Latest Publications

Advanced Appraisal Course for Mining Specialists – Oct. 1-3 in Tucson, AZ

Courtesy of Mark Loosli, ASA

Courtesy of Mark Loosli, ASA

ASA’s popular ME214: Identification and Appraisal of Mining and Mineral Processing Equipment course will take place October 1-3 in Tucson, AZ.

The course is designed for appraisers who specialize in the mining industry and professionals looking to learn more about this unique specialty. Many attendees are repeat students, who look to the class to provide important technical updates and valuable networking opportunities. The course is growing into a must-attend for those in this unique specialty.

How to assess and value mining and milling equipment, an overview of mines and extraction techniques; a review of hard rock mineral processing, coal processing and other equipment; and insight on identifying specific equipment along with their function and values will be covered.

Courtesy of Mark Loosli, ASA

Courtesy of Mark Loosli, ASA

A special tour to the Mission Open-Pit Copper Mine and The South Mill has been scheduled.

Course instruction will be provided by Alan C. Iannacito, FASA, a designated member of the Society for more than 35 years and Allan K. Bowles, PE, Mining Engineer, both of whom are principals of Littleton, Co based ACI Associates, Inc.

View previous course photos.

To register or for complete course details visit ASA online or call (800) 272-8258.


Popular Marine Survey Course to Take Place Aboard the Legendary Queen Mary

Queen Mary

Queen Mary

The American Society of Appraisers (ASA) will offer its popular marine survey course aboard the legendary Queen Mary, October 9-11, 2014. Once the grandest ocean liner in the world, the vessel now serves as a Long Beach hotel, historical landmark and entertainment venue.

ASA’s popular ME208: Marine Survey course is an intermediate level course that addresses the topics of marine equipment and its special language, the marine industry and function of marine surveyors and appraisers, the three approaches to value as they apply to commercial and yacht appraisal, identification of marine equipment and systems, preparing a report and the different types of Bluewater and Brownwater equipment.

It was written for the non-marine professional who wants basic knowledge and for the young marine professional who wants to learn more about the marine survey business and, particularly, marine asset appraisal.  The course is growing into a must-attend for those in any specialty who want education hours and for those who want to increase their knowledge in an industry that has the interest of many investors.

Norman F. Laskay, ASA

Norman F. Laskay, ASA

“What better way to learn about this topic than aboard such a historic vessel”, says Norman F. Laskay, ASA, and course instructor. “We are excited not only to explore the latest developments, but also to experience the Queen Mary. The San Pedro area of Long Beach also has a good maritime museum, an aquarium, the historic SS LANE VICTORY and shopping and dining at Port O’ Call.” Mr. Laskay has been a designated member of the Society for more than 24 years and holds a specialty designation in Commercial Marine Survey. He is also a principal in the Metairie, LA office of Dufour, Laskay & Strouse, Inc.

View a video sneak peek of the course or previous course photos.

To register or for complete course details visit ASA online or call (800) 272-8258.


Standards – Where Are They Going and Why Are They Not Enough?

Thomas D. Boyle, MAI

Thomas D. Boyle, MAI

Are standards important in valuation? Why are there so many? What is important for our clients? What is important for ourselves? Do standards need to change? In the end, are standards enough – what more do we need to do? These questions and more will be the topic of discussion at an upcoming session at ASA’s 2014 International Appraisers Conference to be held September 14-17 in Savannah, GA.

Hosted by ASA’s Machinery & Technical Specialties Discipline Committee, the “Standards – Where Are They Going and Why Are They Not Enough?” session will take place on Monday, September 15, 2014 from 4:35 – 5:35pm and will be presented by Thomas D. Boyle, MAI, who serves on the IVSC Standards Board and is Chief Appraiser and Senior Vice President for US Bank. In addition to providing valuation services for financing litigation support condemnation and assessment appeals, Mr. Boyle is also author of the Appraisal of Local Retail Properties, co-author of Real Estate Fraud; The Appraiser’s Responsibilities and Liabilities and a contributor to the latest edition of the Dictionary of Real Estate Appraisal.

