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The American Society of Appraisers recently conducted an onsite training course for Liquidity Services Appraisal LQDT (NASDAQ) on January 15-21, 2017 in Leeds, England. All participates have previously taken the required ME201 and ME202 courses and were ecstatic to be challenged with these courses being offered to them. The Society’s ME203— Advanced Topics and Case Studies  and ME204 – Machinery & Equipment Valuation – Advanced Topics and Report Writing courses were presented to students with instructions provided by Richard Berkemeier, ASA, who is knowledgeable in the field of Machinery and Technical Specialty appraising. Gerard Deterne, Senior Manager of Airbus Helicopter, Marseille, France and Andreas Wolf, Deputy Head of SCI Verkehr, Cologne, Germany, joined Liquidity Services in hopes of obtaining the highly demanded ASA designation.

Advanced Topics and Case Studies focused on introducing advanced concepts and techniques than those taught in ME201 and ME202. The course explored exponential pricing techniques, cost estimation, reproduction vs. replacement costs, quantifying functional obsolescence, use of research data, time value of money calculations and more. Machinery & Equipment Valuation – Advanced Topics and Report Writing was merely an extension of the advanced areas with an introduction of such things as leasing, inutility and fair rental value as well as carrying the income approach to a little higher level as we do more on the discount rate development. The students, a good majority of them experienced appraisers, were extremely happy and impressed with the more advanced information and the way it was presented. The course material, as expected, had new and very important additional information and training that students had not been exposed to in their previous work.  The order and content of these courses is well set out and is much of the reason ASA education is in demand.

The Society’s Onsite Course Program is a popular option for organizations in need of training large groups or entire departments of staff. These special, client-centric courses provide educational experiences that can be customized to meet an organization’s individual needs. The courses provide a convenient and cost effective means of helping employees with professional development opportunities and to achieve a designation with ASA.

For more information, visit ASA online or contact us at (800) 272-8258.

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The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization representing all appraisal specialists.

From recruiting prospective members to processing hundreds of applications/member renewals, sending of member kits or providing live call center or e-mail support to member or consumer inquiries, ASA’s Membership Department is responsible for all member related development and services. Each year the department generally responds to over 19,000 calls and 13,000 e-mail inquiries, prepares and mails over 2,500 prospective member packets, reviews and processes over 360 membership applications and nearly 5,000 membership renewals. The department also works closely with a broad line up of benefit partners to provide valuable cost-savings to members.

The department is currently comprised of five people: Angelica Sullivan, Sabriya Tony, Terri Walker, Anna Culpepper and Brittani Agee.

Angelica Sullivan, Director of Membership Recruitment, manages the development and implementation of all membership recruitment and development programs. Actively seeks to grow ASA’s membership base within the US and abroad. Angelica is one of the Society’s newest employees. Her educational background and 17 years of work experience provide a unique and valuable skill set. She has a Bachelor of Science degree in Business Administration with a concentration in Marketing from Virginia Tech. Prior to ASA, Angelica has worked in both the non-profit/association and marketing services industries, most notably as a senior membership development manager for the American Society of Civil Engineers and as a renewal production manager for the national Wildlife Federation, along with account/production management positions for multiple agencies. Angelica may be reached at (703) 733-2123 or asullivan@appraisers.org.

Sabriya Tony, Membership and Customer Service Manager, manages ASA’s Customer Service Program to ensure the highest quality of professionalism. Processes all new membership applications and assists applicants with their membership requirements. Proactively interacts with new members, members at risk for termination and terminated members. Manages the Student Affiliate Program, retired and sabbatical application process and processes chapter changes. Sabriya’s entire career of more than 15 years has focused on customer service. She is one of the Society’s longest tenured employees. With more than a decade of service, her experience and comprehensive knowledge of ASA’s membership systems, policies and procedures enable her to monitor and quickly address issues, as well as train and mentor new team members. Prior to ASA Sabriya has worked in the hospitality, medical and law fields. Sabriya may be reached at (703) 733-2130 or stony@appraisers.org.

