Posted in September 24, 2021 ¬ 11:40 pmh.adminComments Off on Past ASA International President Breaks Guinness World Record for Largest Collection of Pearls
Past ASA International President, Gary L. Smith, ASA, MGA, owner of Smith’s Jewelers in Montoursville, PA broke the Guinness World Record for largest collection pearls.
News of this accomplishment was reported in the September 17, 2021 edition of the Williamsport Sun-Gazette by reporter Mallorie McIlwain.
Barry S. Block, ASA, MGA and Antoinette Matlins, PG, FGA
When asked about the pearls, Smith noted their incredible condition and uniqueness, and that ‘nothing like (the pearls) have been found before…even in early tombs.’
He further explained that the pearls were found on a Caribbean island and uncovered in a clay pot, and are thought to be tied to Christopher Columbus. They were most likely kept at the shore line to keep them damp and were buried for upwards of 550 years.
Some of the pearls also appear to have been “pierced” or drilled as well as previously used for religious ceremonies by the Indigenous people on the island.
Smith helped to certify and test the pearls as Smith’s Jewelers is one of 500 accredited laboratories to do these tests and certifications as well as one of two that have forensic gemologist capabilities.
Smith and the collection’s owner have been working together, speaking for the pearls ever since and are planning to do an auction of pieces of jewelry that Smith has made out of the pearls that were collected. A date for this auction is not yet determined.
Smith expressed what a great honor it’s been to work with the pearls and his excitement that they will be made available for others.
A book detailing the ‘secrets’ of these pearls is expected to be published soon.
Additional details about this amazing record and collection, including videos of the counting, may be viewed at https://thecolumbuspearls.com.
Last month has been busy as we continue strong towards the end of the summer.
First and foremost, congratulations to the winners of the 2021 ASA Annual Awards. These 12 awards recognize the outstanding efforts of various members, chapters and staff. Thank you for everything you all have done for ASA and the profession this past year.
I’m proud to announce that the International Institute of Business Valuers (iiBV)appointed me to theirBoard of Directors. The iiBV, together with its member VPOs, leads the business valuation profession globally by providing educational opportunities, promoting consistent professional ethics and standards, facilitating the exchange of information and ideas, and encouraging international co-operation and communication. It is an honor to serve on the Board of such a prominent institution.
It was a pleasure to attend the Appraisal Institute (AI) annual conference in Orlando and the International Association of Assessing Officers (IAAO) annual conference in Chicago to represent ASA and build stronger partnerships with each of these organizations. Also, it was great to participate in the first chapter meeting for the newly developed Pacific Northwest Virtual chapter.
In other news, ASA, with the support of our sponsor JSSI Advisory Services, will host a unique continuing education program for aircraft appraisers, lenders, insurers and maintenance professionals. This unique offering demonstrates ASA’s ongoing efforts to grow the Society’s Aircraft Valuation Program and support the members, allied professionals, affiliated companies, and the consumers who hire them within this specialty. Warbirds – An Educational Program will take place on November 9-10 at the Tri-State Warbird Museum in Batavia, Ohio. This program is tailored to the needs of professionals who specialize in or have a passion for vintage military aircraft inspection and the appraisal process, and will also include networking cocktail hours, meals, docent guided museum tours and special guest presentations
The latest issue of MTS Journalreleased recently. The MTS Journal is a publication of the Machinery and Technical Specialties Discipline Committee of ASA. This issue includes 12 insightful articles, including my CEO update, New Year – New Possibilities.
Early this month, I shared with Jim Bennet and the Virtual Meetings and Events Association (VMEA) about how ASA has been managing our online programs this past year talk about our shift to virtual and asynchronous offerings. Through our efforts at ASA, I was able to provide excellent insight as to strategy, process, and share results of our actions. To view the whole interview, please click here.
Another congratulations to the winners of the 2021 ASA International Conference Drawing. Just a reminder, the early bird discount ends September 7th to join fellow professionals in-person in Las Vegas or online for ASA’s biggest event of the year. Featuring more than 75 educational sessions and 8 discipline tracks, this is your best source for professional insight, trends and techniques. Hope to see you at this year’s event!
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: https://www.linkedin.com/in/johnniewhiteceo/ for more ASA updates.
7 benefits to attending ASA’s new Valuation of Intangible Assets and Special Topics course (BV303)
This new course presents key principles and real-world applications in the valuation of intangible assets. It includes internationally recognized guidance developed for the valuation of intangible assets in a financial reporting context including audit requirements for fair value matters.
