MONTANA ASSOCIATION OF REALTORS

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1972

Legal Domicile

Principal Officer

KAAREN WINKLER

Phone

4064434032

Tax Period

2023-01-01 to 2023-12-31

MONTANA ASSOCIATION OF REALTORS, founded in 1972, is a community nonprofit that reported $2.5M in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion. The organization ran a surplus of $395K, a strong 16% operating margin.

Mission

THE MISSION OF MAR IS TO ADVOCATE FOR ITS MEMBERS AND TO PROTECT THE RIGHTS OF PROPERTY OWNERS.

Program Service Accomplishments

Program 1

THE ORGANIZATION PROVIDED EDUCATION TO REALTORS. THE ORGANIZATION PROVIDED THE AVAILABILITY OF REAL ESTATE FORMS, AND ACCESS TO A LEGAL HOTLINE TO ITS APPROXIMATE 5,757 MEMBERS. THE ORGANIZATION ALSO PARTICIPATED IN GOVERNMENT AFFAIRS BY REPRESENTING THE MEMBERS AT THE STATE LEGISLATURE AND STATE AGENCIES FOR ALL STATUTES AND RULES AFFECTING REAL ESTATE AND PROPERTY RIGHTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $46,975

Program Service Revenue $2,128,692

Investment Income $187,294

Other Revenue $112,584

TOTAL REVENUE $2,475,545

Expense Breakdown

Grants Paid $0

Salaries & Benefits $714,954

Fundraising Expenses $0

Other Expenses $1,365,289

TOTAL EXPENSES $2,080,243

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,475,545	$2,119,143	+0.2%
Expenses	$2,080,243	$1,852,261	+0.1%
Net Income	$395,302	$266,882	+0.5%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

