Cindy Chance Terminated
On September 13, 2024, the Appraisal Institute President, Sandra Adomatis, SRA, announced that Cindy Chance is no longer the CEO of the Appraisal Institute.
“We are writing to inform you that as of today, September 13, Cindy Chance is no longer in her role as CEO of the Appraisal Institute.”
In an interview published by HousingWire, Cindy Chance disclosed that the Board of Directors had terminated her.
Rumors that this was pending have been circulating around AppraiserVille for several weeks.
I’ve been reading comments on various forums asking “will we be told the real reason for this?” My answer: Nope. It will never be discussed publicly.
All organizations which operate with Bylaws, and Policies and Procedures manuals, have provisions to conduct Board meetings at any time, by various methods. AI is no different. In AI’s case, “Special Meetings” are permitted, at which a specified quorum of Board members is required, but the CEO can be excluded from the meeting, which was done in this case. Secondly, personnel matters within organizations are considered private, and thus, very little information will be disclosed, if any.
On the night of September 13th and into the early morning hours of September 14th, I closely examined the AI Bylaws. One section detailed the three circumstances under which a ‘Special Meeting’ can be convened within the organization.
After determining the process for calling the Special Meeting, I emailed the AI President Sandra Adomatis directly, requesting details on how the meeting was called, who attended, and the vote count outcome for the (presumed) motion to terminate Ms. Chance.
Ms. Adomatis did not respond to me personally, which is her prerogative. Instead, she forwarded my message to the Outside Counsel attorney who served as the parliamentarian for the Special Meeting. I will keep the attorney’s name private, but here is the statement they provided in their reply:
“Please be advised that the Special Meeting was called by the President, not by petition, and all legal requirements for the meeting were met. No further information about the meeting will be forthcoming as it was held in Executive Session, which requires confidentiality.”
The firing of Cindy Chance makes me seriously consider why I pay dues to this organization, as I have since 2003. Will I continue being a ‘member’, now that Cindy and others were able to get the Directors to change their attitude about us lowly non-designated Practicing Affiliates, and changed the AI’s policy about how non-designated dues paying appraisers could identify themselves to others?
For years, the AI has been dominated by people who didn’t (and maybe still don’t) give a rat’s pattootee about residential appraisers. On the Board of Directors, only 22% of those folks are singular SRAs; the rest are singular MAIs or have dual MAI/SRA designations.
Over the years, the AI has been extraordinarily deficient in regularly explaining to the American Public what appraising is and how it’s done. The AI has been basically silent in defending our work against the outlandish discrimination claims that infer that all appraisers are racists. It’s one reason why we appraisers have targets on our backs.
After the previous CEO retired, the Board of Directors hired Cindy Chance, a highly qualified Ph.D., to lead the organization. Cindy quickly identified the Appraisal Institute’s structural issues and instituted changes. She then facilitated frank discussions about the challenges appraisers had been facing since 2020, which were influenced by the politics of the current federal administration.
My take on this is those actions ruffled feathers to a point that the one person doing an incredibly good job over the past year had to be jettisoned so that long-term ‘members’ can retain the status quo of what once was. In my view, that has become an extremely short-sighted outcome.
Frankly, I suspect that I and many other AI ‘members’ will be taking a hard look at our involvement, and whether or not we should continue paying dues to an organization that chooses not to publicly fully represent, support and defend all appraisers, despite the internal claims that they do.
Per the AI President Adomatis’ message on Friday, September 13, 2024:
“We are pleased that John Udelhofen has agreed to operate as interim CEO and look forward to working with John to ensure our mission continues unabated.”
The AI income stream is somewhat close to $20 MILLION annually, so I can see why the Board wants a person with CFO/CPA experience at the helm, at least temporarily.
It turns out that there are several gentlemen with this same name in corporate leadership, so I had to do some sleuthing to find the correct John.
So who is this Mr. Udelhofen?
John Udelhofen – a proven leader and visionary with 24 years of entrepreneurial startups, and 14 years of corporate and consulting experience. His belief is in creating optimized businesses to maintain flexibility and efficiency. He has been brought in to assist many CEO’s in building out the financial and operational systems in a time of extremely high growth as well as maintaining strategic alignment. His goal is to help companies get to an event, which could include improved EBITDA, capital raise, prepare for sale or acquire companies. John has been instrumental in founding multiple organizations in Manufacturing and Services industries. Building strategic plans, flexible business models and management teams to implement and support the models in the most efficient way possible. Focusing on the customer value proposition is the most critical element to the successful models.
