California Association of REALTORS® Education Foundation Policies and ProceduresDRAFT
Approved by the StrategicPlanning and Finance Committee, the Executive Committee, and the Board of Directors on June 10 - 11, 2005.Last Revised: April 18, 2006The purpose of the California Association of REALTORS® Education Foundation is to provide realestate related scholarships and to engage in other real estate and education related charitable activities.These Policies and Procedures have been established by the C.A.R. Board of Directors to guide the Directors of the C.A.R. Education Foundation in their actions as representative of the Association membership.The C.A.R. Education Foundation Directors may recommend modifications to these Policies and Procedures from time to time, subject to approval of the C.A.R. Board of Directors. CONTENTSI. AWARD CATEGORIES AND OTHER ACTIVITIESII. AWARD AMOUNTSIII. CRITERIA FOR AWARDSIV. APPLICANT INTERVIEW PROCEDURESV. AWARD GRANTING PROCEDURESI. AWARD CATEGORIES AND OTHER ACTIVITIESA. The C.A.R. Education Foundationmay award grants to students attending a California College or University and taking a real estate-related course. (Must be at least a three unit college course.)B. The C.A.R. Education Foundation may award grants to real estate licensees whocomplete advanced professional designation courses such as GRI, ABR, ABRM, ALC, ARM, CAM, CBR, CCIM, CIPS, CPM, CRB, CRE, CREA, CRIA, CRS, GAA, LTG, QSC, PMN, RAA, RCE, SIOR, SRES, e-PRO, REPA, etc. after the designation is attained.C. The C.A.R. Education Foundation may conduct or sponsor seminars, conferences, real estate-related courses or course materials, or other events.D. The C.A.R. Education Foundation may contribute to other charitable entities with similar goals in support of real estate related issues or policies.E. The C.A.R. Education Foundation may authorize expenditures for promotional purposes, to solicit funds, and to advertise the availability of awards to potential recipients.II. AWARD AMOUNTSA. Students attending a 4-year institution may receive a maximum award of $5,000 per calendar year, with a lifetime limit of two awards. Students attending a 2-year institution may receive a maximum award of $2,500 per calendar year, with a lifetime limit oftwo awards.B. Individuals attaining an advanced professional designation may receive a maximum award of $1,000 per calendar year, with a lifetime limit of two awards.C. 1) Individual award disbursements cannot exceed 10% of the total existing funds without approval of the C.A.R. Board of Directors. 2) Total annual disbursements cannot exceed 25% of the total funds without approval of the C.A.R. Board of Directors.III. CRITERIA FOR AWARDSA. No awards may be given to the C.A.R. Education Foundation’s Directors, employees, or family members.B. No awards may be given and no funds may be used for activities that directly or indirectly support or oppose a candidate for public office (such activity could jeopardize the Educational Foundation’s tax - exempt status).C. Applicants must demonstrate a need for financial assistance.D. Applicants must also meet all of the following criteria: 1) Completed application
2) Essay of at least 300 words expressing their career objectives in real estate
3) 2 letters of recommendation ■ 1 letter from a College Professor or designation course instructor ■ 1 letter from Local Association of student’s residence 4) Official transcript(s) from all colleges/universities attended (if applicable)
5) Enrollment at a college or university or designation course within the state of California 6) Students must be legal residents of California for at least one year prior to the date of the application
7) Students must have a validCalifornia Driver’s License or California State Identification Card
8) Students must be of college sophomore status or above and have maintained a grade point average of 2.6 or better from all colleges/universities attended for the past 5 years prior to the date of application (if applicable)E. Awards should be limited to courses, activities and events conducted within the state of CaliforniaIV. APPLICANT INTERVIEW PROCEDURESA. Directors of the C.A.R. Education Foundation shall interview applicants in person when feasible, and in cases when distance and schedules necessitate, interviews may be conducted over the phone.B. Directors may be provided with an interview questionnaire, which may be used as a guideline to assist the Directors in conducting the interview. The main objective of the interview is to ensure that the information provided by the applicant is accurate and reflects a sincere intention by the applicant to enter the field of real estate or further their professional development in real estate.V. AWARD GRANTING PROCEDURESA. Awards can be made in the name of the individual, or payable to some other entity if applicable (e.g., if the award is for attendance at aseminar, the payee could be the entity conducting the seminar).B. Directors of the C.A.R. Education Foundation will make their recommendations at committee meetings attended by a quorum of Directors.C. Consistency, objectivity and adherence tothe Educational Foundation’s purpose set forth in the bylaws and in these Policies and Procedures should guide the Directors when making recommendations for awards. Favoritism or personal friendships with applicants should not bias the recommendation process.D. If a Director feels strongly about an applicant’s qualifications, it is perfectly acceptable for the Director to voice his or her opinions. Conversely, if a Director feels that an applicant’s qualifications are not acceptable, the Director should feel comfortable in expressing his or her thoughts.E. Directors should be required to disclose to other Directors any potential conflict of interest, including personal or business connections with an applicant. A Director with a conflict of interest should abstain from voting on the relevant matter.