The recent termination of Cindy Chance as CEO of the Appraisal Institute and the lack of communication from the National Executive Committee and Board of Directors has led the persons signing below to a vote of no confidence in our current national leadership (Executives and Board of Directors).

Absent answers regarding the firing, the membership is left with only rumors, innuendos, and speculation. The following timeline of events presents many concerns regarding the actions taken to terminate Cindy  Chance as it may be perceived as a potential cover-up and firing of a potential “whistlebower”.

Timeline of Events

May 18, 2023 – AI announces that AQB has approved the AI PAREA program

Sept 5, 2023 - Cindy Chance, PhD, hired as CEO

Jan 17, 2024 – Appraisal Institute Quarterly Update states that a $1.2 million operating deficit was identified and was being remediated for FY 2024. Planned steps include eliminating 15% of staff positions representing almost $2 million in annual savings, and establishing new roles and performance management standards. BOD approves the plans.

Feb 8, 2024 - 1st Qtr Region IX Meeting – Bill Garber announces his resignation.

Feb 23, 2024 – Chief Executive Officer, Cindy Chance, PhD, updates the Board on organizational change and progress since the last special meeting in mid-December, at which the Board approved funding to support the next phase of her reorganization plan. She states that operational adjustments were successfully completed following the 15% reduction in staff announced in early January. Cost savings are on track to close a potential $1.2 million 2024 operating budget deficit. BOD approved all measures in the report.

Feb. 23, 2024 - Jim Amorin, Appraisal Institute’s previous CEO, emails Sandra Adomatis and Paula Konikoff criticizing Cindy Chance and her policies.

May 10, 2024 - Chief Executive Officer, Cindy Chance, PhD, updates the Board on organizational change, progress, and challenges since the first quarter meeting in late February. The reorganization progresses with the successful introduction of a flattened, more accountable management structure. She reports that the New Director of Education & Publications is uncovering more fundamental issues with educational content, management practices, and unrealistic financial projections.

Aug. 28, 2024 – Craig Gilbert posts his “Open Letter to the National Board of Directors of the Appraisal Institute (“A.I”) in support of Appraisal Institute’s CEO Cindy Chance”.

Aug 30, 2024 – AI announcement – From Cindy’s Desk is on hiatus but will be back soon. Rumors and comments started circulating on social media that a special meeting of the BOD scheduled on Sept 3, 2024, was to fire Cindy.

Aug 30 & 31st, 2024 – Several persons report that Craig Steinley told them "Cindy's fine" and several persons in senior AI elected positions posted similar comments on social media.

Sept 3, 2024 – A deadline relating to the ability of AI to fire the CEO for cause. After this deadline, a commission of $175,000 would be due to Korn Ferry International, the executive search firm.

Sept 13, 2024 – AI fires Cindy Chance, CEO. On the same day, an announcement was sent out abruptly canceling the Third Quarter 2024 Board Meeting Update to Membership.

Sept 30, 2024 – Joint Regional Meeting in Kansas City – Leadership refuses to provide context for CEO firing. Lawyers are brought in to announce that they advised the AI Executive Committee and BOD not to discuss the firing of the CEO due to employment laws.

As a result of these events, and without any answers from AI leadership, the members question whether the National Officers and Directors of the Appraisal Institute are following best practices for good governance. As a result, those signing this petition demand a full accounting of the steps taken to fire Cindy Chance in order to determine whether proper human resource policies and best practices were followed. To facilitate this, we demand the following:

        1.  A full forensic audit (by an independent third party) of the         Appraisal  Institute’s financial records to assist members in gaining a better understanding of the financial health of our organization and where our money is being spent; and

       2.   The appointment of a special audit committee (not the standing committee that let all this transpire) for investigation of the CEO firing and related financial and governance matters.

To ensure that the firing of the CEO was not undertaken to silence a potential whistleblower, and to ensure that best management practices are being followed, we further demand that the Executive Committee and BOD provide the following to the membership:

       3.       A written explanation of the $1.2 million operating deficit uncovered by the new CEO in the first quarter of 2024. What caused the deficit? Was financial malfeasance committed?

       4.       If the deficit is the result of financial malfeasance, are we taking measures to recover the funds (i.e. seeking the prosecution of the guilty party)?

It is hoped that the independent forensic audit will help rebuild members’ trust and inspire them to once again have confidence in national leadership and spend their education dollars with AI to support the organization. Additionally, while the above concerns are being addressed, we demand that the BOD adopt the following policies for a period of at least six months:

   ·Hiring freeze on new personnel with compensation over $75,000 per year

   ·Freeze on new contracts or expenditures over $5,000

   ·Freeze on all 45-day notice activity

   ·Freeze on other executive committee activities excepting participation in scheduled AI meetings

   ·Freeze on international travel

   ·Freeze on outside counsel expenditures without express approval from the independent forensic audit committee

   ·Establish regular meetings to update the membership on steps 1-4 above (at least every 30 days).

So say those who have signed this petition.