2026-09-23T16:22:47-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2025-01-01 416039154 MINNESOTA ASSOCIATION OF REALTORS MINN 9529122667 11100 BREN ROAD WEST MINNETONKA MN 55343 JOSH MCFALL CEO 9529122667 2026-09-22 1 ANN NEIL P01817922 6123764500 2026-09-22 2025 JOSH MCFALL 11100 BREN ROAD WEST MINNETONKA MN 55343 9418304 0 X WWW.MNREALTOR.COM X 1947 MN TO SERVE AS MEMBERS' FIRST RESOURCE FOR REAL ESTATE INFORMATION AND PROFESSIONAL SERVICES. 61 61 22 72 269243 93219 0 0 5253179 5018011 183451 114249 416826 478293 5853456 5610553 87776 48081 0 0 3219259 3883878 0 0 0 2410015 2322424 5717050 6254383 136406 -643830 10528491 10198107 2502909 2763234 8025582 7434873 X TO SUPPORT ALL SEGMENTS OF MEMBERSHIP BY DEVELOPING AND DELIVERING PROGRAMS, SERVICES AND PRODUCTS TO ASSIST ITS MEMBERS IN SERVING THE PUBLIC WITH A HIGH DEGREE OF PROFESSIONALISM, BY PROTECTING THE RIGHTS OF MEMBERS TO CONDUCT BUSINESS WITHOUT UNDUE REGULATORY CONSTRAINT AND TO PROMOTE THE PRESERVATION OF PRIVATE RIGHTS TO REAL PROPERTY. 0 0 MEMBER SERVICES - THE MINNESOTA ASSOCIATION OF REALTORS HAD 22,000 MEMBERS FOR THE YEAR ENDED DECEMBER, 2025. AMONG THE SERVICES PROVIDED TO MEMBERS, THE ASSOCIATION:1. CONDUCTED PEER REVIEWS OF COMPLAINTS AGAINST REALTORS; 2. PROVIDED REAL ESTATE TRANSACTION FORMS THAT GIVE CONSISTENCY FOR ALL OF THE DIFFERENT TRANSACTIONS CONDUCTED BY REALTORS; 3. PROVIDED BROKERS WITH THE LEGAL HOTLINE, A FREE LEGAL SERVICE FOR BROKERS TO TALK TO ATTORNEYS REGARDING TRANSACTIONS; AND4. PROVIDED CONTINUING EDUCATION TO MEMBERS. CAPITOL CONFERENCE - THE ASSOCIATION RECEIVED UPDATES ON LEGISLATION CONCERNING REAL ESTATE AND VISITED WITH LEGISLATORS IN SUPPORT OF OUR MEMBERS. STATE CONFERENCE - THE ANNUAL CONFERENCE UNITES OUR MEMBERSHIP ACROSS THE STATE WHILE PROMOTING EDUCATION, NETWORKING AND DISCUSSION ON REAL ESTATE ISSUES AND PRACTICES. 0 0 0 1 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 11 0 1 22 1 1 1 0 0 0 0 0 0 0 X 61 61 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X HEATHER MEIER 9529358313 11100 BREN RD W MINNETONKA MN 55343 FITZPATRICK PATRICIA PRESIDENT 1.00 1.00 X X 0 0 0 UZELAC WENDY FIRST VICE PRESIDENT 1.00 2.00 X X 0 0 0 BENDICKSON LEROY TREASURER 1.00 0.00 X X 0 0 0 SHONOIKI BABATUNDE PRESIDENT ELECT 1.00 0.00 X X 0 0 0 THEIS GERI IMMEDIATE PAST PRESIDENT 1.00 0.00 X X 0 0 0 ALM MICHELE DIRECTOR 1.00 0.00 X 0 0 0 BAGLIO TRACY DIRECTOR 1.00 0.00 X 0 0 0 BAKER MATTHEW DIRECTOR 1.00 0.00 X 0 0 0 BILBEN THERESA DIRECTOR 1.00 0.00 X 0 0 0 BLOCH ALEXANDRA DIRECTOR 1.00 0.00 X 0 0 0 BROOKS CARSON DIRECTOR 1.00 0.00 X 0 0 0 CHANG CARRIE DIRECTOR 1.00 0.00 X 0 0 0 CICMIL ROBERTA DIRECTOR 1.00 0.00 X 0 0 0 CLARK ROBERT DIRECTOR 1.00 0.00 X 0 0 0 CLARKE COMFORT DIRECTOR 1.00 0.00 X 0 0 0 DURHAM BRIAN DIRECTOR 1.00 0.00 X 0 0 0 ELLEFSON LORI DIRECTOR 1.00 0.00 X 0 0 0 FINNEY DEBORAH DIRECTOR 1.00 0.00 X 0 0 0 GREENE DEBRA DIRECTOR 1.00 1.00 X 0 0 0 GUERNDT KAREN DIRECTOR 1.00 0.00 X 0 0 0 GUZEK