Land Of The Sky Association Of Realtors Inc
- Assets
- $5.8m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 9
- Location
- Asheville, NC
- Founding
- 09/1948
- Data as of
- 12/2022
- EIN
- 56-6060775
Organization Overview
Land Of The Sky Association Of Realtors Inc is located in Asheville, NC. The organization was established in 1948. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Land Of The Sky Association Of Realtors Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Land Of The Sky Association 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 12/2022, Land Of The Sky Association Of Realtors Inc generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.1%) per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
LOTSAR'S MISSION IS TO ENHANCE OUR MEMBERS' ABILITY TO SUCCEED, TO FOSTER HIGH ETHICAL STANDARDS, AND TO PROMOTE PRIVATE PROPERTY RIGHTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAIN RESPONSIBILITY OF ORGANIZATION'S MEMBERS IN THEIR DUTY TO THE PUBLIC BY PROVIDING EDUCATION AND TRAINING AS WELL AS KEEPING MEMBERS UP TO DATE ON LEGISLATIVE CHANGES.
FOSTER FELLOWSHIP AMONG MEMBERS AND ENHANCE THE PUBLIC PERCEPTION OF THE REAL ESTATE PROFESSIONAL BY PROVIDING AN ANNUAL TRADE SHOW AND MANY OPPORTUNITIES FOR NETWORKING.
ENFORCE FAIR DEALINGS BY MAINTAINING QUALITY ETHICAL STANDARDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wallace Shealy President | OfficerTrustee | 2 | $0 |
Steve Barnes President Elect | OfficerTrustee | 2 | $0 |
Mark D Mathews Treasurer | OfficerTrustee | 2 | $0 |
Debbie Williams Secretary | OfficerTrustee | 2 | $0 |
Katie Wangrin Past President | Trustee | 2 | $0 |
Joye King Steele Director | Trustee | 2 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,035,244 |
| Investment income | $3,612 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $151,452 |
| 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 | $1,193,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,467 |
| 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. | $261,731 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $324,497 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $46,096 |
| Payroll taxes | $43,539 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,626 |
| Fees for services: Accounting | $22,492 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $861 |
| Advertising and promotion | $0 |
| Office expenses | $32,844 |
| Information technology | $24,445 |
| Royalties | $0 |
| Occupancy | $105,884 |
| Travel | $47,871 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,461 |
| Interest | $106 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $126,846 |
| Insurance | $14,023 |
| All other expenses | $28,603 |
| Total functional expenses | $1,209,421 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $500 |
| Savings and temporary cash investments | $1,664,632 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,725 |
| 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 | $6,171 |
| Net Land, buildings, and equipment | $4,112,451 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,787,479 |
| Accounts payable and accrued expenses | $44,677 |
| Grants payable | $0 |
| Deferred revenue | $556,278 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $33,061 |
| Total liabilities | $634,016 |
| Net assets without donor restrictions | $5,153,463 |
| Net assets with donor restrictions | $0 |
| 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 | $5,787,479 |
Grants Awarded
Over the last fiscal year, Land Of The Sky Association Of Realtors Inc has awarded $15,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ASHEVILLE AREA HABITAT FOR HUMANITY PURPOSE: BLUEPRINT SPONSOR | $5,000 |
MADISON COUNTY HOUSING COALITION PURPOSE: FACILITATE HOME REPAIR, REHABILITATION AND AFFORDABLE HOUSING | $5,000 |
THE HAVEN OF TRANSYLVANIS COUNTY PURPOSE: HOMELESS SHELTER FOR MEN, WOMEN AND FAMILIES | $5,000 |