Course materials emphasize subject matter specific to intangible asset valuation presented by FASB and IFRS releases, and those developed by task forces established by The Appraisal Foundation and/or the AICPA.
This advanced course is , conveniently scheduled just before the 2021 ASA International Conference on October 21-24, 2021 in Las Vegas. Students attending the class also receive a discount to the conference which starts October 24. Contact ASA for more information.
To learn more, ASA sat down with course developer and instructor, Ray Rath, FASA, who gives insights into the importance of this course for business valuation professionals.
Enhance your firm’s competitive advantage – Great opportunity to provide your firm with a competitive advantage through the possible addition of the intangible asset specialty designation.
Streamlined approach to obtain intangibles specialty designation – Individuals can now obtain the intangibles valuation specialty designation with the completion of one course rather than two.
Personalized attention – By design, class size will be small allowing the instructor to provide more personalized attention.
Updated course materials – The development of this course (BV303) allows for inclusion of the most important instruction modules from BV301 and BV302 streamlining the discussion and delivering the course material in a more efficient and studious manner.
Information not readily available elsewhere – BV303 offers unique information not readily available from other sources. The number of publications on intangible asset valuation is modest. BV303’s discussion of attrition measurement provides an in-depth treatment of the topic not observed in any other courses or publications.
Great CPE opportunity – BV303 provides up to 30 hours of continuing professional education credit.
Course developer and instructor – Ray Rath, FASA, brings his knowledge from a decade at one of the Big 4 accounting firms and his reputation has one of the foremost leaders in the practice of intangible asset valuation. Most recently, Ray was the Editorial Advisor for the publication of the third edition of the BV Resources publication, Benchmarking Identifiable Intangibles and Their Useful Lives in Business Combinations.
Completion of this course is mandatory for individuals interested in obtaining the ASA’s Specialty Designation in Intangible Assets Valuation. Register here for this course offering and attend live in Las Vegas or virtually from anywhere.
Join S. Mitra Kalita as she takes a look at how resumes need to change, from formats to skills to the target audience in this article published by Fortune.
There are an estimated 10 million job openings in the U.S. right now, and employers are struggling to fill them. Thanks to a shortage of applicants and fewer in-person interviews, your résumé is doing more work than ever.
In the article, the author asks a bunch of bosses what they like (and don’t like) to see in the pile of résumés given COVID-19’s impact on the workforce.
Learn more about some of the topline trends uncovered.
Disclaimer: The views, opinions or examples included in linked article are those of the author and do not necessarily reflect an official policy or position of ASA or its members.
John E. Hempstead, ASA, passed away at 83 years old on Tuesday, August 3, 2021. John was a partner at Butcher & Singer in Philadelphia before establishing Hempstead & Co. He earned his electrical engineering degree from R.P.I. and an MBA with distinction from Harvard Business School. John was a 1st Lt. in the U.S. Army (1962-1964). He was a Chartered Financial Analyst (CFA) and an Accredited Senior Appraiser (ASA).
For almost 35 years, John was an active member of the ASA and held many chapter leadership positions, including most notably serving as the past president of the Southern New Jersey Chapter Committee, as well as its Vice President, Secretary, and Treasurer. In addition, he was a member of the Publications and Editorial Review Board Committee helped author some of the first ASA business valuation courses and was a long-time BV course instructor.
John enjoyed jazz and was an avid reader of history and newspapers especially the WSJ. John was a member of the Union League, Tavistock Country Club and the Lions Club and Sixty-Five Club of Haddonfield.
The Hempstead family has expressed thanks for the condolences and support from fellow ASA members. Read John’s obituary here.
A unique continuing education program for aircraft appraisers, lenders, insurers and maintenance professional hosted by ASA with support from sponsor JSSI Advisory Services.
ASA, with the support of our Sponsor JSSI Advisory Services, will host a unique continuing education program for aircraft appraisers, lenders, insurers and maintenance professionals.
Warbirds – An Educational Program will take place Tuesday, November 9, from 5:30pm through Wednesday, November 10, 7:00pm at the Tri-State Warbird Museum in Batavia, Ohio.
