2025-11-14T07:42:28-06:00 2024-12-31 582487348 Aprio Advisory Group LLC 111 Rockville Pike Suite 600 Rockville MD 20850 990 2024-01-01 232493621 The Appraisal Foundation APPR 2023477722 1155 15TH Street NW 1111 Washington DC 20005 Kelly Davids President 2023477722 2025-11-13 1 0 Stacy Cullen P00974308 3012316200 2025-11-13 2024 2025-03-06 01:10:19Z Kelly Davids 1155 15TH Street NW 1111 Washington DC 20005 9074541 0 X www.appraisalfoundation.org X 1987 IL To advance the valuation profession by setting standards of excellence, promoting education and upholding the public trust. 22 22 14 22 0 0 121824 250000 3325388 6298302 82523 286645 0 0 3529735 6834947 425000 1245000 0 0 2429643 2636925 0 0 0 2627912 2407919 5482555 6289844 -1952820 545103 10715170 12124632 1947329 2030575 8767841 10094057 X The mission of the Appraisal Foundation is to advance the valuation profession by setting standards of excellence, promoting education and upholding the public trust. 0 0 1632253 1245000 Board of Trustees:Enactment of updated bylaws and governance systemsThe beginning of the year saw the enactment of updated bylaws and governance systems as a result of the Board Structure Work Group's activities in 2023. Following the approval of these recommendations in December 2023, the Board used the early part of 2024 to focus on making the required governance changes, including transitioning past Sponsors to the new Partner category. By the end of 2024, all but one legacy Sponsor had become a Partner of The Appraisal Foundation. Partners to the FoundationThe Admissions Committee continued this early work to attract new Partners to the Foundation. Their goal was to expand the reach and type of stakeholders represented as Foundation Partners. Over the course of the year, six new Partners were approved by the Board of Trustees, bringing the full Partner list to 18 by the end of 2024. New president for The Appraisal FoundationThe biggest highlight of the Board of Trustees' work in 2024 was their search for a new president for The Appraisal Foundation. The Executive Search Committee brought in an outside firm to guide their work. Following interviews with staff, trustees, and stakeholders about the direction of the Foundation and qualities needed in future leadership, the committee solicited applications from Foundation staff. After an extensive interview process, the committee recommended Kelly Davids, and she was elected by the full Board and became president for a term commencing on March 31, 2024. Governance ChangesThe Trustee Nominating Committee had a big year as they sought to implement the governance changes approved by the Board of Trustees in 2023. These changes included the end of direct appointments by outside organizations. This meant that the Trustee Nominating Committee needed to implement a new process for Partner-nominated trustees. Just like the process for public-interest trustees, this included anonymous scoring and rubric-driven consideration of all candidates. New Code of Ethics and Code of ConductThe Board of Trustees also enacted a new Code of Ethics and Code of Conduct for all individuals affiliated with the Foundation and all event attendees, respectively. The goal of these documents is to improve the transparency of the organization and those who are affiliated with it, in addition to promoting an open atmosphere where discussion and debate is encouraged but civility is maintained. The Foundation's focus is to create an open and welcoming space for dialogue for all stakeholders across the profession.Looking AheadAs the Board of Trustees looks ahead to 2025, they hope to continue the successes of 2024 to enact bold changes that advance the appraisal profession. 