Amendments to Appraisal Institute Regulation No. 8
| At its November 14-15, 2019 meeting in Chicago, Illinois, the Appraisal Institute Board of Directors approved the proposed amendments to Appraisal Institute Regulation No. 8
concerning the creation of a Government Relations Subcommittee for each state.
Reg. No. 8 was updated on Nov. 14, click here
for the most current version. Chapters will need to update their bylaws in accordance with this change and instructions will be sent to chapters soon.
Minimum Chapter Criteria - Financial Requirements
| Effective for 2020 chapters must submit financial related minimum criteria directly to the Finance Department. For chapters not yet on CFMAP systems
this includes the Internal Control Policy document, year-end
financial statements, and 990 federal tax returns and/or
filing extensions. Yearly budgets should continue to be entered into QuickBooks Online
with notification being sent to the Finance Department. CFMAP
chapters are required to send their yearly budgets directly to the Finance Department. Send all submissions to firstname.lastname@example.org
. As a reminder, the following financial criteria is due in January:
Approved 2020 budget Due January 31, 2020
Signed Internal Control Policy Due January 31, 2020
Reminder of Pooled Reserve Portfolio and Prime Money Market Fund – next deadline for deposit | Chapters and regions participating in the Chapter Financial Management and Administration Program (CFMAP) are eligible to deposit funds into or withdraw funds from the Appraisal Institute Pooled Reserve Fund Portfolio or the Chase Prime Money Market Fund at the beginning of each quarter. As the next entry or withdrawal date is January 2, 2020, notification is required by December 23, 2019.
If your chapter or region wishes to participate in either investment opportunity, please send an email to Betsy Kramer at email@example.com no later than December 23, 2019
indicating the amount to be invested. The minimum amount for each fund is $10,000
. This threshold should be considered carefully to ensure that a sufficient balance is maintained in the chapter/region
checking account for cash flow purposes. (Please note, funds equal to the amount to invest must be in the chapter/region
Chase bank account as of December 26, 2019 to be able to deposit funds into either the Pooled Reserve Fund Portfolio or the Prime Money Market Fund.) Likewise, if your chapter/region
has previously invested in the Pooled Reserve Fund Portfolio or Money Market Fund and is electing to withdraw funds, please reply to this email no later than December 23, 2019, indicating the amount to be withdrawn.
As of October 31, 2019, the YTD
return for the Pooled Portfolio was 7.5
% while the Prime Money Market Fund is yielding 1.5
% as of November 30th
. For information regarding the Prime Money Market Fund or Pooled Reserve Portfolio including investment returns, please email firstname.lastname@example.org
| Please refer to Chapter Business Tools>CFMAP
Forms and Resources section for the current version of the various program forms. Many forms have been updated or improved since the beginning of the program. Check here to make sure you are using the most current version for your chapter submissions
Region 2020 Funding
| The 2020 funding amount remains at $13,500
per region and will be disbursed to each region in equal $3,375 installments at the start of each quarter. Funding can be utilized towards any expense listed in Part III of the Region Financial Policy. If the full amount is not used, regions may use excess funding amount in future years. Please access Chapter Business Tools>Region Finances
for the full Region Financial Policy.
Call for Nominations for 2021 Vice President
| The Appraisal Institute is seeking the names of those members interested in serving as the 2021 Vice President of the Appraisal Institute. If you are interested in serving or wish to recommend someone for the position, please submit your recommendation by email to email@example.com
. (Note: Deadline for submission is February 7, 2020
Qualifications for 2021 Vice President can be found on the Appraisal Institute Website. The nominee cannot serve as a member of the National Nominating Committee at any time during the year in which his or her candidacy would be considered. This does not preclude consideration for the office in future years.
Chapter Co-Op Advertising Program
| The Chapter Co-op
Advertising Program provides financial support to chapters in their efforts to promote the Appraisal Institute to external audiences
. Chapters can be reimbursed for 50 percent of their promotional costs to a limit of $750
per chapter per calendar year. Learn more