Terri Walker, Anna Culpepper and Brittani Agee each serve as Member Service Representatives, who assist with registrations for educational courses and events, membership information, change of address, book and publication sales and general information about ASA.

Terri Walker, Member Service Representatives, Terri has been with the Society for nearly three years. Her extensive background in customer service and related systems, along with more than 20 years’ work experience, provide her with a unique and valuable skill set to handle and resolve challenges quickly and satisfactory. Prior to ASA Terri has worked for Weststar Mortgage, Parexel, WRB Communications, Green Point Mortgage, Kaiser Permanente and AirTran Airways. Terri may be reached at (703) 733-2104 or twalker@appraisers.org.

Anna Culpepper, Member Service Representatives (Temp), Anna has been with the Society less than a year on a long-term temp assignment. Her educational background and relative work experience lend well for her role in engaging with professionals and consumers. She has a Bachelor of Arts degree in Arts Management with a minor in History/Classical Studies from Randolph-Macon College where she graduated with honors and a Masters in Museum Studies with a focus in administration and non-profit management from George Washington University. Prior to ASA Anna participated in internships at The Phillip’s Collection, Smithsonian and Valentine Richmond History Center Collection, along with volunteering at ArtSpace Herndon and the Greater Reston Arts Center. Anna may be reached at (703) 733-2114 or aculpepper@appraisers.org.

Brittani Agee, Member Service Representatives (Temp), Brittani has been with the Society less than a year on a long-term temp assignment. Her background in customer service allows her to successfully multitask and juggle a variety of important tasks quickly and accurately. She has received past recognition and advancement for her work and communication skills. Prior to ASA Brittani has worked in the travel, food service and leasing industry’s. Brittani may be reached at (703) 733-2111 or bagee@appraisers.org.

Together, these four individuals work to provide a positive experience for members and others seeking to join or hire ASA credentialed professionals.

View other ASA Department Profiles: Accreditation & Reaccreditation and Education.

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This year’s sold out Annual Fair Value Conference took place on Tuesday, November 15, 2016 at KPMG San Francisco. Thanks to the ongoing management, preparation, and coordination provided by both John Mcintosh and Aolk Mahajan, this popular one day event continues to draw attention from business valuers, accountants, and government agencies for its important updates on the latest fair value issues and trends impacting financial reporting.

Internationally recognized representatives of the FASB, IASB, PCOB, SEC and senior accounting and valuation professionals from the Big 4 and other leading accounting firms attended this year’s event. This year’s topics and presenters included Fair Value Forum – 409A and Private Company Valuation Update by Carl Saba, Annika Reinemann, ASA, Joe Orlando, ASA, James Walling, Sushil Chacko; AICPA Accounting and Valuation Guide for Business Combinations by Glen Kernick, Greg Franceschi, Jonathan Frymann; Regulatory and Standards Panel by Adam Smith, Kris Shirley, Chad Morrissey, Bert Niemi; Adjusting Guideline Public Company Multiples for Size & Growth by Jeff Tarbell, ASA; Secondary Transactions – Partial Liquidity for Private Company Equity Holders by Ryan Logue, Jeffrey Bollerman, Christy Chow, Peter Tan; Tech M&A Market Update by Mark Bradt; and PE & VC Fair Value Task Force – Update by Biljana Marijanovic and Sumner Estes, ASA.

The evening ended with a reception where attendees were given the opportunity to meet and network with prominent individuals in the field.

The American Society of Appraisers would like to thank our sponsors for their support. Thank you to Houlihan Lokey and the Business Valuation Review.

To view photos from this event click here.

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On Tuesday, December 6, 2016, the American Society of Appraisers was thrilled to host the International Valuation Standards Council VPO meeting at ASA’s headquarters in Reston, Virginia. This gathering  followed the IVSC AGM meeting in Bali, Indonesia where organizations met to discuss the initiatives of IVSC and the soon to be released 2017 international valuation standards.

