I. INVOCATION PLEDGE OF ALLEGIANCE. III. CONSENT AGENDA BILL STEWART a) Motion to approve the HAAR Consent Agenda/Minutes

HUNTSVILLE AREA ASSOCIATION OF REALTORS BOARD OF DIRECTORS MEETING AGENDA 535 Monroe Street, Huntsville, AL Tuesday, May 20 th, 2013 Immediately following the NALMLS O&D Meeting CALL MEETING TO ORDER BILL STEWART I. INVOCATION II. PLEDGE OF ALLEGIANCE III. CONSENT AGENDA BILL STEWART a) Motion to approve the HAAR Consent Agenda/Minutes IV. NALMLS Motions BILL STEWART V. TREASURER S REPORT LARRY CARROLL a) March 2014 Financials VI. PRESIDENT REMARKS BILL STEWART a) NAR Convention Update b) NAR Core Standards c) Nominating Committee VII. CEO UPDATE KIPP COOPER VIII. COMMITTEE REPORTS a) Governmental Affairs STEVEN LAMAR b) ARPAC SHA JARBOE c) Affiliate Director NICKIE ALLISON-LASH d) North Alabama CRS KATHY MANN e) WCR CARRIE BURKE f) YPN Huntsville DARRIN HASLEY g) REALTORS in Action JIM JOHNSON IX. COMMITTEES PRESENTING MOTIONS a) Finance and Budget LARRY CARROLL X. OTHER BUSINESS ADJOURN MEETING IMPORTANT DATES May 20 th Dotloop 100-Setup 1:30-2:30 and Dotloop 101-Basics 2:30-4:00 May 22 nd Risk Management: For Salespeople (level 2)- Charles Sowell 9:00am 12:30 pm (3 hours CE) May 22 nd Listings, Contracts and Closings Class- Charles Sowell 1:30pm 4:30pm (3 hours CE) June 5 th Membership Luncheon 11:30am 1:00 pm June 19th 9-Noon "Federal Rules and Regs Impacting Real Estate"-Jim Lawrence ONLY $15 (3 Hours CE) June 19th 1-4:00pm Risk Mgt: For Salespersons (Level 2) Jim Lawrence June 20 th 9-Noon Effective Negotiating-Make it Happen- Jim Lawrence

BOARD OF DIRECTORS MEETING OF THE HUNTSVILLE AREA ASSOCIATION OF REALTORS April 1, 2014 CONSENT AGENDA (Items listed on the Consent Agenda are expected to be routine and non controversial and, unless the Board directs that an item be held for further discussion, the entire CONSENT AGENDA will be acted upon for block approval. If the Board directs that an item listed on the CONSENT AGENDA be held for further discussion, the item will be addressed under Other Business. ) 1

HAAR Consent Agenda April 1, 2014 ITEM PAGE Approval of February 2014 Minutes 3-5 March Committee Reports 6 February/ March 2014 Membership Report 7 NALMLS February Statistics 8 2

HUNTSVILLE AREA ASSOCIATION OF REALTORS OFFICERS & DIRECTORS MEETING MINUTES Tuesday, February 25, 2014 8:30am PRESENT: President Bill Stewart, President Elect Opie Balch, MLS President Kathy Mann, Secretary/Treasurer Larry Carroll, Attorney Bo Harrison, Nickie Allison Lash, Ginny Brandau, Paul Buxton, Sha Jarboe, Jim Johnson, Steven LaMar, Zelda Lanza, Terry Lewis, Landa Pennington, Cindi Peters, Rod Schumann, Robert Simons, Regina Underwood, Rod Weaver, Jan Wells, Bill Ward, Julie Lockwood, Carrie Burke, Valerie Miles ABSENT: Lynn Kilgore, Darrin Hasley, Tommy Pruett STAFF: CEO Kipp Cooper, Christina Hearne, Rhonda Ricketts, Katy Fitzgerald, Tammy Owen, Arely Jaimes Gomez At a meeting of the Officers and Directors, held at 535 Monroe Street, Huntsville, AL., 35801, the meeting was called to order by President Bill Stewart at 9:16 am, Central Standard Time. Pledge of Allegiance led by Rod Schuman MOTION: To approve the HAAR Consent Agenda Motion Carried. TREASURERS REPORT Secretary/Treasurer Larry Carroll presented the December 2013 Financials. 3

