Appraisal Foundation Grants
The ASC is authorized to grant funds to the Appraisal Foundation (Foundation). Section 1109(b)(4) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (Title XI) provides that the ASC may “make grants in such amounts as it deems appropriate to the Appraisal Foundation, to help defray those costs of the
[F]oundation relating to the activities of its Appraisal Standards and Appraiser Qualifications Boards.” Each calendar year, the Foundation submits a grant proposal to the ASC detailing the Foundation’s Title XI-related activities for the coming year and requesting ASC funding for those activities. ASC staff reviews the proposal and makes a recommendation to the ASC regarding the proposal. The ASC may approve or deny the grant request, in whole or in part. Every month, the Foundation submits a grant reimbursement request to the ASC requesting reimbursement for Title XI-related costs incurred during the previous month. Staff reviews the request, discusses it with the Foundation, and makes a recommendation to the ASC. The ASC may approve or deny the reimbursement request, in whole or in part.