The ASC Wants And Has The Funds To Make USPAP Free! And More!
This press release is seismic for appraisers so please read it:
Press Release: Appraisal Subcommittee (ASC) Board Approves Fiscal Year 2022 Budget of $9M including nearly $5M in Grant and Technical Assistance Funding
With the context of TAF’s bat-shit crazy letter, here are some key changes in the relationship between TAF and ASC:
ASC wants USPAP to be free, enable diversification of the ASB and AQB which are NOT diversified and never have been and they want to study alternatives to the insanely wasteful two-year USPAP update policy.
$1M in grant funding was made available to the Appraisal Foundation. These funds could be used to defray the costs of the Appraisal Standards Board (ASB) and Appraiser Qualifications Board (AQB) and for additional projects such as providing trainees and credentialed appraisers with a free or reduced cost copy of Uniform Standards of Professional Appraisal Practice (USPAP), diversification of their Boards, and studies of the current Appraisal Foundation revenue model.
The “review and monitoring” authority ASC was given in Title XI was clarified so they could continue to “monitor and review.”
Additionally, there were revisions to the policy on monitoring and reviewing the Appraisal Foundation. ASC staff will attend public meetings as observers of the AQB and ASB as well as the Board of Trustees. ASC staff will be available for these meetings on an as-needed basis and will continue to provide written public comment on the Appraisal Foundation’s work product.
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