SHELLY DIRECTOR 1.00 0.00 X 0 0 0 HAIDER ANTHONY DIRECTOR 1.00 0.00 X 0 0 0 HALVORSON RUTHANN DIRECTOR 1.00 0.00 X 0 0 0 HARTOS GREGG DIRECTOR 1.00 0.00 X 0 0 0 HELM RODNEY DIRECTOR 1.00 0.00 X 0 0 0 HUNSTAD MICHAEL DIRECTOR 1.00 1.00 X 0 0 0 HUYNH MAN DIRECTOR 1.00 1.00 X 0 0 0 JANDT MICHELLE DIRECTOR 1.00 0.00 X 0 0 0 KARNIS SHELLY DIRECTOR 1.00 0.00 X 0 0 0 KILLEN CLAIRE DIRECTOR 1.00 0.00 X 0 0 0 KNUDSEN MARY DIRECTOR 1.00 0.00 X 0 0 0 KURIA CATHERINE DIRECTOR 1.00 0.00 X 0 0 0 LAWRENCE BRIANNE DIRECTOR 1.00 0.00 X 0 0 0 LEHTO LEEANN DIRECTOR 1.00 1.00 X 0 0 0 LYYTINEN TERRI DIRECTOR 1.00 0.00 X 0 0 0 MASON MARK DIRECTOR 1.00 0.00 X 0 0 0 MAZONE DENISE DIRECTOR 1.00 0.00 X 0 0 0 MILLER JASON DIRECTOR (THRU 11/2025) 1.00 2.00 X 0 0 0 MUSKE MICHAEL DIRECTOR 1.00 0.00 X 0 0 0 NELSON MOLLY DIRECTOR 1.00 0.00 X 0 0 0 NIEMEYER DEBRA DIRECTOR (THRU 11/2025) 1.00 0.00 X 0 0 0 OLSEN AMBER DIRECTOR 1.00 0.00 X 0 0 0 OLSEN MICHAEL DIRECTOR 1.00 0.00 X 0 0 0 PAULSON PATRICK DIRECTOR (THRU 11/2025) 1.00 0.00 X 0 0 0 PELTIER TRAVIS DIRECTOR 1.00 0.00 X 0 0 0 PETERSON AMY DIRECTOR 1.00 0.00 X 0 0 0 PORTER LEE DIRECTOR 1.00 0.00 X 0 0 0 POZORSKI JACQUELINE DIRECTOR 1.00 1.00 X 0 0 0 QUIMBY DEBRA DIRECTOR 1.00 0.00 X 0 0 0 RAWLS DONEVA DIRECTOR 1.00 0.00 X 0 0 0 REYNOLDS ELIZABETH DIRECTOR 1.00 0.00 X 0 0 0 RUBLE PATRICK DIRECTOR 1.00 1.00 X 0 0 0 RUCKER HENRY DIRECTOR 1.00 0.00 X 0 0 0 RUZICK AMY DIRECTOR 1.00 0.00 X 0 0 0 SARVELA LEONARD DIRECTOR 1.00 0.00 X 0 0 0 SCHUSTER LUCAS DIRECTOR 1.00 0.00 X 0 0 0 SMITH LYNDON DIRECTOR 1.00 0.00 X 0 0 0 SMITH-MOORE KIMBERLY DIRECTOR 1.00 0.00 X 0 0 0 SPEHN NICKO DIRECTOR 1.00 0.00 X 0 0 0 STAHLBUSCH JENNY DIRECTOR 1.00 0.00 X 0 0 0 SUCHY NICOLE DIRECTOR 1.00 0.00 X 0 0 0 SWANSON SANDRA DIRECTOR 1.00 0.00 X 0 0 0 TRUE JENNIFER DIRECTOR 1.00 0.00 X 0 0 0 ZUZEK PATRICIA DIRECTOR 1.00 0.00 X 0 0 0 MCFALL JOSHUA CEO 40.00 1.00 X 346728 0 41119 MEIER HEATHER CFO 40.00 0.00 X 189958 0 23614 ANDERSEN CARRIE CHIEF MEMBER ENGAGEMENT OFFICER 40.00 0.00 X 206035 0 43948 EGER PAUL SENIOR VP GOVERNMENTAL AFFAIRS 40.00 0.00 X 189476 0 34654 KOPECKAY JONATHAN SENIOR VP LEGAL AFFAIRS & GENERAL COUNSEL 40.00 0.00 X 199456 0 75409 ARBIT DAVID DIRECTOR OF RESEARCH 40.00 0.00 X 150520 0 10825 OVERTON BRIAN IT DIRECTOR 40.00 0.00 X 156880 0 14819 1439053 0 244388 12 0 1 0 0 MEMBERSHIP DUES 900099 4669982 4669982 STATE CONVENTION INCOME 900099 147512 147512 ADMINISTRATION FEES 900099 114336 114336 EDUCATION/SERVICES 900099 58181 58181 MEETINGS 900099 27250 27250 750 750 5018011 110361 110361 56117 56117 83588 0 83588 83588 83588 3422041 3418153 3888 3888 3888 658841 389598 269243 269243 OTHER INCOME 900099 69345 69345 69345 5610553 5018011 269243 323299 48081 601419 2378197 133698 565983 204581 20459 12832 55179 436408 3 173579 402688 115946 284054 281128 156636 38854 REPAIRS AND MAINTENANCE 109987 MEMBER RELATIONS 64792 DUES 38212 STAFF EDUCATION 6213 125454 6254383 2723910 6037943 534936 332094 