To get a sneak peek into this interesting upcoming session, we sat down with Mr. Boyle to get his insight into this important topic.

Q: Why Are Standards Important In Valuation?

A: Standards are fundamental to lending. Financing necessarily involves judging both risk and reward and standards enable these judgments to be made in a consistent, predictable fashion. Lenders must evaluate a borrower’s ability to repay; therefore they must understand the borrower’s financial capabilities and the value of any offered collateral. Similarly, borrowers must understand lender’s terms and cost of funds to be borrowed.

Without standards these steps can be conducted but not in a meaningful way. Standards allow participants in the financial markets to make comparative judgments regarding alternatives. Borrowers can reasonable make comparisons among different lenders and lenders can consider different lending opportunities. Investors can compare different lenders and determine which to invest in. With standards, participants can be reasonable assured of speaking the same language. Without standards, evaluating data in order to reach a sound conclusion is highly challenged if not impossible.

Q: Why Are There So Many?

A: As global commerce has increased, so have international standards. For example, international banking standards for capital requirements have been set with the Basel Accords beginning in 1988 with Basel I, in 2004 with Basel II and in 2013 with Basel III. Basel II emphasized three “pillars” including Minimum Capital Requirements, expectations for a Supervisory Review process for both internal management and for supervisors, and Market Discipline which standardizes disclosures to help market participants understand an institution’s capital adequacy.

Q: What Is Important For Our Clients?

A: Standards underlie all valuations. Clients rely upon standards when engaging valuers for assignments. The standards set expectations for the work product. Adherence to standards allows the client and any other users, to gauge the credibility of the value estimate. Trust in that estimate is diminished to the extent the valuer deviates from the agreed-upon standard.

Standards set expectations for users and set performance criteria for valuers. To understand the valuation, one must understand the standards it was prepared under. Any review of a submitted valuation must start with a complete understanding of the standard it was prepared under.

Q: What Is Important For Ourselves?

A: There are four common elements underlying all valuations which must be addressed by a valuation standard. These four elements provide a foundation like legs on a chair to support the valuation and its credibility. The first is the definition of value to be used; The second fundamental element is the relationship of the valuer to the parties and to the asset under consideration; The third fundamental element is the valuer’s scope of work; and the fourth is the manner in which the valuation results are communicated with the client.

Q: In The End, Are Standards Enough – What More Do We Need To Do?

A: Globally, numerous standards exist. Some were developed by professional organizations, others by local or national governmental agencies. Regardless of the individual merits of such standards, the drawback they share is the burden they place on users who must re-learn a new standard each time a border is crossed or another professional group is encountered.

International Valuation Standards are published by the International Valuation Council, a not for profit organization. International Valuation Standards provide the best opportunity for consistency and uniformity of expectations for valuation of assets and liabilities globally. Use of these standards will reduce the variations seen in valuations prepared under differing standards making review and acceptance of the valuation easier for lenders and regulators alike.

Make your plans today to attend this can’t-miss session! To register for ASA’s 2014 International Appraisers Conference visit ASA online or call (800) 272-8258.


Countdown to Savannah—Special Tours Preview

The 2014 International Appraisers Conference offers a number of great networking opportunities to catch up with old friends and make new connections. Join fellow conference colleagues for special off-site tours that have been arranged after the conference. Complete tour details are available online. Additional fees apply to off-site events, open to all attendees and guests, register online or by calling (800) 272-8258.

Sites to be visited:


Georgia Historical Society

Georgia Historical Society—Join the Gems & Jewelry attendees as they venture off–site! First stop is the Georgia Historical Society. Chartered by the Georgia General Assembly in 1839, the Georgia Historical Society is the oldest continuously operated historical society in the South. The society is located in Historic Hodgson Hall. Designed by the American Institute of Architect’s founder Detlef Lienau, Hodgson Hall is listed on the National Register of Historic Places. The visit begins with a short background presentation on the historical society. You will be given the opportunity to view a few “typically Southern” jewelry items taken from the society’s archives just for us. You can then enjoy a self-guided tour.