Secretary/Treasurer Larry Carroll presented a motion from the Finance and Budget Committee Motion: To approve up to $5,000 to retrofit the existing interior fluorescent light fixtures to new T8 hardware. Rationale: The manufacturer of our existing fluorescent light fixtures is making new, more energy efficient T8 systems which require an upgraded ballast and wiring harness system. The current hardware in our existing 40+ fluorescent light fixtures is no longer replaceable. As the ballasts have gone out, John has retrofitted these fixtures. Moving the entire office to the new T8 system will also eliminate the need to carry 2 types of fluorescent bulbs. Scott Lighting has told us of a possible TVA rebate of up to $1,000 which we could qualify for. Motion Carried Larry presented a few highlights from the 2013 Audit. He also informed the committee there are copies of the full Audit available to our members. Anyone interested in reviewing these should see Katy. PRESIDENTS REMARKS President Bill Stewart reminded the officers and directors about the upcoming REALTOR Day. He also announced ValleyMLS will be hosting its first Open House weekend, which will take place April 12 th and 13 th. Bill announced he would like for the Officers and Directors to contribute to ARPAC, and he hopes O&D can reach a 100% participation rate. Additionally, Bill would like to inform the general membership of the impact ARPAC has on their business. The goal for this year is to have individual committees, and individual offices meet an 80% participation rate. CEO UPDATE CEO, Kipp Cooper gave an update on the building renovations. Unfortunately, there was more damage than expected and budgeted for. Initially, it was believed only one of the four walls needed to be treated for mold. During the demolition it was discovered that three of the four walls need to be treated. Additionally, the exterior brick wall will also need to be treated. At this point the Finance and Budget committee presented a motion: Motion: to increase our previously approved authorization of $17,000 from HAAR Restricted Reserves for mold remediation and repairs to a new total not to exceed $23,000. Motion Carried 4

Kipp proceeded to talk about the Education Audit; the Alabama Real Estate Commission gave the Education Director, Christina Hearn, a glowing review. If anyone would like to review the audit, Kipp will gladly share it. Continuing with the education department, Kipp was pleased to announce the HAAR education website will go live in mid March. MLS President Update MLS President, Kathy Mann reminded everyone that the new MLS powered by LPS will start running at the end of May. Both the new MLS and List It will be running simultaneously until July 28 th. Training on the new system will begin June 17 th and will run until mid August. A representative of LPS will be at the April Membership Luncheon answering any questions. Additionally, the MLS President from the Pensacola Association will be present to talk about her experience moving from a Solid Earth MLS to a LPS system. COMMITTEE REPORTS Syndication Task Force Valerie Miles reminded everyone the main reason we moved to direct syndication, was to gain control of our listing and to not have to pay for leads. So far, there has been great participation from Brokers; however the individual Agents are not opting in. We are aware that there are some brokers who have decided not to op in, and we respect that decision. Locally, it seems this topic has died off, but national our direct syndication is still news. Other Associations and Boards are looking at us and our success in this venture. Valerie proceeded to show us specific examples of how opting in to the direct syndication benefits the individual agents. Lastly, she pointed out there is a separate agreement with REALTOR.com which is in the works. Unfortunately, negotiations are not going smoothly and in the event an agreement cannot be made before our original contract expires with Realtor.com, we will stop our feed. If this happens, we do not believe we will be adversely affected, but it may cause Realtor.com to agree to our terms. Governmental Affairs Committee Chair Steven Lamar mentioned meeting with John Harrison of NAR, who shared wonderful ideas at their meeting. Steven reminded everyone of the upcoming REALTOR Day in Montgomery. There is still time to sign up and there will be an ARPAC meeting held on the bus. ARPAC Chair Sha Jarboe also mentioned meeting with John Harrison. She stated it was a great learning about the different resources NAR provides to the individual committees. ARPAC will be hosting its first event on March 13 th at Straight to Ale, the event is Ales and ARPAC. Additionally, ARPAC has now met 32% of their goal. Affiliate Director Nickie Allison Lash announced the first Affiliate council meeting has been scheduled. If anyone would like to share information with this committee please let her know. CRS President Kathy Mann reported CRS had a great meeting. The RVP from California came to visit our chapter. Starting in April CRS will hold a can drive. REALTORS in Action Chair Jim Johnson reported their first meeting was held February 18th, unfortunately there was not a quorum so the committee could not vote on the new Mission Statement. WCR President Carrie Burk commented the last WCR meeting was cancelled due to the weather. WCR will be having a joint meeting with HAAR and the Speaker will be Dale W. Strong. WCR is also working very hard to promote REALTOR Day. There being no new business, the meeting adjourned at 9:30 am Minutes respectfully submitted by Arely Jaimes for Larry Carroll. 5

