2018-11-13T10:41:44-06:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP 1301 W 22ND ST STE 1100 OAK BROOK IL 60523 990 2017-01-01 363739643 APPRAISAL INSTITUTE APPR 3123354100 200 WEST MADISON NO 1500 CHICAGO IL 60606 JAMES AMORIN MAI SRA AI-GRS CEO 3123354100 2018-11-12 1 MELISSA STRUCK P01310867 6305738600 2018-11-12 67.137.57.251 2018-11-12 11:52:57 CS P F5C70261B48DF0DABF14721562C696050A4B2BF8 B78854EE20A5AAAEA57700933C1E697C4E2B71FA 2017 2019-02-21 02:37:17Z JAMES AMORIN MAI SRA A 200 WEST MADISON NO 1500 CHICAGO IL 60606 20759189 0 X WWW.APPRAISALINSTITUTE.ORG X 1991 IL THE APPRAISAL INSTITUTE'S MISSION IS TO ADVANCE PROFESSIONALISM AND ETHICS, GLOBAL STANDARDS, METHODOLOGIES, AND PRACTICES THROUGH THE PROFESSIONAL DEVELOPMENT OF PROPERTY ECONOMICS WORLDWIDE. 25 21 95 116 52099 -15624 83063 86685 18945576 18124927 549020 235861 386093 481805 19963752 18929278 865 670 0 0 9357592 10153894 0 0 0 9593981 8957568 18952438 19112132 1011314 -182854 20457273 20615373 10067849 10045449 10389424 10569924 X THE APPRAISAL INSTITUTE'S MISSION IS TO ADVANCE PROFESSIONALISM AND ETHICS, GLOBAL STANDARDS, METHODOLOGIES, AND PRACTICES THROUGH THE PROFESSIONAL DEVELOPMENT OF PROPERTY ECONOMICS WORLDWIDE. 0 0 TOTAL MEMBERSHIP AS OF DECEMBER 31, 2017 WAS 18,000, INCLUDING ACTIVE DESIGNATED MEMBERS, CANDIDATES FOR DESIGNATION, PRACTICING AFFILIATES AND AFFILIATES, AS WELL AS RETIRED DESIGNATED MEMBERS AND LIFE DESIGNATED MEMBERS. THE APPRAISAL INSTITUTE CONFERS THE MAI, SRA, AI-GRS AND AI-RRS MEMBERSHIP DESIGNATIONS, THE REQUIREMENTS FOR WHICH ARE RIGOROUS. EACH MEMBER OF THE APPRAISAL INSTITUTE SHALL ABIDE BY, UPHOLD AND CONFORM HIS OR HER ACTIONS TO THE BYLAWS, REGULATIONS, CODE OF PROFESSIONAL ETHICS AND STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE OF THE APPRAISAL INSTITUTE. THE ORGANIZATION HAS LED THE PROFESSION IN FOSTERING AND PROMOTING THE HIGHEST STANDARDS OF PRACTICE THROUGH ITS DESIGNATION PROGRAMS, PEER REVIEW PROCESS, EDUCATION, RESEARCH, AND PUBLISHING ENDEAVORS. AS THE LEADER IN REAL PROPERTY APPRAISER EDUCATION, THE APPRAISAL INSTITUTE OFFERS AN EXTENSIVE CURRICULUM OF INTRODUCTORY AND ADVANCED COURSES, AS WELL AS A WIDE RANGE OF SEMINARS ON SPECIALTY TOPICS. THESE PROGRAMS ARE DESIGNED TO ADDRESS THE NEEDS OF ALL REAL ESTATE APPRAISERS, RANGING FROM THOSE JUST ENTERING THE PROFESSION AND EARNING CREDIT TOWARD STATE LICENSING OR CERTIFICATION, TO SEASONED PRACTITIONERS WHO WISH TO KEEP ABREAST OF THE LATEST TECHNIQUES AND DEVELOPMENTS. MANY OF THESE PROGRAMS ALSO SERVE TO HELP OTHER INDUSTRY PROFESSIONALS GAIN FURTHER INSIGHT AND UNDERSTANDING OF REAL ESTATE VALUATION