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Message from the CEO

ASA’s CEO letter to members and friends

This past month I have been actively working with our staff and organizers on our Fall events and professional development programs.

Starting with the 2020 ASA International Conference, I had the privilege of moderating the opening keynote panel discussion looking at key trends expected to impact the appraisal profession over the next 6-12 months. We also heard critical insights from a panel of three IRS employees that offered information relevant to all session attendees. A complete recap and photos of the session and highly successful event are available online. We are also making this programming OnDemand for those who missed the event. Stay tuned for more details.

Also this past month, I helped facilitate and lead the joining of the major real estate valuation professional organizations to support training and ethics to combat bias. As a result of our efforts a new pledge was made to develop training programs for appraisers covering unconscious bias issues, with the goal of working to increase awareness by connecting the appraisal community with thought leaders on bias and discrimination. An additional result also included each of the organizations committing to take steps to enhance their respective Code of Ethics to more firmly or overtly address bias and discrimination issues with protected classes.

In a similar effort, I also participated in a special Texts to Table conversation about race & leadership, joining an impressive panel of fellow certified association executives and leaders to share and discuss experiences about what it’s like to parent in today’s America.

As well as participated in a special Traveling Podcast interview, entitled “The Mamba Mentality: How to Create the Best Version of Yourself”, where I shared insights and discussed the importance of continuous learning to build skillsets, maximize professional opportunities and make changes to recognize unconscious bias to help influence change globally.

Last, I worked with three specialty providers to form partnerships to help expand ASA’s professional development reach into new markets.

The first, was a partnership agreement with JSSI Advisory Services to launch a series of advanced continuing education classes for aircraft valuation and allied professionals. The first of four classes sold out and we had to add extra capacity to accommodate demand. Our next upcoming class is, ME162-WEB – Appraising “Off-Book” Aircraft: Managing all of the Necessary Value Components, scheduled for November 17.

Followed by a partnership with BriteCo to offer ASA’s new fundamentals of Jewelry Appraisal course to the company’s network of jewelry appraisers.

 

And last, a partnership with Western Washington University to offer ASA’s Principles of Valuation courses for aspiring business valuers.

 


To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.

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2020 ASA International Virtual Conference Wrap-Up

The American Society of Appraisers recently held its 83rd 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!

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Presenter Spotlight: ASA Fair Value Virtual Conference – Fall 2020

ASA is pleased to announce the ASA Fair Value Virtual Conference – Fall 2020 presenters who will be discussing the latest fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC and international accounting standards.

Our current lineup includes:

Carla Nunes, CFA is a Managing Director at Duff & Phelps LLC. She has nearly three decades of experience in valuation, financial and tax reporting, conducting numerous business and asset valuations for a variety of purposes including purchase price allocations, goodwill and asset impairments, mergers & acquisitions, tax restructuring, debt analysis, and gift and estate tax planning. Ms. Nunes also has extensive experience working with multinational companies, having addressed complex tax, international cost of capital, and foreign exchange issues.

Jim Krillenberger is a Senior Managing Director at ValueKnowledge LLC with more than 25 years of experience valuing business enterprises, equity and debt interests and intangible assets.  Prior to founding ValueKnowledge LLC in 2005, Mr. Krillenberger served clients as a partner in the global accounting and consulting firm of PricewaterhouseCoopers, as a partner in the Transaction Advisory Services practice of Ernst & Young LLP, and as a Managing Director in the valuation practice of Standard & Poor’s. Mr. Krillenberger has served as an adjunct instructor at the University of Notre Dame, teaching Mergers and Acquisitions for the Executive MBA program and Intermediate Accounting to undergraduates.

Adam Smith, ASA is a Managing Director at PricewaterhouseCoopers with nearly 20 years of valuation experience. He has performed valuations of businesses, business interests, intangible assets, economic damages, derivatives, and lost profits. Mr. Smith’s experience includes preparing valuations for a wide range of purposes including financial reporting, litigation support, corporate planning and consulting, mergers and acquisitions, estate and gift tax reporting, and employee stock ownership plans.