Owens-Thomas House

Owens-Thomas House—The afternoon will continue at the Owens-Thomas House. Considered by architectural historians to be one of the finest examples of English Regency architecture in America, the house was designed by the young English architect William Jay (1792-1837), one of the first professionally-trained architects practicing in the United States. The elegant residence was built from 1816-1819 for a cotton merchant and his wife, and is home to one of the finest collections of sterling silver from Savannah on exhibit. In fact, their curator, Ms. Tonia Sammons is an expert and author of “The Story of Silver in Savannah: Creating and Collecting Since the 18th Century”. Small groups will enjoy a guided tour every 15 minutes. While some are touring others can be shopping in their great gift shop. Attendees extending their Savannah visit after the conference can purchase a three-house tour pass for an additional $3.95 at the gift shop. Across the street you will find establishments offering refreshing beverages. Some attendees may want to end the day with one in hand while walking the tree lined streets of this historical district.


Telfair Academy

Telfair Museum Jepson Center—The Telfair Academy is housed in a Neoclassical building designed by renowned Savannah architect, William Jay and completed in 1819. The museum was officially opened in 1886, making it the oldest public art museum in the south. Noted for its nineteenth-century period rooms filled with decorative and fine arts, the Academy houses fine examples of American Impressionism and Ashcan Realism, including masterpieces by Childe Hassam, Frederick Frieseke, Gari Melchers, Robert Henri, George Bellows, and George Luks, among others. Sylvia Shaw Judson’s Bird Girl, known for its appearance on the dust jacket of Midnight in the Garden of Good and Evil is on long-term loan to the Telfair Academy. The Jepson Center is home to the Telfair’s Kirk Varnedoe Collection, a cornerstone of the museum’s contemporary holdings. Assembled in honor of the late Savannah native, scholar, and MoMA curator Kirk Varnedoe, the collection features works on paper by some of the most pivotal artists of the past fifty years, including Jasper Johns, Chuck Close, Roy Lichtenstein, Jeff Koons, Robert Rauschenberg, Frank Stella, and Richard Avedon. The museum’s diverse contemporary collection also features important works by William Christenberry, Helen Levitt, Sam Gilliam, James Brooks, and many notable Georgia artists.

IAC_Ghost Tour

Ghost Tour

Ghost Tour—Join Us if You Dare! Embark on a journey into the dark side of America’s “Most Haunted City”. Spend an evening discovering why Savannah is plagued by more than its share of paranormal activity. New doors will be opened to the “spirits and ghosts” of Savannah.


Savannah History Museum

Savannah History Museum—The Savannah History Museum is located within the historic Central of Georgia Railway train shed and offers a glimpse into Savannah’s past with a story starting in 1733, spanning the American Revolution to Civil War, to the Industrial Revolution and beyond. The exhibits also highlight the City’s musical, cultural, and artistic contributions. View the bench used in the Forrest Gump movie, Johnny Mercer’s Oscar and Grammy Awards and celebrate 100 years of Girl Scouting by visiting our new exhibit “Women of Merit: Featuring Juliette Gordon Low & The Girl Scouts” which opened in June 2012. Appraisers can acquaint themselves with an overview of the history of Savannah through a self-guided tour of the museum’s permanent collection.

IAC_Green-Meldrim House


Green-Meldrim House—General William Tecumseh Sherman used the house as headquarters when the Federal army occupied Savannah during the Civil War, upon the invitation of Mr. Green. It was at this time (December, 1864) that General Sherman sent his famous telegram to President Lincoln offering him the City of Savannah as a Christmas gift. In 1976, the house was designated a National Historic Landmark by the United States Department of the Interior. Mr. Green was not possessed of great wealth when he arrived in Savannah. He became a cotton merchant and ship owner. By 1850, he had amassed a fortune sufficient to build the most elaborate house in Savannah at a cost of $93,000. According to Green family records, $40,000 of the cost of the building materials including flagstones, laths, planks and bricks, were brought from England as ballast on Mr. Green’s ships, Recent restorations have revealed that the bricks were actually made at a foundry in Macon, GA.The Green-Meldrim House is one of the finest examples of Gothic Revival architecture to be found in the South. The house was constructed in the early 1850’s as the residence of Mr. Charles Green, an Englishman who came to Savannah in 1833.