March Committee Reports ARPAC No Report. BYLAWS No Report. CARAVAN Nothing to report. FINANCE & BUDGET No Report. FORMS Nothing to report. GRIEVANCE No Report. GOVERNMENTAL AFFAIRS No Report. Education Committee No Report. ORIENTATION No Report. PROFESSIONAL STANDARDS Nothing to report. REALTORS in Action We are putting together our first fund raiser, which will take place in the summer. We are working on setting up subcommittees to help us raise awareness in the Realtor community, as well looking for ways to raise funds. We now have a set scope of services, and a process to help better help Realtors in need. I you know of any Realtor(s) who are in need of help please contact Arely Jaimes at Arely@hbrmls.com or 256-536-3334 ext. 33. Our next meeting will be April 8 th at 11:30 am. 6

Feb. Mar. 2014 HAAR MEMBERSHIP REPORT The Huntsville Area Association of REALTORS has received 3 Designated REALTOR Applications, 23 REALTOR Applications, 2 Affiliate Applications from Feb. 17, 2014 thru Mar. 25, 2014. DESIGNATED REALTOR Dennis Olive, Jr. James H. Robinson, Jr. Warren A. Ward REALTOR Melodie Atchley Darin K. Bashaw Charles P. Blackwell Tanya Armstrong Bowman Albert (Jack) Bryant Norman Bush Aisha Buycks Atlas Campbell Mervin Clark Christopher Day (no orient) Christopher Flamm Susan Henshaw Ted Herring Christine Howard Julie Kochie Sudha Krishna Christa Landingham Mary Lightfoot Sarah Matthews Russel A. Neumann Allison Sherrod Dicky (Joe) Towery Ronald Webster Real Pro, Realtors Huntsville Homes, LLC Watercress Realty, LLC Crye-Leike, Realtors-Madison Intero Real Estate Services Re/Max Alliance-Madison Keller Williams Realty-Madison Weichert, Realtors-The Space Place Rise Real Estate-Parkway Plaza Crye-Leike Realtors-Madison Keller Williams Realty-Madison WeichertRealtors-The Space Place WeichertRealtors-The Space Place Rise Real Estate, Inc. Exit Total Realty Leading Edge Real Estate Group Exit Realty of the Valley-HSV Keller Williams Realty-Madison Sperry Van Ness Crye-Leike Realtors-Madison Re/Max Alliance-Mad. Averbuch Realty Crye-Leike Realtors-Madison Keller Williams Realty-HSV North Alabama R.E. Group Exit Realty of the Valley-Mad. AFFILIATE Shannon Fortner Judy Fudge Primary Residential Mortgage, Inc. Mastando & Artrip, LLC 7

Alabama Housing Statistics Reporting Form North Alabama Multiple Listing System, Inc. (NALMLS) Board: HUNTSVILLE/MADISON COUNTY AREA ASSOCIATION OF REALTORS Month: February, 2014 MONTHLY TOTALS (This represents our previous form.) # Sold This Month Average Selling Price Median Selling Price Average Days On Market # of Units on the Market Total 333 $191,808 $156,400 136 2880 # Pending This Month Average Pending Price Median Pending Price Average Days On Market # of Units Currently Pending Total 244 $193,264 $168,000 122 454 BY PROPERTY TYPE (Please mark "NR" if MLS cannot retrieve these figures) # Sold This Average Selling Median Selling Average Days # of Units on Month Price Price On Market the Market Existing SF (Single Family, 237 $171,502 $133,300 110 2,322 Garden & Townhomes): Condo(New & Existing): 14 $108,871 $76,200 134 104 New Construction: (Single Family, 82 $264,657 $261,375 177 454 Garden & Townhomes) PRICE DISTRIBUTION Price Range: # of Total Sales: AVG DOM # of Current Active Listings $99,999 OR UNDER 87 111 459 $100,000 - $124,999 33 141 233 $125,000 - $149,999 40 118 323 $150,000 - $199,999 53 98 553 $200,000 - $249,999 30 89 367 $250,000 - $299,999 35 110 354 $300,000 - $349,999 15 121 168 $350,000 - $399,999 17 124 121 $400,000 - $449,999 6 90 72 $450,000 - $499,999 6 180 63 $500,000 - $549,999 5 116 40 $550,000 - $599,999 1 292 27 $600,000 - $649,999 1 0 13 $650,000 - $699,999 1 60 19 $700,000 - $749,999 0 9 $750,000 - $799,999 1 335 12 $800,000 OR OVER 2 188 47 8

