Audit Committee

For more information about the Audit Committee, including committee membership and meeting dates, please contact the staff liaison listed below.


To assist the Board of Directors in overseeing the integrity of the financial statements of ORRA; assist ORRA with compliance of legal and regulatory requirements; review ORRA’s independent auditors’ qualifications and independence; and review the performance of the independent auditors.

Committee Structure

Comprised of at least three but not more than five members, each of whom must be independent by virtue of: 1) Not receiving compensation from the Corporation and 2) Being free of any relationship that, in the opinion of the Board, would interfere with his or her exercise of independent judgment. The Vice Chairman of Budget and Finance will be a member of the Committee. No officer other than the Vice Chairman (Budget) may serve on the committee. Not more than one member from any one brokerage firm may serve as a member of the committee at one time. Members serving on the committee shall be financially literate, as interpreted by the Board in its business judgment (or shall become financially literate within a reasonable period of time after their appointment). The members of the Committee, other than the Vice Chairman (Budget), will be appointed by the Chairman with approval of the Board, and serve at the pleasure of the Board.

The Board has the sole authority to remove committee members and to fill vacancies on the committee. The Chairman of the Board will appoint the chairman, with Board approval, who shall have accounting or related financial management expertise or experience, as the Board interprets this qualification in its business judgment.

Volunteer leaders and members serve one-year terms. However, to ensure continuity while still providing future opportunities for others to serve, some members and leaders may be reappointed to successive terms at the pleasure of that program year’s Chairman of the Board.


Frequency determined by leadership based on work to be accomplished. Special meetings may be called and may be held via teleconference as needs dictate.


Chair: Stewart Spence, Island Living Real Estate LLC
Vice Chair: Steve Merchant, Global Realty International

Staff Liaison

Hector Sanchez, Vice President of Finance,







ORRA Partners
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