665841 Appraiser Qualifications Board:Reassessment of Qualification Project In 2023 the AQB launched a comprehensive reassessment of the Real Property Appraiser Qualification Criteria, focusing on college course, college degree, experience, and exam requirements. Prompted by stakeholder input, particularly regarding college degree requirements, the AQB issued a Concept Paper on Assessment of College Degree Requirements on May 28, 2024, and received 254 public comments by the July 27 deadline. A public webinar held June 6 also drew strong engagement, with 148 live attendees and over 100 views on YouTube. The project follows an open, participatory research model centered on transparency, collaboration, and public input. Its overarching goal is to determine whether any existing qualification requirements are nonessential and should be revised or removed. The AQB or the Foundation staff continued to provide updates by presenting on the work of the AQB at the following speaking engagements in 2024: * International Right of Way Association (IRWA) * South Dakota State University * Professional Appraisers Association of South Dakota (PAASD) * McKissock's Pro Series Webinars * Professional Appraisers Round Table (PART) * Appraisers Conference and Trade Show (ACTS) * Ohio Coalition of Appraisal Professionals (OCAP) PAREA In 2024 the first PAREA program launched: The Appraisal Institute's Licensed Residential (AI PAREA). Four additional providers are actively developing programs, and the AQB has received 12 concept reviews to date. Interest in PAREA continues to grow, with more than 4,000 individuals on the Foundation's informal tracking list. The AQB is pleased to report that 51 states and territories have indicated that they will accept completion of a PAREA program as having met experience requirements. As part of its outreach efforts, the AQB has presented on PAREA jurisdictions that have not yet indicated acceptanceincluding Guam, the Virgin Islands, and New Yorkto support their consideration of participation. The Course Approval Program The AQB continued to administer its Course Approval Program (CAP), a program designed to help state regulatory agencies approve qualifying and continuing education. As of December 31, 2024, there were approximately 252 CAP-approved courses. Updated National Exams In 2024 the exam performed as intended, and there was an increase in first time-test takers. The exam questions for the National Uniform Licensing and Certification Examinations underwent an annual review by the AQB in 2024. A biannual review has been conducted by the AQB ever since the 2008 version of the Criteria went into effect, which included the National Uniform Licensing and Certification Examinations requirements.To update the exam questions, the AQB engaged a group of appointed Subject Matter Experts (SMEs). The AQB, their contracted exam writing experts, and these SMEs met in person in July to review exam questions and finalize new versions of the exams for each license classification. The new versions of the exams will launch on January 1, 2025. Degree Review Program In 2024 the AQB continued evaluating graduate and undergraduate degree programs in real estate to determine if their real estate courses meet the qualifying education requirements of the Real Property Appraiser Qualification Criteria (Criteria). As a result, programs from the following colleges/universities had degrees approved: * Mesa Community College * University of Cincinnati * University of Wisconsin * College of Charleston Since the beginning of this program, the AQB has approved a total of 30 undergraduate programs, 15 graduate programs, and 1 associate program. The AQB worked with several appraiser membership organizations to find ways to collaborate on future outreach. The AQB also continued outreach to education providers including minority-serving institutions and will continue their work with these institutions, including tribal and women colleges, in 2025. Certifying USPAP Instructors The Instructor Recertification Course (IRC) opened on October 1, 2023, and instructors had until March 31, 2024, to recertify. As of December 31, 2024, the number of USPAP Instructors who recertified to teach the 2024 USPAP courses was 346. The IRC for 20252026 will be made available to instructors for renewal in Fall 2025. The Instructor Certification Course (ICC) was taught by the Chair and Vice Chair of the ASB on November 710, 2024, in Orlando, FL. USPAP EducationThe revised 7-Hour National USPAP Update course went into effect on January 1, 2024. The course is designed to meet three objectives: 1. Ensure that participants understand the principles and requirements of USPAP. 