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Illinois Department of Financial & Professional Regulation, Division of Real Estate Real Estate Administration and Disciplinary Board

OPEN Minutes Date: June 11, 2020 Call to Order: 9:44 a.m. –Monica Gutierrez – Chairperson Location: IDFPR – Division of Real Estate

Remotely via interactive webinar and/or telephonically in accordance with provisions of Governor JB Pritzker’s Executive Order 2020-07 issued on March 16, 2020

Board Member(s) Present: Loretta Alonzo-Deubel, Joe Castillo, Laura Ellis, David Maloof,

Carol Meinhart, Michael Oldenettel, Tammy Owens, Nykea Pippion-McGriff, Michael Prodehl, Gabriela Roman, Everett Ward, Norman Willoughby

Board Member(s) Absent: Dennis Hiffman Division Staff Present: Laurie Murphy – Deputy Director, Adrienne Levatino – Associate

General Counsel, Ericka Johnson – Chief of Prosecutions, Hector Rodriguez – Chief of Audits and Investigations, Jeremy Reed – Chief of Licensing & Education, Sarah Snow – Industry Liaison, Donielle Walters – Policy Manager, Debra Malinowski - Board Liaison

Guest(s) Present: Larry Toban – Real Estate Institute, Sharon Halperin – Real Estate

Institute, Mike Fair – Your House Academy, Rocky Esposito – AHI Real Estate, Kirk Antkiewicz -Chicago Association of Realtors, Tina Stepaniak -Chicago Association of Realtors, Kate Sax – Mainstreet Organization of Realtors, Carrie Elliott – Illinois Realtors, Young Brockhouse – Illinois Realtors, Edward Williams – Williams & Nickl, Monae Remond – Chicago Association of Realtors, Charles Bellefontaine – Illinois Association of Home Inspectors, Chris Read – CR Strategies LLC.

Illinois Department of Financial and Professional Regulation Division of Real Estate

JB PRITZKER Governor

DEBORAH HAGAN Secretary

MARIO TRETO JR. Director

Division of Real Estate

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Topic Discussion Action Deputy Director Deputy Director Laurie Murphy announced that this will be her last

meeting as chairperson of the READ Board Meeting, as Monica Gutierrez will now be the READ board’s chairperson. Deputy Director Murphy stated that it was an honor and privilege to serve as your chairperson over the past two and half years alongside the Board Members. Deputy Director Murphy thanked the Board Members for serving on the Board, participating at informal conferences and formal hearings. Deputy Director Murphy also thanked the guests for their attendance at the READ Board Meetings. Chairperson Monica Gutierrez mentioned that it’s an honor to be the new READ Board Chairperson and looks forward to meeting everyone in person.

Call to Order Chairperson Monica Gutierrez opened the meeting.

The meeting was called to order at 9:44 am.

Approval of Open Minutes

The Board reviewed the Open Minutes from the May 14, 2020 Real Estate Administration and Disciplinary Board meetings.

Motion made by Alonzo-Deubel, seconded by Oldenettel to approve the Open Minutes. Motion carried.

Public Comments The Guests introduced themselves. Kirk Antkiewicz mentioned that due to schools and testing facilities being closed for COVID-19, students are having difficulties contacting PSI to schedule exams. Students are also having difficulties rescheduling an exam because there are no exam dates available. Mr. Reed mentioned that the Department and other states have received the same information. Mr. Reed mentioned PSI has implemented an email address as a third option that will be used to confirm and schedule a time to take the state exam. Due to statutory requirements, the Department is unable to make any extensions for students reaching the two-year period requirement to pass the state exam. Chris Read inquired about the updates on the Rules for the Real Estate Licensing Act of 2000. Ms. Levatino discussed the status and the JCAR rulemaking process.

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Topic Discussion Action Licensing Report

The 2020 Licensing Report for activity conducted in May was presented and discussed. A copy of the report is attached to and made a part of these minutes. Mr. Reed mentioned that the Licensing Staff continues to work remotely from home. Mr. Reed further stated Licensing was processing applications in “real-time”. Mr. Reed mentioned that roughly 38 percent of real estate brokers have renewed which leaves over 32,000 who have not renewed. Mr. Reed encourages real estate brokers and residential leasing agents to renew as soon as possible and not to wait until the September 30, 2020 extension deadline because other licensed professions within the Department, will be renewing as well, including nurses and doctors which have highest number of licensees. Mr. Reed mentioned that leasing agents started their renewal period. 7 percent have renewed which leaves over 3,200 who have not renewed.

