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Real Estate Information Standards (REIS)
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REIS News
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REIS Council Nominations
REIS Council Nominations Accepted Through July 31, 2008
The Nominating Committee of the REIS Board is actively seeking nominations to the REIS Council through July 31, 2008.
The REIS Board members have become actively engaged in the standard setting process and it has become readily apparent to them
that new challenges and opportunities exist
to expand the REIS Standards and make the REIS Standards an independently verifiable set of interdisciplinary
standards for our industry. In addition, the REIS Board has recognized that the terms of many of the existing
Council members expire in October 2008 and accordingly, the Board has suggested changes to process for nomination
and selection of Council members. Nominations must be submitted to Doug Poutasse, Kenny Smith, or Marybeth Kronenwetter using either the REIS Council Nomination Form or by sending an e-mail with the nominee name and other information which may be useful to the Nominating Committee.
Both individual and group nominations of qualified candidates are welcome. Candidates will be informed of their nomination by August 4, 2008. The information obtained from the nomination will be verified through communication with the candidate, review of their resume (or brief biography) and other relevant information which is anticipated to be requested by the Nominating Committee. Selected REIS Council members will be informed of their appointment to the Council on September 1, 2008.
Please consider nominating candidates to the REIS Council. Current Council members can be nominated as well as other qualified candidates.
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Documents out for Public Comment
Proposed Fund Reporting Standards
The public comment period for the Proposed Fund Reporting Standards expired on April 30, 2008. The comments evidence strong support for the development of these standards which include required and recommended elements to include in periodic fund reports. These proposed standards will apply to all Fund types (open-end, closed-end single investor separate accounts) and all strategies (core, value-added, opportunistic). A draft of an Adopting Release has been prepared and is expected to be approved by the REIS Board during the third quarter of 2008. The proposed effective date of the Fund Reporting Standards is for fiscal years beginning after December 15, 2008 with earlier adoption encouraged. Responses received can be reviewed by clicking on the responding organization's name.
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Upcoming REIS Council Meetings
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The REIS Council will hold monthly teleconferences at noon Eastern time on the third Wednesday of every month. Calls are expected to be limited to one hour. During NCREIF conference months (June, October and March), the REIS Council will meet as noted in the NCREIF conference materials. Click here for the schedule.
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2008 Goals and Initiatives |
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Quarter 2, 2008 Goals (April 1 thru June 30)
- Issue Adopting Release for new Fund Reporting Standards (Chapter 4).
- Ongoing task force work relating to Fund, Investment and Property Performance Standards.
- Ongoing task force work relating to modification of Market Value Accounting and Reporting Standards (Chapter 2).
Quarter 3, 2008 Goals (July 1 thru September 30)
- Release Exposure Draft for Fund, Investment and Property Performance Standards.
- Ongoing Task Force work relating to modifications of Market Value Accounting and Reporting Standards (Chapter 2).
- Approve Prospectus re: Philosophy, applicability, governance, etc.
Quarter 4, 2008 Goals (October 1 thru December 31)
- Adopting Release for Fund, Investment and Property Performance Standards.
- Release Exposure Draft for Chapter 2, Market Value Accounting and Reporting Standards for public comment.
- Ongoing Task Force work relating to Philosophy, applicability, governance, etc. task force work.
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REIS Board and Council
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The REIS Board is an established body which serves as the official governing body of REIS and provides leadership and expertise in establishing REIS as the authoritative and verifiable information and reporting standards for the U.S. institutional private real estate equity investment industry. It is expected that the REIS Council will be an important initiator of real estate information standards that may be considered and approved by the REIS Board.
The REIS Council is an established body consisting of designees of the respective NCREIF Standing Committees and the chair of the REIS Council. Members of the REIS Council are expected to be subject matter experts within their respective NCREIF Standing Committee disciplines. The Council will be responsible for establishing transparency and open involvement in the REIS process and for communicating its activities to the industry, to the NCREIF membership as well as to the REIS Board.
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Process for REIS Updates
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The NCREIF staff receives and reviews all requests for changes/updates to REIS and the requests are given to the NCREIF Standing Committees for review and vetting. If the committees vote to recommend a change/update to REIS, a prospectus is prepared and is brought to the REIS Council for review/vetting. A task force, consisting of issue experts from NCREIF’s standing committees is responsible for research and deliberations on REIS matters. An exposure draft is exposed to the industry for public comment. Upon resolution of all matters, a final document (known as an adopting release) which memorializes the exposure draft and provides bases for conclusions is prepared by the task force and presented to the REIS Council for approval. Once approved by the REIS Council, it is submitted to the REIS Board of Directors and is thereafter incorporated into REIS.
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All NCREIF Data - Copyright by the National Council of Real Estate Investment Fiduciaries. This information is proprietary and may not be reported in whole or in part without written permission.
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