2020 ASA International Virtual Conference Wrap-Up

The American Society of Appraisers recently held its 83^rd annual International Conference on October 12-13, 2020 in an all-inclusive, first ever, virtual format. In keeping the tradition of providing the highest-level of education for appraisal experts, this year’s conference featured more than 55 sessions of the most comprehensive educational programming available taught by preeminent thought-leaders from all appraisal disciplines.

To see photos of ASA’s 2020 International Conference, click here.

The International Conference kicked off Monday morning with Sunrise Yoga and a virtual 5k walk/run, followed by introductions and welcoming remarks from ASA’s CEO Johnnie White and ASA’s International President Lorrie Beaumont.

Following ASA’s International Conference kick off, the educational sessions began, starting with the Keynote Address: Convergence of the Disciplines: Appraising in the New Normal featuring panelists who represented all 6 disciplines including:  Johnnie White as the Moderator; Richard-Raymond Alasko (PP), Randy Barcella (RP), Roger Grabowski (BV), Douglas Krieser (MTS), and J. Mark Penny (ARM).

Next, the discipline-specific sessions commenced, starting with: Big Market Delusion with Bradford Cornell; How to Market Your Professional Designation with Barry Lebow; Modeling… Beyond the Math with Douglas Krieser, ASA; The Gray Market: Valuing Unauthenticated Objects with Megan Noh and Brian Brusokas; and How to Review a Business Economic Damages Report with Robert Schlegel, FASA and Ernest Demba, FASA.

Our first round of sessions were followed by a networking break where attendees could chat amongst each other, visit any of the various exhibit booths we had in our 3D main lobby, or go back and watch presentation recordings that they might have missed.

After break, the late morning sessions began with: You Get What You Pay For: Voting, Non-Voting, and Supervoting Shares with John Taylor, ASA and Yuka Itami, ASA; Why LEAP’s Provide Defendable Discounts for Lack of Marketability (DLOM’s) with Brian Pearson, ASA; Gift and Estate Tax Appraisals: an Estate Planner’s Perspective with Mel Justak; Cell Towers and Cellular Communications Equipment with Ned Persons; Architectural Artifacts: Meaningful and Marketable with Eric Nordstrom; and Using and Misusing Regression Analysis in Valuation with Thomas Hamilton and Mark Munizzo, ASA.

The afternoon got under way with ASA’s Annual International Awards Luncheon. ASA International President Lorrie Beaumont presented the following awards:

ASA’s Chapter Member of the Year Award was given to: Lloyd Werner, IFAS from the ASA_NAIFA Rose City, OR Chapter. The Chapter Outreach Program Award was presented to the Chicago Chapter and both the Chapter Education Event Award  and The Chapter of the Year Award was designated for the Houston Chapter.

Next Beaumont presented the Rising Star Award winners: Laurie-Leigh White, Muath Alkhalaf, Joshua George, Syed M. Zaidi, Debrah Dunner, Allan Wes McBrayer, and Kennon Young.

Following that, Beaumont announced that the Board of Examiners recognized Ray Rath, ASA, for the Examiner of the Year Award.

The NAIFA award winners were then announced. The NAIFA Appraiser-of-the-Year Award was given to Michael Lange Jr., ASA; and the NAIFA Paul Wetzel Award to David Doering.

The Jerry Larkins Volunteer Service Award was given to Paul Cogley; and The Sylvia Wade Olson Award of Merit went to Sharlyne Tsai, Fran Tucker, and Gregory Reinfeld.

Next, The Woman Appraiser of the Year Award was designated for Melanie Modica.

The awards section concluded with honoring the Lifetime Achievement Award to Jay Fishman and Paul Roberts.

Following the awards presentation, Beaumont recognized the current past ASA president Douglas Kreiser and the Board of Governors.

To see the full 2020 ASA Awards presentation including award acceptance speeches, please see the video below:

After lunch, sessions touched on topics of: Potential Pitfalls of FCF Forecasting in the Terminal Period with Joseph Thompson, ASA and David Neuzil; Estimating Long Term Growth Rates with Ashok Abbott and Roger Grabowski, FASA; The Compelling Use of Business Valuation Appraisals in Litigation with John Sciacotta and Judge Thomas Mulroy; Valuation of Offshore Exploration and Production Equipment with John Ray; Paintings, Works on Paper and Books: Conservation and Condition Impacting Value with Rustin Levenson and Susan Russick; and Using and Misusing Regression Analysis in Valuation continued with Thomas Hamilton and Mark Munizzo, ASA.

Following the next break where attendees continued to network, visit exhibit booths, and complete other activities to earn points for a ‘Chance to Win’ contest, there were the afternoon sessions consisting of: Update on Valuation Cases in Delaware with Gil Matthews; Valuation Enforcement Cases – SEC and IRS Valuation Controversies with Anthony Kelly and Natalie Hoyer Keller; ASC842: Accounting and Valuation Implications for FASB’s New Lease Guidance with Steve Hills, Brendan Smith, and Troy Szopo, ASA; All Wine Tanks are not Created Equal with Jack Young, ASA; The Tiffany Ceiling: Taking on a Challenging Assignment with Patricia Atwood, ASA; and Appraisal Review: Process vs Technical Knowledge with Raymond Rath, ASA.

