Appraisal Institute

“The appraisal institute shall have two (2) categories of members: designated members and honorary members. A designated member is an individual who holds an appraisal institute designation. An honorary member is an individual who, in the opinion of the board of directors, has made a significant contribution to the appraisal profession.”

“The board of directors shall consist of: 1) the officers of the appraisal institute; 2) the chair and vice chair of each regional committee; 3) one international designated member in good standing elected by the board of directors; 4) any member of the audit committee who is not serving on the board by virtue of holding the position of chair or vice chair of a regional committee; and 5) the chief executive officer of the appraisal institute. The regional committee, consisting of eligible designated members and/or candidates, shall hold elections for all regional positions, including the third regional director, at a regular meeting the first of each year. A regional director shall serve in the following positions during his or her term: 1) in the first year of his or her term, the regional director shall serve as the third regional director; 2) in the second and third years of his or her term, the regional director shall serve as vice chair of the region and a national director from the region; and 3) in the fourth and fifth years of his or her term, the regional director shall serve as chair of the region and a national director from the region.”

“Designated members in good standing, except temporarily non-practicing members, shall be entitled to vote on: (a) the disposition of all or substantially all of the assets of the appraisal institute; (b) any merger or consolidation and the substantial terms, and any substantial amendment of the terms, of any such transaction; (c) any dissolution of the appraisal institute; and (d) any amendment, restatement or repeal of the articles of incorporation, with all such votes requiring a sixty percent (60%) majority of those designated members in good standing present and voting for approval. Designated members in good standing, except temporarily non-practicing members, shall have one (1) vote and shall be entitled to attend membership meetings and vote by proxy.”

“The organization retains the services of an independent cpa firm to prepare the organization's 990. Managmement reviews the completed form 990 draft. Once a draft of the 990 has been completed, the 990 is distributed to all audit committee and board of director members of the organization via a secure website. The board members are then able to review the 990 draft and respond with questions, concerns or comments. At the end of the review period, including any time needed to address questions and comments, the 990 is finalized and filed with the irs.”

“In january of each year, all members of the board of directors are required to read and sign the board of directors certification and disclosure statement. This statement requires that each board member certifies that they "are not aware of any matter in which i am personally involved that may present an actual or potential conflict of interest." if any potential or actual conflict of interest arises during their term, they agree to immediately disclose the conflict and if appropriate remove themselves from discussion, vote and/or further service. Members of the board of directors agree and understand that they may be subject to evaluation and self-assessment at any time.”

“Compensation for all employees is determined by the guidelines contained in the institute's wage and salary program. This program was developed by outside hr consultants in conjunction with a consulting firm. The program includes the establishment of position grades and salary ranges which are based on the market rates of organizations of similar size and budget. The ceo approves all staff salaries. Ceo's performance is evaluated each year. The past president of the organization is responsible for completing the ceo's evaluation and can solicit input from the other officers. Ceo compensation is evaluated using industry benchmarks for similar organizations based on staff size, budget size and geographic location. Ceo compensation package is also reviewed by an independent outside consultant who recommends an appropriate salary range for the organization's ceo position. The executive committee approves changes to the ceo's compensation package.”

“Appraisal institute bylaws are available to the public on our website at www.appraisalinstitute.org. The conflict of interest policy is available upon request to the appraisal institute's executive department and the financial statements are available upon request to the appraisal institute's finance department.”

“The appraisal institute is an illinois not for profit corporation organized under the illinois general not for profit corporation act of 1986, as amended, (the "act") for general education, research and professional association purposes relating to appraisal services. The objectives of the appraisal institute are to serve the general public; to establish, maintain and publicize minimum requirements for designated membership and confer appropriate membership designations to properly qualified appraisers; to formulate and maintain a code of professional ethics and standards of professional appraisal practice for the real estate appraisal profession and enforce that code and standards on and for members, candidates, practicing affiliates and affiliates of the appraisal institute; to identify the body of knowledge in which the appraisal profession operates; to establish, maintain and publicize educational standards and the means for education for its members, candidates, practicing affiliates, affiliates and others interested in the appraisal and real estate professions; to promote research and publication of materials that further the education and professional needs of the appraisal and real estate professions; to establish and maintain effective liaison with governmental agencies concerned with appraising and represent itself in legislative and regulatory matters concerning the appraisal and real estate professions; to provide and maintain an effective and responsive organization and staff that serves the needs of members, candidates, practicing affiliates and affiliates; to conduct meetings, conferences, seminars, educational courses and other activities that further the objectives of the appraisal institute; and to cooperate with other organizations on issues of mutual concern such as legislative and regulatory matters, education and research activities.”

“The organization's board of directors assumes responsibility for oversight of the audit of its financial statements. Proposals are requested as determined necessary, reviewed and approved by governance.”