The Appraisal Foundation

Filing Period

Jan 1, 2011 to Dec 31, 2011

Signed

Nov 7, 2012

Return Version

2011v1.3

Gross Receipts

$4,342,615

Mission

Major Activities

Activity 2

APPRAISAL STANDARDS BOARD: The ASB's work plan for 2011 included adopting final revisions for the 2012-13 edition of USPAP. After numerous requests for comments, five exposure drafts, and hundreds of public comments, the Board adopted the final revisions to USPAP at a public meeting in San Antonio on April 8, 2011. The Board then undertook (as it does with each edition of USPAP) the daunting task of incorporating all the revisions in USPAP, the Advisory Opinions, the Frequently Asked Questions, the National USPAP courses, and the Instructor Certification and Recertification Courses. In addition to completing the revisions for the 2012-13 edition of USPAP, the Board also began consideration of its agenda with respect to the 2014-15 edition. A major item that required addressing centered around the issue of communication and reporting. To that end, on October 12, 2011, the Board issued a Discussion Draft listing the items it intended to address for the 2014-15 edition of USPAP, and asking for public comment on these items, as well as soliciting input for any additional items. At its meeting in Los Angeles in November 2011, the Board considered all of the public comments received in response to the Discussion Draft, and began preparing for its First Exposure Draft of proposed changes for the 2014-15 edition of USPAP, which it intends to issue in early 2012.

Activity 3

BOARD OF TRUSTEES: The Industry Advisory Council (IAC) of the BOT met three times in 2011 as part of its charge to develop recommendations for the Foundation's independent Boards, the AQB, APB and the ASB. The Appraisal Foundation Advisory Council (TAFAC) held three meetings at which detailed, specific recommendations or comments were made to the Boards. In 2011, the Foundation hosted a Level 1 and Level 2 of the classroom version of the State Appraiser Investigator Training. Another training session exclusively for state regulators was produced and posted in the eLibrary. The Foundation continues to have a strong working relationship with the International Valuation Standards Council (IVSC). The IVSC and the Foundation are also working together on the production of future monographs in the area of Best Practices for Valuations in Financial Reporting (VFR). The Appraisal Foundation added three videos to the eLibrary in 2011: The 2012-13 USPAP Summary of Actions, an Introduction to Green Buildings and their Valuation, and a 2012-13 USPAP Update for State Regulators. The Publications Committee of the Board of Trustees began the process of developing two new Brochures, A Guide to Understanding a Residential Appraisal and Appraisers, Appraisals & You: A Lender's Guide to USPAP.

Filer

EIN

23-2493621