The Audit Committee makes recommendations to the Board of Directors regarding the appointment of an outside auditor and acceptance of the financial audit of the Association. The Committee is responsible for reviewing the Association’s audit documents and regulatory filings. The members of the Committee include an independent, non-REALTOR® CPA that provides technical support in the review of documents.
The Audit Committee shall be comprised of seven (7) members. It shall be required that one (1) member meet the following criteria: currently practicing Massachusetts Certified Public Accountants (preferably with Not-for-Profit experience); not REALTOR® members; and not employed by MAR’s Auditors. The Chair shall be an MAR Director, and may not be the current MAR Treasurer. The Vice-Chair and at least one other member must be REALTOR® members in good standing and may not include the current MAR Treasurer. All REALTOR® members of the Committee, other than the Chair, must have served as either a member of the MAR Finance Committee or a member of the MAR Board of Directors during at least one of the previous two (2) years OR is a current serving member of the MAR Board of Directors.
Terms: The outside CPA shall serve for a term of one (1) year and may serve no more than three (3) consecutive one-year terms. The remaining six (6) Committee members shall have three-year staggered terms so that, as nearly as possible, two (2) Committee members’ terms shall expire each year. Accordingly, beginning in Fiscal Year 2022, two (2) members shall be appointed for three (3) years, two (2) members for two (2) years, and two (2) members for one year.
Meetings: A minimum of 2 times per year