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

August 18, 2021 12:30 PM

The Appraisal Institute Board of Directors voted to adopt three 45-Day Notice items during its Aug. 12-13 meeting in Orlando, Florida. The 45-Day Notice items address Audit Committee powers and duties, the Candidate for Designation program, and Life Status and Designated Member readmission.

The 45-Day Notice was distributed to Designated Members, Candidates, Practicing Affiliates and Affiliates on June 28.

The Board also:

  • Adopted proposed changes to the Audit Committee Policies and Procedures.
  • Directed to 45-Day Notice proposed amendments to the Bylaws regarding Life Designated Member status.
  • Directed to 45-Day Notice proposed amendments to Regulation No. 8 regarding the use of alternate chapter representatives to Regional Committees.
  • Directed to 45-Day Notice proposed amendments to the Standards of Valuation Practice definition of “Effective Date.”
  • Directed to 45-Day Notice proposed amendments to the Bylaws and to expose draft policies and procedures regarding a Compensation Committee.
  • Directed to 45-Day Notice proposed amendments to the Bylaws and to expose draft policies and procedures regarding a Benchmarking Committee.
  • Voted for chairs of select committees to attend certain Board and committee meetings in-person, with the opportunity to attend other such meetings remotely or in-person.
  • Adopted a diversity statement.
  • Directed the transfer of funds to the Reserve Fund from the Operating Fund.
  • Voted to sunset the Chapter Internal Control Policy.
  • Voted to establish a single national dues rate for Non-Practicing Designated Members for the 2022 affiliation year, and a policy whereby chapter dues for Non-Practicing Designated Members are capped.
  • Directed distribution of an Exposure Draft of proposed Standards of Professionalism.

The Board also voted to fill the following committee positions:

  • Audit Committee- Trevor C. Hubbard, MAI, SRA, AI-GRS; and Michael J. Mignogna, MAI, SRA, AI-GRS (terms ending Dec. 31, 2023).
  • Professional Liability Insurance Program Committee- Heather Placer Mull, MAI, SRA (term ending Dec. 31, 2024).
  • Strategic Planning Committee- Mark E. Verrett, SRA (term ending Dec. 31, 2023).
  • Strategic Planning Committee chair- Robert R. Elliott Jr. MAI, SRA (term ending Dec. 31, 2023).

The Board elected Matthew S. Myers, MAI, of Dubai, United Arab Emirates, as the 2022-23 International Designated Member on the Board of Directors.

Additionally, the Appraisal Institute Education and Relief Foundation held a special meeting and elected Kelli Kline Mayhew, MAI, SRA, to fill a vacancy on the AIERF Board (term ending Dec. 31, 2022).

 

The next Appraisal Institute Board meeting is scheduled for Nov. 11-12.

 

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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 17,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org
 
 

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