HUNTSVILLE AREA ASSOCIATION OF REALTORS As of March 2014 Notes to HAAR 2014 March Financial Statement HAAR Balance Sheet The HAAR balance sheet currently reflects total assets of $1,266,678 compared to $10,877 in liabilities. 99% of the current assets are in cash, CD, money market or restricted reserves. HAAR Profit and Loss Statement / Income Statement Income line 1503 - Application Fees of $24,000 reflects 60 new members for 2014. Income line 1520 - Late fees of $8,835 has exceeded the 2014 annual budget by 35%. Income line 152514 - HAAR Dues 2014 reflects full dues collection for 1,624 members and prorated dues on 55 new members. As of March we have exceeded the 2014 annual budget by $3,815 in dues collection. (The 2014 annual budget was based on 1,634 members paying full dues) Income line 1535 - ARPAC Event Income of $1,280 is offset with expense line 1743.1, netting $663. The next ARPAC fund raiser is scheduled for August 21. Income line 1553 - Supra Activekey Car Charger Income of $175 nets a negative $267 with expense line 18274. More chargers had to be ordered during March to replenish the inventory. As the product is sold, the income account will turn positive. Expense line 1777 - Pre/Post Licensing of $355 consists of an AREC refund of $1,035, course applications related to the HAAR School of Real Estate, and instructor payments for Quarter 1. In April, we received our first Online Learning payment of $435. The HAAR Profit & Loss Statement reflects total income of $313,690 and total expense of $180,269 as of March 2014. The Net Income is $133,420 which is $20,007 more than budgeted for March. CONTRACT RENEGOTIATIONS: none Reserve Goals Update The HAAR reserve goal for 2014 is $678,190.50. As of March, HAAR has $523,626 in reserves which is 77% of the 2014 goal. The current reserves amount will provide approximately 9 months of operating expenses. Reserves Actual: Reserves Goal: Restricted - Operating Reserves 487,702.33 Restricted - Bldg Maint Reserve 25,645.36 Restricted - Computer Reserve 10,278.43 Reserves Actual as listed above: $ Difference between Goal and Actual: $ Percentage of Goal: $ 678,190.50 523,626.12 (154,564.38) 77.21% Reserves Goal: Comprehensive Cash Actual: Unrestricted Operating Account 230,902.47 Unrestricted Operating Money Market 26,300.78 Restricted - Operating Reserves 487,702.33 Restricted - Bldg Maint Reserve 25,645.36 Restricted - Computer Reserve 10,278.43 Comprehensive Cash as listed above: $ Difference between Goal and Actual: $ Percentage of Goal: $ 678,190.50 780,829.37 102,638.87 115.13%

HUNTSVILLE AREA ASSOCIATION OF REALTORS Summary Balance Sheet As of March 31, 2014 Mar 31, 14 ASSETS Current Assets Checking/Savings 788,698.31 Accounts Receivable 172.28 Other Current Assets 1,881.52 Total Current Assets 790,752.11 Fixed Assets 474,926.38 Other Assets 1,000.45 TOTAL ASSETS 1,266,678.94 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities 10,877.92 Total Current Liabilities 10,877.92 Total Liabilities 10,877.92 Equity 1,255,801.02 TOTAL LIABILITIES & EQUITY 1,266,678.94 Page 2 of 11