Education Report The 2020 Education Report through the month of May was presented and distributed. A copy of the report is attached to and made a part of these minutes. Mr. Reed mentioned that after PSI resumed testing again in May due to the COVID pandemic, Real Estate Brokers for the month of May had the highest passing percentage rate in the last 18 months. Tina Stepaniak inquired that due to the education personnel continuing to work remotely and unable to create checks for new and/or renew education course applications, is the Department working on accepting other forms of payment. Mr. Reed mentioned that unfortunately at this time the Department is only able to accept checks. Mr. Reed further mentioned that he is looking into whether the Department can accept other forms of payment and will inform the Board and attendees if this happens.

Complaints Report The 2020 Complaints Report through the month of May was presented and distributed. A copy of the report is attached to and made a part of these minutes.

Audits Reports

The 2020 Audits Report for activity conducted in May was presented and distributed. A copy of the report is attached to and made a part of these minutes.

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Topic Discussion Action Investigations Report The 2020 Investigations Report through the month of May was

presented and distributed. A copy of the report is attached to and made a part of these minutes. Mr. Rodriguez mentioned that all the Investigators, except for one continue working remotely and occasionally go into the office to pick up new cases.

Prosecutions Report The 2020 Prosecutions Report through the month of May was presented and distributed. A copy of the report is attached to and made a part of these minutes. Ms. Johnson mentioned that the attorneys continue working on their cases remotely. Ms. Johnson mentioned that with the Board deliberating the managing brokers that defaulted on June 2, 2020 in today’s close session, this will conclude the managing brokers continuing education audit cases. Currently, Prosecutions have no further continuing education cases. Ms. Johnson mentioned effective June 1, 2020, the Department resumed all preliminary and status hearings via WebEx which will allow the attorneys to file formal complaints again and move the cases along in Prosecutions. Starting June 23, 2020, Prosecutions will resume informal conferences via WebEx.

Real Estate Recovery Fund Report

The Real Estate Recovery Fund Report for the 2020 Fiscal Year through May 2020 was presented and distributed. A copy of the report is attached to and made a part of these minutes.

Formal Hearing Schedule There are no upcoming formal hearings scheduled due to COVID-19.

Old Business

Chris Read asked for clarification on the timeframe on when the Department will forward the Rules for the Real Estate Licensing Act of 2000 to the Governor’s Office; Ms. Levatino gave her expected timeframe.

New Business

There was no new business for discussion.

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Topic Discussion Action Motion to go into Closed Session

Roll Call Vote: Loretta Alonzo-Deubel, yes Joe Castillo, yes Laura Ellis, yes David Maloof, yes Carol Meinhart, yes Michael Oldenettel, yes Tammy Owens, yes Nykea Pippion-McGriff, yes Mike Prodehl, yes Gabriela Roman, yes Everett Ward, yes Norman Willoughby, yes

A motion made by Pippion-McGriff seconded by Ellis to go into Closed Session for purposes of reviewing Closed Minutes and for deliberations pursuant to Section 2 (c) (4) and (15) of the Open Meetings Act at 10:08 a.m. Motion carried by roll call vote.

Closed Session

The May 14, 2020 closed minutes were reviewed by the Board. The Board reviewed the Consumer Complaints Review and Case File Review Committee’s reports for: June 3, 2020 1 Case Recommended for Closure by Investigations 11 Case Referred to Prosecutions by Investigations 10 Complaints Referred to Investigations 3 Complaints Recommended for Closure The Board deliberated on pending enforcement actions.

Motion to go into Open Session Approval of May 14, 2020 Closed Minutes

A motion made by Ward, seconded by Alonzo-Deubel to go into Open Session at 11:06 a.m. Motion carried. Motion made by Pippion-McGriff, seconded by Alonzo-Deubel to approve the May 14, 2020 Closed Minutes. Motion carried.