121368 142546 4187768 818037 3538969 3369731 3609308 271113 0 44680 10528491 10198107 241317 241854 2182437 2467790 4 4 79151 53586 2502909 2763234 X 8025582 7434873 8025582 7434873 10528491 10198107 -643830 53121 0 X 0 1 X 1 0 0 0 0 4605982 605110 605110 829827 -224717 0 0 841000 841000 2725070 376833 2348237 381805 216066 165739 239893 225138 14755 3369731 X PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. THE ASSOCIATION FOLLOWS THE INCOME TAX STANDARD REGARDING THE RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. THIS STANDARD HAS NO IMPACT ON THE ASSOCIATION'S FINANCIAL STATEMENTS FOR THE PERIOD STATED HEREIN. THE ASSOCIATION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX ON FORM SALES. THE ASSOCIATION'S TAX RETURNS ARE SUBJECT TO REVIEW BY FEDERAL AND STATE AUTHORITIES. THE ASSOCIATION IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. 1 NATIONAL ASSOCIATION OF REALTORS RELIEF FOUNDATION 430 N MICHIGAN AVENUE CHICAGO IL 60611 364468109 501(C)(3) 10000 0 N/A N/A PROVIDING HOUSING-RELATED ASSISTANCE TO VICTIMS OF DISASTERS NATIONAL ASSOCIATION OF REALTORS CORPORATE ALLY PROGRAM 430 N MICHIGAN AVENUE CHICAGO IL 60611 361520690 501(C)(3) 10000 0 N/A N/A SUPPORT FOR FEDERAL, STATE, & LOCAL ADVOCACY CAMPAINGS IN FAVOR OF THE REAL ESTATE INDUSTRY MINNESOTA HOMEOWNERS ALLIANCE INC 5750 LINCOLN DRIVE EDINA MN 55436 414648282 501(C)(4) 28081 0 N/A N/A PROMOTING SOCIAL WELFARE 2 1 PART I, LINE 2: THE ASSOCIATION MAKES GRANTS FOR PROGRAM RELATED PURPOSES, WHICH ARE APPROVED BY THE EXECUTIVE COMMITTEE. THE ACTIVITIES ARE CONTROLLED BY THE ASSOCIATION. THERE IS NO FORMAL MONITORING REQUIRED. X X X 0 0 0 MCFALL JOSHUA CEO 319736 0 25792 0 1200 0 0 0 41119 0 387847 0 0 0 KOPECKAY JONATHAN SENIOR VP LEGAL AFFAIRS & GENERAL CO 185656 0 12600 0 1200 0 0 0 75409 0 274865 0 0 0 ANDERSEN CARRIE CHIEF MEMBER ENGAGEMENT OFFICER 191185 0 13650 0 1200 0 0 0 43948 0 249983 0 0 0 EGER PAUL SENIOR VP GOVERNMENTAL AFFAIRS 175848 0 12428 0 1200 0 0 0 34654 0 224130 0 0 0 MEIER HEATHER CFO 176333 0 12425 0 1200 0 0 0 23614 0 213572 0 0 0 OVERTON BRIAN IT DIRECTOR 148000 0 8880 0 0 0 10175 0 4644 0 171699 0 0 0 ARBIT DAVID DIRECTOR OF RESEARCH 142000 0 8520 0 0 0 8875 0 1950 0 161345 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE, COMPRISED OF A SMALLER GROUP OF THE GOVERNING BODY HAS BEEN ARE GIVEN AUTHORITY ON ACTION ITEMS DEFERRED TO THEM BY THE ENTIRE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 6 THE ASSOCIATION HAS SIX CLASSES OF MEMBERS, WITH EQUAL VOTING RIGHTS: REALTOR MEMBER, MEMBER BOARD/ASSOCIATION, AFFILIATE MEMBER, HONORARY MEMBER, INSTITUTE AFFILIATE, AND REALTOR EMERITUS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER ASSOCIATION OR BOARD ELECTS UP TO FOUR DIRECTORS TO THE BOARD OF DIRECTORS, DEPENDING ON THE NUMBER OF REALTOR MEMBERS OF THE ASSOCIATION OR BOARD. EACH REAL ESTATE COMPANY ELECTS UP TO THREE DIRECTORS TO THE BOARD OF DIRECTORS, DEPENDING ON THE NUMBER OF