ASA's Educational Foundation (ASAEF) is a separate, nonprofit corporation established by ASA and chartered in 1967. The mission of the ASAEF is to carry on educational, research and charitable activities related to the advancement of the appraisal profession. ASAEF is exempt from income tax as a 501(c)3 organization; thus, contributions are deductible as charitable contributions. The foundation is managed by a board of directors, four of whom serve as officers. The directors are appointed by ASA's Board of Governors and sit as trustees, but have no other legal connection with ASAEF, which manages its affairs independently of ASA. The foundation is supported by contributions, revenue from auctions at international conference and royalties from the sale of "Appraisal Principles and Procedures" by Henry A. Babcock.