Long Island Board Of Realtors Inc
- Assets
- $38.2m
- Revenue
- $8.9m
- Investments
- $16.0m
- Employees
- 66
- Location
- West Babylon, NY
- Founding
- 08/1943
- Data as of
- 12/2023
- EIN
- 11-1020780
Organization Overview
Long Island Board Of Realtors Inc is located in West Babylon, NY. The organization was established in 1943. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Long Island Board Of Realtors Inc employed 66 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Long Island Board Of Realtors Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Long Island Board Of Realtors Inc generated $8.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.2%) each year. All expenses for the organization totaled $7.7m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BE THE TRUSTED ALLY UNITING OUR REALTOR MEMBERS IN PROMOTING THE BENEFITS OF AND ENSURING THE FUTURE OF REAL PROPERTY FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROFESSIONAL DEVELOPMENT: EDUCATION AND EVENTS: TO PROVIDE EDUCATIONAL OPPORTUNITIES FOR ALL MEMBERS AND TO EQUIPT REALTORS WITH THE NECESSARY KNOWLEDGE AND SKILLS NEEDED TO EXCEL IN THEIR CAREERS, STAY COMPLIANT WITH INDUSTRY REGULATIONS AND LAWS AND TO PROVIDE THE BEST POSSIBLE SERVICE TO CUSTOMERS AND CLIENTS. LIBOR OFFERS: LICENSING, MANDATORY CONTINUING EDUCATION, SKILL DEVELOPMENT, ETC. AND ALSO, EVENTS TO PROVIDE NETWORKING BUSINESS OPPORTUNITIES, TO ENHANCE MEMBER ENGAGEMENT AND RETENTION. LIBOR OFFERS NYS APPROVED LICENSING AND CONTINUING EDUCATION COURSES, NAR REALTOR DESIGNATION COURSES, BUSINESS AND SKILL DEVELOPMENT PROGRAMS AND BROKER AND MANAGER FORUMS AND SUMMITS THROUGHOUT THE YEAR. THERE WERE 11,065 REGISTRATIONS FOR LIBOR ZOOM/LIVE DISTANCE EDUCATION COURSES (INCLUDING CODE OF ETHICS REPLAYS), 2,969 REGISTRATIONS FOR IN PERSON COURSES/EVENTS, AND 15,254 REGISTRATIONS FOR ONLINE COURSES (INCLUDING LICENSING COURSES). THERE WERE 281 ZOOM EDUCATION COURSES OFFERED AND 76 IN PERSON COURSES/EVENTS OFFERED.
LEGAL HELP LINE - TO REFER MEMBERS TO THE FREE NYSAR LEGAL HELPLINE TO PROVIDE ACCESS TO LEGAL COUNSEL TO ALL MEMBERS, WHICH WILL PROVIDE GENERAL ANSWERS TO THEIR REAL ESTATE QUESTIONS BY NYSAR LEGAL COUNSEL.
REALTOR STORE: TO PROVIDE SUPPLIES, PRODUCTS, SALES AND MARKETING TOOLS TO ALL MEMBERS TO PROMOTE REAL ESTATE ACTIVITY. 133 MEMBERS PURCHASED PRODUCTS THROUGH THE REALTOR STORE. THERE ARE APPROXIMATELY 30 SUPPLIES AND FORMS AVAILABLE FOR SALE.
PSC (PROFESSIONAL STANDARDS COMMITTEE) GRIEVANCE PROCEDURES: TO PROVIDE A COMMITTEE OF PEERS IN WHICH ALL MEMBERS MAY TURN TO FOR FAIR AND PROPER DETERMINATION OF POSSIBLE ETHICS VIOLATIONS AS WELL AS ARBITRATION, MEDIATION, AND OMBUDSMAN SERVICES.THE TOTAL NUMBER OF MEMBERS WHO PARTICIPATED IN THE ARBITRATION OR ETHIC COMPLAINT PROCESS DURING THE YEAR, INCLUDING GRIEVANCE AND MEDIATION, WAS 576.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Prince Member | Trustee | 3 | $0 |
Barbara A Bucovetsky Member | Trustee | 3 | $2,150 |
Charles A Cruse Jr Member | Trustee | 3 | $0 |
Christine Dickson Member | Trustee | 3 | $12,614 |
Christopher A Bacchus Member | Trustee | 3 | $2,835 |
Claire J Leface Member | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sentrilock Lockbox & Photo Id Provider | 12/30/21 | $573,579 |
Tarter Krinsky & Drogin Llp Legal Fees | 12/30/21 | $183,648 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $45,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $45,000 |
| Total Program Service Revenue | $7,804,424 |
| Investment income | $477,635 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $253,405 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,881,368 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $857,502 |
| Compensation of current officers, directors, key employees. | $857,502 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,885,170 |
| Pension plan accruals and contributions | $261,858 |
| Other employee benefits | $468,172 |
| Payroll taxes | $286,682 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,376 |
| Fees for services: Accounting | $49,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $71,138 |
| Advertising and promotion | $54,723 |
| Office expenses | $43,092 |
| Information technology | $151,571 |
| Royalties | $0 |
| Occupancy | $623,753 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $424,579 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $96,235 |
| Insurance | $43,701 |
| All other expenses | $443,017 |
| Total functional expenses | $7,655,512 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $206,471 |
| Savings and temporary cash investments | $17,020,344 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,347 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $158,019 |
| Net Land, buildings, and equipment | $682,791 |
| Investments—publicly traded securities | $1,915,953 |
| Investments—other securities | $16,033,446 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,183,022 |
| Total assets | $38,226,393 |
| Accounts payable and accrued expenses | $946,364 |
| Grants payable | $0 |
| Deferred revenue | $4,974,688 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $37,900 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,264,749 |
| Total liabilities | $8,223,701 |
| Net assets without donor restrictions | $29,303,586 |
| Net assets with donor restrictions | $699,106 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $38,226,393 |
Grants Awarded
Over the last fiscal year, Long Island Board Of Realtors Inc has awarded $40,187 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ROCKAWAY BREWING COMPANY LLC PURPOSE: TO BUILD AND COMPLETE A STREET SEAT IN ACCORDANCE TO NAR GRANT REQUIREMENTS IN QUEENS | $19,968 |
SUFFOLK COUNTY NY PURPOSE: TO CREATE A BIKE REPAIR STATION THAT THE PUBLIC CAN ACCESS IN ACCORDANCE TO NAR MEGA GRANT GUIDELINES. | $6,893 |
TOWN OF BABYLON PURPOSE: TO BUILD AND COMPLETE A COMMUNITY GARDEN IN ACCORDANCE TO NAR GRANT REQUIREMENTS IN WYANDANCH | $13,326 |