Appraisal Institute Adopts 2015 Budget

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Appraisal Institute Adopts 2015 Budget

The Appraisal Institute adopted its budget for next year among other actions taken during the Board of Directors’ November 20-21 meeting in Chicago.

The Board voted to amend existing policy to allow eligible Practicing Affiliates, upon application for admission to the Candidate for Designation program, to receive a credit for one previously-taken designation education course under certain conditions. Those individuals also would be granted a monetary credit applied toward Candidate fees in some situations. Additionally, the Board voted to maintain the 2015 chapter funding of Candidates for Designation and Practicing Affiliates at 2014 levels.

The Board also approved the 45-Day Notice shared with Appraisal Institute professionals October 6, which included proposed amendments to Regulation No. 2 regarding requirements for the SRA designation. The 45-Day Notice also included further amendments to the preamble to the AI Standards of Professional Appraisal Practice and the preamble to the AI Code of Professional Ethics, in addition to various amendments to other documents. The changes to the Code of Professional Ethics and Standards of Professional Appraisal Practice are effective January 1.

The Board also voted to send to 45-Day Notice proposed revisions of SRA designation requirements and proposed amendments to Regulations Nos. 1, 2 and 3 to make certain language in these Regulations consistent. Additionally, the Board voted to send to 45-Day Notice a proposal to eliminate the minimum length of candidacy required for general and review Candidates for Designation who do not already hold an Appraisal Institute designation. The Board also voted to send to 45-Day Notice a proposal to eliminate AI continuing education requirements for Candidates for Designation.

The Appraisal Institute’s Board of Directors is next scheduled to meet February 19-20 in Chicago.

ICVC Board Adopts Policies

The International Center for Valuation Certification’s Board of Directors adopted several policies on a November 17 conference call and at a November 19 meeting in its Chicago office. The ICVC will confer cross-disciplinary valuation certifications to individuals who meet select criteria while addressing current market needs and opportunities, advancing professionals and serving the public and clients.

The ICVC Board of Directors adopted numerous organizational policies relating to conflict of interest, fiduciary duties, whistleblowers, records retention and management travel expense reimbursement, and treatment of professionals. The Board also approved the execution of shared services and licensing agreements with the Appraisal Institute.

A wholly owned subsidiary of the Appraisal Institute, the ICVC was formed in May 2014 as an Illinois not-for-profit organization, and the Appraisal Institute Board of Directors elected the ICVC Board of Directors at that time. Its Board of Directors consists of President Sara W. Stephens, MAI, AI-GRS; Vice President Charles T. Cowart, MAI; Treasurer James L. Murrett, MAI, SRA; Richard L. Borges II, MAI, SRA, AI-RRS; Jeffrey S. Enright, MAI; Misty K. Ray, MAI; and Faith A. Roland, SR/WA.

AI Enhances Thought Leadership, Attends Key Industry Events

In keeping with the Appraisal Institute’s commitment to convey its thought leadership to valuation professionals and others, I was joined by AI Director of Government and External Relations Bill Garber November 2-4 for meetings on Capitol Hill, and Vice President Scott Robinson, MAI, SRA, AI-GRS, attended the National Association of Real Estate Investment Trusts’ Annual Conference November 5-7 in Atlanta.

Immediate Past President Rick Borges, MAI, SRA, AI-RRS, attended the National Association of Home Builders’ Appraisal Working Group November 6-7 in Washington, D.C., and I represented AI and spoke at the American Institute of CPAs’ Forensic & Valuation Services Conference, which was held November 9-11 in New Orleans.

President-Elect Lance Coyle, MAI, SRA, spoke at the Appraisal Summit & Expo, held November 12-14 in Las Vegas and hosted by the Columbia Institute and the National Association of Appraisers, and Scott Robinson attended The Appraisal Foundation’s Appraisal Practices Board meeting November 14 in Kansas City, Missouri.

Other News Around AI

And here’s some other important news from the Appraisal Institute:

  • AI is accepting proposals until December 31 for panel sessions and presentations for its 2015 Annual Meeting, to be held July 27-29 in Dallas, Texas. Learn more about submitting a presentation.
  • AI posted a new video to its YouTube channel featuring Robin Czarnecki-Griffin, SRA, discussing how the Appraisal Institute Relief Foundation supports appraisers.
  • AI is beginning to assemble new content for “The Dictionary of Real Estate Appraisal,” and Appraisal Institute professionals and non-AI individuals are invited to submit new terms, definitions and revisions to existing definitions for consideration todictionary@appraisalinstitute.org.
  • The Appraisal Institute continues to grow its social media presence. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.