Source: Appraisal Institute Online
"Stating that it had "no choice," the Appraisal Institute withdrew its sponsorship of The Appraisal Foundation on Sept. 7."
"The AI Board of Directors' letter to the Foundation stated: "The Appraisal Institute must be able to discuss freely issues of concern to, and advance the interests of, its members, the profession and the public, which The Appraisal Foundation has made clear, is inconsistent with Foundation sponsorship. Moreover, the Foundation has decided to punish the Appraisal Institute for actions that it did not commit. That decision is grossly unfair, unacceptable, and attacks the very integrity of the Appraisal Institute."
"The Appraisal Foundation's Board of Trustees met June 15 in Rosemont, Ill., to discuss possible actions against the Appraisal Institute for alleged violations of the Foundation's Bylaws, which the Appraisal Institute vigorously denied. The Appraisal Foundation on July 13 notified the Appraisal Institute that the Foundation's Board of Trustees had voted to sanction the Appraisal Institute."
"As permitted by the Foundation's Bylaws, the Appraisal Institute appealed that ruling to the Board of Trustees on Sept. 1 in Washington, D.C., but learned Sept. 3 that the Appraisal Institute still would be sanctioned effective Sept. 15. The AI Board of Directors then notified the Foundation on Sept. 7 that the Appraisal Institute was withdrawing as a sponsor."
"The Foundation's allegations were related to an AI committee discussing with a few other Foundation sponsoring organizations, in the course of normal business, possible recommendations for the financial services regulatory reform bill. Those fellow sponsors have been long-standing partners with the Appraisal Institute in the Washington legislative and regulatory arena."
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