Appraisal Foundation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
The mission of the Appraisal Foundation is to advance the valuation profession by setting standards of excellence, promoting education and upholding the public trust.
- Income
- $6.8 million
- Spending
- $6.3 million
- Spent on programs
- 71%
- Reserves
- 19.2 months of spending
- Largest source of income
- fees for its services, 92%
- Employees
- 14
- Volunteers
- 22
- Highest pay
- $1.1 million, president (jan-mar)/advisor (apr-dec)
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Strong: 96 out of 100.
Reserves
35 of 35Spendable reserves would cover 19.2 months of spending.
Debt
16 of 20It owes 17% of what it owns.
Living within its means
15 of 15Income exceeded spending by 8% of income.
Income trend
15 of 15Income rose 94% on the year before.
Spending floor
15 of 1571% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100.
Independent board
25 of 2522 of 22 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (5)
- $1.6 million spent. 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.
- $665,841 spent. 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
- $568,524 spent. 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.
- $377,864 spent. 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.
- $1.2 million spent. Special Projects
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since May 1989.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.