Below is a spotlight on the event’s expert presenters:
Chris Henryis on staff with the EAA Aviation Museum in Oshkosh, WI. Chris has been working in aviation since he was in 12 years old when he first started volunteering at the local air museum. Chris worked as a medical helicopter dispatcher as well as an air traffic controller before going to the EAA Aviation Museum. In the course of his work, he has been closely involved with the B-17 program for the B-17 “Aluminum Overcast”. He has worked to reconnect the veterans who once crewed the B-17 with their aircraft once again
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. Mr. Seno serves on the Board of Directors of the General Aviation Manufacturers Association (GAMA) and Duncan Aviation. He also has been a designated member of ASA for over 17 years and a long-time supporter of the Society’s Aircraft Valuation Program, as well as a member of the Board of Governors of The Flight Safety Foundation.
Johnnie White, CEO, is responsible for the oversight and management of ASA and executing the directives set by the board of governors. Johnnie is an association professional with more than 27 years serving in a variety of management and leadership roles. Most recently he served as Senior Director of the American Academy of Otolaryngology – Head and Neck Surgery, where he managed global affairs for the organization and strategic planning, including overseeing a staff of 17 and an annual event with more than 9,000 attendees.
David O’Maley, Jr.,
Richard Berkemeier, ASA, is Senior Appraiser at Pegasus Aircraft Appraisal Group. He has extensive experience as a valuation expert and skilled in negotiation, asset management, team building, mergers & acquisitions and structured finance. His current specialties focus on the appraisal of aircraft, engines, parts simulators, airlines and corporate aviation assets. Mr. Berkemeier has been a designated member of ASA for over 27 years, an active volunteer with numerous leadership positions, including currently serving as International Vice President.
Simon Brown, is President of Platinum Fighter Sales. He has over 27 years of working in the aviation industry, specializing in negotiation, operations management, airworthiness and investing in classic and World War II aircraft. Mr. Brown in his present role oversees the sale of quality, historic, vintage and warbird aircraft, for both the pilot and the collector. His firm is one of the foremost dealers in rare and exceptional collector and warbird aircraft, having sold over $300 million dollars worth of warbirds and classic aircraft.
Paul McCombie, ASA, is Senior Airframe Manager at JSSI. He has over 24 years of experience in aviation maintenance. Prior to his current position he worked in roles such as: Lear Crew Chief/Avionics Technician, Director of Maintenance and Airframe Technical Advisor. Mr. McCombie has been a designated member of ASA since 2017.
Gordon Page, ASA, is President of Air Assets International. He has over 32 years of experience in business development and valuation services within the aerospace industry and has brokered over $120 million in aircraft sales. Additionally, he is a pilot, author, media producer and host of the TV show, Chasing Planes. Mr. Page has been a designated member of ASA for over 16 years.
Jeremy Cox, ASA, is President of Jet Values Jeremy, Inc. He has over 30 years of experience in the aviation industry with diverse technical and operational experience in aircraft sales, marketplace research, prospecting, technical status/compliance review, pre-purchase inspection monitoring, reporting and appraisal. Mr. Cox has been a designated member of ASA since 2019 and presently serves as Chapter President for the St. Louis Chapter.
Michael Durkee is Director of Restorations at the Tri-State Warbird Museum.
Register today and benefit from decades of combined industry knowledge and expertise related to vintage military aircraft inspection and the appraisal process.
To register or for more information visit ASA online or call (800) 272-8258.
The American Society of Appraisers Philadelphia Chapter is pleased to present the 2021 ASA Business Valuation Virtual Conference to be held on Thursday, September 23, 2021.
Range of Presentation Topics
The conference agenda will feature presentations from nationally recognized speakers who are professional leaders, covering a range of topics. Register for the 8-hr CE Virtual Seminar at asaphila.com
8:00am – 8:10pm Registration
8:10am – 8:15am Welcome Remarks and Agenda for the Day
Paul has been a leading global M&A broker in the Pest Control industry for over a decade after working as a valuation analyst. Learn more about how market participants look at potential acquisitions and recent trends in the pest control industry as a case study as transaction multiples are at record highs.
9:15am – 10:15am Active versus Passive Appreciation in Divorce
Dr. Abbott’s areas of research and teaching include mergers and acquisitions, corporate valuation, and measures of market liquidity. His consulting areas are valuation discounts and premiums, valuation model validation, passive appreciation, and event studies. His presentation will focus on the questions: Why do we care whether a business has active or passive appreciation during a divorce? Is there a quantitative measure to quantify passive appreciation in divorce? Are there distinctions between marketability and liquidity? The speaker brings to us empirical studies that attempted to quantify liquidity discounts.
