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    AI News Releases Feb 23, 2024

    AI Announces Key Elements of First Quarter Board Meetings

    Chicago, IL, February 23, 2024 – The Appraisal Institute, the leading association of real estate appraisers, released the highlights of its First Quarter Board Meetings, February 22-23, 2024. Chief Executive Cindy Chance, PhD, updated the Board on organizational change and progress since the last special meeting in mid-December, at which the Board approved funding to support the next phase of her reorganization plan. President Sandy Adomatis, SRA, chaired the meeting at which the Board deliberated on a number of topics with the goal of serving its mission and members’ interests.

    CEO Report: Reorganization continues to advance the drivers of value for members

    • Operational adjustments successfully completed following the 15% reduction in staff announced in early January. Cost savings on track to close a potential $1.2 million 2024 operating budget deficit
    • Key staff hires have been concluded with others well-advanced. New hires’ priorities are to lead goal-oriented teams and instill best practice in critical business areas including Education & Publications and Customer Service
    • Business reporting underway, including initial identification of goals and performance metrics by unit, focused on organization wide KPIs
    • Finalizing selection and planning for critical technology investments to improve neglected technology infrastructure, including on-line education platforms and learning management software, customer service systems and accounting and expense management system
    • Implementing first steps in education overhaul plan, built around investment in network wide distribution of QE and DE and creation of improved, quick to market on-demand CE. Re-aligning Publication content to focus on member interests and thought leadership
    • Ongoing overhaul of communications and advocacy, focusing on appraiser-centric communications, including:
      • Relaunch of email and social media marketing vehicles and approaches including the all-new “Appraisal Now” weekly newsletter
      • Review and planning to establish new marketing partnerships and sponsorship opportunities
      • Continued step-by step remediation of the website to improve user experience, enhance accessibility of information, improve brand identity and inculcate appraiser-centric messaging
      • Began member-wide sharing of expert third-party government affairs updates, advanced planning to promote inclusive legislative engagement and awareness across Chapters
      • Continued improvements in transparency and significant steps towards best practice communications, including commencing Quarterly Reporting, online Regional Joint Meeting presentation and member Q&A (400+ participants), post First Quarter Board meeting highlights release followed by open on-line Q& A, commitment to public announcements of significant events and developments, enhanced President’s Message format including video
    • Planning underway for Membership improvements including campaign focused on the value of Appraisal Institute designations, growing membership, and offering thought leadership webinars
      • Efforts underway to identify and provide needed Chapter resources and support such as hosted websites, domain email addresses and access to local member course registrations
      • Aligning the Appraiser Diversity Initiative, PAREA, and University Relations into a “pathway into the profession” team, committing to clear reporting on progress and challenges in attracting the next generation of diverse professionals

    Board decisions included:

    • Decision to send possible changes to the Bylaws, permitting all AI professionals to be referred to as members, out for customary 45-day notice and comment period
    • Decision to send a possible change to the Body of Knowledge, regarding mention of a second definition of fee simple, out of all members for a 90-day comment period
    • Decision to send a possible change to continuing education requirements to add a valuation bias and fair housing course requirement, out for customary 45-day notice and comment period

    Members Q and A: Post Appraisal Institute 1Q Board Meeting (2.23.24 5pm CT) Watch Now!