Paul Balynsky, CFA, CPA/ABV is a managing director in Valuation Research Corporation’s portfolio valuation group with over 15 years of valuation experience. He specializes in valuations of portfolios of privately-held securities primarily for financial reporting purposes. He has performed valuations of securities along the entire capital structure including senior debt, subordinated debt and complex, multi-class equity structures. Mr. Balynsky is a member of the AICPA’s Forensic and Valuation Services Executive Committee, the AICPA’s SSVS/IVS Task Force, and the valuation expert observer of the AICPA’s Financial Reporting Executive Committee (FinREC).

Amanda Miller, PhD is a Valuation Audit Assist Leader at Ernst & Young, LLP with over 15 years in the industry. She also serves as co-chair of the AICPA “Cheap Stock” task force (revising the guide in 2020) and was co-chair of the AICPA PE/VC task force for the guide that was published in 2019. Her projects focus on assisting clients in understanding fair value issues, and on valuing complex securities such as options, warrants, preferred & common stock, performance awards, convertible notes, debt and related embedded derivatives, loan portfolios and contingent considerations.

Whitney Eklund, ASA is a Valuation Senior Manager in Ernst & Young’s Seattle office.  Ms. Eklund has over 12 years of experience in the financial services industry, primarily focused on valuations in the technology, consumer products / retail, and life sciences industries. Ms. Eklund also serves as one of the West region audit assist leaders, dedicating a significant amount of time to private, strategic growth clients. Ms. Eklund is a CPA in Washington State, holds the ABV credential from the AICPA, and is an Accredited Senior Appraiser (ASA) in Business Valuation.

Alicia Grosman is Managing Director of Transaction Services at PricewaterhouseCoopers. She has over 20 years of experience in valuation and advisory services, specializing in corporate finance, due diligence, private equity, mergers & acquisitions, investment banking and purchase price allocations. Prior to her present role, she worked for Duff & Phelps and Standard & Poor’s. She received her MBA in Finance from the Leonard N. Stern School of Business at New York University, and is a Certified Public Accountant in the State of New York. Ms. Grosman is also an author and presenter on related valuation and fair value accounting topics.

Anthony Pumphrey, ASA, CFA, , is a Senior Vice President at Valuation Research Corporation. Mr. Pumphrey has nearly 15 years of experience performing business enterprise valuations, purchase price allocations, impairment analyses, and the valuation of claims within complex capital structures for public and private companies under IRC 409a, ASC 350, ASC 360, ASC 718, ASC 805, ASC 820, and ASC 852. Prior to joining VRC, Mr. Pumphrey was with Hempstead & Co., where he provided valuation opinions for estate and gift tax planning, financial reporting, employee stock ownership plans, litigation support, and the issuance of incentive stock options.

Mike Pellegrino is the Founder and President of Pellegrino & Associates, LLC, a boutique IP strategy and valuation consulting firm. He has extensive experience valuing and counselling clients on IP-related matters. He has performed more than 400 company engagements for hundreds of clients, ranging from Fortune 50 companies to start-ups. He has testified in more than 20 matters on issues including bankruptcy valuations, estate tax valuations, fraudulent conveyance claims, copyright infringement claims, trade secret misappropriation claims, patent infringement claims and breach of contract claims. Mr. Pellegrino is the author of the first and second editions of BVR’s Guide to Intellectual Property Valuation, a former board member and treasurer of the LES.

Anna Mazover is a Managing Director in the Economic & Valuation Services (EVS) Group in KPMG‘s New York office. Anna has over 14 years of experience in valuation of businesses, intangible assets and inventory for financial reporting, tax reporting, and management planning purposes. Her experience includes assisting clients with valuations in connection with purchase price allocation, goodwill impairment testing, fresh start accounting, asset or legal entity transfers, tax restructuring, as well as corporate and strategic planning. 

Scott Taub has been a Managing Director for Financial Reporting Advisors for 13 years, providing consulting services related to accounting and SEC reporting and litigation support services. Mr. Taub previously was a Deputy Chief Accountant at the SEC, helping to oversee accounting and auditing standard setters and formulate the SEC’s policies on financial reporting matters. He also previously served on the IASB’s IFRS Interpretations Committee, the FASB/IASB Joint Transition Group for Revenue Recognition and the FASB’s Valuation Resource Group. Mr. Taub is the author of the CCH Revenue Recognition Guide and a co-author of CCH’s Financial Instruments Guide. In 2005 he won the SEC’s award for Supervisory Excellence. He is a licensed CPA in Illinois and is a member of the American Institute of Certified Public Accountants.