TECHNIQUES AND PROCESSES. THE APPRAISAL INSTITUTE HAS ALSO EXPANDED ITS EDUCATION PROGRAMS TO ASIA, EUROPE AND SOUTH AMERICA. IN 2017, THE APPRAISAL INSTITUTE SERVED APPROXIMATELY 29,000 STUDENTS THROUGH MORE THAN 2,100 COURSES AND SEMINARS. THE APPRAISAL INSTITUTE IS THE WORLD'S LARGEST PUBLISHER OF REAL ESTATE APPRAISAL LITERATURE. IN ADDITION TO A SERIES OF GENERAL REFERENCE BOOKS, EVERY YEAR THE APPRAISAL INSTITUTE ADDS TO ITS EXTENSIVE LIST OF PUBLICATIONS (INCLUDING DIGITAL PUBLICATIONS), COVERING CONTEMPORARY PRACTICE ISSUES, ADVANCES IN METHODOLOGY AND TECHNOLOGY, AND THE VALUATION OF A WIDE RANGE OF SPECIAL PURPOSE PROPERTIES. IN 2017, THE APPRAISAL INSTITUTE SOLD APPROXIMATELY 10,000 BOOKS. THE APPRAISAL INSTITUTE ALSO PUBLISHES THE APPRAISAL JOURNAL, VALUATION MAGAZINE AND APPRAISER NEWS ONLINE. THE PEER-REVIEWED JOURNAL HAS SERVED AS THE TOP FORUM FOR APPRAISAL PROFESSIONALS AND HAS BECOME THE MOST FREQUENTLY REFERENCED PERIODICAL IN APPRAISAL LITERATURE. VALUATION MAGAZINE FOCUSES ON INNOVATIVE FEATURES AND PRACTICAL IDEAS. APPRAISER NEWS ONLINE KEEPS APPRAISERS ABREAST OF INDUSTRY TRENDS AS WELL AS LEGISLATIVE AND REGULATORY MATTERS IMPACTING APPRAISERS. 0 1 1 1 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 199 0 95 1 1 1 0 0 0 0 0 X 25 21 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X BEATA E SWACHA CPA CAE 3123354100 200 WEST MADISON SUITE 1500 CHICAGO IL 60606 JAMES AMORIN MAI SRA AI-GRS PRESIDENT/ACTING CEO 60.00 0.00 X X 232096 0 0 JAMES L MURRETT MAI SRA PRESIDENT ELECT 20.00 0.00 X X 100902 0 0 STEPHEN S WAGNER MAI SRA AI-GRS; VICE PRESIDENT 20.00 0.00 X X 136444 0 0 SCOTT ROBINSON MAI SRA AI-GRS; IMMEDIATE PAST PRESIDENT 10.00 0.00 X X 122474 0 0 CESAR S CANTU MARTINEZ MAI SRA; DIRECTOR 2.00 0.00 X 0 0 0 JEFFREY S ENRIGHT MAI SRA AI-GRS; DIRECTOR 2.00 0.00 X 0 0 0 CHARLES R MILLSJR MAI SRA AI-GRS; DIRECTOR 2.00 0.00 X 0 0 0 CRAIG STEINLEY SRA AI-RRS DIRECTOR 2.00 0.00 X 0 0 0 ERIC K SCHWARTZ MAI SRA AI-GRS; DIRECTOR 2.00 0.00 X 0 0 0 MARK J KRAUSE MAI DIRECTOR 2.00 0.00 X 0 0 0 ERIC P HAIMS MAI AI-GRS DIRECTOR 2.00 0.00 X 0 0 0 L STEVEN NOBLE MAI SRA AI-GRS; DIRECTOR 2.00 0.00 X 0 0 0 MARY E CAMPOS MAI SRA AI-GRS; DIRECTOR 2.00 0.00 X 0 0 0 MICHAEL J A MIGNOGNA MAI DIRECTOR 2.00 0.00 X 0 0 0 MICHAEL V TANKERSLEY MAI SRA, AI-RRS; DIRECTOR 2.00 0.00 X 0 0 0 NICHOLAS D PILZ MAI SRA AI-RRS; DIRECTOR 2.00 0.00 X 1305 0 0 PLEDGER M BISHOP III MAI SRA; DIRECTOR 2.00 0.00 X 8656 0 0 ROBERT B LYNCH SRA DIRECTOR 2.00 0.00 X 0 0 0 ROBERT L MOORMAN MAI SRA DIRECTOR 2.00 0.00 X 0 0 0 RODMAN SCHLEY MAI DIRECTOR 2.00 0.00 X 0 0 0 ROGER P BUSH MAI SRA DIRECTOR 2.00 0.00 X 