John had a unique blend of Accounting, Finance and technology skills as well as various industry experience that can provide value to many organizations. He has been involved in Sell and BUY side transactions, performing due diligence and post-merger integrations. He has managed in large and small organizations and has the ability to be flexible and nimble in today’s fast-paced business environment.
Lake Forest Graduate School of Management
MBA, Marketing 1994 – 1995
Roosevelt University
BGS, Computer Science 1982 – 1986
Loyola University Chicago
BBA, Accounting 1976 – 1980
Certified Public Accountant (CPA)Certified Public Accountant (CPA)
State of Illinois – Issued Jan 1983
Dave Towne on e-AppraisersDirectory.com
- New UAD Overhaul: What Appraisers Can Expect in 2025 & Beyond - September 19, 2024
- Cindy Chance Terminated - September 16, 2024
- Key Part of USPAP Not Available from TAF - July 19, 2024
The behind closed door stuff is concerning…
Maybe it’s time for a new org to represent (and educate) appraisers (and just appraisers)?
Amen
I wonder if he’s ever had his skin shredded by rose and Hawthorn bushes, been stung by an entire nest of yellow jackets, sweated through his shoes on a 110 F degree day while being threatened by a homeowner and or some GED toting genius from an AMC asking, “Are we there yet, Daddy”?
You do realize that being an appraiser is not mandatory for the job? Cindy wasn’t an appraiser either.
How fortunate I am that you are here to remind me!
The Appraisal Institute………….is not now and never has been, worth a micro second of my time.
Let alone my money.
To each their own.
I just read the 8 page document on “Appraising the False Narrative Bias” written by Chance yesterday that was dated 4/30/2024.
Chance agreed in the first sentence of her article written for the “Appraisal Institute should have done better at standing up for them (appraisers) by making the public aware of their skills and professional discipline.” Instead there has just been a lot of noise written by social media with no actual deep thought as to how appraisers actually research market conditions and interpret the listing and sales data.
But there are too many players both in the political arena and social media who demanded her to be removed or silenced as to her accusations if False Narrative of Appraisal Bias.
She tried to make the public aware and was fired 4 months later of the date of article she wrote defending appraisers as professionals looking out for the public good.
Nice article.Thanks.
I understand the privacy issues with regard to executive session being private and will not speculate why this all occurred. That said, it is no secret to anyone, especially those who participate in this blog, that there has been minimal involvement and/or response from the AI regarding the ongoing government/mortgage participants onslaught of subjective, unsupported allegations and accusations of “rampant” bias and racism in the real estate appraisal industry. Worse, specifically white appraisers seem to be the favorite subject matter to dwell and prey on. In any other time and space this in itself would constitute bias and racism but the Feds and elected officials are allowed to spew this brainwashing nonsense with complete immunity and no consequences. What does this have to do with her firing you may be asking yourself? Well, I hope, for the sake of the members who’s yearly expenses contribute to the 20 million+, she was not terminated for her being more outspoken than most. Hopefully, for their sake, AI as a whole, has not completely transitioned to the “dark side” otherwise what is the sense of sticking around. It has been no secret on this blog that AI has been little more than crickets when the largest attack in the history of this industry is taking place and there is no offense from the supposed premier organization in the appraisal industry. Instead, they have chosen, for the most part. to remain in their fox holes poking their heads up every once in a while. If this were the military, I dare to say, most would be court marshaled for cowardice in the face of the perceived enemy. May sound a bit over the top however let’s see how many “likes” I receive from the bloggers who are not blind to the truth and know full well of their monumental failures to the industry that keeps them in business.
“cowardice in the face of the perceived enemy”. No truer words spoken, Craig the prior CEO was a huge coward in front of Congress during that hearing as he sat next to the Black Couple From Marin County who started this whole BIAS accusation mess that everyone believed hook line and sinker. IF AI LOOSES 20 MILLION THINGS WILL CHANGE. EVERYONE NEEDS TO CANCEL THEIR MEMBERSHIP TODAY!
This may be better then the ‘bat **** crazy letter’ incident. A new code of conduct. Questioning the amc model. Charting a different approach to counter the fictitious PAVE narratives. Daring to stand up for actual everyday working sole proprietors. The clock was always ticking, a testament to how entrenched the corruption really is. Now another non appraiser filling the role, that was fast. As if through this entire industry, there is not a single qualified licensed appraiser that could have been a good fit for the position. Not like they actually have experience running their own businesses or anything. Well of course not, then that person would have been held to the exact same ethical standards as the majority, no more special allowances or abilities to dole out favors. During this next round of re organization please remember, that red stapler on the desk is mine. It is my personal stapler I bought myself.