Andrew Low House

Andrew Low House—The Andrew Low House preserves one of the finest collections of period furnishings relating to the history of Savannah and the Low family. It includes examples of works by some of America’s most prestigious furniture makers including Duncan Phyfe, Joseph Barry, Joseph Meeks, Charles-Honore Lannuier, and Michael Allison. Additional holdings include silver, porcelain, paintings, prints, photographs, and archival materials relating to the Low family, Georgia History and The National Society of The Colonial Dames of America in the State of Georgia.


Maritime Museum

Ships of the Sea Maritime Museum—The Collection of the Ships of the Sea Museum is displayed within the historic William Scarbrough House and Gardens, and features nine galleries of ship models, maritime paintings and artifacts. The vast majority of ship models were commissioned by the Museum to interpret Savannah’s rich maritime history. The collection of models includes, colonial vessels, ironclads, ocean-going steamers, and modern navy ships. All of the models have been strenuously researched and delicately detailed. Further, the Museum’s commissioned models are conveniently built to the same scale: 3/8″ = 1′. Appraisers will experience a guided tour and time to visit one-on-one with curator Wendy Melton.


SCAD Sidewalk Art

Savannah College of Art and Design—The SCAD Museum of Art is a premier contemporary art museum established to enrich the education of SCAD students and to attract and delight visitors from around the world. Introducing new exhibitions every academic quarter, the museum showcases work by a range of highly acclaimed artists from a variety of cultural backgrounds and time periods. The permanent collection includes not only major holdings of British and American Art, but also a Modern and Contemporary Collection and the celebrated Walter O. Evans Collection of African American Art. Appraisers will be treated to a special curatorial tour of select holdings.


ASA Detroit Chapter Holds Stellar Event on Golf Course and Hotel/Motel Valuation

The whole outgoing (13-14) board (lt to rt) Jason LeRoy, ASA (Past President), Dan Edwards, ASA (VP), Kristen Sieloff, ASA (Secr/Treas), Ron Prat, ASA (Pres), and me Micheal R. Lohmeier, FASA (Director).  Only person we are missing on our board is Norman Thomas, ASA who also served as Director this past year.

The whole outgoing (13-14) board (lt to rt) Jason LeRoy, ASA (Past President), Dan Edwards, ASA (VP), Kristen Sieloff, ASA (Secr/Treas), Ron Prat, ASA (Pres), and me Micheal R. Lohmeier, FASA (Director). Only person we are missing on our board is Norman Thomas, ASA who also served as Director this past year.

In early June, the Detroit Chapter of the American Society of Appraisers held a program on Golf Course and Hotel/Motel Valuation presented by Dr. Lawrence J. Golicz, PhD, ASA.The event was “sold out” having 80 attendees, made up primarily of local property tax appraisers and tax agents/attorneys.

One participant in the program stated “This was one of the most insightful programs I’ve taken.  Dr. Golicz provided tremendous insight into how to identify and value these specialized properties.”  – Micheal R. Lohmeier, FASA and City Assessor for the City of Auburn Hills (Oakland County, Michigan).

Dr. Lawrence Golicz, PhD, ASA, MAI teaching the golf course and hotel/motel program to a sold out crowd of 80 people.

Dr. Lawrence Golicz, PhD, ASA, MAI teaching the golf course and hotel/motel program to a sold out crowd of 80 people.

The ASA Detroit Chapter educational offerings have been growing in leaps in bounds with a focus on assessment practices. Last fall, they held an industrial valuation program with an optional education achievement certificate exam; and this year they added education certificate exams for golf course valuation and hotel/motel valuation. Detroit Chapter ASA has planned additional specialty seminars planned for late 2014 and early 2015. Click here to view more pictures from the event.


