Appraisal Institute Education and Relief Foundation

“Article v, parts a, b, c, d, e, h and l, amended as follows: part a: number of trustees through december 31, 2013, there shall be thirteen (13) trustees, divided into two (2) classes, class a trustees and class b trustees. Beginning january 1, 2014 there will be thirteen (13) trustees and no separate classes. Part b: terms of trustees beginning january 1, 2014, all trustees shall serve three (3) year terms and may serve a maximum of two (2) consecutive three (3) year terms. Part c: qualifications to be eligible for service on the board of trustees, an individual shall (1) be a designated member of the appraisal institute in good standing; (2) hold the status "continuing education completed" unless the individual is a retired designated member as defined in the appraisal institute bylaws; (3) have not been subject to publishable disciplinary action by the appraisal institute within the five years prior to the date of election; (4) have met such other minimum qualifications for service as may be adopted by the board of trustees from time to time. Part d: election of class b trustees beginning january 1, 2014, the appropriate number of trustees shall be elected by the members at the annual meeting of aiet. No trustee can be a member of the board of directors of the appraisal institute at the time of his or her election. Part e: election of trustees on or after january 1, 2014 the appropriate number of trustees shall be elected by the members at the annual meeting of aiet. No trustee can be a member of the board of directors of the appraisal institute at the time of his or her election. Part g: nominations for trustees on or after january 1, 2014 each year the president elect of the appraisal institute shall act as the nominating committee to nominate trustees for those trustee positions whose terms will expire at the end of that year. The names of the nominees shall be delivered in writing to the members at least thirty (30) days prior to the annual meeting of the members of aiet. Additional nominations may be made by a petition signed by at least ten percent (10%) of the members. Said petition must be submitted to the chair of the board of trustees of aiet at least twenty-four (24) hours prior to the convening of the annual meeting of aiet. Part h: removal a trustee shall be automatically removed from serving on the board of trustees if he or she: (1) ceases to be a designated member of the appraisal institute in good standing; (2) receives a publishable disciplinary action as defined in the regulations of the appraisal institute; (3) ceases to hold the status "continuing education completed," unless the individual is a retired designated member as defined in the appraisal institute bylaws; or (4) fails to attend two (2) consecutive regularly scheduled or special meetings of the board of trustees, unless the board has excused such absences at the time of the meeting. The members may remove trustees, for cause, upon the vote of two-thirds (2/3) of the members voting at a quorum meeting of the members. If, during the period between election to a trustee position and the assumption of such position, the elected individual: (1) ceases to be a designated member of the appraisal institute in good standing; (2) receives a publishable disciplinary action as defined in the regulations of the appraisal institute; (3) ceases to hold the status "continuing education completed," unless the individual is a retired designated member as defined in the appraisal institute bylaws;" or (4) fails to meet such other requirements as the board of trustees may adopt from time to time and were in effect at the time of the election, the elected individual shall be disqualified from serving and a new election shall be held. Part l: vacancies on or after january 1, 2014 if a vacancy for whatever reason occurs, the president of the appraisal institute shall nominate a successor for election by the members at the next regularly scheduled or special meeting o”

“The members of the appraisal institute education trust are comprised of the voting members of the appraisal institute board of directors.”

“President elect of the appraisal institute shall nominate trustees for those trustee positions whose terms expire at the end of that year. If a vacancy for whatever reason occurs among the class a trustees, the president of the appraisal institute shall nominate a successor from among the past presidents of the appraisal institute who served immediately prior to the immediate past president of the appraisal institute for election by the members of the education trust; provided, however that the past president so nominated is qualified to serve from the time of nomination until the election. If vacancy for whatever reason occurs among class b trustees, the president of the appraisal institute shall nominate a successor for election by the members at the next regularly scheduled or special meeting of the members of the education trust.”

“Once a draft has been completed, the 990 is distributed to all trustees of the organization via a secure website. The trustees are then given a period of time 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.”

“All trustees receive and must review the conflict of interest policy annually. They provide written confirmation of reviewing and abiding by the conflict of interest policy upon signing the board code of conduct policy. This document also provides a section for disclosure of any potential conflicts. The chair is responsible for logging and monitoring any potential conflicts and confirming that all trustees have completed the board code of conduct policy.”

“The organization does not compensate any employees.”

“Governing documents, policies, and financial statements of the appraisal institute education trust are available to the public upon request at the office of the appraisal institute education trust.”

“Description of organization mission (continued) (5) encourage and interest educational and other organizations in improving, advancing and teaching real estate appraisal; (6) provide scholarships and grants to qualified persons for education in or work in the field of real estate appraisal; and (7) engage in similar activities in furtherance of the purposes stated above.”