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Chapter FYI from AI

Chapter FYI - December 2019

Important Dates & Deadlines

DECEMBER

31 | Chapter Co-Op Advertising Reimbursement Program submission deadline. Learn more.
31 | Q4 Online Revenue Share submission deadline. Learn more.

JANUARY 2020

 1 | AIERF Practicing Affiliate, Course Scholarship and Minorities & Women Course Scholarship deadline.  Learn more.
 1 |  Release of 15-Hour National USPAP Course 2020-21Learn more.
28-29 | National Committee Meetings, Chicago, IL
31 | Minimum Chapter Criteria reporting deadline.

2020 Meetings/Events/Etc.

Feb. 7 | Vice President nominations deadline . Learn more below.
Feb. 11 | LDAC 2020 registration opens.  Learn more.
Feb. 20-21 | AI Board of Directors 1st Quarter Meeting, Chicago, IL
May 7-8 | AI Board of Directors 2nd Quarter Meeting, Chicago, IL
May 18-20 | Leadership Development and Advisory Council (LDAC), Washington, DC
Aug. 2 | Regional Meetings, Orlando, FL
Aug. 3-5 | 2020 Annual Conference, Orlando, FL
Aug. 6-7 | AI Board of Directors 3rd Quarter Meeting, Orlando, FL
Nov. 12-13 | AI Board of Directors 4th Quarter Meeting, Chicago, IL

New Announcements

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.
 
Merger of the Bluegrass and West Virginia Chapters Approved | During its Nov. 14-15 meeting, the AI Board of Directors approved the merger of the Bluegrass and West Virginia Chapters.  The name of the Chapter will be the Bluegrass Chapter of the Appraisal Institute, and the new chapter will include a branch chapter known as the West Virginia Branch  Chapter.  Also, the Mahoning Valley Chapter members have approved the surrender of its charter effective 12/31/2019.  The territory of this chapter will be assigned to the Ohio Chapter.  As of Jan. 1, 2020, the number of active AI Chapters will be 76.
 
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 finance@appraisalinstitute.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 ekramer@appraisalinstitute.org  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 finance@appraisalinstitute.org.
 
CFMAP Forms | 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 jbarngrover@appraisalinstitute.org.  (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.
 
Upcoming Webinars
Hot Legal Issues - Appraisers as Employees and as Independent Contractors 
Learn how appraisers are treated and classified under federal labor laws.
Tuesday, December 10, 2019
12:00pm2:00pm CT
Duration: 2 hours
AI Price: $50.00
Full Price: $75.00
 
2020 Synchronous offering:
Advanced Income Capitalization
January 13 – January 23, 2020
Monday – Thursday (2 weeks)
10:00am2:00pm CT
Last day to register: January 8, 2020

 

Education 

New Education Announcements:

The 7-Hour 2020-2021 USPAP Update Course is now available! And the 15-Hour National USPAP Course will be available JANUARY 1, 2020. Both courses have been submitted to all states for approval. Please note that some states can take up to 90 days to approve the programs. Therefore, if you plan on offering one of the courses, check the website to determine if the course has been approved. If it is not yet approved, we advise you to wait until approval has been granted before scheduling it. IF you choose to schedule it before it is approved, Chapters must be clear to participants in their advertising that their state has not yet approved the program. Please note, due to many state rules, you cannot say “Approval Pending” or “Approval Applied for.”
 
  • For the 7-Hour USPAP Update Course we are still waiting for state approvals as of 11/26/19 for the following states: Alabama, Alaska, Delaware, Hawaii, New Mexico, South Dakota, Utah, and West Virginia.
  • For the 15-Hour USPAP Update Course, we are still waiting for state approvals as of 11/26/19 for the following states: Alabama, Alaska, Arizona, Colorado, Delaware, Hawaii, Massachusetts, Minnesota, New Jersey, New Mexico, North Dakota, South Dakota, Tennessee, Utah, Washington, and West Virginia.
The web site will not list any dates in the title of the program until your state approves, and then the web site will be updated to show your offering as the 2020-2021 version.
 
IMPORTANT NOTE: For the 7-Hour 2020-21 USPAP Update Course, the Chapter must make sure that the instructor completed the new TAF Instructor Certification program; if not, the instructor will not be allowed to teach the course. 

Classroom Education | Now Available: 

The Cost Approach: Unnecessary or Vital to a Healthy Practice?
NEW 7-hour seminar for residential appraisers. Premieres in Nashville, TN on December 2, 2019 with immediate release to chapters.
 
Valuation Resources for Solar Photovoltaic Systems
NEW 4-hour seminar for real estate appraisers, lenders, and underwriters. Premiered November 2019.
 