ASSETS HUNTSVILLE AREA ASSOCIATION OF REALTORS Balance Sheet As of March 31, 2014 Mar 31, 14 Current Assets Checking/Savings 1101 Petty Cash 300.00 1102 Petty Cash - Key System 147.00 1103 Regions Operating Account #0700 230,902.47 110594 Regions MM#0618 26,300.78 1105 Restricted - Operating Reserves 487,702.33 1108 Restricted - Bldg Maint Reserve 25,645.36 1109 Restricted - Computer Reserve 10,278.43 1112.1 Regions#9286-Realtors in Action 5,251.49 1112.2 RDFCU#5410-Texie Wilson MemFund 2,170.45 Total Checking/Savings 788,698.31 Accounts Receivable 1121 A/R - from MLS 172.28 Total Accounts Receivable 172.28 Other Current Assets 1150 Returned Checks 355.00 1190 Prepaid Expenses 1,495.52 1194 Prepaid Income Tax 31.00 Total Other Current Assets 1,881.52 Total Current Assets 790,752.11 Fixed Assets 1202 Building Accessories 3,695.90 1203 Land (Purchased July 1980) 130,722.50 1204 Furniture & Equipment 15,492.13 1215 Land Improvements 3,831.78 1217 Computer Equipment 7,521.30 1218 Original Building 0.12 1219 Building Addition 115,748.23 1220 Trademark 5,609.61 1230 Copyright 247.38 1250 HAAR Logo 2,722.58 1221 Leasehold Improvements 189,334.85 Total Fixed Assets 474,926.38 Other Assets 1225 Investment in MLS 1,000.45 Total Other Assets 1,000.45 TOTAL ASSETS 1,266,678.94 Page 3 of 11

HUNTSVILLE AREA ASSOCIATION OF REALTORS Balance Sheet As of March 31, 2014 Mar 31, 14 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities 1300.1 A/P - Realtors in Action 5,251.49 1300.2 A/P - Texie Wilson MemFund 2,170.00 130414 Payable - NAR Assmt 2014 245.00 130514 Payable - NAR Dues 2014 700.00 130614 Payable - AAR Dues 2014 963.36 130714 Payable - AAR New Member 2014 700.00 1315 Accrued Income Tax Payable 13.00 1324 Building Use - Refundable Dep 800.00 1380 Use Taxes Payable 35.07 Total Other Current Liabilities 10,877.92 Total Current Liabilities 10,877.92 Total Liabilities 10,877.92 Equity 3900 Fund Balance 1,122,380.38 Net Income 133,420.64 Total Equity 1,255,801.02 TOTAL LIABILITIES & EQUITY 1,266,678.94 Page 4 of 11

