Keeping You Informed
One of my goals for the year is to keep members better informed. Members often write me with their concerns and I answer each one. I have also been posting responses to the most frequently voiced concerns on LinkedIn. Members most often ask about governance and operational matters. Transparency is a priority, and I want to ensure you have clear, accurate information on important topics like financials, membership trends, advocacy efforts, international travel and PAREA.
Financial Transparency: Addressing Key Questions
Some of you have asked about the $1.2 million deficit reported in 2024. Initially, a mid-year forecast projected a shortfall, which was later adjusted to $1.65 million through a formal accounting review. Our annual independent audit is underway, and I will share the results with you soon.
Despite industry-wide pressures such as a declining number of appraisers and increased competition in education the Appraisal Institute remains financially stable, with sufficient reserves. We are actively adapting to these challenges through careful budgeting and resource allocation.
As 2025 President, I remain committed to transparency:
- I will continue providing clear financial updates.
- The Appraisal Institute undergoes an annual independent audit to ensure accountability.
- High-level financial summaries will be shared with members.
Membership and the Future of AI
While overall membership has declined, the number of Designated Members has remained steady from 11,584 in 2004 to 11,041 today. Most of the decline has been in the associate member category. This year, the Board approved a change so that we are all Members. The associate member category is increasing, and I look forward to seeing more growth as student affiliate members become more involved. Ensuring a strong and growing membership across all categories is critical to our future.
We are advancing strategic growth initiatives by:
- Expanding outreach to college students and associate members.
- Enhancing member value and business opportunities.
- Adapting to industry changes while supporting appraisers at all career stages.