160

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$168,507

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
WILLIAM BILL LEININGER	IMM PAST PRESIDENT	8.50	Officer Director	$0	$0	$0
MARK DOBRENSKI	PRESIDENT	4.50	Officer Director	$0	$0	$0
CANDIS DORSCH	EXECUTIVE COMMITTEE REP	0.50	Director	$0	$0	$0
MICHELLE HAVERSTICK	DIRECTOR - GAR	0.50	Director	$0	$0	$0
GARY KOEPPLIN	TREASURER	8.50	Officer Director	$0	$0	$0
CLAIRE GILLAM	DIRECTOR - GAR	0.50	Director	$0	$0	$0
STEPHANIE PATTERSON	DIRECTOR - BAR	0.50	Director	$0	$0	$0
RICHARD MAYO	DIRECTOR - GAR	0.50	Director	$0	$0	$0
HATTIE GRAHAM	GOV AFFAIRS CHAIR	0.50	Director	$0	$0	$0
JEAN DEETZ	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
KATHLEEN DODD	RA - WESTERN MT	0.50	Director	$0	$0	$0
LORIE JEAN SCHULT	RA - CENTRAL MT	0.50	Director	$0	$0	$0
JOHN CARLSON	RA - EASTERN MT	0.50	Director	$0	$0	$0
LAURA DRAGER	DIRECTOR - BAR	0.50	Director	$0	$0	$0
LANISSA FORTNER	DIRECTOR - BAR	0.50	Director	$0	$0	$0
DANIEL KLEIN	DIRECTOR - BAR	0.50	Director	$0	$0	$0
ANGELA KLEIN-HUGHES	DIRECTOR - BAR	0.50	Director	$0	$0	$0
BILLIE PARROTT	YPN CHAIR	0.50	Director	$0	$0	$0
ROBERT PAULEY	DIRECTOR - BVBOR	0.50	Director	$0	$0	$0
MARGARET ASAY	COMMUNICATIONS CHAIR	0.50	Director	$0	$0	$0
LACY BROWNE	NATIONAL DIRECTOR	0.50	Director	$0	$0	$0
JIM GINGERY	DIRECTOR - GAR	0.50	Director	$0	$0	$0
DEB KELLY	DIRECTOR - GAR	0.50	Director	$0	$0	$0
DENISE KELLY	DIRECTOR - GAR	0.50	Director	$0	$0	$0
DON PILOTTE	DIRECTOR - GAR	0.50	Director	$0	$0	$0
BRIAN TUDOR	DIRECTOR - GAR	0.50	Director	$0	$0	$0
JANNIE WISEMAN	DIRECTOR - GAR	0.50	Director	$0	$0	$0
ASHLEY FRIESEN	DIRECTOR - GFAR	0.50	Director	$0	$0	$0
JOSHUA LIND	DIRECTOR - GFAR	0.50	Director	$0	$0	$0
CINDY STEVICK	DIRECTOR - HAR	0.50	Director	$0	$0	$0
JOHN RAUSCH	DIRECTOR - HAR	0.50	Director	$0	$0	$0
CRYSTAL AULT	DIRECTOR - MOR	0.50	Director	$0	$0	$0
JOLENE TATUM	PROFESSIONAL DEVELOPMENT CHAIR	0.50	Director	$0	$0	$0
BETHANY TAYLOR	DIRECTOR - MOR	0.50	Director	$0	$0	$0
DEREK DJ SMITH	PRESIDENT-ELECT	0.50	Officer Director	$0	$0	$0
ANDREW BURGI	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
JENNIFER HARGETT	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
DORYCE HAWKINS	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
CINDY LANIER	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
BRENDA MILLER	ASSOCIATE MANAGEMENT CHAIR	0.50	Director	$0	$0	$0
BRIAN NICODEMUS	DEI CHAIR	0.50	Director	$0	$0	$0
JESSE PLEVEL	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
JENNIFER SHEA	DIRECTOR - RMAR	0.50	Director	$0	$0	$0
TINA WEST	DIRECTOR - RMAR	0.50	Director	$0	$0	$0
DENNIS COOK	DIRECTOR - BAR	0.50	Director	$0	$0	$0
JOANNA HARPER	DIRECTOR - GAR	0.50	Director	$0	$0	$0
MANDY SNOOK	DIRECTOR - MOR	0.50	Director	$0	$0	$0
ROBIN WALLACE	FIRST VICE PRESIDENT	0.50	Officer Director	$0	$0	$0
JOHN HERRING	RISK MANAGEMENT CHAIR	0.50	Director	$0	$0	$0
TIMOTHY TIM LUND	NATIONAL DIRECTOR	0.50	Director	$0	$0	$0
RONALD BOYD	DIRECTOR - BAR	0.50	Director	$0	$0	$0
LIZ FRANCIS	DIRECTOR - BAR	0.50	Director	$0	$0	$0
ROCHELLE HOUGHTON	DIRECTOR - BAR	0.50	Director	$0	$0	$0
SHERI JONES	DIRECTOR - BVBOR	0.50	Director	$0	$0	$0
MAX COLEMAN	DIRECTOR- BVBOR	0.50	Director	$0	$0	$0
KELLY ECKLUND	DIRECTOR - GFAR	0.50	Director	$0	$0	$0
KRISTIN KERR	DIRECTOR - HAR	0.50	Director	$0	$0	$0
JENNI SWARTZ	DIRECTOR - HAR	0.50	Director	$0	$0	$0
CARLY MCDONNELL	DIRECTOR - MOR	0.50	Director	$0	$0	$0
ANNELISE HEDAHL	DIRECTOR - MOR	0.50	Director	$0	$0	$0
LYNETTE ROBINSON	DIRECTOR - MOR	0.50	Director	$0	$0	$0
MATT ROSBARSKY	DIRECTOR - MOR	0.50	Director	$0	$0	$0
ALAN HABEL	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
TARA HARBIN	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
CURTIS WAGNER	DIRECTOR - NMAR	0.50	Director	$0	$0	$0
KAREN BURTCH	DIRECTOR- RMAR	0.50	Director	$0	$0	$0
KAAREN WINKLER	CEO	40.00	Officer	$160,409	$8,098	$168,507

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$2,475,545	$2,080,243	$6,704,420	$395,302
2022	$2,119,143	$1,852,261	$6,094,362	$266,882
2021	$1,938,232	$1,554,130	$6,057,562	$384,102
2020	$1,842,451	$1,278,936	$5,393,369	$563,515
2019	$1,819,872	$1,527,107	$4,677,450	$292,765
2018	$1,888,661	$1,372,118	$4,127,577	$516,543