ASA, NAIFA Tell Banking Agencies that Proposed AMC Rules Fall Short on Guidance, are Inconsistent with Congressional Intent

By John D. Russell, JD

In comments filed June 6 with several federal banking agencies, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers expressed our concerns that rules proposed to regulate appraisal management company (AMC) conduct lack sufficient detail to allow for effective implementation. Additionally, the organizations expressed concern that some provisions of the proposed rule depart from Congress’s intent when the enabling law was included in the Dodd-Frank Act, and could negatively affect the overall public policy goals.

In the comment letter, ASA and NAIFA cover numerous concerns with the proposed rule, including:

  • The lack of detail regarding the treatment of appraisers by AMCs is insufficient to allow for consistent application by the numerous federal and state agencies who will be required to enforce  these rules;
  • The absence of a specific, enumerated process in the rule under which appraisers and others can  level complaints against AMCs who fall short of their responsibilities under both these rules and the existing Appraisal Independence rules;
  • The letter strongly objects to the decision to delay implementation of rules imposing appraisal review standards for AMCs, including requiring reliance on state licensed and certified appraisers to perform reviews;
  • We argue that the proposed rules should apply equally to residential and commercial AMCs; and,
  • The proposal fails to address nonpayment of appraiser fees by AMCs when the AMC has financial difficulties or goes bankrupt, and to clarify that lenders who retain AMCs should be required to pay appraisers when an AMC is insolvent or otherwise unfairly refuses to pay for the appraisal.

To read the complete comment letter, click here.

—John D. Russell, JD, is ASA’s Director of Government Relations. Mr. Russell supports the advancement of legislative initiatives that benefit the Society’s members; coordinates with ASA’s Governmental Relations Committee and consultant to keep members informed of legislative and regulatory issues at national and state levels; and is the staff liaison to ASA-PAC.


3rd Annual Machinery & Equipment ID Conference Wraps Successfully


Attendees sit in on one of the 13 presentations offered at the 3rd Annual Machinery & Equipment ID Conference

Attendees sit in on one of the 13 presentations offered at the 3rd Annual Machinery & Equipment ID Conference

In early June, the American Society of Appraisers held the 3rd Annual Machinery & Equipment ID Conference in Cleveland, Ohio.  Sponsored by ASA’s Machinery and Technical Specialties committee this event drew approximately 50 attendees, made up of M&E appraisers and banking professionals.

Attendees enjoyed informative education sessions on current market conditions & trends; brought together industry experts for networking; and featured hands-on equipment inspections.

Paul R. Cogley Jr. ASA, Presents on Banking.

Paul R. Cogley Jr. ASA, Presents on Banking.

Experienced professionals led 13 educational presentations on economics, machine tools, marine, plastics, aircraft, transportation, forklifts, agriculture, construction, medical and banking.  One of the highlights for this year was the Equipment Showcase, where attendees went out into the field to inspect various pieces of equipment courtesy of Premier Truck Sales & Decker Forklifts. Attendees also enjoyed an evening of baseball, watching the Cleveland Indians and Boston Red Sox at Progressive Field Arena.

Andy Decker, Decker Forklifts shows attendees a piece of equipment during the Equipment Showcase.

Andy Decker, Decker Forklifts shows attendees a piece of equipment during the Equipment Showcase.

The conference was supported in part through the generous sponsorships by Irontrax and Taylor & Martin (Silver Sponsors) and ASA Healthcare Special Interest Group (HSIG) and a “Groundbreaking New Book “Healthcare Valuation: Financial Appraisal of Enterprises, Assets, and Services” (John Wiley & Sons, 2014)” (Friend Sponsors).

To view more photos from this event, click here.


ASA-LA Hosts Inaugural MTS and RP Valuation Conference on Fair Value Issues for Financial Reporting

On May 22, the ASA’s Los Angeles Chapter hosted the inaugural MTS and RP Valuation Conference on Fair Value Issues for Financial Reporting.