2. Ensure participants understand USPAP in the context of current and common issues. 3. Ensure participants know how to use the USPAP publication to solve their day-to-day appraisal practice related problems. 10 Q&As ReleasedIn 2024 the AQB released four Q&As on Implementation Dates of Valuation Bias and Fair Housing Laws and Regulations Course, Guidance on Valuation Bias and Fair Housing Laws, and Regulations Course Requirements. In 2024 the Board issued new Q&As on the following topics: * Demographic Information * Artificial Intelligence (AI) * Personal Inspection * Upzoning * Appraiser Qualifications * Yellow Book and Competency 568524 6298302 The Publications program is a critical component of the Foundation's operations, representing the third highest expense incurred during the reporting period. This program is instrumental in promoting our mission and generating revenue that supports various Foundation activities. The primary expense categories associated with the Publications program include salaries, fulfillment services, printing expenses, consulting expenses, and credit card discount fees. This investment highlights our commitment to offering valuable resources to our stakeholders and the public at large.Direct labor costs cover the staff responsible for facilitating the production of high-quality publications, reviewing licensing processes, and ensuring production efficiencies. Expenses in the Publications program support writers, editors, and designers, ensuring compliance and the production of quality work. Additionally, we engage third-party fulfillment centers to efficiently manage order processing, customer inquiries, and inventory logistics.Printing expenses cover the cost of printed materials sold throughout the year, ensuring compliance with relevant GAAP. Furthermore, credit card discount fees arise from transactions processed by credit card processors, reflecting necessary costs associated with sales. While these fees represent a small percentage of total sales, they are essential for maintaining seamless payment processing systems.Overall, the Publications department serves not only as a revenue-generating arm of the Foundation but also plays a vital role in fulfilling our mission. The revenue generated from this program is crucial for supporting various activities and initiatives aligned with our objectives. By prioritizing high-quality publications and efficient delivery methods to buyers, we effectively engage with our stakeholders, ultimately fostering a stronger impact in the valuation community. 377864 Appraisal Standards BoardExploring Artificial Intelligence and its impact on Appraisal Standards In 2024 the Appraisal Standards Board (ASB) began exploring the pressing subject of artificial intelligence (AI), recognizing its growing impact on the appraisal profession and the users of appraisal services. On September 12, 2024, the ASB hosted a virtual forum titled "Artificial Intelligence & USPAP: Shaping Future Standards and Ethics." This forum brought together experts from a range of fieldsincluding authors of books on AI, legal counsel specializing in AI, and AI developersto explore critical questions. Discussions included an examination of how current Uniform Standards of Professional Appraisal Practice (USPAP) standards relate to AI, the capabilities and projected growth of AI tools used in valuation practice, the adequacy of existing guidance, and areas where future improvements may be needed. The forum also addressed the potential impact of AI on appraisal standards and professional ethics. A recording of the event is available on The Appraisal Foundation's YouTube channel. Increased Collaboration The Board has strengthened industry engagement by attending key meetings to gather insights on USPAP topics. The Board Chair participated in the TAFAC and The Council to Advance Racial Equity (CARE) meetings as well as the TAFAC/CARE/IAC Joint Meeting, providing updates and seeking input on areas needing further guidance. The Vice Chair attended the Industry Advisory Council (IAC) meeting, offering Board updates and clarifications. To enhance international collaboration, the Board Chair and Vice President of Appraisal Issues joined the International Valuation Standards