders, the default landing page will be www.gmar.com/WeRGMAR if a post does not lead them to another page or site.

3. Grow GMAR’s audience – Bring new followers on-board, and discovering discussions, topics, issues, etc. that are important to real estate, REALTORS® and the GMAR.

4. Increase web traffic – Conversions and URL clicks can help better determine the ROI from the social media campaign.

Target Audience GMAR Members – With an average age of 53-years, GMAR members are most likely to see

posts on Facebook. Consumers interested in the housing market – Facebook and Instagram are used by various

segments of the consumer market.

Message Inventory Buyer Preparedness FSBO Why use a REALTOR®

Execution Running from March 15 – June 30 through 2021 3-5 weekly posts on Facebook and Instagram 1 boosted post on each platform, $50/Wk

Metrics Continuously track statistics of the campaign and re-evaluate it on an ongoing basis. Reach – The number of unique users who saw our post Clicks – The number of clicks our content or account receives. Tracking clicks per campaign is

essential to understand what drives curiosity or interest. Engagement – Measure the percentage of people who chose to interact with our content after

seeing it, derived by the total number of social interactions (likes, shares, comments, etc.) divided by the number of impressions (# of times a post has displayed). This sheds light on how well the audience perceives us and their willingness to interact.

25

Social Media Campaign Statistics

Facebook Followers: 3,048 Members Only Group: 632Post Topic Number of Posts Average Reach Average Engagement Average SharesFSBO 5 2430 219 17Stats 10 2408 153 13Buyer/Seller Info 24 2090 138 17MISC 13 272 18 1.5COVID 2 184 13.5 0.5Use a REALTOR® 1 139 8 0Member Highlights 6 128.67 7 0

Instagram Followers: 599Category Number of Posts Average Reach Average Likes Average SharesBuyers/Sellers Info 17 175 14 16FSBO 3 209 22 16Stats 6 187 16 13Use a REALTOR® 3 129 8 3MISC 11 131 10.9 1.4Events 4 140.75 15.25 0.5GMAR 12 149.83 11.1 0

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Page Reach Facebook Instagram Paid Reach Paid Impressions

Amount Spent

January 261 181 0 0 0February 459 231 0 0 0March 9,001 686 3.8K 6.5K $62.84April 22,080 1,872 14.9k 28.7k $171.82May 22,990 623 12.8k 26.8k $165.33June 15,354 552 13.1k 29.7k $210.49

Demographics Facebook InstagramMost popular age range 45-54 35-44Female/Male 59.9% / 40.1% 62.5% / 37.5%

STRATEGIC PLAN UPDATE

Update on the status of meeting the broad goals of the GMAR Strategic Plan’s Core Goals. In addition to these communications, the GMAR also send out an “Ethics Exchange” newsletter twice a month.

NewsletterCode of Ethics

Value Proposition

Public Policy

January 6 3 4February 1 1 3March 1 2 5April 5 1 5May 2 2 4June 2 0 2

17 9 23

SENTRILOCK STATS1,161 Agents have lockboxes that are not on any listings totaling 2,217 of the 5,040 unused lockboxes out right now. There has not been good response of these agents who do not use their lockboxes when asked to return them to the

GMAR.

27

# of Listings 9,054# of LB Out 8,535# of LB on Listings 3,495# of Credentialed Agents 4,444 of 5,335% Credentialed 83%

January % 1-Day CodesOne Day Codes Generated 1546 12.7%SentriKey App Accesses 10659 February One Day Codes Generated 1589 13.1%SentriKey App Accesses 10532 March One Day Codes Generated 1856 9.8%SentriKey App Accesses 17138 April One Day Codes Generated 1099 5.3%SentriKey App Accesses 19659 May One Day Codes Generated 2427 11.2%SentriKey App Accesses 19322 June One Day Codes Generated 2635 12.6%

SentriKey App Accesses18,24

9

GMAR 2021 ORGANIZATIONAL CHART

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Terms expiring12/31/2021

Terms expiring12/31/2022

Terms expiring12/31/2023

Joe HorningShorewest, Realtors17450 W. North Ave.Brookfield, WI 53045-4337O 262.827.4200 jhorning@shorewest.comNRDS: 090096259

(3yr term from Exec Roundtable)

Maureen StalléKeller Williams205 E Silver Spring DriveWhitefish Bay, WI 53217O 414.967.7900 M 414.403.1624 mstalle@kw.com NRDS: 090051909

(3yr term from Exec Roundtable)

Kel Svoboda, Past ChairFirst Weber Inc. 4650 N Port Washington RdGlendale, WI 53212-1077O 414.962-3000 M 414.213.9014kel@firstweber.com NRDS: 090098433

(3yr term from Exec Roundtable)

Ted DenticeShorewest, Realtors (2nd Term)17450 W. North Ave.Brookfield, WI 53045-4337O 262.827.4200 M 262.289.6230tdentice@shorewest.com NRDS: 090017283

Courtney Stefaniak, ChairThe Stefaniak Group (2nd Term)2234 S 108th StMilwaukee, WI 53227-1108M 262.271-5089castefaniak@gmail.com NRDS: 090113039

Jose Flores (1st Term) RE/MAX Lakeside5341 S 27th Street Milwaukee, WI 53221 O 414.325.0000 josefloreshomes@gmail.com NRDS: 885500352