The well attended conference drew a wide variety of individuals from the ARM, MTS, RP, and PP disciplines. The intensive agenda covered a wide variety of topics including details on financial reporting requirements and Fair Value concepts, financial reporting framework with case study details, valuation considerations when performing tangible asset appraisals, methodologies and procedures, best practices, and the valuation review process and valuations for IFRS purposes. The distinguished speakers from renowned valuation and accounting firms included:

  • Darleen Armour, Valuation Services Director, BDO Consulting
  • Ryan Martin, Audit Partner, Deloitte & Touche
  • Ellie Nichols, Deloitte & Touche
  • Michael Bossi, Principal, Real Estate and Assurance Services, RBZ, LLP
  • David Swanson, Real Estate Valuation, Senior Manager, Deloitte & Touche
  • Eric Dicus, Real Estate Valuation, Senior Manager, Deloitte & Touche
  • Jaclyn Cannici, Director, Machinery & Equipment Valuation Services, Dufff & Phelps
  • Todd Bauer, Western Region RE Audit Practice Leader, Deloitte & Touche
  • Steven Austin, Partner, Swenson Advisors
  • Jim Conner, Audit Partner, KMJ Corbin & Company

Zarefsky Addresses ASA-LA Chapter

On May 13, 2014, ASA’s Los Angeles Chapter and The Appraisal Institute-Southern CA Chapter held their annual jointly sponsored dinner presentation. The meeting was well attended by approximately sixty ASA and AI members who had a great time networking.

This year’s speaker was Mr. Michael Zarefsky, a licensed CPA and an attorney admitted to practice law in California, and now retired from the IRS. Mr. Zarefsky’s presentation Recent Appraisal Struggles with the IRS included discussion on the imposition of Sec 6696 and penalties upon appraisers, recent US Tax Court findings on Qualified Appraisal and Qualified Appraiser standards for non-cash charitable contributions, and trends in Minority Interest Discount valuations.


Member Profile: Jean-Michel Quevauvilliers, AM-MTS

Off the coast of Madagascar, some 1,200 miles from the southeast coast of the African Continent, is the island Republic of Mauritius. There, in the city of Ebène, or as many refer to it, “Ebène CyberCity” you can find the Jean-Michel Quevauvilliers, AM-MTS. Jean-Michel is Managing Director for Engineering Technical & Management Services Ltd and recently joined ASA’s International Chapter.  Read on to learn more about Jean-Michel and what he plans to do now that he’s attained his first ASA designation.

Jean-Michel Quevauvilliers, AM-MTS.

Jean-Michel Quevauvilliers, AM-MTS.

Tell me a little about your background.

My personal field of expertise is steam generation, electricity production and process equipment.  I graduated as a Chemical Engineer in 1990 and have worked for 9 years in the sugar industry and 6 years in power generation before spending the last 8 years in Consulting.

How did you first get involved with ASA?

When I started in my Consulting career, I worked under the supervision of a very experienced Engineer (he retired last year after 50 years of service) and he was doing a number of asset revaluations. I learned the trade with him and decided that I wanted to become more professional, so I started looking around for training and certifications in that field. I came across the ASA website and learned of training that they organized in Melbourne, Australia. Since I have family there, it was a double encouragement to take up the courses and here I am.

Why did you choose the AM-MTS designation?

I want to be a trusted and recognized professional appraiser in my field. I found that ASA’s designations in the MTS field are better recognized than other designations. ASA also has strong commitment to CPD. This is important for me as I have found that I have changed a lot during my career, having moved from operations & maintenance to projects to consulting!


What do you hope to achieve now that you have your AM-MTS designation?


Expand beyond my current frontiers (I was born, work and live in Mauritius), work in the Indian Ocean region and learn more from other professionals in the International Chapter. I want to use the fact that ASA’s qualifications are recognized internationally to offer my services to International Corporations working in the region. I want to be a factor of change and plan on developing awareness of local public and private sector stakeholders to bring about an improvement in the level of the profession and their accountability.


What advice would you give to someone considering the AM-MTS designation?

Go for it, the training is really what I would look for as a professional in that it draws a lot from experienced appraisers and also has a solid theoretical foundation.