HUNTSVILLE AREA ASSOCIATION OF REALTORS Profit & Loss Budget vs. Actual January through March 2014 Jan - Mar 14 YTD Budget YTD Variance % of YTD Budget 2014 Annual Budget Ordinary Income/Expense Income 1502 Interest Income 518.91 560.00 41.09-92.66% 2,000.00 1503 Application Fees 24,000.00 18,000.00 6,000.00 133.33% 71,820.00 1511 Gift Card Sponsor Income 0.00 0.00 0.00 0.0% 1,000.00 1515 Member Benefits Partner Program 3,025.00 2,500.00 525.00 121.0% 2,500.00 1516 Newsletter Advertising Income 0.00 0.00 0.00 0.0% 6,000.00 1520 Late Fees 8,835.00 6,500.00 2,335.00 135.92% 6,500.00 1524 Annual Key Maintenance 2,740.00 2,400.00 340.00 114.17% 36,669.00 152514 HAAR Dues 2014 185,287.00 177,855.00 7,432.00 104.18% 181,471.68 1526 Rent Income - MLS 20,250.00 20,250.00 0.00 100.0% 81,000.00 1527 Education Income 10,718.00 9,000.00 1,718.00 119.09% 19,000.00 1527.1 Orientation Income 2,250.00 2,250.00 0.00 100.0% 9,000.00 1527.2 Pre/Post Licensing Income 0.00 0.00 0.00 0.0% 7,980.00 15291 Banquet Income 32,325.00 27,500.00 4,825.00 117.55% 27,500.00 1530 Misc Income 295.18 100.00 195.18 295.18% 1,000.00 1531 Building Rental Income 1,740.00 1,500.00 240.00 116.0% 4,000.00 1533 REALTOR Expo 0.00 0.00 0.00 0.0% 11,480.00 1533.1 Technology Expo Income 0.00 0.00 0.00 0.0% 4,000.00 1535 ARPAC Event Income 1,280.00 500.00 780.00 256.0% 15,000.00 15351 Arbitration/Mediation Fees 350.00 350.00 0.00 100.0% 1,500.00 1538 Maps Income 54.00 60.00 6.00-90.0% 350.00 1539 GMM Luncheon Income 7,677.58 7,100.00 577.58 108.14% 20,015.00 1546 Royalties from NALMLS 0.00 0.00 0.00 0.0% 35,550.72 1547 POC from NALMLS 0.00 0.00 0.00 0.0% 74,064.00 1552 KeyBoxes 8,795.00 9,000.00 205.00-97.72% 52,500.00 1553 Supra Activekey Car Charger 175.00 50.00 125.00 350.0% 250.00 1554 Supra Ekey Fob 3,000.00 1,500.00 1,500.00 200.0% 5,794.20 1555 Supra Replacement Key Container 33.00 22.00 11.00 150.0% 100.00 1556 Supra IPhone Adapter 59.00 942.00 883.00-6.26% 3,776.00 1557 Supra Return Postage Income 282.50 0.00 282.50 100.0% 0.00 Total Income 313,690.17 287,939.00 25,751.17 108.94% 681,820.60 Gross Profit 313,690.17 287,939.00 25,751.17 108.94% 681,820.60 Expense 1735 Accounting 11.03 15.00 3.97-73.53% 500.00 1735.1 Audit 24,250.00 24,250.00 0.00 100.0% 24,250.00 1736 Dues & Subscriptions 715.00 720.00 5.00-99.31% 3,200.00 1740 Advertising 0.00 0.00 0.00 0.0% 6,504.00 1743 ARPAC (Golden R $2000) 2,000.00 2,000.00 0.00 100.0% 2,000.00 1743.1 ARPAC Event Expense 616.81 600.00 16.81 102.8% 12,500.00 1756 Bank Svc Charge & CC Processing 2,371.94 2,850.00 478.06-83.23% 6,000.00 1761 Charitable Projects ($5,000) 0.00 0.00 0.00 0.0% 5,000.00 1766 Copier/Fax 450.00 450.00 0.00 100.0% 1,800.00 1771 Chamber of Commerce-HREGI (15K) 0.00 0.00 0.00 0.0% 10,000.00 1773 Depreciation Expense 8,667.30 8,700.00 32.70-99.62% 34,800.00 1774 Amortization Expense 183.18 300.00 116.82-61.06% 1,200.00 1776 Education & Seminars 3,852.46 3,900.00 47.54-98.78% 9,500.00 1777 Pre/Post Licensing Expense 355.79 500.00 144.21-71.16% 3,980.00 1785 Grievance Committee 0.00 0.00 0.00 0.0% 600.00 1786 Installation Banquet 28,072.34 25,000.00 3,072.34 112.29% 25,000.00 1806 Insurance 3,600.00 3,600.00 0.00 100.0% 5,500.00 18271 Lockbox-SUPRA 7,741.80 8,000.00 258.20-96.77% 39,000.00 18272 Lockbox Buyback 650.00 500.00 150.00 130.0% 4,000.00 18274 ActiveKey Car Charger 442.94 100.00 342.94 442.94% 100.00 18275 EKey Fob 1,371.13 1,350.00 21.13 101.57% 4,500.00 Page 5 of 11