10:15am – 10:30am 15-Minute Break
10:30am – 11:30am Litigation Do’s and Don’ts
Sean Saari, CPA, ABV, CVA, MBA, Partner Advisory | Marcum
Preparing a valuation analysis can be difficult enough, let alone defending it against an opposing party questioning your every move. Valuation experts need to know how their valuations may be challenged by other experts and work to effectively address these issues pre-emptively.
11:30am – 12:15pm Data Resources and BV Automation Trends
A conversation between Valutico’s CEO and current clients providing an update on current data available and business valuation technology offered by Valutico. Vaultico is based in Vienna, Austria, and offers data and business valuation technology for all global markets. Will automated business valuations represent a threat or an opportunity for business appraisers?
12:15am – 1:00pm Lunch
1:00pm – 2:00pm Valuing Intangible Assets in Technology Companies
Thomas has provided valuation consulting services since 2000 and oversees Moss Adam’s valuation services throughout the Greater San Francisco Bay Area. Thomas’s experience includes valuing intangible assets under ASC 805 and other tax reporting purposes, ASC 350 goodwill impairment analyses, and IRC 409A deferred compensation valuing common stock for privately held companies. He’ll talk about current methods in valuing intangible assets in Technology Companies.
2:00pm – 2:45pm The New ROI: How Human Capital Contributes to Value
The speaker is the author of a book called The NEW ROI: Return on Individuals, which explores the impact that people have on the value of a business. The value of a business is a function of how well the financial capital and the intellectual capital are managed by the human capital…. you’d better get the human capital part right. We can take this into account when providing valuation and related consulting advice.
2:45pm – 3:30pm Bitcoin versus other Cryptocurrencies: Similarities and Differences
Professor Folkinshetyn specializes in the valuation of cryptocurrencies and their strengths and weaknesses. He will provide an overview of the differences between bitcoin and other cryptocurrencies currently available and mention considerations that influence value.
The speaker is the developer of the Non-marketable Investment Company Evaluation (“NICE”) Method. The NICE Method is gaining acceptance in valuations of family-owned investment entities and was favorably reviewed in the 2019 U.S. Tax Court case Grieve v. Commissioner.
Why Attend?
Timely Updates on Topics of Current Interest – Session content will represent leading-edge topics selected for their importance to professionals that perform complex securities valuations.
Nationally Recognized Speakers – This is an exclusive opportunity to obtain insights from nationally recognized leaders in the profession.
Practitioner Focus – This conference is focused on the needs of valuation and accounting professionals involved in the development and audit of complex securities estimates. Insights can be immediately employed in the technical or business management of your professional practice.
ASA and NASBA Continuing Professional Education – The conference will provide continuing professional education credit by both the American Society of Appraisers (ASA) and the National Association of State Boards of Accountancy (NASBA). This is a timely and cost-effective means of obtaining CE hours for your ASA reaccreditation and CPE hours for your CPA license.
CEIV(TM) Continuing Professional Development – The conference qualifies for Certified in Entity and Intangible Valuations™ (CEIV™) Credential Continuing Professional Development (CPD) credit.
Competitive Pricing – ASA continues to price the conference at an extremely low cost as a benefit to its membership and the professional community at large.
NASBA and Continuing Professional Education (CPE) Credit
The American Society of Appraisers is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org.
CPE Credit: Up to 8.0 hours.
Program Level: Advanced
Delivery Method: Only group-live courses are approved for CPE.
Prerequisites: None
Advanced Preparation: None
Policies: ASA’s Refund and Cancellation Policy and ASA’s Complaint Resolution Policy
Cost
$175/$200 – ASA members/non-members (early-bird rate through September 1, 2021)
$200/$225 – ASA members/nonmembers (regular rate, after September 1, 2021)
Sponsor
Sponsorship Opportunities
To become a sponsor, contact Mike Cunningham at mdcphilly@gmail.com or (215)-518-0591.
Questions
For more information, please contact Mike Cunningham, ASA, mdcphilly@gmail.com, or Poonam Vaidya, ASA, at pvaidya09@gmail.com.
On July 1, we welcomed the Pacific Northwest Chapter, ASA’s newest addition. This is the first of ASA’s region-based chapters, a new model that encompasses a wider area designed to foster expanded networking opportunities. Members interested in joining the new Pacific Northwest Chapter, please contact ASA’s Membership Services team by phone at (703) 478-2228 or by email at asainfo@appraisers.org. I look forward to greeting these professionals and see it unfold.