0 0 0 RYAN M HLUBB MAI SRA DIRECTOR 2.00 0.00 X 0 0 0 SHELLY H TANAKA MAI AI-GRS DIRECTOR 2.00 0.00 X 0 0 0 STEVEN G STILOSKI MAI DIRECTOR 2.00 0.00 X 0 0 0 VAL K CHIASSON MAI SRA DIRECTOR 2.00 0.00 X 0 0 0 FREDERICK H GRUBBE MBA CAE CEO THROUGH AUGUST 2017 60.00 0.00 X 687118 0 27989 BEATA E SWACHA CPA CAE CFO 49.00 1.00 X 181493 0 28064 JEFFREY E LISKAR ESQUIRE GENERAL COUNSEL 50.00 0.00 X 288765 0 34930 STEPHANIE COLEMAN MAI SRA AI-GRS, AI-RRS; SENIOR MANAGER 37.50 0.00 X 171530 0 19534 EVAN R WILLIAMS CAE IOM DIRECTOR, PROFESSIONAL SERVICES 37.50 0.00 X 157946 0 29985 WILLIAM E GARBER JR DIRECTOR, GOVERNMENT RELATIONS 37.50 0.00 X 220499 0 13879 ROBERTA H BORST MBA DIRECTOR, MARKETING & INTERNATIONAL DEVELOPMENT 37.50 0.00 X 154435 0 29305 SHEILA A BARNES DIRECTOR, HUMAN RESOURCES 37.50 0.00 X 142709 0 21672 2606372 0 205358 20 0 1 0 APCO WORLDWIDE INC 30 SOUTH WACKER DRIVE STE 1270 CHICAGO IL 60606 COMMUNICATIONS 137225 INSTRUCTURE INC 6330 S 3000 EAST STE 700 SALT LAKE CITY UT 84121 ONLINE LEARNING SYSTEM 136280 RICH FEUER ANDERSON 1133 CONNECTICUT AVE NW STE 620 WASHINGTON DC 20036 LOBBYING CONSULTING FEES 120077 ABRAHAMSON VORACHEK & LEVINSON 120 N LASALLE STREET STE 1050 CHICAGO IL 60602 LEGAL FEES 119333 APPRAISAL CONSULTANTS 2570 RICE STREET LITTLE CANADA MN 55113 INSTRUCTOR FEES 111525 5 86685 86685 MEMBERSHIP DUES & FEES 541900 11034351 11034351 EDUCATION & REGISTRATION FEES 611600 5426242 5426242 ADMISSION & GRADING FEES 611600 649907 649907 PUBLICATION SALES 511130 636685 636685 PERIODICALS 511120 85632 33533 52099 292110 292110 18124927 235772 235772 275037 275037 1830000 1829911 89 89 89 OTHER REVENUE 900099 206768 206768 206768 18929278 18072828 52099 717666 670 1897753 6568768 344944 828290 514139 426241 21085 120085 10000 1099184 514948 500065 342429 232753 718244 728602 1534671 430139 223764 EDUCATION CERTIFICATION 830090 PROFESSIONAL SERVICES 570830 CREDIT CARD FEES 315036 PRINTING & PUBLICATIONS 119487 219915 19112132 5311978 4346771 3400088 1363341 72161 65460 113005 101761 310882 366139 6162168 4691589 1543019 1470579 9212212 12280540 493928 620782 20457273 20615373 1655235 1761310 4679669 4986799 3732945 3297340 10067849 10045449 X 10381062 10561562 8362 8362 10389424 10569924 20457273 20615373 -182854 363354 0 X X 0 1 X 1 0 APPRAISAL INSTITUTE PAC 200 W MADISON STREET STE 1500 CHICAGO IL 60606 363739643 135711 0 0 1 11034351 556427 -162609 393818 469650 -75832 SCHEDULE C, PART I-C, LINE 5 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. PART I-A, LINE 1 ADMINISTRATIVE COSTS OF THE PAC ARE PAID DIRECTLY BY APPRAISAL INSTITUTE. 