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        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INDIANA COMMERCIAL BOARD OF REALTORS, INC. IS AN INDIANA NONPROFIT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES ON RELATED INCOME PURSUANT TO THE INTERNAL REVENUE CODE. THE ORGANIZATION HAS ADOPTED THE PROVISIONS OF THE ACCOUNTING PRONOUNCEMENT RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE ORGANIZATION RECOGNIZED NO INTEREST OR PENALTIES IN THE STATEMENT OF ACTIVITIES FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. IF THE SITUATION AROSE IN WHICH THE ORGANIZATION WOULD HAVE INTEREST TO RECOGNIZE, IT WOULD RECOGNIZE THIS AS INTEREST EXPENSE AND PENALTIES WOULD BE RECOGNIZED IN OTHER EXPENSES. CURRENTLY, THE PRIOR THREE YEARS ARE OPEN UNDER FEDERAL AND STATE STATUTES OF LIMITATIONS AND REMAIN SUBJECT TO REVIEW AND CHANGE. THE ORGANIZATION IS NOT CURRENTLY UNDER AUDIT NOR HAS THE ORGANIZATION BEEN CONTACTED BY THESE JURISDICTIONS. BASED ON THE EVALUATION OF THE ORGANIZATION'S TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAVE BEEN RECORDED FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION CONTRACTS WITH RAYBOURN GROUP INTERNATIONAL, AN INDEPENDENT CONTRACTOR, TO MANAGE THE BUSINESS AFFAIRS OF THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THERE ARE FIVE CLASSES OF MEMBERSHIP: REALTOR, BROKER NON-REALTOR, PARTNER, GOVERNMENT/ECONOMIC DEVELOPMENT CORPORATION, AND APPRAISER. A REALTOR MEMBER IS AN INDIVIDUAL WHO IS ACTIVELY ENGAGED IN THE REAL ESTATE PROFESSION. A BROKER NON-REALTOR MEMBER IS AN INDIVIDUAL WHO HOLDS A PROFESSIONAL DESIGNATION AWARDED BY A QUALIFIED INSTITUTE, SOCIETY, OR COUNCIL AFFILIATED WITH THE NATIONAL ASSOCIATION OF REALTORS THAT ADDRESSES A SPECIALTY AREA OTHER THAN RESIDENTIAL BROKERAGE, OR AN INDIVIDUAL WHO OTHERWISE HOLDS A CLASS OF MEMBERSHIP IN SUCH INSTITUTE, SOCIETY, OR COUNCIL. A PARTNER MEMBER IS A REAL ESTATE OWNER OR OTHER INDIVIDUAL OR FIRM WHO, WHILE NOT ENGAGED IN THE REAL ESTATE PROFESSION, HAVE INTERESTS REQUIRING INFORMATION CONCERNING REAL ESTATE, AND ARE IN SYMPATHY WITH THE OBJECTIVES OF ICBR. A GOVERNMENT/ECONOMIC DEVELOPMENT CORPORATION MEMBER IS AN INDIVIDUAL WHO IS INTERESTED IN REAL ESTATE PROFESSION AS EMPLOYEES OF OR AFFILIATED WITH EDUCATIONAL, PUBLIC UTILITY, GOVERNMENTAL, OR SIMILAR ORGANIZATIONS, BUT ARE NOT ENGAGED IN THE REAL ESTATE PROFESSION. AN APPRAISAL MEMBER IS AN INDIVIDUAL WHO DETERMINES THE VALUE OF COMMERCIAL PROPERTIES, LIKE OFFICES, RETAIL SPACES, AND INDUSTRIAL BUILDINGS. THEY CONDUCT COMPREHENSIVE RESEARCH AND ANALYSIS TO ESTIMATE THE MARKET VALUE OF A PROPERTY, WHICH IS OFTEN NEEDED FOR FINANCING, INVESTMENT, OR LEGAL PURPOSES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBERS ELECT THE OFFICERS AND BOARD OF DIRECTORS. IF THE MEMBERS DISAPPROVE OF THEIR ACTIONS, IT IS THE MEMBERS DUTY NOT TO RE-ELECT THE OFFICERS AND BOARD OF DIRECTORS AT THE ANNUAL MEETING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>COPY OF THE FORM 990 IS PROVIDED TO ALL BOARD MEMBERS FOR THEIR REVIEW PRIOR TO FILING OF THE RETURN.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL BOARD MEMBERS ANNUALLY REVIEW THE CONFLICTS OF INTEREST POLICY IN ORIENTATION TO THE BOARD. ALSO AT THE BEGINNING OF EVERY BOARD MEETING, THE PRESIDENT ASKS IF THERE IS ANY CONFLICT OF INTEREST THAT NEEDS TO BE IDENTIFIED. IF A MEMBER HAS A CONFLICT, THE MEMBER CANNOT VOTE ON THE ISSUE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 18</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>CONSISTENT WITH THE REQUIREMENTS OF SECTION 6104(D) OF THE INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER, COPIES OF THE IRS FORM 990 AND APPLICATION FOR EXEMPTION SHALL BE MADE AVAILABLE, UPON REQUEST, IN A TIMELY MANNER, AND SUBJECT TO CHARGES PERMITTED BY LAW TO ANY INDIVIDUALS WHO REQUEST IT. OTHER GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE INDIVIDUALS REQUESTING THEM IN A TIMELY MANNER.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>