Bill Johnston, ASA-IA is Managing Director of Empire Valuation Consultants. He has over 20 years of experience in business and intangible asset valuations where he has managed and prepared numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing, cheap stock and Stock Compensation (ASC 718) and 409A. Mr. Johnson has been a designated member of ASA for 19 years, an active volunteer and currently serves on ASA’s Board of Governors Committee as Business Valuation Discipline Governor.

Ryan Gandre, ASA, CFA, CEIV is a Managing Director and Corporate Valuation Advisory Leader at Stout Risius Ross LLC. He has more than 15 years of experience providing a broad range of business valuation and financial advisory services for public and large private enterprises, and specializing in the valuation of debt and equity instruments, enterprise and legal entity valuations, and intangible asset valuations for tax planning and compliance and financial reporting purposes. Mr. Gandre is also well versed in valuation and accounting guidance related to business combinations, impairment testing, stock-based compensation, and other Fair Value measurements.

Carla Nunes is a Managing Director at Duff & Phelps LLC. She has nearly three decades of experience in valuation, financial and tax reporting, conducting numerous business and asset valuations for a variety of purposes including purchase price allocations, goodwill and asset impairments, mergers & acquisitions, tax restructuring, debt analysis, and gift and estate tax planning. Ms. Nunes also has extensive experience working with multinational companies, having addressed complex tax, international cost of capital, and foreign exchange issues.

Adam Smith, ASA is a Managing Director at PricewaterhouseCoopers with nearly 20 years of valuation experience. He has performed valuations of businesses, business interests, intangible assets, economic damages, derivatives, and lost profits. Mr. Smith’s experience includes preparing valuations for a wide range of purposes including financial reporting, litigation support, corporate planning and consulting, mergers and acquisitions, estate and gift tax reporting, and employee stock ownership plans.

Jacquelyn Obert Marsac, ASA, CFA is a Managing Director at Valuation Research Corporation with over 12 years of valuation experience, who specializes in business enterprise valuations and intangible-asset valuations. Additionally, she completes valuations of financial instruments including preferred and common stock in complex structures for publicly and privately held companies and equity derivatives. Ms. Marsac holds the designations of both chartered financial analyst (CFA) and accredited senior appraiser (ASA). In addition, she holds a master’s degree in business administration and a bachelor’s degree in chemical and biomolecular engineering, both from Tulane University.

Don’t miss this important event. Register online at appraisers.org/fvc or (800) 272-8258.

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The 10th Annual Award-Winning Houston 2020 Energy Valuation Conference partnered with Business Valuation Resources to Go Virtual on May 13, 2020!

The Houston Chapter of the American Society of Appraisers partnered with Business Valuation Resources to host its 10th Annual Award Winning and 1st Virtual 2020 Energy Valuation Conference on Wednesday, May 13, 2020 – and yes – Houston won the Best Chapter Education Event again this year!

Event Chair Carol Akers Klug, Sponsor Chair Laurie-Leigh White, Speaker Chair Alan Harp, IT Chair Michael Morgan, Location Chair Paula Lindsey & Treasurer Sumeet Sahnan, provide an overview below. 
“ASA’s CEO Johnnie White and International President Douglas Krieser addressed 205 attendees who joined from 13 states and 4 countries from Kazakhstan, Brazil to Canada. By Discipline, 59% were ASAs [36% BV; 17% MTS; 6% ARM, RP, PP]; 27% CPAs; 7% CFAs & 2% industry executives.”

SPEAKERS WERE EXCELLENT & WELL-ROUNDED MIX:

  • “I will say that it was just as top-notch as it gets. The content was superb and the smooth tech operations really made it one of the best virtual events I’ve attended yet. Your speakers and sessions were, truly, spectacular.On Webcast
  • “I thoroughly enjoyed the virtual conference – found it to be very informative and right on point given our current social and economic environment. The speakers were excellent and I look forward to attending next year’s conference – virtual or in-person.”MTS Attendee
  • “It was the best virtual format event I have participated in over the last two months (and honestly, pretty wide gap relative to second best).” EVC Speaker
  • “Featured speakers were remarkable leaders from all sectors of the energy industry demonstrating a variety of perspectives in all disciplines: Business Valuation, Machinery & Technical Specialties, Appraisal Review & Management, Real Property, among other.”

