Word has been spreading around the campfire for some time about a dispute between the Appraisal Institute (AI) and the Appraisal Foundation. The dispute came to a head on June 15, 2010, when the Appraisal Foundation held a special meeting of its Executive Committee in Chicago, IL, to consider conduct by AI detrimental to the Foundation.
According to the Foundation, the meeting was held to “consider evidence concerning conduct by the Appraisal Institute that might be viewed as materially and seriously prejudicial to the Foundation and that could result in the possible suspension, expulsion or other sanctioning of the Appraisal Institute.”
After the June 15th meeting, AI President Leslie Sellers wrote a letter to colleagues explaining the AI position. Mr. Sellers stated that the issue was a discussion possible legislative language that was ultimately rejected by the AI Board of Directors.
The Foundation responded to AI on June 23, 2010, stating that dispute was focused on more than conversation. While noting several inaccuracies in the AI letter, Foundation Chair, David C. Wilkes, said there is evidence that AI crafted legislation that would harm the Foundation and sought support for the legislation from other Sponsors of the Foundation.
As of today, the Foundation remains in Executive Session so they are still deliberating. To enjoy the full tit-for-tat read both letters here and stay tuned for more summer fun.