Kim Curtis, Chair-ElectShorewest, Realtors (1st Term)2419 W. Washington St.West Bend, WI 53095M 262.707.2363kcurtis@shorewest.com NRDS: 090060874

Roger RushmanFirst Weber Inc. (2nd Term)2750 Golf Rd, Suite ADelafield, WI 53018-2063O 262.646.6800 M 414.333.5313 rrushman@firstweber.com NRDS: 090015540

Summer Hill (1st Term) Shorewest, Realtors 11622 W North Ave. Wauwatosa, WI 53226 O 414.476.7100 summerhill@shorewest.com NRDS: 090055854

Angela Walters, Secretary/TreasurerEXP Realty, LLC (1st Term)342 N Water St, Ste 600Milwaukee, WI 53202-5715M 414.235.1152 angela.walters@exprealty.comNRDS: 090094348

Mark Kivley (1st Term)RE/MAX Lakeside 1200 E Capitol Dr Ste 200Milwaukee, WI 53211M 414.406.1840 kivleyteam@lakesiderealtors.com NRDS: 090020696

Jim Zarek (1st Term) First Weber Inc. 17345 W Bluemound Road Brookfield, WI 53045 O 262.782.3110 jzarek@firstweber.com NRDS: 090062462

Judy Hearst (1st Term)Coldwell Banker Residential Brkrge11303 N Port Washington RdMequon, WI 53092-3411M 414.702.2064judy@realestatefamily.com NRDS: 090045822

Sarah Cole (1st Term) Landmark Realty 3800 S 97th StMilwaukee, WI 53228 M 414.510.4903colesarahb@gmail.com NRDS: 090128495

Jeremy Rynders (2nd Term)Keller Williams Realty2665 S Moorland Rd, Suite 104New Berlin, WI 53151M 414.795.6675jrynders@kw.com NRDS: 090118704

Mike – 885500353Marne – 090082562Scott – 885500171

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2021 GMAR MEETINGS & EVENTS CALENDAR

January1 GMAR Fiscal Year begins6 GMAR Orientation 14 GMAR Executive Committee Meeting 21 GMAR Board of Directors Meeting – 12:00 Noon, (Virtual) 21-22 GMAR Youth Foundation Board Meeting – GMAR26-28 Inman Connect New York 2021 (Virtual) 29 WRA Board of Directors Meeting – Madison, WI

February3 GMAR Orientation 4 MLS BOD Meeting (Virtual) 15 GMAR Audit – Wegner & Assoc.

March 3 GMAR Orientation 11 GMAR Executive Committee Meeting/Conference Call 18 GMAR Board of Directors Meeting –12:00 Noon, GMAR Headquarters26-April 3 97th REALTORS® Home & Garden Show – Wisconsin Expo Ctr, West Allis, WITBD Marquette Univ & GMAR/WRA Economic Summit – Italian Community Center

April7 GMAR Orientation 14 REALTOR® & Government Day – Madison, WI22-23 GMAR Youth Foundation Board Meeting – GMAR29 GMAR Executive Committee Meeting

May5 GMAR Orientation 6 MLS BOD Meeting – TBD 6 GMAR Board of Directors Meeting – 12:00 Noon, GMAR HeadquartersTBD Brewers Bash – Miller Park, Milwaukee, WI7 WRA Board of Directors Meeting – WRA Headquarters, Madison, WI12-15 NAR REALTORS® Legislative Meetings – Washington, D.C.28 Deadline for 2021 NAR Committee ApplicationsTBD WomenStrong GMAR Women’s Conference – Italian Community Center

June2 GMAR Orientation TBD Downtown Open House 27-30 Real Trends: Gathering of Eagles, Colorado Springs, CO

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July1 GMAR BOD Candidate Applications available to members1 GMAR Executive Committee Meeting 6 GMAR Board of Directors Mtg – Ironwood Golf Course6 GMAR Summer Golf Outing – Ironwood Golf Course14 GMAR Orientation 22-23 GMAR Youth Foundation Board Meeting – GMAR

August4 GMAR Orientation 6 WRA BOD Meeting – TBD 23-24 NAR Leadership Summit – Chicago, IL (Chair-Elect)TBD GMAR Nominating Committee Meeting – GMAR Headquarters31 Last day for GMAR BOD Candidates to submit Applications

September1 Nominating Committee notification of BOD Candidates to membership8 GMAR Orientation 9 MLS BOD Meeting – TBA TBD WRA Leadership Summit – WRA TBD Kettle Moraine Council Wine Tasting TBD WRA Convention – Kalahari, WI Dells 9 GMAR Executive Committee Meeting 16 GMAR Board of Directors Meeting – 12:00 Noon, GMAR Headquarters30 GMAR Board of Directors Write-In Candidate Deadline21-24 CMLS Annual Conference, Seattle, WA

October6 GMAR Orientation7 GMAR Executive Committee Meeting 10-16 GMAR Board of Directors e-Election 14 GMAR Board of Directors Meeting – 12:00 Noon, GMAR Headquarters21 GMAR Youth Foundation Board Meeting

November 3 GMAR Orientation 4 GMAR Youth Foundation Annual Meeting – 11:30 AM, GMAR Headquarters4 GMAR Board of Directors Meeting – 12:00 Noon, GMAR Headquarters12-15 NAR Convention – San Diego, CA

December8 GMAR OrientationTBD Chairwoman’s Holiday Party & GMAR Annual Mtg TBD WRA Management Conference – TBA31 GMAR Fiscal Year ends

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