Can you provide Learning Objectives, Presenters and Topics of the 2020 Energy Valuation Conference?
Houston’s Energy Valuation Conference is designed to bring together prominent energy valuation professionals along with exceptional networking opportunities. Featured speakers are remarkable leaders in the energy industry from all sectors demonstrating a variety of perspectives in BV, MTS & RP valuations:

What makes energy valuation so important to appraisers? This very dynamic and cyclical industry affects all cities across the world from Denver to Houston to South America. Even if your client isn’t an energy company, energy can still play a vital role in its performance.

What did attendees take away from 2020 EVC? All gained a better understanding of the current economic and geopolitical conditions of the industry, and learned perspectives on challenges faced in energy valuations in this economic slump and COVID environment, including which sectors will return and when. EVC is a very holistic and well-rounded conference that attendees enjoy and learn from – not just appraisers.

Join as 2021 EVC SPONSOR & GET BENEFITS on ASA-Houston Chapter’s website https://houstonappraisers.org/energy-valuation-conference-evc/ or email a Co-CHAIR or SPONSOR CHAIR Laurie-Leigh White:     lwhite@bvagroup.com

SAVE THE DATE – May 12, 2021 for 2021 EVC: Early Bird rate $250 ($275) thru 3/30; Substitutions allowed thru 4/30;  9 hrs CPE/CE.

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ASA Discusses Aircraft Valuation with Veteran Member Louis Seno

ASA’s senior member, Lou S. recently shared his thoughts and experiences on becoming a credentialed aircraft appraiser. As an accredited aircraft appraiser for 14 years, Lou understands that assessing the value of an asset during this pandemic is more difficult than ever. Aside from the theory behind appraising assets, Lou emphasizes that the information ME201-ACS provides is valuable in all segments of the industry. Asset management professionals with a bank or lessor, involved in structuring transactions for business and general aviation aircraft, or an aircraft reseller or an aircraft insurance professional will benefit from this program.

Watch the full video and hear from ASA’s Senior Accredited Aircraft Appraiser, Lou Seno himself by clicking here.

To learn more about ASA’s Aircraft Valuation Program, visit ASA online or call  (800) 272-8258

Upcoming classes: October 28, 2020 | Virtual

ASA’s ME201-ACS class on 10/28 is designed to introduce students to proper aircraft appraisal terminology, methods and concepts.

Lou Seno, ASA is Chairman Emeritus and Special Advisor to the JSSI Board of Directors. Lou provides counsel to the JSSI Board and represents JSSI at important business aviation conferences, events and meetings. Prior to joining JSSI, he held senior management positions at the business aircraft units of Boeing Capital Corp. and G.E. Capital Solutions. Lou serves on the Board of Directors of the General Aviation Manufacturers Association (GAMA) and Duncan Aviation. He is a member of the Board of Governors of The Flight Safety Foundation.

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IRS Panel Experts to Discuss Latest Tax Issues Impacting Appraisal Professionals at 2020 ASA International Virtual Conference

The American Society of Appraisers will host a special panel discussion with Internal Revenue Service (IRS) experts on the latest tax issues impacting the appraisal profession. The special bonus closing session will take place at the 2020 ASA International Virtual Conference on Tuesday, October 13 from 3:40-4:40pm CT.