HUNTSVILLE AREA ASSOCIATION OF REALTORS Profit & Loss Budget vs. Actual January through March 2014 Jan - Mar 14 YTD Budget YTD Variance % of YTD Budget 2014 Annual Budget 18276 IPhone Adapter 0.00 0.00 0.00 0.0% 3,200.00 1831 Legal 0.00 0.00 0.00 0.0% 4,000.00 1839 Member Relations 2,255.29 2,000.00 255.29 112.77% 2,000.00 1840 Governmental Affairs 2,917.11 3,350.00 432.89-87.08% 15,000.00 1843 Membership Meetings 3,786.64 3,000.00 786.64 126.22% 15,000.00 1845 Office Expense/Supplies 593.95 1,365.00 771.05-43.51% 5,460.00 1846 Open House 0.00 0.00 0.00 0.0% 5,000.00 1847 Business Meetings 1,037.41 1,100.00 62.59-94.31% 6,036.00 1848 Network Server Maintenance 312.15 314.00 1.85-99.41% 6,325.00 1850 Postage 405.80 225.00 180.80 180.36% 900.00 1853 Professional Standards Comm 112.68 125.00 12.32-90.14% 600.00 1854 REALTOR Expo Expense 0.00 0.00 0.00 0.0% 8,000.00 1854.1 Technology Expo Expense 0.00 0.00 0.00 0.0% 2,500.00 1855 Printing 0.00 0.00 0.00 0.0% 1,500.00 18560 Security System 268.50 176.00 92.50 152.56% 960.00 18561 Janitorial Services 1,766.35 1,680.00 86.35 105.14% 6,720.00 18562 Landscaping & Lawn Care 1,017.00 1,320.00 303.00-77.05% 5,280.00 18563 Pest Control 393.00 419.00 26.00-93.8% 1,676.00 18564 Electrical 2,513.21 1,000.00 1,513.21 251.32% 1,000.00 18565 Plumbing 75.00 75.00 0.00 100.0% 1,000.00 18566 Heat & A/C 492.00 492.00 0.00 100.0% 2,296.00 18568 Repairs and Maintenance 2,005.96 600.00 1,405.96 334.33% 3,000.00 18569 Waste Dumpster Services 234.00 152.00 82.00 153.95% 1,136.00 1861 Special Projects 0.00 0.00 0.00 0.0% 500.00 1864 Orientation 816.18 850.00 33.82-96.02% 4,800.00 1865 Service from MLS 64,348.14 64,348.14 0.00 100.0% 257,392.50 1867 Strategic Planning 0.00 0.00 0.00 0.0% 1,000.00 1870 Taxes - Property 0.00 0.00 0.00 0.0% 14,250.00 1873 Travel 3,430.72 3,400.00 30.72 100.9% 62,725.00 1874 Telephone 750.00 750.00 0.00 100.0% 3,000.00 1880 Utilities 5,386.72 4,950.00 436.72 108.82% 20,500.00 1892 Miscellaneous 0.00 0.00 0.00 0.0% 500.00 1990 Provision for Income Tax 0.00 0.00 0.00 0.0% 15,000.00 Total Expense 180,269.53 174,526.14 5,743.39 103.29% 678,190.50 Net Ordinary Income 133,420.64 113,412.86 20,007.78 117.64% 3,630.10 Net Income 133,420.64 113,412.86 20,007.78 117.64% 3,630.10 Payback of Building Renovation Loan 0.00 0.00 0.00 0.0% 33,333.33 Building CD#0962 maturity 0.00 0.00 0.00 0.0% 25,000.00 Net Income 133,420.64 113,412.86 20,007.78 117.64% (4,703.23) Page 6 of 11

HUNTSVILLE AREA ASSOCIATION OF REALTORS As of March 2014 HAAR Membership Count: Budgeted Dues Income Actual Dues Income As of December 2, 2013: 1572 Realtors and Designated Realtors $ 159,840.00 $192,913.58 Other Notes Member Count for HAAR as of 3/3/14 Number of members who terminated 12/31/2013-1/31/14 43 Active Primary Realtor/DR 1527 Number of members on medical/military leave in 2014 0 Member Benefits Partner 13 Active Primary Realtor/DR count as of 12/31/2013 1575 Active Primary Realtor/DR count as of 3/31/2014 1548 Member Count for NALMLS as of 3/25/14 Suspended Realtor/DR as of 3/31/2014 1 Active Realtor/DR 2339 Member Benefits Partner as of 3/31/2014 24 Suspended Realtor/DR 1 Active Affiliates as of 3/3/2014 80 Active Affiliates 55 Renewable Contracts: Purpose Term Expires 2013 Amount UTC (formerly Supra) - Income ActiveKEY 6 years 3/1/2015 ActiveKEY $21/holder annually UTC (formerly Supra) - Income ekey 6 years 3/1/2015 ekey $2/holder monthly UTC (formerly Supra) - Expense Lockboxes 6 years 3/1/2015 $89 new / $69 refurb + s/h & tax UTC (formerly Supra) - Expense Lockbox key container assembly 6 years 3/1/2015 $9.30 + s/h & tax UTC (formerly Supra) - Expense iphone adapter 6 years 3/1/2015 $49.95 + s/h & tax UTC (formerly Supra) - Expense ekey fob 6 years 3/1/2015 $49.95 + s/h & tax Chamber of Commerce Chamber website annually 4/1/2014 $ 1,470.00 Chamber of Commerce HREGI annually 4/1/2014 $ 10,000.00 AON Insurance Professional Liability insurance annually 4/1/2015 $ 4,600.00 C.N.A. Insurance Building insurance annually 6/1/2014 $ 1,679.00 Frank Riddick Governmental Affairs annually annually $ 12,000.00 Guardian Storage Unit offsite storage monthly monthly $ 2,460.00 Intermedia Exchange Email & shared calendar hosting. Shared w/ NALMLS annually 2/1/2015 $ 936.48 Professional Security System quarterly monitoring 3 year 5/31/2015 $ 372.00 Elite Pest Control monthly pest control service annually 8/1/2014 $ 900.00 Cooks Pest Control quarterly termite service annually auto renew $ 676.00 Conditioned Air Solutions quarterly preventive maintenace on air units open open $ 3,888.00 Koorsen Fire Protection annual fire extinguisher inspection annually 4/1/2015 $150 basic charge NALMLS Intercompany services & allocation of salaries 3 year 1/1/2016 $ 21,449.38 NALMLS - POC Point of contact fee & royalties 3 year 1/1/2016 POC will start in 2013 Waste Away monthly monthly monthly $ 936.00 Superior Trimmers monthly monthly monthly $ 4,080.00 Captial Items Purchased: Amount Purchased Date Projector Room B $ 9,279.19 1/28/2014 Wireless Array $ 6,977.00 2/19/2014 Non Budgeted Items Purchased: Amount Vendor Purchased Date Light bulbs for conference rooms $ 1,740.98 Scott Lighting 2/6/2014 Roof drain repair $ 585.00 Buis Roofing 2/19/2014 Service call on refridgerator $ 185.93 GE Applicance 3/7/2014 Additional mold & remediation testing of Up $ 1,207.30 Terrell Technical Service 3/26/2014 Transfers from Reserves Date Approved Date Transferred Amount Used Purpose $19,000 6/18/2013 12/23/2013 $19,000.00 2014 Installation Banquet deposits and expenses. To be repaid in 2014. $23,000 3/25/2014 4/22/2014 $22,927.72 Repaid 3/7/2014. Deposited to SouthBank MM#2241. Mold remediation & repairs of upstairs conference room. The initial request for $17,000 was approved December 17, 2013. On February 25, 2014, O&D approved an increase to $23,000.