The meeting commenced with introductions and opening remarks from IVSC Chairman, Sir David Tweedie. Nick Talbot followed soon after with updates on the IVSC and the value proposition. Further topics included membership fees & sponsorship updates, trustee application process, and automation in valuation. Participates were given the opportunity to voice their thoughts during the open discussion, crucial information was clarified and questions were answered by leaders of the IVSC. The meeting concluded with a discussion of the next phase and the path forward for the International Valuation Standards Council.

The American Society of Appraisers would like to thank IVSC Board of Trustees Chairman, Sir David Tweedie; IVSC Chief Executive, Nicholas Talbot; CICBV CEO, Mary Jane Andrews, FCPA, FCA, FCBV, CFF; AI CEO, Frederick H. Grubbe, MBA, CAE; AI of Canada CEO, Keith Lancastle, MBA, CAE; IAAO Vice President, Dorothy Jacks, AAS; IAAO Executive Director, Ron Worth, CAE; RICS Americas Managing Director, Neil Shah; ASA CEO, Jim Hirt, MBA, CAE; AICPA Sr. Manager Financial Instruments, Eva Simpson; and AICPA Sr. Manager Forensic & Valuation Services, Jeff High for attending this event.

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On October 25, 2016, individuals from across the globe participated in the International Ethics Standards Coalition (IESC) Trustees’ Meeting held at George Mason University’s Arlington campus. This two day gathering was the second phase of the International Ethics Standards being developed by the IESC.

The meeting commenced Tuesday morning with introductions and a presentation of the draft standards. Shortly after, various key matters were highlighted, such as, the discussion on whether the Standards-Setting Committee (SSC) has met their terms of reference, the future of the Committee, discussion of the final look, and the vote for a potential launch date. Wednesday focused on the agreed-upon course of action for the draft standard. Vital questions arose from attendees but were soon answered by the leaders of this coalition. The meeting concluded with the affirmative vote to release the standards as modified at the meeting.

Throughout the two day meeting, the American Society of Appraisers got a chance to sit down and chat with key players of this coalition. Some of these key players included the Chairmen of the International Ethics Standards Coalition, Peter Bolton King; Deputy Chairmen of the International Ethics Standards Coalition, Anthony P. Grant; Regional Manager Director for Americas RICS, Neil Shah; ASA’s Liaison and ASA’s Former Chair of Ethics, Gary R. Trugman, ASA; and; Trustee of JaSIA and Secretary General of the Board of Trustees of the International Ethics Standards, Richard Berkemeier, ASA.

Peter Bolton King, Chairmen of the IESC, has played a vital role in the formation of this ethics coalition. Mr. King found that international organizations did not have a global code of ethics that they could follow. From there he created the International Ethics Standards Coalition (IESC), based on the fact that newer generations of consumers were growing and they wanted to comprehend the process of how the value was achieved. Mr. Bolton King believed that by having these standards in place, not only would it help organizations be trustworthy in the market but it would show consumers that they can rely on organizations to create ethically conduct business practices.

 

“From a valuers perspective, I think having these high codes of ethics illustrates that your organization is dealing with similar likeminded individuals from around the world and you are reassuring the consumer that they are dealing with people who can be trusted.”—Peter Bolton King, Chair of the International Ethics Standards Coalition, October 2016

 

Anthony P. Grant, Deputy Chair of the IESC, believed that all organizations understood the meaning of these global standard which are high in principles, ethics, honesty, and decency. He has also emphasized the amount of dedication and work participants have made in making this dream into a reality and having it available to the public on the coalition’s website.

 

“The coalition rules as one coordinating body that provides resources and assistances to all of its 104 members. Our website, which is vastly compressive thanks to administration by RICS and contributions from trustees from all of our 104 associations, has information for each discipline”— Anthony P. Grant, Deputy Chairmen of the International Ethics Standards Coalition, October 2016

 

Neil Shah, Reginal Manager Director for Americas RICS, explained that several complications have arisen in the profession since the global financial crisis. He has confidence that certain markets will rise up from their recessionary effects and will continue to invest in their infrastructure in a resilient stainable way. Mr. Shah has also expressed the phenomenal progress that these standards have made and the diversity of organizations coming together for the public interest.