Featured panel experts will include:

  • John Russell, is Senior Director of Government Relations and Business Development for the American Society of Appraisers, where he is responsible for the advancement of legislative initiatives that benefit members and is responsible for seeking out opportunities to grow ASA’s influence, membership and revenue base in the U.S. and globally. He serves as the staff liaison to ASA’s PAC and Real Property Committee and is ASA’s representative to the Appraisal Foundation Advisory Committee. He has been with ASA for over 8 years. His vast government relations accomplishments along with his educational background and nearly 10 years professional experience, provides ASA with valuable strategic insight on issues that impact the appraisal profession. He has a Doctor of Jurisprudence degree from Syracuse University College of Law and a Bachelor of Art degree in Broadcasting and Mass Communications from State University of New York at Oswego.
  • Sharyn Fisk, is Director of Professional Responsibility for the Internal Revenue Service. She has extensive experience in the tax community, including having represented thousands of individuals, businesses and corporate taxpayers before the IRS, the Department of Justice Tax Division, federal and state courts and state taxing authorities. Ms. Fisk, a certified tax law specialist with the California State Bar, has also served as an adjunct professor teaching graduate and undergraduate level tax at several colleges and universities and recently concluded a term as a member of the IRS Advisory Council (IRSAC), as well as previously served as an attorney-advisor for the Honorable Maurice Foley, United States Tax Court in Washington, D.C.
  • Cheryl Teifer, is Director Field Operations Engineering in the Eastern Compliance Practice Area in the Large Business and International (LB&I) Division for the Internal Revenue Service, where she provides executive leadership to a national program with employees who serve as subject matter experts in the area of engineering, with several disciplines, real estate appraisals and valuation. The program provides technical expertise to support IRS compliance strategies. In this position, she coordinates complex tax administration services to meet the needs of large and mid-sized businesses and individuals with international activity. Prior to this assignment, Ms. Teifer served as the Director, Field Operations (Southeast) in the Eastern Compliance Practice Area in the Large Business and International (LB&I) Division.
  • Brendan O’Dell, is the Promoter Investigations Coordinator within the Office of the Deputy Commissioner, Services and Enforcement for the Internal Revenue Service. Mr. O’Dell is responsible for IRS-wide coordination of efforts to effectively and efficiently address promoters and return preparers of abusive tax schemes. From 2019-2020, Mr. O’Dell was a senior advisor to the Commissioner of the IRS’s Large Business & International Division. From 2016-2019, Mr. O’Dell was an attorney-advisor in the Department of the Treasury’s Office of Tax Policy. Before joining the government, Mr. O’Dell was in the private sector as an attorney practicing tax controversy and litigation in Washington, D.C.

Full conference and single-day registration options available. For more information visit: www.appraisers.org/asaic20 or call 800-272-8258.

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Multidiscipline Panel to Address Breaking Trends Impacting Global Appraisal Profession

The American Society of Appraisers will host a multidiscipline panel discussion entitled “Convergence of the Disciplines: Appraising in the New Normal” at the upcoming 2020 ASA International Conference on Monday, October 12 from 8:30-9:30 CT

The keynote discussion will kick off the conference and address the breaking trends impacting the global appraisal profession.

Panel participants will include:

  • (Moderator) Johnnie White, CAE, is CEO of the American Society of Appraisers. He is responsible for the oversight and management of the Society’s business office and executing the directives set by the ASA board of governors and its executive committee. As an association professional with more than 27 years serving in a variety of management and leadership roles, Mr. White has received numerous awards and recognitions for his association work, including being named one of the top 40 Trending Association Innovators by DCA Live in 2017.
  • (ARM Panelist) J. Mark Penny, ASA, BV/IA, ARM/BV, is Managing Director of Hempstead & Co., LLC. He has over three decades of experience as an appraiser of corporate securities, and has performed valuations for a wide range of business, including: manufacturing companies, communications firms, various professional practices, small businesses and agricultural enterprises. Mr. Penny also is a qualified expert witness and lecturer. He has been a designated member of ASA for over 33 years, an active volunteer, most notably serving as International President.
  • (BV Panelist) Roger Grabowski, FASA, is Managing Director at Duff & Phelps. He has over 40 years of experience in valuation services, and has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property and machinery and equipment, as well as been recognized in various courts as an expert on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. Mr. Grabowski has been a designated member of ASA for 43 years.
  • (MTS Panelists) Douglas Krieser, ASA, FRICS, is Managing Director of Valcon Partners, LTD. He has performed and supervised valuations and consulting projects on an international basis for over 30 years. His expertise is primarily machinery & equipment/personal property. However, he has broad experience in performing valuations and consulting projects for a variety of purposes. Mr. Krieser has been a designated member of ASA for 23 years, an active volunteer and currently serves as immediate past president.
  • (PP Panelist) Richard-Raymond Alasko, is Principal of the Alasko Company. He has over five decades of experience as a personal property fine art appraiser and art historian, specializing in fine, decorative arts and historic properties. He is also a highly respected lecturer and author. Mr. Alasko has been a designated member of ASA for 48 years, an active volunteer, most notably serving as International President. In recognition of his service to the Society and contributions to the profession, he was conferred the designation of Fellow (FASA) – the highest honor ASA bestows.
  • (RP Panelist) Randy Barcella, is Real Estate Appraiser & Radio & TV Show Host at Real Estate Revealed. He has over 35 years of experience as a real estate appraiser and broker, as well as a background in home building construction technology and business administration. Additionally, Mr. Barcella, for the past 16 years has hosted a popular radio talk show on AM 560 entitled Real Estate Revealed.