I like it!
Personally, my money is on Cindy. They hired her to do a job, and by the looks of it… she’s STILL doing it, and intends to keep doing it by taking on these crusty-good-old-boy elitists. I hope she sues the pants off them and ALL their dirty laundry is aired out. Closed door meeting or not, us appraisers WILL find out who voted for removal. And contrary to Sandra’s belief that this will “blow over” if they stop talking about it…. we will not forget.
The board is hot air and nothing more. The Appraisal Institute has ALWAYS looked out for the institute, not for actual members. Even in their recent press releases they commit themselves to working in the best interests of the INSTITUTE, never for ACTUAL APPRAISERS. It’s a shame really, a designation used to MEAN SOMETHING! Now it openly stands out as representing the elitist, good-old-boy status quo the vast majority of appraisers HATE. I don’t actually know if the appraisal institute will survive this or not. Only time will tell. One thing is certain though, they need to fire their PR team. The Institute has zero credibility now…. how the board members will keep practicing, I don’t even know. How can clients trust them when the vast majority of their peers do not…. #Shameful
Amen. Their president’s letter made it clear they want someone who supports THEIR agenda. Well excuse me I thought their agenda was FOR the Appraisers not against. They need to FAIL in order to restore order.
They should fire the lobbyists who are worthless in defending appraisers! Ever since TAF and ASB were created as another quasi-governmental agency with lots of power, the Appraisal Institute has had everything stolen from it, including USPAP (which the foundation copyrighted and charges us for copies) and makes us take it every two years! We are reminded in most coursework with the AI and other providers that we are not allowed to consider race or other characteristics of people in our work. I think most of us are not racist. I wrote a letter and published it on this blog immediately after the reporter at the NY Times wrote that false article about a mixed-race couple and their two appraisals, and followed her on TED talks where she did an excellent article about Rwanda, but she must have needed money very badly to create this false narrative. Now that HUD and others have pointed the finger at us for Blacks having less multi-generational wealth, the old white man’s club is reeling from the shock.
Do you think those old white guys want to lose their privilege and lose control of our organization because there is a woman SRA and woman CEO at the helm? Turn this ship around quickly, and reinstate Cindy Chance, PhD or I will send the letter or resignation from my volunteer work encouraging candidates to complete their work for their designation! I am composing it in my head while I finish an appraisal, but I am very upset that I was quiet about discrimination against women in our so-called non-profit who has not yet made the transition from 1990 when the AIREA and the Society merged.
I was against it back in the 1980s when they talked about it and I see that it did not allow the single-family appraisers to develop without an AMC model, which was the death knell for the AI. Why should I encourage new members when they don’t represent me and my peers? I have been an MAI since 1990 and an appraiser for 44 years. What do I have to show for it? One green and fake gold pin from the AIREA, one pyramid logo which is maroon with the AI, and now a charm with the new blue logo which is also a pyramid logo. That is representative of how this organization works: we pay the bills and get cheap pins to show off at meetings…. Some of the best people at Chicago have left or died: I miss the former leaders who actually believed in the Ethics we developed; I knew a guy from the LA AIREA who had his designation 50 years before I got mine and he was an outstanding man; what I have seen since 1990 is the pyramid has us at the bottom and the Board engineered their positions into huge annuities…. by the way, Amorin is not retired – he is pushing the texas model I named the Vulture Culture – they make their own rules and do crappy work using AI when it is still in the beta stage, but hey, they are out their with Fannie and Freddie pushing AVMs. They say it will help our work, but I am very skeptical of anyone who embraces that way when it has not been tested sufficiently! OPEN the POD BAY DOOR HAL! I want Cindy Chance, PhD. back in the CEO position or I will continue to make a stink!
Deborah L. Smith, MAI
Certified General Real Estate Appraiser
State of Oregon
Formerly from California
Hmm….well the AI has always given preference and priority to commercial appraisals and specifically MAI members and their business. This has never been a hidden fact. Thus, AI, like other professional appraisal groups, have been ineffective in addressing the numerous injustices of the AMC business model on appraisers doing appraisal work for lending purposes.
The termination of Ms. Chance will not change anything within the profession. The profession is a very splinter group without an effective professional voice to represent the appraisal profession.
Ever since the Trojan Horse merger between AIREA and SREA, the downward spiral of the resulting AI seems to be the result in the purview of many in the appraisal profession. The prior loss of AI’s membership with TAF for a period of time is also another clue, the AI has long left the reservation for the defense of the Appraisal Profession. This event with Cindy Chance is yet another event in a sordid history.