President's Message, March 2023
Dear Appraisal Institute Colleague:
Reflecting on my time as an appraiser, my proudest moments have been when I've had the opportunity to watch the aspiring appraisers that I've supervised into the profession complete the education, testing and peer review to obtain their own AI designations. The positive impact that an individual can have on others and the profession comes into full focus when you watch one of your own get designated and know that they now have the training and knowledge necessary to excel in the profession. Playing a role in this process by lifting others to the designations has been an extremely rewarding part of my journey as an AI Professional.
This month, I'm writing with a request. I hope you'll take the time to reflect on what the Appraisal Institute means to you and how we can help to strengthen it in the years ahead as we turn to a new era of leadership.
AI Announces New National Service Award
The AI Board of Directors voted during its 1Q meeting to create an annual William S. Harps DEI Award. Harps, MAI, was the 1981 president of the American Institute of Real Estate Appraisers (an AI predecessor organization) and the first African American president in the organization's history. The award will recognize an AI Professional who exemplifies the value of diversity, equity and inclusion within the valuation profession and has contributed to making the profession reflective of all the communities we serve. The inaugural award is scheduled to be presented later this year.
AI Board of Directors Adopts Amendments to Bylaws at February Meeting
The Appraisal Institute Board of Directors voted to adopt two 45-Day Notice items during its Feb. 22-23 meeting in San Antonio, Texas.
The first 45-Day Notice item addresses proposed amendments to AI Bylaws regarding Audit Committee member service as set forth in the 45-Day Notice distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on Jan. 6, and was adopted with amendments.?The second 45-Day Notice item addresses proposed amendments to AI Bylaws regarding Compensation Committee member service that also was distributed to those individuals on that date.
The Board also:
- Voted to amend Regulation No. 7 to establish a Residential Appraiser Committee.
- Directed to 45-Day Notice proposed amendments to the Bylaws and Regulation Nos. 7, 8 and 9 regarding eligibility to serve at the national, regional and chapter levels.
- Directed to 45-Day Notice proposed amendments to the Bylaws and Regulation No. 4 regarding Life Membership.
- Approved the appointment of Pledger M. (Jody) Bishop III, MAI, SRA, AI-GRS, as chair of the Demonstration of Knowledge Grading Panel through Dec. 31.
- Voted to amend National Nominating Committee Policies and Procedures.
- Voted to adopt the proposed election and voting model for Audit Committee members recommended by the Audit Committee Best Practices Project Team.
- Voted to not hold an Annual Conference in 2024.
The next Appraisal Institute Board meeting is scheduled for May 11-12 in Chicago.
Designated Members Called to Volunteer for National Service
If you are interested in further serving the Appraisal Institute at the national level in 2024, please complete the Leadership Resource Registry no later than 5 p.m. CDT, Aug. 2. To be considered for national committees, panels, the Appraisal Institute Insurance Trust or the Appraisal Institute Education & Relief Foundation, if eligible, you must express your interests within the Registry. To access the Registry, log on to the AI website and click on the link: AI Volunteer Opportunities.
Even if you submitted your interests last year in the Registry, and there are no changes to your preferences, you will need to log back into the Registry.
We thank you in advance for indicating your preferences in the Registry. We look forward to a strong response, which will help to broaden the base of participation in the organization and serve as a source of new ideas and growth.
If you have questions, or need assistance completing the Registry, please contact Rachael Georges at rgeorges@appraisalinstitute.org.
AI Board of Directors to Consider 45-Day Notice Item at May Meeting
At its May 11-12, 2023 meeting, the Appraisal Institute Board of Directors will consider proposed amendments to the Appraisal Institute Bylaws, Regulation Nos. 4, 7, 8 and 9.
The proposed amendments are expected to have minimal financial impact.
If you have any comments on the proposed changes in the 45-Day Notice, please contact your elected Directors and/or send your comments via email to 45daynotice@appraisalinstitute.org.
Comments sent to this email address on or before May 6, 2023, will be compiled for distribution to the Board of Directors and the Admissions and Designation Qualifications Committee (ADQC).
Click here to view the 45-Day Notice.
Latest Episode of Face Value Podcast Now Available Welcome to Season 2 of the Appraisal Institute's podcast, Face Value!
In this month's episode, hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, are joined by Matt Atwood, Candidate for Designation, and Michelle Patton, MAI, to share their perspectives as Appraisal Institute “Volunteers of Distinction.” The hosts and guests also talk about some of their most unusual assignments, volunteer experiences outside of appraisal and ideas for fun networking events that chapters around the country might consider.
Check out the latest episode here.
Newest Issues of The Appraisal Journal and Valuation Magazine Now Online
The latest issue of AI's scholarly journal features the cover article, “Useful Life Estimates for Wind Projects,” written by Richard K. Ellsworth, which presents an innovative approach for estimating the useful life of wind project components. Read this and more on the Appraisal Institute's website.
The latest issue of Valuation magazine is available as well. Take a look and learn about:
- Some of the most important issues facing the valuation profession from AI's officers
- Forming your own valuation firm
- Regulatory changes that are likely to affect real estate valuation in 2023
- And much more!
Read Valuation now: Click Here.