Council (IVSC) technical board meetings to better understand International Valuation Standards (IVS) processes. Additionally, work has begun on updating A Bridge from USPAP to IVS 2020 to align with the latest editions of USPAP and IVS. Engagement with State Regulators The ASB remained connected with state regulators through updates provided by the Foundation's ongoing engagement with the State Regulator Advisory Group (SRAG). Additionally, the Chair of the ASB represented the Board at the May Association of Appraisal Regulatory Officials (AARO) Conference in Nashville and, in October, the AARO Conference in Boston. At these events, the Chair participated in presentations on USPAP-related issues and contributed to discussions with the USPAP Committee. These engagements supported the Foundation's broader efforts to collaborate with regulatory officials and inform the Board about evolving perspectives on the application of USPAP. 1233055 Special Projects 1610919 4477537 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 44 0 1 14 0 0 0 0 0 0 0 0 0 0 0 0 0 X 22 22 0 0 1 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X Kelly Davids 2023477722 1155 15TH Street NW Ste 1111 Washington DC 20005 X Tracy Johnston Chair 1.00 X X 0 0 0 Raymond Wagester Vice Chair 1.00 X X 0 0 0 Francois Gregoire Secretary/Treasurer 1.00 X X 0 0 0 Dayton D Nordin Immediate Past Chair 1.00 X X 0 0 0 Smedmore Bernard Trustee 1.00 X 0 0 0 Joe Calvanico Trustee 1.00 X 0 0 0 Lawrence Colorito Trustee 1.00 X 0 0 0 Randal Dawson Trustee 1.00 X 0 0 0 David Doering Trustee 1.00 X 0 0 0 Shaun Fitzgerald Trustee 1.00 X 0 0 0 Pete Fontana Trustee 1.00 X 0 0 0 Abraham Funchess Trustee 1.00 X 0 0 0 Dave Ganun Trustee 1.00 X 0 0 0 Krysta Gerstner Trustee 1.00 X 0 0 0 Chris Greenwalt Trustee 1.00 X 0 0 0 Leigh Lester Trustee 1.00 X 0 0 0 Meredith Meuwly Trustee 1.00 X 0 0 0 Cindy Rosenberg Trustee 1.00 X 0 0 0 Scott Schafer Trustee 1.00 X 0 0 0 Steven Sherman Trustee 1.00 X 0 0 0 Shelly Tanaka Trustee 1.00 X 0 0 0 Juana Watkins Trustee 1.00 X 0 0 0 David S Bunton President (JAN-MAR)/Advisor (APR-DEC) 37.50 X 468876 0 648440 Kelly Davids Senior VP (JAN-MAR)/President (APR-DEC) 37.50 X 295536 0 926 Edna Nkemngu VP, Finance & Administrati 37.50 X 226774 0 10699 Lisa Desmarais VP, Appraisal Issues 37.50 X 212175 0 2232 Aida Dedajic Senior Director, Engagement & Innovation 37.50 X 121100 0 6940 Amy Kaufman Senior Director, Communications & Operations 37.50 X 120866 0 6329 1445327 0 675566 6 0 1 0 0 250000 250000 Publication Revenue 541900 5834511 5834511 Special Projects 541900 205000 205000 Course Approval PGM Fees & AITF 541900 118196 118196 Industry Advisory 541900 96250 96250 NATL Instructor Courses 541900 44345 44345 6298302 289061 289061 2237178 2239594 -2416 -2416 -2416 6834947 6298302 0 286645 1220000 1220000 25000 25000 1865657 1022937 842720 598690 339272 259418 14730 7584 7146 157848 89451 68397 195679 99687 95992 34847 34847 72426 72426 555103 392181 162922 314492 303684 10808 134594 77111 57483 251449 142494 108955 697505 664180 33325 9965 5647 4318 45058 25534 19524 Credit card fees 39395 39395 Dues, subscriptions, an 30305 21054 9251 Unrelated business inco 21383 21383 Equipment rental and ma 4107 2326 1781 1611 1611 6289844 4477537 1812307 0 754806 1147436 250000 399225 853799 190049 191861 85674 158215 413568 387835 35698 25733 8477401 8948548 772317 549040 10715170 12124632 536883 1366356 6746 16735 1403700 647484 1947329 2030575 X 8767841 10094057 8767841 10094057 10715170 12124632 545103 781113 0 X 0 1 X 1 0 X 116816 86532 125415 121824 250000 700587 5062947 3805158 4408055 3325388 6298302 22899850 5179763 3891690 4533470 3447212 6548302 23600437 0 0 0 23600437 98783 142055 247130 240590 289061 1017619 98783 142055 247130 240590 289061 1017619 427 427 5278973 4033745 4780600 3687802 6837363 24618483 0.95860 0.95980 0.04130 0.04020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 6289844 6289844 464492 116123 0 0 328654 405080 424128 464492 1622354 2433531 82164 101270 106032 116123 405589 608384 91548 70572 20976 322020 317263 4757 25733 Lease Liabilities 646988 Deferred Compensation 496 647484 X 7543634 781113 781113 6762521 72426 72426 6834947 6217418 0 6217418 72426 72426 6289844 Part X, Line 2: The Foundation evaluates uncertainty in income tax positions based on a more-likely-than-not recognition standard. If that threshold is met, the tax position is then measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. As of December 31, 2024 and 2023, there are no accruals for uncertain tax positions. If applicable, the Foundation records interest and penalties as a component of income tax expense. Tax years from 2021 through the current year remain open for examination by tax authorities. 