To register, or for more information about the upcoming conference, visit www.appraisers.org/asaic20 or call (800) 272-8258.

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2020 ASA Annual Award Winners Announced

The American Society of Appraisers recently announced the winners of the 2020 ASA Annual Awards. Winners will be acknowledged and recognized during the Annual Awards Luncheon at the 2020 ASA International Conference hosted virtually. Below is a closer look at who these admirable professionals are.

Chapter Member of the Year Award:

Lloyd Werner, IFA, is Owner of LDW Appraisals. He has over 50 years of experience in real estate appraisal. He has dedicated a large portion of his career giving back to the profession as course developer and instructor. Mr. Werner has been a designated member of NAIFA for over 30 years, an active volunteer with numerous leadership positions, including most notably serving as National President.

Rising Stars Award:

Laurie-Leigh White, ASA, is Partner at the BVA Group. She has over 12 years of experience in the valuation of companies, partnerships, intangible assets, complex securities for financial reporting and tax purposes, and employee stock ownership plans. She has been involved in hundreds of valuation projects for a wide variety of purposes, as well as involved in litigation consulting assignments. Ms. White has been a designated member of ASA for 10 years and presently serves on the Business Valuation Discipline Committee and the Board of Examiners Committee.

Muath Alkhalaf, ASA, oversees Valuation Control for the Public Investment Fund (PIF) of Saudi Arabia. He is a professional with credentials in both business and real estate valuation. Prior to his current position, he was a Financial Analysts for EY and a Managing Director for KAFAA Valuation Advisory. Mr. Alkhalaf presently serves as a Member of the Advisory Forum for the International Valuation Standards Council (IVSV) and as a Board Member of the Saudi Authority for Accredited Valuers (TAQEEM). He has been a designated member of ASA for the past two years.

Joshua George, ASA, serves as an Asset Manager for F.N.B. Equipment Finance. He has over 15 years of experience in quality assurance analysis, valuation and asset management. In his present role, he oversees market research; evaluating machinery and equipment for various financial purposes; working with appraisers; disposition of assets; and assisting bankers, lease officers and financial professionals with equipment evaluations. Mr. George has been a designated member of ASA for 10 years and presently serves as a volunteer on the Machinery & Technical Specialties Discipline Committee and the Nominating and Awards Committee.

Syed M. Zaidi, AM, is an Aviation Analyst at Ascend by Cirium. He has over 9 years of experience in aviation, working in multiple part- and full-time positions while completing his undergraduate and graduate degrees with Embry-Riddle Aeronautical University, and earning his Private Pilot’s Certificate. In his current role he performs valuations for a variety of aircrafts, as well as analyzes structured aviation finance deals. Mr. Zaidi has been a designated member of ASA for the past year.

Debrah Dunner, ASA, is the Founder and Owner of Aesthetica Art Services, LLC. She has over 12 years of experience in working in the fine art market, focusing on appraisals, advisory services, curating and gallery management. Her specialties include estates, consignments, and private sales and appraisals of fine art, decorative arts, jewelry, luxury goods and personal property. Ms. Dunner has been a designed member of ASA for over 8 years.