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Topic Discussion Action Recommendations The Board signed Findings of Facts, Conclusions of Law and

22 Cases were deliberated during Closed Session. IDFPR v. Brian Armstrong Case #2019-11297 IDFPR v. Betty Bridgewater Case #2019-11333 IDFPR v. Ebonie Caldwell Case #2019-11341 IDFPR v. Michael Cummuta Case #2019-11365 IDFPR v. Daniel Glosky Case #2019-11403 IDFPR v. N. Jane Harps Case #2019-11429 IDFPR v. Gerald Leffelman Case #2019-11471 IDFPR v. Genevieve Papilli Case #2019-11528 IDFPR v. Thomas Schopp Case #2019-11568 IDFPR v. Marilyn Washington Case #2019-11756 IDFPR v. Kathleen Wiltgen Case #2019-11790 IDFPR v. Nichelle Cole Case #2019-11356 IDFPR v. Harriette Manuel Obregon Case #2019-11478 IDFPR v. Dennis McIntosh Case #2019-11482 IDFPR v. Bradley Nelsen Case #2019-11515 IDFPR v. Debra Powless Case #2019-11539 IDFPR v. Cynthia Rogan Case #2019-11549 IDFPR v. Walter Simmons Case #2019-11579 IDFPR v. Guy Stedman Case #2019-11711 IDFPR v. Michael Bishop Case #2019-11321 IDFPR v. Wanna Terry Case #2019-11732 IDFPR v. Kenneth Wright Case #2019-11794

Motion made by Owens, seconded by Ellis to ratify the Board’s actions in Closed Session. Motion carried. The Board recommends to indefinitely suspend for a minimum period of 6 months, and to impose a $1,000 fine, upon the following licenses: Brian Armstrong, Betty Bridgewater, Ebonie Caldwell, Michael Cummuta, Daniel Glosky, N. Jane Harps, Gerald Leffelman, Genevieve Papilli, Thomas Schopp, Marilyn Washington, Kathleen Wiltgen, Nichelle Cole, Harriette Manuel Obregon, Dennis McIntosh, Bradley Nelsen, Debra Powless, Cynthia Rogan, Walter Simmons, Guy Stedman, Michael Bishop, Wanna Terry, Kenneth Wright. IDFPR v. Brian Armstrong Case #2019-11297

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Topic Discussion Action Recommendations to the Director

IDFPR v. Betty Bridgewater Case #2019-11333 IDFPR v. Ebonie Caldwell Case #2019-11341 IDFPR v. Michael Cummuta Case #2019-11365 IDFPR v. Daniel Glosky Case #2019-11403 IDFPR v. N. Jane Harps Case #2019-11429 IDFPR v. Gerald Leffelman Case #2019-11471 IDFPR v. Genevieve Papilli Case #2019-11528 IDFPR v. Thomas Schopp Case #2019-11568 IDFPR v. Marilyn Washington Case #2019-11756 IDFPR v. Kathleen Wiltgen Case #2019-11790 IDFPR v. Nichelle Cole Case #2019-11356 IDFPR v. Harriette Manuel Obregon Case #2019-11478 IDFPR v. Dennis McIntosh Case #2019-11482 IDFPR v. Bradley Nelsen Case #2019-11515 IDFPR v. Debra Powless Case #2019-11539 IDFPR v. Cynthia Rogan Case #2019-11549

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Topic Discussion Action Orders

16 Consent Orders and Non-Disciplinary Orders were reviewed and discussed in Closed Session.

IDFPR v. Walter Simmons Case #2019-11579 IDFPR v. Guy Stedman Case #2019-11711 IDFPR v. Michael Bishop Case #2019-11321 IDFPR v. Wanna Terry Case #2019-11732 IDFPR v. Kenneth Wright Case #2019-11794 The Board signed 22 recommendations. Motion made by Owens seconded by Ellis to ratify the actions of Consumer Complaint Review (CCR) and Case File Review Committee (CRC). Motion carried. The Board signed 2 Consent Orders, and 13 Non-Disciplinary Orders with 1 Non-Disciplinary Order was not signed by the Board.