Our presentations of the day concluded with: Applying Environmental, Social and Governance Standards to Valuations with John Buley; Early Stage Valuation: A Fair Value Perspective with Antonella Puca; Convergence of Disciplines: Hotel Appraisal with Gary DeClark, Matt Lubawy, and Andrew Ciocca; Valuing Process Plants: Tricks of the Trade with Larry Perdue, ASA; and Appraisers as Liaison: Estate and Tax Planning with Micaela Saviano and Tiffanie Powell.

After a day full of networking and impressive educational productions, day 1 of ASA’s International Conference came to an end with 5 different virtual happy hours. Participants had the choice to join a variety of themed happy hour rooms. Trivia! participants competed for a number of prizes. Cocktails with the CEO offered attendee a chance to catch up with Johnnie White and other ASA HQ, ASA Member Peter Held hosted an hour of Art Appreciation, and the exclusive Rising Stars happy hour brought together our under 40, up and coming valuation professionals.

Moving on to the final day of ASA’s 2020 International Conference, educational sessions began immediately after the Early Riser activities, namely: Popularity: Pricing and Premiums with Roger Ibbotson; Litigation in Valuation with Jeffrey Brend, Craig Capilla, and Mark Munizzo, ASA; Exceeding USPAP With Your Report Writing with R. Lee Robinette, ASA; and Signs of Change: Recent Market Milestones in Modern Design with Peter Jefferson.

Next we had: M&A and Valuations: Skilled Nursing and Assisted/Independent Living Facilities with Vanessa Claiborne, ASA; Top 15 Glitches of Valuation Reports for ESOP Purposes with Hillary Hughes, ASA; Erin Hollis, ASA, Litigation in Valuation with Jeffrey Brend, Craig Capilla, and Mark Munizzo, ASA; Appraisal of Cannabis Industry Equipment with Richard Gilmore, FASA; and Vida Americana: Analyzing Latinx Art with Cesareo Moreno and Jeannette van Campenhout.

Our next group of sessions included: International Cost of Capital: Understanding and Quantifying Country Risk with James Harrington, ASA and Carla Nunes; TCJA, Kress, Jones, and Cecil: Where Do We Go From Here with Dan Van Vleet, ASA; Litigation in Valuation continued with Jeffrey Brend, Craig Capilla, and Mark Munizzo, ASA; Valuation Principles for Healthcare Facilities with Jack Beckwith, ASA; and Mineral, Crystal and Lapidary Objects of Substance: Digging in the Market with Cigdem Lule.

Our conference attendees then broke out for lunch before attending the afternoon sessions starting with: The Good, Bad, and Ugly Truths About Valuing Convertible Debt with Anthony Banks, ASA and Taylor Rosanova; FASB Update with Joy Sy; Malpractice Defense & Insurance with Larry Hoellwarth; Research 2020: Sources, Best Practices, & International Considerations with Ryan Kinahan, ASA, and Ray Moran, ASA; and From Creation to Consumption: Fabrication Costs and Considerations with Mike Baur and Eric Stephenson.

Our discipline sessions continued on with: “Volatility Haircut” in Convertible Debt Valuation with Amir Alerasoul and Marina Kagan; Business Valuation After ASC842 with Ryan Gandre; 80/20: Profitability and Growth with Peter Philippi; and The Art of Testifying Remotely with Adam Massey.

During the break, attendees continued to network with one another while participating in ASA’s annual Educational Foundation auction. In lieu of the traditional live auction, the American Society of Appraisers Educational Foundation had launched its first ever virtual auction. This event offered a fresh and innovative experience with 15 unique items being donated. Participants enjoyed bidding from the comfort of their home while supporting a great cause.

Following the final break of the day, sessions continued with: When Beta Breaks Down: Practical Approaches to Improving Cost of Capital Estimates with Adam Smith, ASA and David Polan; Using Management’s Forecasts Under the Mandatory Performance Framework with Mark Zyla, ASA; Advisory Opinion 20: Opinion of Value with Joel Gonia, ASA; Roundtable Market Sessions with Jack Beckwith, ASA, Richard W. Gilmore, FASA, John Ray, Jack Young, ASA; and IRS: Requirements and Recent Tax Court Cases with Theresa Melchiorre and Sandra Tropper, FASA.

Closing out the conference we had a bonus session with an IRS Panel Discussion moderated by ASA staff member John Russell. IRS representatives included Sharyn Fisk, Cheryl Teifer, and Brendan O’Dell.

Though this year looked different than the past, everyone pulled together to create a revolutionary event giving attendees a virtual experience that won’t be forgotten.

The American Society of Appraisers would like to thank the conference sponsors and exhibitors: Borrowman Baker LLC (presenting sponsor), TagniFi, Duff & Phelps, Business Valuation Resources,  Mynarski International Valuation, IAAO,  National Association of Certified Valuators and Analysts , iiBV and Murray Insurance Associates,

ASA would also like to thank the planning committee and advisors for all of their hard work and support, International Conference Chair Lorrie Beaumont, ASA, Terri A. Lastovka, ASA, ARM-BV, Jamie Allen, ASA, William M. Engel, ASA, Lela Hersh, ASA, Mark Munizzo, ASA, Larry Levine, ASA, Roger Grabowski, FASA, Steven Shanker, ASA and Daniel Lynn, ASA.

Lastly, a thank you to everyone who presented or attended; for making this year’s conference as fun, educational, and successful as it was.

Save the Date! Make plans to attend the 2021 ASA International Conference in Las Vegas on  October 24-26!