Allan Wes McBrayer, ASA, is Vice President, National Practice Manager – Industrial & Special Use Valuation for the Houston office of CBRE. He has over 14 years of experience as a real estate appraiser, analyst and advisor, with specialties in the valuation of industrial and special use properties. Mr. McBrayer has been a designated member of ASA for the past year.

Kennon Young, ASA, MGA, is Owner of Vermont Gemological Laboratory. He has over 16 years of experience in gems & jewelry valuation, jewelry fabrication and gemology, and specializes in appraisals for insurance, resale and estate planning; as well as handmade engagement rings, wedding bands and custom jewelry. Mr. Young is a graduate gemologist, certified bench jeweler technician, jewelry designer. He also holds the ASA and MGA credentials and has been a designated member of ASA for over 6 years.

Examiner of the Year Award:

Raymond Rath, ASA, is Managing Director of Globalview Advisors LLC. He has over 36 years of experience in valuing businesses, securities and intangible assets for a wide range of tax reporting and litigation purposes. He is a highly sought after course developer, instructor, author and presenter. Mr. Rath has been a designated member of ASA for over 36 years, an active volunteer with numerous leadership positions, including most notably serving as President of the Los Angeles Chapter.

NAIFA Appraiser of the Year Award:

Michael Lange Jr, ASA, IFA, is Certified Residential Real Estate Appraiser. He has nearly four decades of experience in valuing residential properties, covering a wide range of appraisal specialty types, including: single-family, multi-family, condominiums, relocation, divorce, estate and tax appeal. Mr. Lange has been a designated member with the NAIFA and now ASA for 36 years, an active volunteer with numerous leadership positions, including most notably serving as NAIFA President.

NAIFA Paul Wetzel Award:

David Doering, ASA, IFA is Vice President and Partner of the Missouri Property Appraisal, Inc. He has over 30 years of experience in real estate appraisal, specializing in residential properties. He is also a course developer, instructor and lecturer. Mr. Doering is a designated member of the NAIFA and ASA, and an active volunteer with numerous leadership positions, including most notably serving as NAIFA National President.

Jerry Larkins Volunteer Service Award:

Paul Cogley, ASA, recently retired from Banc of America Leasing (BAL), a unit of Bank of America, based in Providence, RI, where he was Senior Vice President–Commercial Valuation Manager. Prior to retirement, his nearly 50 years of experience focused on valuation and asset management, with specialties in machinery & equipment appraisal and leasing & equipment management services. He also continues to be a course developer, instructor and presenter. Mr. Cogley has been a designated member of ASA for 20 years, an active volunteer with numerous leadership positions, including most notably serving as Region 1 Governor and Chair of the International Education Committee.

Susan Wade Olsen Award of Merit:

Sharlyne Tsai is Director of Information Technology for the American Society of Appraisers, where she is responsible for the project planning and management, directing and supervision of all activities of the Information Technology Department, including telecommunication services, information architecture, database services, disaster recovery and computer and related peripheral support services. She has been with ASA for seven years. Sharlyne’s educational background, technical expertise, and 10 years work experience enable her to utilize the latest technology and solutions to further ASA’s strategic directives.

Fran Tucker is Information Technology Manager for the American Society of Appraisers, where she is responsible for implementing and maintaining ASA’s technology infrastructure, providing staff technical support, monitoring the organization’s operational requirements, researching strategies and technology solutions and building the most cost-effective and efficient system to achieve those goals. She has been with ASA for over two decades. Fran’s educational background and work experience, has provided ASA with in-depth knowledge of various complex systems and procedures.

Gregory Reinfeld is Web Developer for the American Society of Appraisers, where he is responsible for the implementation and development of ASA’s website and standards and serves as an active support for the information technology director and manager by aiding in comprehensive tasks and projects. He has been with ASA for two years. Greg’s proven skills in software technologies, various databases and content management systems and website analysis tools have helped ASA build responsive and accessible applications.

Woman Appraiser of the Year Award:

Melanie Modica, ASA, is the owner of Modica Fine Art. She has over 14 years of experience in fine art, providing appraisal, appraisal review, advisory and forensic consulting services. She also is a highly sought after course developer, instructor, presenter. Ms. Modica has been a designated member of ASA for 10 years, an active volunteer with numerous leadership positions, including most notably serving as President of the Houston Chapter.