0 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium 0 0 Grantmaking 25000 0 0 0 0 0 0 25000 0 25000 Europe (Including Iceland & Greenland) - Albania, Andorra, Austria, Belgium To support the mission of the IVSC which is to advance quality in the valuation profession and to serve the public interest. 25000 Wire 0 0 0 0 0 0 0 1 The Appraisal Institute 200 W Madison Suite 1500 Chicago IL 60606 133243728 501(c)(3) 560000 0 To fund the Pathways to Success scholarship 1 0 Part I, Line 2: The Foundation will fund $1.22 million over three years to establish the Pathways to Success scholarship, which will be administered by the Appraisal Institute (AI) as part of the Appraiser Development Initiative. AI is required to report quarterly performance and metrics to support the number of applicants, scholarships awarded, and funds distributed. X X X X 0 1 0 0 0 0 0 1 0 David S Bunton President (JAN-MAR)/Advisor (APR-DEC 379365 0 85000 0 4511 0 631629 0 16811 0 1117316 0 0 0 Kelly Davids Senior VP (JAN-MAR)/President (APR-D 291189 0 0 0 4347 0 0 0 926 0 296462 0 0 0 Edna Nkemngu VP, Finance & Administrati 214474 0 12000 0 300 0 0 0 10699 0 237473 0 0 0 Lisa Desmarais VP, Appraisal Issues 195885 0 15000 0 1290 0 0 0 2232 0 214407 0 0 0 Part I, Line 4b The organization provides a 457(f) plan pursuant to the employment contract between David S Bunton, president, and the foundation's board of trustees. Deposits to the account, if any, are reviewed annually by the executive compensation committee. For the year ending 12/31/24, a total of $85,000 was allocated to the plan. Part I, Line 7 The organization provided its employees with bonus compensation during the year. Form 990, Part VI, Section A, line 4 The Organization amended their bylaws on October 26, 2024. Form 990, Part VI, Section A, line 7a Sponsors each elect one member. The remaining members are elected at-large. Form 990, Part VI, Section B, line 11b The Form 990 is distributed to the board members for review before filing with the Internal Revenue Service. Form 990, Part VI, Section B, line 12c The Appraisal Foundation requires that each director, principal officer, and member of a committee with governing board delegates powers sign annually a statement affirming his understanding of and agreement with the conflict of interest policy. Periodic reviews are conducted with the aid (if necessary) of outside advisers. Form 990, Part VI, Section B, line 15a The executive compensation committee is composed of the current chair, vice chair, and immediate past chair of the board of trustees; the current treasurer; and a member of the board of trustees independent from the executive committee. It meets annually to discuss the president's compensation and employment benefit package. Compensation decisions are made with the use of compensation reviews from outside consultants and current compensation surveys conducted by ASAE and other associations in the Washington, DC area. Form 990, Part VI, Section C, line 19 Organizational documents and financial statements are available upon reasonable request. Form 990, Part VII, Section A: During the calendar year, David Bunton served as President through March 30, 2024, and as Senior Advisor from March 31, 2024, through December 31, 2024. All compensation reported in Part VII, Section A, reflects the total paid for services in both capacities during the calendar year. Mr. Bunton is listed as an officer in Part VII, Section A, as required, since he served as an officer during a portion of the year. The Appraisal Foundation Trust 1155 15th Street NW Suite 1111 Washington DC 20005 527077068 Fundraising DC 501(c)(3) Line 9 N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0