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Topic Discussion Action The Board received a report of the final actions by the Director on the following 9 Consent Orders previously signed by the Board:

Christopher Doyle 2016-09179 Sean Morrissey 2017-11437 Richard Carlino 2017-12349 John Taylor 2018-07060 Steven Baumann 2018-08777 Derek Marx 2018-11602 Taylor Erdman 2019-11379 Adrienne Poole 2019-11535 Sam Valadez 2019-11745

Adjournment Next meeting scheduled for July 9, 2020 will be held remotely via interactive webinar and/or telephonically in accordance with provisions of Governor JB Pritzker’s Executive Order 2020-07 issued on March 16, 2020.

There being no further business to discuss motion made by Pippion-McGriff, seconded by Alonzo-Deubel to adjourn at 11:10 a.m. Motion carried.

PROFESSION SPONSOR CHG. INITIAL LIC. RENEWALS ACTIVERE Managing Broker 72 30 20 15,751 Residential Leasing Agent 32 32 191 3,876 Real Estate Broker 412 216 603 56,963 RE Branch Office 12 16 1 1,300 Real Estate Broker Corporation 6 5 5 3,525 Real Estate Broker Partnership 0 0 0 30 RE Limited Liability Firm 7 23 3 1,982 RE Education Provider (new) 0 2 0 59 RE Pre-Lic Instructor 0 1 1 254 RE Pre-Lic Course 0 36 0 465 RE CE Instructor 0 3 2 305 Real Estate CE Course 0 4 0 553 TOTAL 541 368 826 85,063

LICENSE REPORTCALENDAR YEAR 2020

APRIL

MANAGING BROKER 2020

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

INITIAL LIC. 47 41 79 36 30 RENEWALS 13 10 11 19 20 SPONSOR CHG. 107 87 66 84 72 TOTAL ACTIVE 15,521 15,567 15,665 15,713 15,751

MANAGING BROKER 2019

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

INITIAL LIC. 7 43 14 38 56 77 30 33 33 30 22 37 RENEWALS 3 2,906 2,972 7,187 1,677 74 85 51 79 30 13 21 SPONSOR CHG. 133 110 116 135 140 104 107 85 32 78 78 81 TOTAL ACTIVE 16,314 16,353 16,377 16,449 16,498 15,362 15,172 15,252 15,320 15,380 15,413 15,493

14,500

15,000

15,500

16,000

16,500

17,000

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

ACTIVE MANAGING BROKERS

2019

-

50

100

150

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

MANAGING BROKER

INITIAL LIC.

RENEWALS

SPONSOR CHG.

2020

BROKER 2020

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

INITIAL LIC. 408 423 707 386 216 RENEWALS 12 6,127 4,002 715 603 SPONSOR CHG. 831 767 654 489 412 TOTAL ACTIVE 55,341 55,739 56,479 56,783 56,963

BROKER 2019

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

INITIAL LIC. 305 338 602 334 288 399 508 518 382 366 311 316 RENEWALS 44 34 50 59 99 31 17 13 19 20 16 22 SPONSOR CHG. 940 639 954 663 706 669 637 559 571 660 624 615 TOTAL ACTIVE 49,966 50,556 51,117 51,623 52,092 52,489 53,186 53,635 54,011 54,370 54,637 54,967

46,00048,00050,00052,00054,00056,00058,000

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

ACTIVE BROKERS2019 vs. 2020

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

BROKER 2020

INITIAL LIC.

RENEWALS

SPONSOR CHG.

RESIDENTIAL LEASING AGENT 2020

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

INITIAL LIC. 70 75 85 82 32RENEWALS 3 4 3 4 191 SPONSOR CHG. 36 39 21 21 32TOTAL ACTIVE 3,639 3,709 3,792 3,841 3,876

RESIDENTIAL LEASING AGENT 2019

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

INITIAL LIC. 54 49 57 48 57 104 23 118 61 60 30 48RENEWALS 13 12 14 8 4 9 11 4 3 3 4 3 SPONSOR CHG. 70 43 45 30 60 36 36 30 34 34 35 24TOTAL ACTIVE 2,910 2,934 2,936 3,010 3,074 3,239 3,304 3,391 3,450 3,511 3,541 3,585

3,500

3,600

3,700

3,800

3,900

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

ACTIVE RESIDENTIAL LEASING AGENTS2020

0

50

100

150

200

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

LEASING AGENT 2020

INITIAL LIC.