Lifetime Achievement Award:

Jay Fishman, FASA, is managing director of Financial Research Associates. He has over 46 years of experience in the appraisal profession, specializing in business valuation. He is also an expert witness, author and course instructor. Mr. Fishman has been a designated member of ASA for 36 years, an active volunteer with numerous leadership positions, including most notably serving as Chair the Government Relations Committee and President of the Philadelphia Chapter. He was elected to ASA’s College of Fellows in 2005 and is a Life Member of ASA.

Paul Roberts, ASA, is Senior Vice President of International Appraisal Company. He has over 40 years of experience in real estate appraisal and property tax, specializing in commercial and industrial properties, with valuations being done for a variety of different purposes such as sale and purchase of property, mortgage, insurance, estate, accounting, federal tax purposes, ad valorem taxation and condemnation of property. He is qualified as an appraisal expert before many appeal boards and state tax commissions in the United States, and author. Mr. Roberts has been a designated member of ASA for 37 years, an active volunteer with numerous leadership positions, including most notably serving as Chair of the Real Property-NAIFA Discipline Committee, Regional Governor and President of the Northern New Jersey Chapter.

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Message from the CEO

ASA’s CEO letter to members and friends

This past month I have been actively working with our staff and organizers on our Fall events and professional development programs.

My primary focus has been finalizing all the remaining details for our upcoming 2020 ASA International Conference, to be held virtually October 12-13. I am very excited about the event’s programming and technology that we’ve put in place to offer a truly one-of-a-kind learning + networking experience. Check out our sneak peek videos here.

IVAS-IVSC Business Valuation Virtual Conference 2020, October 6-7, with ASA serving as supporting partner, the providing of a member expert presenter and the offering of complimentary registration for International ASA business valuers;

ASA-NAIFA Eastern Region Appraisal Conference, November 11-12, with the offering of a 2-day program combining a national USPAP course with leading programing for real property appraisers; and the

ASA Virtual Fair Value Conference – Fall 2020, November 18, with the offering a 1-day program covering a range of fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC and international accounting standards.

As part of my recent efforts to pivot our Conference to virtual, along with my past experience as a credentialed Certified Meeting Planner, I also this past month participated as co-chair of a special task force for the Events Industry Council to prepare a Workforce and Wellness Accepted Practice Guide for events industry professionals impacted or displaced due to the global COVID-19 pandemic to help navigate career pathways.

In addition to events related efforts, I also recently worked to partner with the International Association of Assessing Officers (IAAO) to provide their 8,000+ members worldwide access to ASA’s appraisal review education and credentialing programs leading to the Appraisal Review Management (ARM) Designation. IAAO members can now augment their professional development with the leading appraisal review courses prepared and presented by experienced ASA thought leaders and practitioners in order to pursue the ARM Designation.

Through a partnership with JSSI Advisory Services we are providing a four-part virtual series of programs for those that are involved in aircraft inspection and appraisal.  The first program of this serice will take place October 27th.

Meet the MTS Appraiser, Paul Cogley

Last, I invited accredited senior appraisers from each discipline to give training talks to headquarters staff to better showcase who appraisers are and what they do, their path to the profession and why they chose ASA. Additional staff development plans include attendance at the upcoming 2020 ASA International Conference, being held October 12-13 virtually online.

To read more about my travels and other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.

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Benefits of Attending the 2020 ASA International Conference

This is not another Zoom meeting!

Be the first to get an exclusive sneak peek at ASA’s virtual 3-D event with vFairs’ cutting-edge technology as we take you inside the 2020 ASA International Conference being held on October 12-13.

Unlike any conference before, this year’s offering is completely virtual, promising a fresh and innovative experience, where valuers will learn and connect with results. Save time and money with our online format; explore the latest ideas, trends and best practices with leading presenters; listen to key decision makers, network and build relationships with industry experts.

Access on any device

Interact from across the globe

Continuous access to recorded content

Position yourself for post-pandemic success, register today!

Don’t miss these additional benefits:

Networking via virtual happy hour
FREE LUNCH via Grub Hub or Uber Eats
Important ASA CE credit
Interactive online Exhibit Hall

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