 

“These are professional organizations that have come together to raise the profile of the profession in the marketplace and commit to ethical behavior. Professionals need to make decisions in the public interest and in the interest of their clients.  RICS is firmly committed to that from an organizational standpoint”— Neil Shah, Regional Managing Director for Americas RICS, October 2016

 

Gary R. Trugman,  Liaison and ASA’ Former Chair of Ethics, has expressed the importance of the American Society of Appraiser’s participation in this coalition and the positive effects it will have. He noted that these standards are at a high level and any business that is interested in doing business on an international level should be supporting these standards. When asked about his reaction to the coalition and its affiliates, he praised the founders and the surrounding organizations that have been involved.

 

“This is probably the most elite group I have ever been associated with. I am extremely impressed with what I have seen and the caliber of people here. The people involved are people that I want to know and who I would want to do business with on an international level.”— Gary Trugman, Liaison and ASA’ Former Chair of Ethics, October 2016

 

Richard Berkemeier, Trustee of JaSIA and Secretary General of the Board of Trustees of the International Ethics Standards, has emphasized the influence and the importance ethical standards have on the appraisal industry. With the standards being implemented on a global scale, he is certain that the appraisal industry is leading in the right path.

 

“Ethical Standard are the foundation and bedrock of the appraisal industry. In the future I see ethic standard as part of the education process of individuals seeking to be professional appraisers. Like the ‘Dutch Banking Oath’ I would like to see appraisers take on a similar oath as part of the accreditation process. The International Ethics Standard has set the basic framework for our industry going forward. I congratulate all the Trustees, Officer and author for their contribution.”— Richard Berkemeier, Trustee of JaSIA and Secretary General of the Board of Trustees of the International Ethics Standards, December 2016

 

George Mason University’s Arlington campus was the ideal location for this affair because of their emphasis on ethical teachings which is offered in the School of Business.

 

“Ethics is embedded and is the foundation of our entire program in both our undergraduate and graduate programs. All of our programs whether it be accounting, finance, business valuation, or real estate has an ethical focus in their given field”— Dr. Sarah E. Nutter, Dean of George Mason University School of Business, November 2016

 

Dr. C. Kat Grimsley, Director of the Master’s in Real Estate Development program at the George Mason University, served as a member of the Standard Setting Committee of the International Ethics Coalition and helped support the coordination of this successful affair. She has emphasized the importance of the real estate program and the extraordinary events that the program participates in.

 

“We are looking to empower the next generation of industry leaders in Real Estate. Our Master’s program has grown since its beginning in 2009 and is now able to participate in important global affairs, such as the International Ethics Standards Coalition Trustees Meeting”— Dr. C. Kat Grimsley, Director of the Master’s in Real Estate Development Program George Mason University, November 2016

 

Students were given the chance to meet IESC Trustees and key industry leaders.

 

“The good thing about this program is that it’s not only academic but it’s also provides professional information and experience to its students”—May Abou Ghazaleh, EagleBank Scholar Award Winner, November 2016

 

With the first set of global ethical principles now published, thanks to the efforts of the independent Standards Setting Committee, organizations now have the capability to apply these new set of standards in their daily practice. For those who are new and are interested in obtaining information on the coalition, please visit www.ies-coalition.org.

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The highly anticipated Marine Survey course took place on October 27-29, 2016 in Norfolk, Virginia. This course was specially designed for the nonmarine professional who desired basic knowledge of the marine industry and for the marine professional who yearned for an appraiser’s perspective. Attendees of this course included M&E appraisers; a representative from Canada; representatives of several banks; a maritime professional; several BV appraisers; and a Deloitte representative from Tokyo.