I also want to announce that ASA’s Summer 2021 ARM e-Journal has been released. This issue is filled with informative articles containing pertinent details on expert deposition testimony, impeachable ad valorem appraisal reports, and common mistakes in appraising premodern Chinese painting; as well as informative updates on everything ASA—Appraisal Review & Management. I encourage you all to view and download your free copy.
We are working to put the finishing touches on the website refresh project, including integration with new Association, Learning and Financial Management Systems; and collaboration with discipline volunteers to develop and design their individual home pages. Anticipated launch of the updated site is expected prior to the 2021 ASA International Conference in October.
I had a great conversation with the MODUS publication about unconscious bias and why inequality in American home valuations is not just about discrimination. ASA is doing its part by attracting more diversity to the industry. One thing we’re doing is trying to partner with organizations that are representing these individuals. For example, NSREA (National Society of Real Estate Appraisers), that caters to African American appraisers again this year. We are also looking to find ways to work with HBCU (Historically Black Colleges and Universities) schools. For the full interview, click here.
On our advocacy front, ASA and MBREA jointly submitted formal comments to the Federal Trade Commission (FTC) in response to the agency’s proposed consent agreement regarding its case against the Louisiana Real Estate Appraisers Board (LREAB). ASA and MBREA asked that the FTC clarify the basis of the consent agreement is the absence of active supervision by the state of Louisiana, and not the underlying “customary and reasonable” fee provisions from the Dodd-Frank Act.
Lastly, I would also like to remind everyone that we have created hybrid educational offerings being held in conjunction with this year’s 2021 ASA International Conference at Planet Hollywood in Las Vegas, NV OR online. We’ve organized a list of 8 classes being held between October 21-24. Save on travel expenses while accumulating CE and enjoy a special registration discount for ASA’s International Appraisal Conference when you register for one of these fundamental courses for appraisers.
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: https://www.linkedin.com/in/johnniewhiteceo/ for more ASA updates.
Top seven must do’s prior to the profession’s main event.
# Register Early and Save BIG!
Significant event registration discounts are available through September 7 – don’t miss your chance to save. Register online or by calling (800) 272-8258 or +1 (703) 478-2228.
Planning to attend in Vegas live?
7.) Reserve Your Lodging
Hotel discounts are also available through September 26. Make yours today online or by calling (866) 317-1829 or +1 (702) 785-5555. Be sure to mention ASA 2021 International Conference to receive the group rate.
6.) Book Your Travel Arrangements
If you haven’t already, now’s the time to book your travel. McCarran International Airport (LAS) serves Las Vegas, and is located a quick and short distance from the strip and Planet Hollywood. Ride share or taxi service from airport to hotel is available and ranges in one-way frames from $10-$25.
5.) Maximize Your Education Investment
Take advantage of even more educational opportunities by registering for a pre-conference course. A comprehensive list of multi-discipline topics available to choose from. Pre-conference course registrants are awarded a special 10% discount off 2021 ASA International Conference registration.
4.) Review Your Schedule
Make note in advance of the sessions and events you plan to attend. Remember you can visit sessions from other disciplines and/or view session recordings OnDemand after the event. View/Download conference session schedules here, as well as view special event information here.
3.) Place Your Bid
Be sure not miss the Conference’s most popular event – The ASA Educational Foundation’s Annual Auction. Have fun viewing and bidding on the many interesting items. All proceeds and donations help aspiring appraisers in need of educational grants. Visit ASA newsroom for complete details.
2.) Network, Network, Network
Be sure to take full advantage of the Conference’s valuable networking opportunities. Either in-person or online, this is your chance to expand your referral potential.
1.) Stay on Top of the Profession’s Latest Resources
Last and most important, make sure you visit with our sponsoring companies to leverage their insight, experience and innovation to advance your career or practice. See who’s participating!
Are you a chapter leader? Don’t miss this special training session highlighting best tips and practices on a variety of topics that will help your chapter grow and be successful. See more details and RSVP here.
The International Virtual Chapter (IVC) was founded in 2012 due to the international growth of ASA. Since the chapter’s formation, it has been a goal of ASA to have international representation on the chapter board. Thanks to the great work of the 2020-2021 IVC chapter officers and Region Governors, the chapter elected its largest board with members from seven different countries. This year the IVC is looking forward to providing educational opportunities that will be beneficial to its members all around the world.
The 2021-2022 chapter board is comprised of the following members:
Past ASA International President, Gary L. Smith, ASA, MGA, owner of Smith’s Jewelers in Montoursville, PA broke the Guinness World Record for largest collection pearls.
