President's Message, August 2024

August President's Message

President's Message - August 2024

Hello Members,

The 3rd quarter Board of Directors meeting was held in Minneapolis on August 15th and 16th, where the Board elected Craig Steinley, MAI, SRA, AI-RRS, AI-GRS the 2025 Vice President. Craig is our current Immediate Past President and will be serving four more years as an Officer. Congratulations, Craig!

As a member-led organization it takes member volunteers to come forward, give their time and share their talents to burnish the Appraisal Institute brand, keep AI vibrant, keep AI the leader of the appraisal profession in advocating for valuation professionals with both residential and commercial expertise. I applaud the many members who serve on committees and as Officers at the National, Region, and Chapter levels. Let's give a shout-out for your National Directors and all those volunteers who give so many hours to the Appraisal Institute. Please join these volunteers by serving on committees, serving as officers, course developers, instructors - all those who have committed time and energy to the organization. We need new thought leaders to keep AI exciting and relevant. This is what will encourage others to join AI at every level of affiliation.

• Speaking of members, the Board adopted a change to "member" terminology following a 45-Day Notice comment period. We received fewer than 10 comments, both pro and con. The three new classifications of membership are Designated Members (those holding one or more Appraisal Institute designations), Associate Members (Practicing Affiliates and Candidates for Designation) and Affiliate Members (Affiliates and Student Affiliates). We are all members. We are more inclusive and welcoming. We are One Appraisal Institute!
• The Board approved revisions to our dues structure for the 2025 dues cycle.
  • No annual dues increase in 2025. The customary annual increase in dues would have generated approximately $300,000 in revenue, so this will have an impact on our budget. The Board determined that a direct member benefit is more important than a reduction in National's 2025 revenue.
  • Eliminate Late Fees.
  • Reduce six levels of dues down to two levels for the Designated Member semi-retired status
  • Eliminate the increase in dues when transitioning from Practicing Affiliate to Candidate for designation
  • Eliminate pro-rated, add-on dues for Designated Members achieving an additional designation only in the year they achieved that additional designation..
  • Increase national dues for Affiliate Members, excluding Student Affiliates, from $255 to $285.
  • Eliminate chapter dues for Affiliate Members and instead direct National to allocate $30 per Affiliate Member to the chapter in which they will belong.
• A 45-Day Notice will be published for member comment on changes to require all Affiliate Members, including Student Affiliates, to become a member with their local chapter.
• A 45-Day Notice will be published for proposed amendments to AI Continuing Education requirements, which if approved, will be effective for AI CE cycles beginning July 1, 2025:
  • Eliminating the Points Requirement and changing to an Hours Requirement of 100 hours for Designated Members and 75 hours for Practicing Affiliates.
  • Designated Members will be required to take 25 hours of continuing education exclusively from the Appraisal Institute. Practicing Affiliates will be required to take 15 hours of continuing education exclusively from the Appraisal Institute.
    • If a Designated Member or Practicing Affiliate take Standards (USPAP/IVS), AI's Business Practices & Ethics, or fair housing education from the Appraisal Institute, those hours will not count toward the 25- and 15-hour CE requirements needed to be taken exclusively from AI. These amendments are intended to increase the knowledge and professional skills of members.
    • AI Continuing Education credit for service to the Appraisal Institute, service for mentoring/advising, and service to the real estate profession will no longer be given. AI Continuing Education credit will still be available for teaching AI courses or seminars, teaching USPAP or upon application to the ADQC Chair. Again, these amendments are intended to increase the knowledge and professional skills of members.
    • Designated Members and Practicing Affiliates will be permitted to attest to the completion of continuing education for the AI CE Hours requirement without having to upload certificates, making compliance reporting easier.
    • AI CE credits will no longer be carried over from cycle to cycle.
    • All Designated Members will have to comply with AI continuing education requirements, including Designated Members who currently hold"voluntary/recommended" status and are not required to be AI Continuing Education Program Completed.
    • The date of AI CE member termination will be determined by an AI CE cycle end date as opposed to the date of suspension. Additionally, Practicing Affiliates who have been suspended for AI CE will have one year (instead of six months) from their AI CE cycle end date to complete all AI CE requirements before termination of their membership. This proposed change will align with the current one-year suspension period provided to Designated Members.
• The Board approved the following changes to AI Membership related to Candidacy:
  • Sunset the AI Master's Degree Program (MDP) while still enabling students who have graduated from an MDP university to obtain equivalent credit towards designation if they successfully complete such education.
  • Elimination of restoration of credit now allows all Candidates for Designation to retain credit for all designation requirements regardless of the date completed, so long as the completed requirement fulfills current requirements or equivalencies.
  • Change in the Residential Demonstration of Knowledge requirement, permitting Candidates to take a Residential Capstone Program. This change allows residential Candidates to receive credit for this new program option and fulfill the Demonstration of Knowledge requirement. It will be similar in nature to the Capstone Program available to general Candidates pursuing the MAI designation.
  • Revisions to the Policies and Procedures for Multi-Candidate Elections and the National Nominating Committee Policy and Procedures allow notification to AI Professionals of the National Nominating Committee's nominee for Vice President.
  • The Client Advisory Board, which has not been active, has been eliminated.
  • Panel Chairs are permitted to serve more than two consecutive terms.

• Audit Committee:
  • Allen Gardiner, MAI, SRA
  • Mike Tankersley, MAI, SRA, AI-GRS, AI-RRS, and
  • Richard Wolf, MAI, SRA, AI-GRS were elected for two-year terms from January 1, 2025 - December 31, 2026.
• Compensation Committee:
  • Wes Sanders, MAI, AI-GRS was elected for a one-year term from January 1, 2025 - December 31, 2025.
• Strategic Planning Committee:
  • Darwin Ernst, SRA, AI-RRS was elected for a two-year term from January 1, 2025 - December 31, 2026.
• Admission Designation and Qualification Committee:
  • Jeffrey Morley, MAI, SRA was appointed to fill a term through December 31, 2025.
• Diversity Committee:
  • Christopher J. Posey, SRA August 16, 2024 - December 31, 2024
  • Samuel Adesiji, SRA August 16, 2024 - December 31, 2024
  • Jeffrey Hogan, SRA August 16, 2024 - December 31, 2024
  • Keila Santiago Ramirez, SRA August 16, 2024 - December 31, 2025
  • Inna Babakulieva, MAI August 16, 2024 - December 31, 2025
  • The committee chairs that are also serving include
    • Robert J. Duke, MAI, AI-GRS Chair of International Relations Committee January 1, 2024 - December 31, 2025
    • Ryan L. Zink, MAI, Chair of University Relations Committee, January 1, 2024 - December 31, 2025
    • Adam B. Johnston, SRA, AI-RRS, Chair of Residential Appraiser Committee March 20, 2023 - December 31, 2024
    • Ashley A. Johnston, MAI, SRA, Chair of Women's Initiative Committee January 1, 2023 - December 31, 2024
• Professional Liability Insurance Program Committee:
  • Lisa M. Meinczinger-Gulden, SRA, AI-RRS was elected for a three-year term from January 1, 2025 - December 31, 2027.

I am looking forward to meeting with you on September 13, 2024, at the virtual general membership and Q3 Board meeting recap/Q&A meeting. We are better together!

Your friend,

Sandy Adomatis, SRA