Appraisal of Manufactured Homes Featuring Next-Generation Homes
NEW/Post-premiere 7.5-hour course, developed in collaboration with Freddie Mac, for residential appraisers and reviewers who are currently working in the secondary market lending space. Will be released to Chapters April 1, 2020. Click here for more information.
 
Rural Area Appraisals: Freddie Mac Guidelines and Property Eligibility Requirements
NEW 7-hour seminar for residential appraisers and reviewers who are currently working in the secondary market lending space. Will be released to Chapters April 1, 2020. Click here for more information.
 
Advanced Residential Applications & Case Studies/Part 1
Revised version now available! Learn more here.
 
Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation                                              
NEW 4-hour seminar for general and residential appraisers. Learn more here!
 
Litigation Appraising: Specialized Topics and Applications
Now 3 days. Released to chapters in September. Third of three revised courses in the Litigation Professional Development Program. Click here for more information.
 
Rural Valuation Basics
7-hour seminar now available! Find out more here.
 
How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value
Check out new 7-hour seminar here.                                                                                                            

Classroom Education | In Development:                                                                                               

General Appraiser Site Valuation and Cost Approach
Post-debut revisions tentative release January 2020.
 
General Report Writing & Case Studies
MAJOR REVISION tentative release June 2020.                                             

Marketing Flyers Available for Chapters

If interested in obtaining the pdf of one or more of the flyers listed below, please contact Mallory Whaley (mwhaley@appraisalinstitute.org). 

  • The Cost Approach: Unnecessary or Vital to a Healthy Practice?
  • Valuation Resources for Solar Photovoltaic Systems
  • Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation
  • Litigation Appraising: Specialized Topics and Applications
  • Rural Valuation Basics
  • How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value
  • Valuation by Comparison: Analysis and Logic
  • Ignorance Isn’t Bliss: Understanding an Investigation by a State Appraiser Regulatory Board or Agency
  • AIM HIGHER: DID YOU KNOW THE APPRAISAL INSTITUTE PROVIDES MORE THAN QUALITY EDUCATION TO THE VALUATION PROFESSION? (membership recruitment  - click here to view example flyer)
  • Evaluating Commercial Leases: The Tenant and the Terms Both Matter
  • Practical Applications for Appraising Green Commercial Properties
  • Solving Land Valuation Puzzles
  • Advanced Land Valuation: Sound Solutions to Perplexing Problems
  • Valuation of Conservation Easements
  • Uniform Appraisal Standards for Federal Land Acquisitions: Practical Applications
  • Case Studies in Appraising Green Residential Building
  • WANTED: Real Estate Appraisers Who are Experts in Litigation (Litigation education/publications)
  • Do you have the competency needed to value green properties? (Green education/publications - click here to view example flyer)
Designation_Education_and_USPAP
 
2020_Capstone_Schedule
 
For all offerings of the NEW Practical Application in Appraising Green Commercial Properties course, an additional “contact information opt-out” form will be sent to the chapter to be passed around to students during class. Once the form is completed, chapters will need to send the completed form to education@appraisalinstitute.org. The reason for this form and the language that appears on the form is below. If you have questions, please contact Mallory Whaley, mwhaley@appraisalinstitute.org.
 
The materials for the Practical Applications in Appraising Green Commercial Properties course include images provided by CoreLogic/Marshall & Swift products. The Appraisal Institute has agreed to send CoreLogic contact information of attendees who take the course so that CoreLogic can send communications to course participants after the class has ended. If you do NOT want to receive communication from CoreLogic/Marshall & Swift, please check the box before your name. 
 
The "contact Information opt-out" form is also downloadable here.

 

Newly Designated Members
Recognize and congratulate newly Designated Members in your chapter! A list of all individuals who were recently designated is available here.

To welcome the new AI professionals who joined your chapter last month log-in to your Chapter Portal.
  • Select Reports (right-hand side menu bar)
  • AI Chapter Join - Rejoin Report
  • View Report
Volunteer of Distinction Program
Nominate a Volunteer of Distinction | Volunteer of Distinction honorees are recognized on a quarterly basis, i.e. Q4 2019 honorees will be recognized in January 2020. Any Designated Member, Candidate for Designation, Practicing Affiliate or Affiliate in good standing who makes contributions to the Appraisal Institute, the valuation profession and their local community is eligible to be recognized. AI professionals in good standing submit nominations, on a form provided on the Appraisal Institute's website, to AI national staff. Appraisal Institute staff receive and review nominations to confirm that they conform to the program's selection criteria. Individuals may not nominate themselves.
 
All honorees will be promoted on the website, in Appraiser News Online, the President's Message and Chapter FYI. Certificates will be mailed to the honorees and chapter executive directors.

Check out the Nomination Form and Program Description for further details.

 

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