RENEWALS

SPONSOR CHG.

2020 Real Estate Examination Pass Rates - Pass Rate

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

Managing Broker 41% 47% 54% 33% 40%Total Number Tested 78 92 71 9 30

Broker 46% 47% 50% 49% 57%Total Number Tested 935 961 613 41 315

Leasing Agent 52% 54% 43% 60% 60%Total Number Tested 151 122 92 5 47

2019 Real Estate Examination Pass Rates - Pass Rate

JAN

FEBMAR

APRMAY

JUN

JUL

AUGSEP

OCTNOV

DEC

Managing Broker 49% 43% 52% 49% 55% 43% 40% 55% 41% 45% 37% 45% Total Number Tested 53 61 52 59 65 35 52 44 44 53 70 53

Broker 43% 47% 50% 47% 45% 41% 43% 47% 41% 43% 47% 43%Total Number Tested 836 858 1069 1100 1072 953 869 942 769 978 991 1000

Leasing Agent 52% 49% 50% 56% 50% 53% 48% 53% 45% 51% 57% 52%Total Number Tested 130 150 180 176 191 198 161 189 179 138 159 146

25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%

100%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2020 Real Estate Examination Pass Rates

Managing Broker

Broker

Leasing Agent

Division of Real Estate2018 Education Report

2020(512)

Pre-License Instructors

Licensed

(513) Pre-License

Courses Licensed

(563) CE

Instructors Licensed

(564) CE Courses

Licensed

(515) Education Providers Licensed

Total # of Licenses Issued

# in Process

Pending Provider

Info

January 3 9 4 8 0 24 7 7

February 3 16 5 33 0 57 19 19

March 3 41 1 10 0 55 34 34

April 1 28 2 9 1 41 27 27

May 1 36 3 4 2 46 36 36

June 0

July 0

August 0

September 0

October 0

November 0

December 0YTD Total 11 130 15 64 3 223 123 123

Total Active Licenses

244 344 292 504 56

DRE Education's Pipeline

Diane GreenNate Chandler Jeremy Reed

May 2020Complaint Report

Column1 New RE Complaints

New RE Complaints Assigned To

Investigations Complaints Closed At

Intake ReviewRE Matters Closed

At CCR

January 45 26 11 8

February 38 25 9 4

March 36 18 12 6

April 38 20 10 8

May 18 10 6 3

June

July

August

September

October

November

December

Total 175 99 48 29

MONTHLY AUDIT REPORT

READ Board – June 11, 2020

Licensees that have not yet had an audit in the Chicago Area region are continuing to be assigned to the non-Chicago Area Region examiners. In the effort to accelerate the number of audits to be conducted, Brokerage Verification Reports are being mailed to these licensees. This report allows the examiner to assess the level of activity of the licensee then complete the audit process by mail or schedule an on-site audit. From the total number of first audits closed in May, 22 files were in this region. FIRST AUDITS COMPLETED

RESOLUTION TYPE: BROKERAGE VERIFICATION REPORT – NOT PRACTICING TOTAL COMPLETED: 0

An audit conducted by mail and the licensee has not performed licensed real estate activity within the past three years. RESOLUTION TYPE: BROKERAGE VERIFICATION REPORT – PRACTICING TOTAL COMPLETED: 17

An audit conducted by mail and the licensee has performed licensed real estate activity within the past three years. RESOLUTION TYPE: INSPECTED – NOT PRACTICING TOTAL COMPLETED: 0

An on-site audit has been conducted and the licensee has not performed licensed real estate activity within the past three years. RESOLUTION TYPE: INSPECTED – PRACTICING TOTAL COMPLETED: 0

An on-site audit has been conducted and the licensee has performed licensed real estate activity within the past three years. RESOLUTION TYPE: NOT INSPECTED TOTAL CLOSED: 2

This category is comprised of licensees not requiring an audit. This includes licensees that are out-of-state residents, deceased licensees, companies that are out of business (or license status has become “inactive”) or change of sponsorship. RESOLUTION TYPE: REFERRED TO SUPERVISOR TOTAL CLOSED: 4

