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November 17, 2021

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

The Appraisal Institute Board of Directors voted to adopt three 45-Day Notice items during its Nov. 11-12 meeting in Chicago. The 45-Day Notice items address Designated Member Status, Compensation Committeeand Standards of Valuation Practice.

The 45-Day Notice was distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on Sept. 27.

The Board also:

  • Approved proposed 2022 appointments to Appraisal Institute committees, boards and panels.
  • Voted to assign benchmarking functions to the Audit Committee and adopted benchmarking policies and procedures for the Audit Committee.
  • Voted to adopt Compensation Committee Policies and Procedures.
  • Voted to develop a Professional Development Program for real estate analysts.
  • Voted to create an Executive Directors Networking Group.
  • Voted to sunset the Chapter Financial Review Policy.
  • Voted on an interim policy for concurrent education delivery.
  • Adopted the proposed 2022 budget.
  • Voted to approve proposed revisions to the Region Financial Policy.
  • Directed to 45-Day Notice proposed amendments to the Code of Professional Ethics and the Explanatory Comments to the Code of Professional Ethics.

The Board also voted on the following committee vacancies and assignments:

  • Admissions and Designation Qualifications Committee – Woody R. Fincham, SRA, AI-RRS (term ending Dec. 31, 2022).
  • Education Committee- Mark Linne, MAI, SRA, AI-GRS (term ending Dec. 31, 2022).
  • Professional Standards and Guidance Committee- Oscar L. Hill, MAI, SRA, AI-GRS (term ending Dec. 31, 2022); and Steven M. Shockley, MAI, SRA, AI-GRS, AI-RRS (term ending Dec. 31, 2021).
  • Compensation Committee - Peter A. Vimini, MAI (one-year term beginning Jan. 1, 2022).

Additionally, the Appraisal Institute Education and Relief Foundation held its annual meeting of the members and elected five individuals to fill open board positions.

The next Appraisal Institute Board meeting is scheduled for Feb. 24-25, 2022.

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