Many are under the false impression that the Appraisal Institute (AI) is part of the government that oversees and regulates real estate appraisers. That is absolutely false. They are NOT The Appraisal Foundation (TAF). The Appraisal Foundation is "Authorized by Congress as a source of appraisal standards and qualifications." TAF worked with some private appraiser organizations one of which was AI until 2010. TAF stated AI resigned instead of being suspended for violating the Foundation’s Code of Conduct for Sponsoring Organizations. Here's an article I wrote on who actually regulates appraisers and the appraisal industry.
The Appraisal Institute is instead a private non-profit organization 501 6 c FEIN 36-3739643 formed in 1992 whose mission is to promote real estate appraisers and the business of appraising, IRS code S41 "promotion of business." Their real mission is to sell memberships, classes, publications and their own designations such as MAI... They are primarily focused on commercial appraisers and not really residential. Many feel they are just a private white male commercial appraiser club that promotes itself and not appraisers or the industry as a whole. It costs $15,000 to become an AI MAI appraiser so it's not cheap. Only General Certified Appraisers can become MAI Appraisers.
Below is their most recent tax return which is their 2019 990 tax return from their Guidestar profile https://www.guidestar.org/profile/36-3739643 . All info came from this public document. Their income was $20,589,361. They allegedly had almost 17,000 members which includes retired, candidates, honorary and affiliates in 2019. In 2007 they stated they had 21,000 members so they lost members?
https://pdf.guidestar.org/PDF_Images/2019/363/739/2019-363739643-202013159349304521-9O.pdf
They state their mission is "THE APPRAISAL INSTITUTE'S MISSION IS TO ADVANCE PROFESSIONALISM AND ETHICS, GLOBAL STANDARDS, METHODOLOGIES, AND PRACTICES THROUGH THE PROFESSIONAL DEVELOPMENT OF PROPERTY ECONOMICS WORLDWIDE."
They have 98 employees and 198 volunteers. Their main income is selling classes, memberships for $18,000,000. Broken down it's $11,000,000 membership dues, $5,800,000 education, $557,000 publications/books, $507,000 admission, grading, $49,000 periodicals. They spend $10,000,000 on salaries. They have about $23,000,000 in assets. $11,000,000 net assets.
Their main employees and salaries, wages are below. Doesn't include bonuses, retirement, health insurance, other items which may be considerably more. AI sometimes pays for travel expenses of spouses.
Jim Amorin $435,000 50 hrs
Beata Swacha $223,000 50 hrs
Jeffrey Liskar $307,000 50 hrs
William Garber $225,000 45 hrs
Evan Williams $175,000 45 hrs
Stephanie Coleman $179,000 37 hrs
Robert Borst $160,000 37 hrs
Christina Mitakis $151,000 37 hrs
Officers/Directors
Stephen Wagner $164,000 40 hrs/week
Jefferson L Sherman $102,000 20 hrs/week
Rodman Schley $89,000 20 hrs
James Murrett $91,000 20 hrs
Independent Contractors
Heidi Korthase $122,000
Rich Feuer Anderson $120,000
Craig Harrington $100,000
There is an Appraisal Institute PAC Political Action Committee to which AI gives $101,000. They spent $574,000 in lobbying costs.
PAC disclaimer: APPRAISAL INSTITUTE PAC (AI PAC) PROVIDES A MEANS FOR DESIGNATED MEMBERS, CANDIDATES, AND PRACTICING AFFILIATES TO PARTICIPATE IN THE POLITICAL PROCESS ON A NATIONAL LEVEL. CONTRIBUTIONS CAN BE MADE BY INDIVIDUAL DESIGNATED MEMBERS, CANDIDATES, AND PRACTICING AFFILIATES OF THE APPRAISAL INSTITUTE AND THEIR FAMILIES, AS WELL AS BY APPRAISAL INSTITUTE EMPLOYEES. CONTRIBUTIONS FROM AI PAC SUPPORT THE PRIMARY AND GENERAL ELECTION CAMPAIGN EFFORTS OF CANDIDATES FOR THE U.S. CONGRESS WHO SUPPORT AND PROMOTE THE PRINCIPLES OF THE APPRAISAL PROFESSION. AI PAC DOES NOT CONTRIBUTE TO POLITICAL PARTIES, TO PRESIDENTIAL CANDIDATES, OR TO LEADERSHIP POLITICAL ACTION COMMITTEES.
They received grants $87,000 and paid about $664 in grants. All this money and almost no grants to women, POC or people with less money. Makes it hard to believe they are behind the new grants program for women, POC or people with less money. They basically waited until they were forced to do it. Not only that but they say you must pay to join their club just to apply for a grant. On the flip side they have no problem receiving grants from others such as a PAREA grant from TAF.
Most in the organization are older white males who are commercial appraisers. There are very few women and fewer POC and residential only appraisers especially on the board or as employees, consultants.
Below is an article by someone with a lot more knowledge about AI than myself. They had over 25,000 members and now they have about 17,000. It also talks about the loss of education revenue due to online and virtual education. In 2016 main AI started taking the Chapter's money. During this decline in members there has been a great increase in salaries, wages and travel expenses.
https://www.millersamuel.com/epic-fail-the-appraisal-institute-irs-990s-show-they-needs-to-do-a-180/
Below is a pic of the 2021 BOD. I see a few female tokens and the rest are older white men.
#appraisalinstitute #AI #TAF #theappraisalfoundation #appraiser #appraisal #appraisalindustry #regulatory #enforcement #appraisalsubcommittee #appraisalinstituteorg
http://www.linkedin.com/company/appraisal-institute
https://www.youtube.com/channel/UC6mGHNrWBOD12iqKCHqxmZw
https://www.facebook.com/AppraisalInstitute
https://twitter.com/AI_National @AI_National
https://www.appraisalinstitute.org/rss/news.aspx?CategoryId=1
http://blog.appraisalinstitute.org/
https://en.wikipedia.org/wiki/Appraisal_Institute
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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