This category is comprised of licensees that have either not responded to a Brokerage Verification Report after two attempts from the examiner or has failed to appear for the scheduled on-site audit after two attempts. RESOLUTION TYPE: SUPERVISOR REFERRAL TO PROSECUTION TOTAL CLOSED: 0

This category is comprised of licensees that have not responded to a Brokerage Verification Report after three attempts from the supervisor. In these instances, the licensee has either failed to notify IDFPR of their correct address or failed to respond. FOLLOW-UP AUDITS COMPLETED BY EXAMINER

First audits conducted wherein violations have been found are required to show compliance. Completed in May:

RESOLUTION TYPE: FOLLOW-UP – IN COMPLIANCE TOTAL COMPLETED: 12

RESOLUTION TYPE: FOLLOW-UP – REFERRED TO SUPERVISOR TOTAL COMPLETED: 4

AUDITS REFERRED TO SUPERVISOR – CLOSED

Licensees with remaining issues after an initial audit and follow-up or licensees that are unresponsive are referred to supervisor for review and further action. Completed in May:

RESOLUTION TYPE: RETURNED TO EXAMINER WITH INSTRUCTIONS TOTAL COMPLETED: 2

May 2020Investigations Report

Column1Pending/Open RE Cases

pending CRC/ READ Approval

RE Cases 3 months or

less

RE Cases Over 3 months

RE Cases Over 6 months

RE Cases over 9

months

RE Cases over 12 months

RE Cases Over 24 months

New Assigned to Investiagations RE

Cases Received

RE Cases Referred to

ProsRE Cases Closed

January 309 28 43 49 48 21 96 52 21 2 1

February 299 10 36 35 53 22 89 64 19 6 25

March 323 20 35 51 50 29 90 68 24 0 0

April 318 10 24 60 43 28 89 74 15 5 15

May 320 12 17 67 36 31 84 85 12 6 4

June

July

August

September

October

November

December

Total 91 19 45

May 2020Prosecutions Report

Column1Pending/Open

RE Cases

RE cases 3 months or

less

RE Cases over 3

months

RE Cases over 6

months

RE Cases Over 9 months

RE Cases Over 12 months

RE Cases over 24 months

New RE Cases Rec'd

Complaints filed

Informal Conferences

heldFormal

Hearings heldRE Cases Closed

CLOSED: Admin

CLOSED: Admin Warning Letter

CLOSED: CE Memo

Closed: Order

CLOSED: Consent Order

CLOSED: Non-Disc Order

CLOSED: Income tax Child support

Cases referred to General Counsel

January 417 302 43 31 8 22 11 57 224 9 0 135 13 8 55 12 10 6 28 0 3

February 315 67 160 45 17 15 11 34 7 6 2 136 5 2 18 5 17 53 34 1 1

March 234 47 102 42 16 16 11 31 5 0 0 112 6 9 0 7 10 46 34 0 0

April 216 31 99 38 23 15 10 8 0 0 0 26 2 2 5 1 3 7 5 0 1

May 203 17 51 87 22 18 8 10 1 0 0 23 3 5 0 1 8 3 3 0 0

June 0

July 0

August 0

September 0

October 0

November 0

December 0

Total 140 237 15 2 432 29 26 78 48 115 104 1

0

Real Estate Recovery Fund

FY2020 Beginning Balance Revenue Interest Transfers In Expenditures Transfers Out Sweeps/Borrowing Ending BalanceJuly 1,972,919.79$ 50,576.73$ 2,023,496.52$ August 2,023,496.52$ $47,646.87 ($906.00) 2,070,237.39$ September $2,070,237.39 $32,180.08 2,102,417.47$ October 2,102,417.47$ 23,221.46$ 2,125,638.93$ November 2,125,638.93$ $33,212.99 2,158,851.92$ December $2,158,851.92 $50,025.48 2,208,877.40$ January 2,208,877.40$ $16,354.24 ($1,000,000.00) 1,225,231.64$ February $1,225,231.64 $47,055.74 1,272,287.38$ March $1,272,287.38 $85,101.69 1,357,389.07$ April $1,357,389.07 $18,042.32 ($350,000.00) 1,025,431.39$ May $1,025,431.39 $42,390.58 1,067,821.97$ June -$ Total 445,808.18$ -$ -$ (1,350,906.00)$ -$ -$

* Statutory Transfers