1 0 225193 225193 0 1619766 679414 940352 955653 818790 136863 3586749 3193385 393364 1470579 457B PLAN LIABILITY 273407 DEFERRED RENT CREDIT 1047203 TENANT IMPROVEMENT ALLOWANCE 904651 DUE TO CHAPTERS AND REGIONS 605918 DEFERRED COMPENSATION 466161 3297340 X PART IV, LINE 1B: AS OF DECEMBER 31, 2017, SIX OF THE INSTITUTE'S 79 CHAPTERS' BANK ACCOUNTS ARE MANAGED UNDER THE INSTITUTE'S TAX ID NUMBER TO ENABLE CENTRAL PAYMENT PROCESSING, ACCOUNTING AND ENHANCED INTERNAL CONTROLS. THE CHAPTERS FILE SEPARATE FORM 990S IN WHICH THEY REPORT THEIR OWN FINANCIAL ACTIVITIES, INCLUSIVE OF THESE ASSETS. THE CHAPTERS' BOARD OF DIRECTORS MAINTAINS FULL DECISION MAKING AUTHORITY ON USE OF ASSETS. THE APPRAISAL INSTITUTE'S BALANCE SHEET DOES NOT INCLUDE AN ASSET OR LIABILITY FOR THESE AMOUNTS. AMOUNT REFLECTED IN THE TABLE ON LINE 1D REPRESENTS THE NET ADDITIONS DURING THE INITIAL YEAR UNDER THIS PROCESS. PART X, LINE 2: THE INSTITUTE IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE AND, EXCEPT FOR TAXES PERTAINING TO UNRELATED BUSINESS INCOME, IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. NO PROVISION HAS BEEN MADE FOR INCOME TAXES AS THE INSTITUTE HAD NO MATERIAL UNRELATED BUSINESS INCOME. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE INSTITUTE AND RECOGNIZE A TAX LIABILITY IF THE INSTITUTE HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE INSTITUTE AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2017 AND 2016, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. EAST ASIA & THE PACIFIC 0 0 PROGRAM SERVICES EDUCATION, MEMBER SERVICES & ADVANCEMENT OF THE PROFESSION 152324 EUROPE 0 0 PROGRAM SERVICES MEMBER SERVICES & ADVANCEMENT OF THE PROFESSION 213024 NORTH AMERICA 0 0 PROGRAM SERVICES EDUCATION, MEMBER SERVICES & ADVANCEMENT OF THE PROFESSION 43410 SOUTH AMERICA 0 0 PROGRAM SERVICES EDUCATION & ADVANCEMENT OF THE PROFESSION 12401 0 0 0 0 0 0 421159 0 421159 0 0 0 0 0 0 PART I, LINE 3: TO ACHIEVE GLOBAL UNIFORMITY IN PROFESSIONAL STANDARDS AND ETHICAL PRACTICES, APPRAISAL INSTITUTE OFFERS CONTINUING EDUCATION AND DESIGNATION PROGRAMS OUTSIDE THE UNITED STATES. EXPENDITURES ARE RECORDED USING THE ACCRUAL METHOD AND IN U.S. DOLLARS. ALL EXPENSES ARE RECOGNIZED AS INCURRED BY THE PROGRAM. X 1 1 X X X 1 0 0 JAMES AMORIN MAI SRA AI-GRS PRESIDENT/ACTING CEO 224029 0 0 0 8067 0 0 0 0 0 232096 0 0 0 FREDERICK H GRUBBE MBA CAE CEO THROUGH AUGUST 2017 341975 0 83400 0 261743 0 31000 0 15489 0 733607 0 0 0 BEATA E SWACHA CPA CAE CFO 177293 0 4200 0 0 0 9592 0 18472 0 209557 0 0 0 JEFFREY E LISKAR ESQUIRE GENERAL COUNSEL 273979 0 6300 0 8486 0 12413 0 22517 0 323695 0 0 0 STEPHANIE COLEMAN MAI SRA