Chapter President’s Report
It has been an honor to serve for a second year in the role of President of our Chapter. Please join me in welcoming Steve Teague as our new Chapter President for 2021. We will have a virtual meeting in January to install Steve and all the other members of the Board.
Two Chapter members earned professional designations since publication of our Spring newsletter. Congratulations to new MAIs Shawn Vetter and Mark Tracy!
Thank you for your support of our Chapter during this difficult year. I look forward to seeing you next year as we resume our schedule of meetings and educational offerings as soon as circumstances allow.
Happy Holidays and best wishes for a successful and happy 2021!
Russell N. Rench, MAI
2019 - 2020 President
Greater St. Louis Chapter Appraisal Institute
December 28, 2020
Near the end of 2020 the Greater St. Louis Chapter of the Appraisal Institute had total net assets of $102,034, based on total assets of $106,630 and total liabilities of $4,596. This represents an increase in net assets of $20,284 over the prior year with total net assets of $81,630, on total assets of $92,289 and liabilities of $10,539 in 2019.
Total revenues for the year, as of December 28, 2020, were $35,618 down-$11,950 from $47,567 in 2019 with -$1,030 in AI Professional Dues and Fees, -$11,438 in education revenue and -$1,489 in Chapter Events Non CE Revenue. Investment income was +$1,911 and other revenue was +$96. Total expenses for 2020 were $15,334 down -$36,061 from $51,395 in 2019 resulting in a Net Surplus of $20,284 in 2020, compared to a deficit of -$3,282 in 2019. All expense categories were down as Cov19 pandemic considerations put a halt to in-person chapter activities after March of 2020. Education expenses were down -$21,880, Chapter Events -$4,824, Governance Expenses -$8,007 and Chapter Operating Expenses -$1,350.
On December 3, 2020 the executive board adopted a budget for 2021 that reflects continuing Covid19 concerns with little hope for in-person meetings or classes in 2021. Our projected revenue for 2021 is $15,150, mostly from dues and investments; and expenses are $13,526, resulting in a net surplus of $1,625. By comparison, last year’s forecast revenues were $51,900 which included $36,250 in education revenue; and expenses were $37,375 which included $23,150 in education expenses, for a forecast surplus of $14,525 in 2019.
In 2020 we rolled over the last of our investment CDs from Commerce Bank to AI Reserve Investment accounts that are reflected in our current balance sheets.
I hope that everyone has a safe and happy holiday season and a happy new year and hope that 2021 will see an end to the pandemic and a return to normal for everyone.
Shawn J. Vetter joined Newmark Knight Frank's Valuation & Advisory in 2017 as a senior vice president. A highly experienced appraiser with 27 years of experience, Mr. Vetter has prepared and performed valuations and market analyses on a broad range of properties that include single and multi-tenant industrial facilities, office buildings, mixed-use facilities, shopping centers, single-tenant retail, apartment complexes, market-rate mutlifamily and subsidized housing as well as vacant land for different uses. His specialization is multifamily properties.
Additionally, Mr. Vetter has performed specialized real estate valuations on auto dealerships, medical offices, and residential land subdivisions.
Prior to Newmark Knight and Frank, Mr. Vetter served as a senior appraiser at CBRE, Inc. in the St. Louis office. Actively engaged in real estate valuation since 1994, Mr. Vetter joined CBRE in 2001 after working with a private firm in St. Louis from 1994 to 1997, and a private firm in Kansas City from 1997 to 2001.
Mr. Vetter earned his Bachelor's degree in Education from Southern Illinois University at Edwardsville (SIUe). In addition, Mr. Vetter has successfully completed numerous real estate related courses and seminars sponsored by the university and the Appraisal Institute. He has also completed the requirements of the Appraisal Institute's continuing education program.
Mr. Tracy is the Managing Director of the senior housing practice at Integra Realty Resources Healthcare & Senior Housing. He leads the group senior housing practice which includes independent living, assisted living, memory care, and continuing care retirement communities. His concentration is on larger complex assignments, apprasials of proposed projects, and working directly with developers on market studies, feasibility studies, and consulting projects.Prior to joining Integra Realty Resources, Mark was a partner with Tellatin, Inc. Since 1984, Tellatin, Inc. specialized in appraisals, feasibility studies, market analyses, management overviews, Medicare and Medicaid reimbursement analyses, litigation support, and due-diligence consulting for senior housing and health care properties.Mr. Tracy was a real estate manager with Koch Industries from 1997 to 2003. While at Koch Industries, the second largest privately held company in the U.S., he was responsible for the management of an office and industrial real estate portfolio which included acquisitions, dispositions and leasing, with extensive experience in environmentally impaired real estate. He also was responsible for investment initiatives in Section 42 housing, and environmentally impaired real estate. Mark earned his undergraduate degree, a Bachelor of Science in Construction Management, from Missouri State University in Springfield, Missouri.