AI Board of Directors Adopts 45-Day Notice Items During August Meeting

The Appraisal Institute Board of Directors voted to adopt three 45-Day Notice items during its Aug. 12-13 meeting in Orlando, Florida. The 45-Day Notice items address Audit Committee powers and duties, the Candidate for Designation program, and Life Status and Designated Member readmission.

The 45-Day Notice was distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on June 28.

The Board also:

• Adopted proposed changes to the Audit Committee Policies and Procedures.
• Directed to 45-Day Notice proposed amendments to the Bylaws regarding Life Designated Member status.
• Directed to 45-Day Notice proposed amendments to Regulation No. 8 regarding the use of alternate chapter representatives to Regional Committees.
• Directed to 45-Day Notice proposed amendments to the Standards of Valuation Practice definition of “Effective Date.”
• Directed to 45-Day Notice proposed amendments to the Bylaws and to expose draft policies and procedures regarding a Compensation Committee.
• Directed to 45-Day Notice proposed amendments to the Bylaws and to expose draft policies and procedures regarding a Benchmarking Committee.
• Voted for chairs of select committees to attend certain Board and committee meetings in-person, with the opportunity to attend other such meetings remotely or in-person.
• Adopted a diversity statement.
• Directed the transfer of funds to the Reserve Fund from the Operating Fund.
• Voted to sunset the Chapter Internal Control Policy.
• Voted to establish a single national dues rate for Non-Practicing Designated Members for the 2022 affiliation year, and a policy whereby chapter dues for Non-Practicing Designated Members are capped.
• Directed distribution of an Exposure Draft of proposed Standards of Professionalism.

The Board also voted to fill the following committee positions:

• Audit Committee- Trevor C. Hubbard, MAI, SRA, AI-GRS; and Michael J. Mignogna, MAI, SRA, AI-GRS (terms ending Dec. 31, 2023).
• Professional Liability Insurance Program Committee- Heather Placer Mull, MAI, SRA (term ending Dec. 31, 2024).
• Strategic Planning Committee- Mark E. Verrett, SRA (term ending Dec. 31, 2023).
• Strategic Planning Committee chair- Robert R. Elliott Jr. MAI, SRA (term ending Dec. 31, 2023).

The Board elected Matthew S. Myers, MAI, of Dubai, United Arab Emirates, as the 2022-23 International Designated Member on the Board of Directors.

Additionally, the Appraisal Institute Education and Relief Foundation held a special meeting and elected Kelli Kline Mayhew, MAI, SRA, to fill a vacancy on the AIERF Board (term ending Dec. 31, 2022).

 

The next Appraisal Institute Board meeting is scheduled for Nov. 11-12.

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