AI-GRS, AI-RRS; SENIOR MANAGER 168530 0 3000 0 0 0 7803 0 11731 0 191064 0 0 0 EVAN R WILLIAMS CAE IOM DIRECTOR, PROFESSIONAL SERVICES 154746 0 3200 0 0 0 8464 0 21521 0 187931 0 0 0 WILLIAM E GARBER JR DIRECTOR, GOVERNMENT RELATIONS 210151 0 4050 0 6298 0 10699 0 3180 0 234378 0 0 0 ROBERTA H BORST MBA DIRECTOR, MARKETING & INTERNATIONAL 152735 0 1700 0 0 0 7933 0 21372 0 183740 0 0 0 SHEILA A BARNES DIRECTOR, HUMAN RESOURCES 139409 0 3300 0 0 0 6950 0 14723 0 164382 0 0 0 PART I, LINE 1A TRAVEL AND EXPENSE POLICY 3.05 - EXECUTIVE COMMITTEE SPOUSE - IN ACCORDANCE WITH IRS GUIDELINES, SPOUSE EXPENSES FOR TRAVEL, MEALS AND LODGING ARE GENERALLY NOT REIMBURSABLE BY THE APPRAISAL INSTITUTE. EXCEPTIONS INCLUDE INSTANCES WHERE THERE IS A REAL BUSINESS PURPOSE, IN CONFORMANCE WITH APPRAISAL INSTITUTE GUIDELINES, FOR THE PRESENCE OF A SPOUSE AT AN APPRAISAL INSTITUTE FUNCTION OR MEETING, OR AT AN APPROVED FUNCTION OR MEETING THAT THE APPRAISAL INSTITUTE PARTICIPATES. THE ELECTED OFFICERS AND CEO OF THE APPRAISAL INSTITUTE MAY TRAVEL WITH THEIR SPOUSES TO MEETINGS OF THE BOARD OF DIRECTORS, REGIONAL MEETINGS OF THE APPRAISAL INSTITUTE, AND OTHER MEETINGS. THE APPRAISAL INSTITUTE WILL REIMBURSE ORDINARY AND NECESSARY EXPENSES IN ACCORDANCE WITH ESTABLISHED POLICY. OFFICERS MAY ELECT TO COVER THE COST OF SPOUSE TRAVEL TO MEETINGS WITH FUNDS FROM THE OFFICER'S POOLED TRAVEL BUDGET. SPOUSAL TRAVEL REIMBURSEMENTS ARE TYPICALLY TREATED AS TAXABLE INCOME TO THE OFFICERS AND DIRECTORS IN ACCORDANCE WITH IRS RULES. PART I, LINE 3 COMPENSATION FOR ALL EMPLOYEES IS DETERMINED BY THE GUIDELINES CONTAINED IN THE INSTITUTE'S WAGE AND SALARY PROGRAM. THIS PROGRAM WAS DEVELOPED BY OUTSIDE HR CONSULTANTS IN CONJUNCTION WITH A CONSULTING FIRM. THE PROGRAM INCLUDES THE ESTABLISHMENT OF POSITION GRADES AND SALARY RANGES WHICH ARE BASED ON THE MARKET RATES OF ORGANIZATIONS OF SIMILAR SIZE AND BUDGET. THE CEO APPROVES ALL STAFF SALARIES. CEO'S PERFORMANCE IS EVALUATED EACH YEAR. THE PAST PRESIDENT OF THE ORGANIZATION IS RESPONSIBLE FOR COMPLETING THE CEO'S EVALUATION AND CAN SOLICIT INPUT FROM THE OTHER OFFICERS. CEO COMPENSATION IS EVALUATED USING INDUSTRY BENCHMARKS FOR SIMILAR ORGANIZATIONS BASED ON STAFF SIZE, BUDGET SIZE AND GEOGRAPHIC LOCATION. CEO COMPENSATION PACKAGE IS ALSO REVIEWED BY AN INDEPENDENT OUTSIDE CONSULTANT WHO RECOMMENDS AN APPROPRIATE SALARY RANGE FOR THE ORGANIZATION'S CEO POSITION. THE EXECUTIVE COMMITTEE APPROVES CHANGES TO THE CEO'S COMPENSATION PACKAGE. PART I, LINE 4A FREDRICK H. GRUBBE - CHANGE OF CONTROL - $243,743 FORM 990, PART VI, SECTION A, LINE 6 THE APPRAISAL INSTITUTE SHALL HAVE TWO (2) CATEGORIES OF MEMBERS: DESIGNATED MEMBERS AND HONORARY MEMBERS. A DESIGNATED MEMBER IS AN INDIVIDUAL WHO HOLDS AN APPRAISAL INSTITUTE DESIGNATION. AN HONORARY MEMBER IS AN INDIVIDUAL WHO, IN THE OPINION OF THE BOARD OF DIRECTORS, HAS MADE A SIGNIFICANT CONTRIBUTION TO THE APPRAISAL PROFESSION. