Governance

In accordance with the Bylaws of the Association, the following individuals serve on the Board of Trustees:

• President
• President-Elect
• Treasurer/ Secretary
• Immediate Past President
• Four additional Past Presidents
• NAR Directors

FIDUCIARY DUTIES OF THE BOARD OF DIRECTORS

The Board of Directors have the same fiduciary responsibilities to the North Central Jersey Association of REALTORS® as they would a client.

The fiduciary duties are:

• Obedience: to Bylaws, policies, procedures, guidelines and decisions of the Board of Directors;
• Loyalty: to the decisions of the Board of Directors whether or not you agree with them;
• Disclosure: of facts, research, pros/cons of any issues to be voted on;
• Confidentiality: for all debates and votes, and other topics as outlined by the Confidentiality policy of the Board.
• Accounting: for money and documentations;
• Reasonable Care: knowledge prior to voting, engage in full debate, render an action in the best interest of the Association.
• Violation of the fiduciary duties will negate coverage of Errors and Omissions and may subject violator to personal liability. An Officer or Director in violation will be subject to removal as outlined in the Bylaws of the Board.

DUTIES OF THE PRESIDENT-ELECT

The President-elect shall exercise the powers and authority and perform the duties of the President in the absence, disability or as delegated by the President. These duties include but are not limited to:

• Interfaces closely with the President and the Chief Executive Officer.
• Substitutes when directed, and as needed.
• Be knowledgeable and conversant relative to the Board’s strategic plan, objectives, programs and activities of the Board at all levels.
• Assists President in completing all short-term team goals;
• Will be asked by the President to select Vice Chairpersons, if and when appropriate;
• Maintaining continuing progress of long-term team goals;
• Monitors progress of committees;
• The President-elect is the President-in-training, prepares the next person in line to take over creating a continuum;
• They are expected to attend all meetings with the President;
• Represents the Board to other Associations and organizations as requested by the President or Board of Directors;
• They are expected to attend Leadership training and NAR® Meetings;
• Be familiar with the current Bylaws and policies of the Board;
• Be familiar with Robert’s Rules of Order and Parliamentary procedures;
• Be familiar with the Legislative affairs of the Association;
• The President-elect reports to and is responsible for his/her actions to the President and the Board of Directors.

DUTIES OF THE TREASURER /SECRETARY

The Treasurer/Secretary shall oversee and be responsible for all funds received by the Board and for their proper disbursement. The Treasurer shall present the Board’s financial statements to the Board of Directors and in order to do that, the Treasurer must become familiar with the statement format and content. Such funds, shall be kept on deposit in financial institutions, or invested in a manner approved by the Board of Directors. The Treasurer shall be a signatory on all accounts held by the Board. The Treasurer shall cause a monthly financial report to the Board of Directors. The Treasurer shall be Chairperson of the Budget and Finance committee. These duties include but are not limited to:

• Ability to read/understand/interpret financial statements for Board Members;
• Ensure financial statements are presented to the Board on an annual basis with the Board appointed Certified Professional Accountant;
• Acts as a resource to other committees in financial matters;
• Attends an annual meeting with the CEO & a designee of the CEO to ensure the financials are on track from year to year;
• Ensures the Board’s strategic plan goals are properly funded;
• Signatory on NCJAR® Bank Accounts;
• Commits the time necessary in preparation and meeting time;
• Works closely with the CEO and prepares Quarterly reports to be presented to the Trustees at their meeting
• Attend NAR Meetings at the request of the President

Duties & Qualifications of NAR Director*

A National Association of Realtors® (NAR) Director is a key leadership position within the real estate industry, serving on the board of directors for a local, state, or national association. NAR Directors are responsible for guiding the strategic direction of the association, making policy decisions, and overseeing the organization’s activities to ensure they align with the interests of its members. Their responsibilities include participating in meetings, contributing to committees, and representing the association at various levels.

Qualifications & Duties:

• Past President or NAR Director at the Local, State or National Level.
• Meet all Qualifications and Performance Expectations for NAR Directors
• Serve on a NAR Committee
• Demonstrated dedication to the organization’s mission and activities
• Adherence to the highest ethical and professional standards
• Submission of a detailed application outlining qualifications, contributions to the association, and a vision for future involvement.
• A candidate applying for a NAR Director position cannot serve on the Nominating Committee.
• NAR Director travels within the budget of the Association.
• NAR® Directors are required to travel to both the May and November meetings.