2014 Member Benefits Partners Name Company Service Bubba Conner Bubba's Silver Spoon Catering Catering Patti Mullins Coleman American Moving Services Moving & Transporting Karen Price Conditioned Air Solutions Heat & Air Services Otis Moore D &D Floors and Moore, LLC Flooring Ben Logan DataPro, LLC Printing & Promotional Items Gary Doran Elite Pest Control Pest Control Virgil Allen Home Financial Services of Huntsville Loan Services Ken McFarlen Jade Communications Telephone Jeff McKelvey Jeff McKelvey Web Design Web Design Rhett Lambert Lambert Record Center Document Shredding Denise Rodgers Rodgers Painting & Repair, LLC Painting & Home Repairs Ambre Twitty Sarah Taggart, PC Legal Services Gregory Glass Schlotzskys / 5 Guys / Nothing but Noodles Catering Sasha England Smarter Agent Apps for ValleyMLS Joe Beecroft Spray's, Inc Pest Control Shea Brandon Superior Trimmers Landscaping Kim Warren Tennessee Valley Sign & Printing Printing & Promotional Items Cuan Tregelles Valley Hill Country Club Recreational Katie England W & R Studios Real Estate web based software (CMA) *Kelly Poblete Alfa Insurance - Kelly Poblete Agency Insurance *Jeff Klimek Cornerstone Communities, LLC Home Building & Development *Peggy Beach WMG Properties Commercial Property Mgmt. *Steven Shaw Stephens, Millirons, PC Legal Services *Lauren Battle Lankford/Battle Allstate Insurance Insurance *Benjamin Cain Motivated Movers Moving & Transporting *New to partnership program

2000 1900 1800 1700 1600 1500 1400 1300 1200 HAAR Membership Trend 2010 2011 2012 2013 2014 January count 2800 2700 2600 2500 2400 2300 2200 2100 NALMLS Membership Trend 2010 2011 2012 2013 2014 January count

1575 1565 1555 1545 1535 1525 1515 1505 1495 HAAR 2014 Membership Trend 1,548 1,546 1,523 1,527 January February March April 2360 2340 2320 2300 2280 2260 2240 2220 2200 NALMLS 2014 Membership Trend 2,339 2,321 2,309 2,248 January February March April

HAAR Net Income $100,000 $0 -$100,000 -$200,000 2008 2009 2010 2011 2012 2013 NOTE: In 2012, HAAR changed to the Income Tax Basis of Accounting which eliminates the carryover of NALMLS profit or loss NALMLS Net Income $200,000 $100,000 $- $(100,000) $(200,000) 2008 2009 2010 2011 2012 2013