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS SHALL CONSIST OF: 1) THE OFFICERS OF THE APPRAISAL INSTITUTE; 2) THE CHAIR AND VICE CHAIR OF EACH REGIONAL COMMITTEE; 3) ONE INTERNATIONAL DESIGNATED MEMBER IN GOOD STANDING ELECTED BY THE BOARD OF DIRECTORS; 4) ANY MEMBER OF THE AUDIT COMMITTEE WHO IS NOT SERVING ON THE BOARD BY VIRTUE OF HOLDING THE POSITION OF CHAIR OR VICE CHAIR OF A REGIONAL COMMITTEE; AND 5) THE CHIEF EXECUTIVE OFFICER OF THE APPRAISAL INSTITUTE. FORM 990, PART VI, SECTION A, LINE 7B DESIGNATED MEMBERS IN GOOD STANDING, EXCEPT TEMPORARILY NON-PRACTICING MEMBERS, SHALL BE ENTITLED TO VOTE ON: (A) THE DISPOSITION OF ALL OR SUBSTANTIALLY ALL OF THE ASSETS OF THE APPRAISAL INSTITUTE; (B) ANY MERGER OR CONSOLIDATION AND THE SUBSTANTIAL TERMS, AND ANY SUBSTANTIAL AMENDMENT OF THE TERMS, OF ANY SUCH TRANSACTION; (C) ANY DISSOLUTION OF THE APPRAISAL INSTITUTE; AND (D) ANY AMENDMENT, RESTATEMENT OR REPEAL OF THE ARTICLES OF INCORPORATION, WITH ALL SUCH VOTES REQUIRING A SIXTY PERCENT (60%) MAJORITY OF THOSE DESIGNATED MEMBERS IN GOOD STANDING PRESENT AND VOTING FOR APPROVAL. DESIGNATED MEMBERS IN GOOD STANDING, EXCEPT TEMPORARILY NON-PRACTICING MEMBERS, SHALL HAVE ONE (1) VOTE AND SHALL BE ENTITLED TO ATTEND MEMBERSHIP MEETINGS AND VOTE BY PROXY. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION RETAINS THE SERVICES OF AN INDEPENDENT CPA FIRM TO PREPARE THE ORGANIZATION'S 990. MANAGMEMENT REVIEWS THE COMPLETED FORM 990 DRAFT. ONCE A DRAFT OF THE 990 HAS BEEN COMPLETED, THE 990 IS DISTRIBUTED TO ALL AUDIT COMMITTEE AND BOARD OF DIRECTOR MEMBERS OF THE ORGANIZATION VIA A SECURE WEBSITE. THE BOARD MEMBERS ARE THEN ABLE TO REVIEW THE 990 DRAFT AND RESPOND WITH QUESTIONS, CONCERNS OR COMMENTS. AT THE END OF THE REVIEW PERIOD, INCLUDING ANY TIME NEEDED TO ADDRESS QUESTIONS AND COMMENTS, THE 990 IS FINALIZED AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN JANUARY OF EACH YEAR, ALL MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO READ AND SIGN THE BOARD OF DIRECTORS CERTIFICATION AND DISCLOSURE STATEMENT. THIS STATEMENT REQUIRES THAT EACH BOARD MEMBER CERTIFIES THAT THEY "ARE NOT AWARE OF ANY MATTER IN WHICH I AM PERSONALLY INVOLVED THAT MAY PRESENT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST." IF ANY POTENTIAL OR ACTUAL CONFLICT OF INTEREST ARISES DURING THEIR TERM, THEY AGREE TO IMMEDIATELY DISCLOSE THE CONFLICT AND IF APPROPRIATE REMOVE THEMSELVES FROM DISCUSSION, VOTE AND/OR FURTHER SERVICE. MEMBERS OF THE BOARD OF DIRECTORS AGREE AND UNDERSTAND THAT THEY MAY BE SUBJECT TO EVALUATION AND SELF-ASSESSMENT AT ANY TIME. