Greater Boston Real Estate Board
Nonprofit profile at a glance
- EIN
- 041107040
- IRS 990 coverage
- 2010–2025
- Forms available
- Form 990 2025
- Location
- Boston, MA, USA
- Phone
- 6174238700
- Rating confidence
- Limited
Reported finances
- Revenue
- $8,206,516
- Expenses
- $7,980,911
- Assets
- $14,473,396
- Liabilities
- $4,327,902
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
30 people listed
Executive titles in this filing
- Greg Vasil (CEO)
- Adrienne Maley (Executive Director)
- Maria Brogan (Executive Director)
- Joselin Malkhasian (Executive Director)
Highest reported compensation
- Greg Vasil (CEO): $409,768 total reported compensation
- Adam Kozol (Director of Finance): $231,320 total reported compensation
- Adrienne Maley (Executive Director): $221,504 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Greater Boston Real Estate Board was incorporated as a not-for-profit organization to advocate, educate, inform, and serve members of the real estate industry. The Board continues to foster and promote high ethical standards in all real estate transactions, monitor and comment upon legislative measures affecting real estate, protect private property rights, administer an arbitration process for settling business disputes, and provide outstanding continuing education for its membership.
What it reported doing in 2025
The Greater Boston Real Estate Board (the "Board") was incorporated in 1889 as a private not-for-profit membership organization for the purpose of advocacy, education, information and service for the real estate industry and is the oldest and largest real estate board in Massachusetts. The Board represents its constituency by offering membership in the following distinct divisions: Greater Boston Association of Realtors ("GBAR")As the Board's largest division, GBAR provides education programs in its Center for Professional Development, counseling on the National Association of Realtors Code of Ethics, arbitration services and industry standards real estate forms.Massachusetts Apartment Association ("MAA")MAA represents and protects the interest and rights of rental housing owners and managers through the state. MAA provides legislative and regulatory representation, professional education, standard rental forms and updates on industry trends and developments.Building Owners and Managers Association ("BOMA")Representing commercial building owners and managers, BOMA provides information to member developers, owners, asset and property managers and attorneys, advocacy at the local, state and national level and professional education.Real Estate Finance Association ("REFA")REFA provides financial information to commercial real estate finance professionals in the banking, insurance, mortgage banking and broker, investor, advisor, legal, appraiser and consulting industries. REFA offers a wide variety of member services including informative industry updates, roundtable discussions and education programs.Commercial Brokers Association ("CBA")The largest organization of commercial brokers in Massachusetts, CBA provides members with a variety of informative programs, continuing education and industry updates.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 83
- Accountability: 100
- Sustainability: 39
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 91.7%; rating input score 92; 9th percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 91.5%; rating input score 91; 32nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 2.7%; rating input score 36; 36th percentile among comparable filings
- Total-asset coverage ratio: 1.81; rating input score 54; 54th percentile among comparable filings
- Liabilities to assets ratio: 0.3; rating input score 27; 27th percentile among comparable filings
- Officer compensation ratio: 15.3%; rating input score 22; 22nd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 2.1% per year; rating input score 100; 17th percentile among comparable filings
- Asset growth: 7.4% per year; rating input score 100; 46th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 25 of 25 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $6.8M in reported program spending
- Leadership: top reported pay $410K · 30 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $619K reported
- Consistency: 14 of 15 current checks pass · 1 finding to review
- Schedules: 7 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 16 filing years from 2010 to 2025
- Contacts: How to reach this organization
- Money network: 6 filed money-flow records
- Related organizations: 3 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Sustainability: Operating margin scored 36/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Sustainability: Total-asset coverage ratio scored 54/100.
- High — Sustainability: Officer compensation ratio scored 22/100.
- High — Sustainability: Liabilities to assets ratio scored 27/100.