Skip to main content

REINZ Rules and Professional Development and Integrity Fund

The REINZ Rules

The Real Estate Institute is incorporated as a Society. The Incorporated Societies Act 1908 requires every incorporated society to have a set of rules, which govern how the Society is run.

Read the Rules

Professional Development and Integrity Fund (PDIF)

The Professional Development and Integrity Fund (PDIF) supports initiatives for the benefit of, or services provided to, REINZ members that contribute to increasing and maintaining the professional standards of the industry or to protecting the integrity of REINZ.

The PDIF is a separate fund held within the Institute and controlled by the PDIF Management Committee consisting of select Board members, with an external Chair who is appointed by and reports to the Board on a regular basis.

Investment of the Fund

The special committee responsible for the fund has, with the endorsement of the Board, appointed specialist investment advisers responsible for the day to day investment of the funds and their placement and control with the terms established under the Statement of Investment Policies and Objectives (SIPO).

The Investment Advisers are expected to perform to the general terms of the Objectives already provided. Neither the Board nor the PDIF Management Committee considers themselves to be expert in these matters and as a result will not on a daily basis change investment recommendations. These will be subject to periodic review and all investments will fall within what is generally considered ‘ethical’ in nature.

The Fund currently

Details as to the current performance ofthe Fund, and therefore funds available for spending will be included in the Annual Report to Members. They will be part of the audited financial statements and will fall under the control of the general reporting terms and rules of the Institute.

Guiding rules

  • It is intended that the establishment capital of the Fund (approximately $2 million) should be maintained.
  • Income from the fund can be spent each year.
  • If spending of more than 25% of the fund capital is proposed, a special vote by the members is required.
  • Spending can be made on a monthly basis.
  • All spending must be budgeted and supported by a full business case.
  • Day to day spending for Institute matters will not be authorised from the Fund.

Guiding principles

Spending must comply with the following:

  • Preference will be given for projects that support the real estate profession by supporting members of REINZ.
  • Projects must at least contribute to the professional standards of the industry.
  • National projects will be considered over and above local branch projects.
  • Projects must demonstrate that they are primarily to the benefit of members, their reputation and standing in the community and/or their general level of skill and education.
  • Grants cannot be used to fund internal costs such as wages unless incurred for specific projects.

Project proposals

Proposals with supporting evidence should be made in writing to:

The Chief Executive

The Real Estate Institute of New Zealand

PO Box 5663, Victoria Street West, Auckland 1142

Applications will be reviewed by the REINZ Board before being forwarded to the PDIF Management Committee. The review will include confirmation of the terms of the application and all substantive detail.

A variety of proposals will be considered. Proposals must be for stand-alone projects and include the following information:

  • Project name
  • Persons making the application
  • Persons to benefit from the grant
  • General overview of the project
  • Time frame
  • Budget
  • Manner of supporting the objective of the Fund
  • Any other relevant material.

The PDIF Management Committee will only accept project proposals supported by a strict budget including any budget overrun. Any budget overrun will be subject to a further reporting and approval process. All spending will be attributed to a specific approved project.

Proposals for projects may also be initiated by the REINZ Board, REINZ Management, Sector Group Representatives and REINZ Ambassadors. 

Notification of approval or decline

The Committee will consider the application and may call upon the proposer to speak to the Committee or provide further information as the Committee requires.

Notification will be made in writing. If an application is declined, the reason will be summarised. Decisions are not-negotiable. However, an adjusted application may be considered at a later date.

A summary of accepted proposals will be listed in the REINZ Annual Report.

Further information

If you have any questions about the REINZ Rules or the PDIF, please reach out.

Contact and support