REALTOR MEMBERS IN THE COMPANY. EACH REAL ESTATE BROKERAGE FRANCHISOR WITH 500 OR MORE REALTOR MEMBERS ELECT ONE DIRECTOR TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B AMENDMENTS TO THE ASSOCIATION'S BYLAWS AFFECTING THE ADMISSION OR QUALIFICATION OF REALTOR MEMBERS AND INSTITUTE AFFILIATE MEMBERS AND THE USE OF THE TERMS "REALTOR OR "REALTORS OR ANY ALTERATION IN THE TERRITORIAL JURISDICTION OF A BOARD ONLY BECOME EFFECTIVE UPON APPROVAL OF THE BOARD OF DIRECTORS OF THE NATIONAL ASSOCIATION. AMENDMENTS TO THE ASSOCIATION'S ARTICLES OF INCORPORATION REQUIRE A TWO-THIRDS MAJORITY VOTE BY THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 WILL BE PROVIDED AT THE NEXT SCHEDULED BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE ASSOCIATION'S CONFLICT OF INTEREST POLICY APPLIES TO ALL DIRECTORS, OFFICERS AND EMPLOYEES. EACH PERSON GOVERNED BY THIS POLICY IS REQUIRED TO COMPLETE AN ANNUAL DISCLOSURE FORM IDENTIFYING ANY RELATIONSHIPS, POSITIONS OR CIRCUMSTANCES IN WHICH THE PERSON IS INVOLVED THAT THEY BELIEVE COULD CONTRIBUTE TO A CONFLICT OF INTEREST ARISING. BEFORE BOARD OR COMMITTEE ACTION ON A CONTRACT OR TRANSACTION INVOLVING A CONFLICT OF INTEREST, A DIRECTOR OR COMMITTEE MEMBER HAVING A CONFLICT OF INTEREST IS REQUIRED TO DISCLOSE ALL MATERIAL FACTS. A PERSON WHO HAS A CONFLICT OF INTEREST MAY NOT PARTICIPATE IN OR BE PERMITTED TO HEAR THE BOARD'S OR COMMITTEE'S DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND TO RESPOND TO QUESTIONS. SUCH PERSON MAY NOT ATTEMPT TO EXERT THEIR PERSONAL INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. THE PERSON HAVING A CONFLICT OF INTEREST MAY NOT VOTE ON THE CONTRACT OR TRANSACTION AND MAY NOT BE PRESENT IN THE MEETING ROOM WHEN THE VOTE IS TAKEN, UNLESS THE VOTE IS BY SECRET BALLOT. IN THE EVENT IT IS NOT ENTIRELY CLEAR THAT A CONFLICT OF INTEREST EXISTS, THE CHAIR OR THE CHAIR'S DESIGNEE DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS. ALL PROCEEDINGS RELATED TO CONFLICTS OF INTEREST ARE DOCUMENTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO IS DETERMINED BY THE CEO EVALUATION COMMITTEE AND EXECUTIVE COMMITTEE, WHICH SERVES AS THE PERSONNEL COMMITTEE. THE ASSOCIATION USES SALARY SURVEYS FOR COMPARABILITY DATA AND DOCUMENTS ALL STEPS IN THE PROCESS. THE PROCESS LAST INCLUDED REVIEW AND APPROVAL BY INDEPENDENT PERSONS, COMPARABILITY DATA AND CONTEMPORANEOUS SUBSTANTIATION IN 2020 FOR THE CEO. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ASSOCIATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE ASSOCIATION'S WEBSITE. MINNESOTA ASSOCIATION OF REALTORS POLITICAL ACTION COMMITTEE 11100 BREN ROAD WEST MINNETONKA MN 55343 416141740 POLITICAL & LEGISLATIVE ACTIVITY MN 527 N/A MINNESOTA ASSOCIATION OF REALTORS 1 MINNESOTA HOMEOWNERS ALLIANCE INC 11100 BREN ROAD WEST MINNETONKA MN 55343 464648282 HOMEOWNER ADVOCACY MN 501(C)(4) N/A MINNESOTA ASSOCIATION OF REALTORS 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0