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR ALL EMPLOYEES IS DETERMINED BY THE GUIDELINES CONTAINED IN THE INSTITUTE'S WAGE AND SALARY PROGRAM. THIS PROGRAM WAS DEVELOPED BY OUTSIDE HR CONSULTANTS IN CONJUNCTION WITH A CONSULTING FIRM. THE PROGRAM INCLUDES THE ESTABLISHMENT OF POSITION GRADES AND SALARY RANGES WHICH ARE BASED ON THE MARKET RATES OF ORGANIZATIONS OF SIMILAR SIZE AND BUDGET. THE CEO APPROVES ALL STAFF SALARIES. CEO'S PERFORMANCE IS EVALUATED EACH YEAR. THE PAST PRESIDENT OF THE ORGANIZATION IS RESPONSIBLE FOR COMPLETING THE CEO'S EVALUATION AND CAN SOLICIT INPUT FROM THE OTHER OFFICERS. CEO COMPENSATION IS EVALUATED USING INDUSTRY BENCHMARKS FOR SIMILAR ORGANIZATIONS BASED ON STAFF SIZE, BUDGET SIZE AND GEOGRAPHIC LOCATION. CEO COMPENSATION PACKAGE IS ALSO REVIEWED BY AN INDEPENDENT OUTSIDE CONSULTANT WHO RECOMMENDS AN APPROPRIATE SALARY RANGE FOR THE ORGANIZATION'S CEO POSITION. THE EXECUTIVE COMMITTEE APPROVES CHANGES TO THE CEO'S COMPENSATION PACKAGE. FORM 990, PART VI, SECTION C, LINE 19 APPRAISAL INSTITUTE BYLAWS ARE AVAILABLE TO THE PUBLIC ON OUR WEBSITE AT WWW.APPRAISALINSTITUTE.ORG. THE CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST TO THE APPRAISAL INSTITUTE'S EXECUTIVE DEPARTMENT AND THE FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO THE APPRAISAL INSTITUTE'S FINANCE DEPARTMENT. FORM 990, PART XII, LINE 2C: THE ORGANIZATION'S BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS. PROPOSALS ARE REQUESTED AS DETERMINED NECESSARY, REVIEWED AND APPROVED BY GOVERNANCE. APPRAISAL INSTITUTE EDUCATION TRUST 200 W MADISON STREET SUITE 1500 CHICAGO IL 60606 366076334 GRANTS TO ELIGIBLE INDIVIDUALS IL 501(C)(3) 509(A)(3) N/A 0 APPRAISAL INSTITUTE RELIEF FOUNDATION 200 W MADISON STREET SUITE 1500 CHICAGO IL 60606 203950855 GRANTS TO ELIGIBLE INDIVIDUALS IL 501(C)(3) 509(A)(3) N/A 0 APPRAISAL INSTITUTE POLITICAL ACTION COMMITTEE 200 W MADISON STREET SUITE 1500 CHICAGO IL 60606 363739643 POLITCAL ACTION COMMITTEE IL 527 N/A 0 INTERNATIONAL CENTER FOR VALUATION CERTIFICATION 200 W MADISON STREET SUITE 1500 CHICAGO IL 60606 465678311 VALUATION CERTIFICATION IL 501(C)(6) N/A 0 APPRAISAL INSTITUTE HOLDINGS INC 200 W MADISON STREET SUITE 1500 CHICAGO IL 60606 141898951 HOLDING COMPANY DE N/A C 1.00000 1 0 0 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 APPRAISAL INSTITUTE EDUCATION TRUST C 86685