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 the following: 1) officers of the appraisal institute - the nominating committee shall submit its nomination(s) for vice president to the board of directors during the second regular board of directors meeting each year, unless a vacancy in the office of vice president occurs during the course of a vice president's term, in which case the nomination(s) for vice president shall be submitted as soon as practicable after the vacancy occurs or after notice of the impending vacancy is received. If a vacancy occurs in the office of president or president elect and such vacancy is not filled by automatic succession, the nominating committee shall submit its nomination(s) for such vacant position as soon as practicable after the vacancy occurs or after notice of the impending vacancy is received; 2) the chair/vice chair of each regional committee - each of the ten regions shall have a regional committee as provided in the regulation governing regions. Each regional committee shall elect a chair and vice chair, who shall administer the affairs of the region and serves as members of the board of directors of the appraisal institute; 3) one international designated member in good standing elected by the board of directors - the international designated member elected to serve on the board of directors shall serve a two (2) year term that shall commence on january 1st of the first year of the international designated member's term. Except as otherwise provided, the international designated member shall be elected at the third regular board of directors meeting in the year prior to commencement of the international designated member's term; 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 - there shall be an audit committee composed of five (5) members elected by the board of directors. At its third regular meeting each year, the board of directors shall hold an election for those audit committee positions whose terms end that year; 5) the chief executive officer of the appraisal institute - there shall be a chief executive officer of the appraisal institute approved by the board of directors. The chief executive officer shall report to the executive committee and the board of directors.”

“Designated members in good standing 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 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 upon creation of a login. 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.”

“Adjustment for pac activity -174,566.”

“The process has not changed from the prior year.”