The venue was the ideal location for students to witness daily naval traffic that goes through the Elizabeth River. Students traveled to the McAllister Towing and Transportation yard where they were given a tour of the M/V EILEEN McALLISTER, an ocean service tug that has worked from Alaska to Nova Scotia and into the Caribbean. Participates were astonishment with the labor and preparations needed for the McAllister Towing Tug in pulling the Staten Island Ferry from Norfolk back to New York City.

Topics covered throughout the course include 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, the identification of marine equipment and systems, report preparation, and the different types of Bluewater and Brownwater equipment.

As part of the coast to coast rotation of this course, the next offering, in 2017, will be at a site on the Great Lakes.

To view photos of the course click here.

For more information visit ASA Online or contact us at (800) 272-8258.

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The American Society of Appraisers’ newest university partner, the Massachusetts College of Art and Design (MassArt) in Boston, has successfully completed its inaugural four-course ASA POV program for personal property appraisers. On November 5, Personal Property and MassArt wrapped up their first season together with USPAP. Starting with POV 201 back in January and ending with USPAP this past weekend, students from the Boston area and beyond learned together both in and out of the classroom, taking advantage of MassArt’s location in the heart of the city.

MassArt is the nation’s first independent public college of art and design, and was the first art college in the United States to grant a degree. Students found it to be a convenient venue, with nonstop arts activities and a plethora of historical and cultural attractions—such as the famous Quincy Market, Boston Public Garden, Boston Public Library, and Boston Ballet—as well as countless shops and restaurants—all just minutes away. An easy walk from the classroom, The Museum of Fine Arts proved to be the perfect spot for lunch, and students had plenty of time to visit the collections as well.

Students found the four POV classes to be helpful whether they were just beginning to explore the appraisal profession or advancing their careers. The instructors, all accredited senior appraisers with ASA, were not only knowledgeable, they were also extremely generous with their time before, during, and after classes.

While most of the students were from the Boston area, some came from Washington, DC, and other places on the east coast, and as far away as Michigan and Colorado. Most of the core cohort were collectors or art “appreciators” in some way—commercial photographers, individuals trying to get a gallery up off the ground, or people working for an auction house.

One member of the first MassArt cohort says, “We were very lucky to have such a great group—everyone was highly supportive of each other and worked well together to work through appraisal problems. We would often get off onto a tangent with some of the more complex concepts, but I think we got so much more out of the classes because of it.”

ASA and MassArt look forward to continued success working together to help prospective and current appraisers meet the public’s increasingly rigorous expectations.

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On October 26, 2016, the American Society of Appraisers aired the IRS approved How Due Diligence and other Provisions of IRS Circular 230 Apply to Appraisers webinar. This online webinar provided an overview of the history and provisions related to appraisers in Title 31 of the Code of Federal Regulations. The webinar also helped explain how appraisers are impacted by the IRS standards for professional conduct. Several key questions and answers were discussed, including: What due diligence obligations and other key provisions of Circular 230 apply to appraisers? Why might the IRS Office of Professional Responsibility sanction an appraiser? What sanctions can be taken, and how are they publicized? What is the difference between sanctions and penalties? What penalties apply to appraisers?

ASA was honored to have the Director of Office of Public Responsibility (OPR), Internal Revenue Service, Steve Whitlock, present this multidisciplinary webinar. Mr. Whitlock was appointed as the Director of Office of Professional Responsibility for the Internal Revenue Service in August 2015, and previously served as Deputy Director from 2002 to 2007. The OPR administers the IRS regulations governing the practice of attorneys, CPAs, enrolled agents and enrolled actuaries, as set out in Treasury Circular 230. Under his leadership the office changed its focus to address misconduct posing a greater potential of adversely impacting tax administration, including tax opinion abuses and conflicts of interest.

Patricia Atwood, ASA served as moderator for the hour long presentation. Ms. Atwood, an Accredited Senior Appraiser, has been a member of the Internal Revenue Service Advisory Council at IRS since 2015 and also serves on the Appraisal Standards Board of The Appraisal Foundation.

For more information on upcoming PP courses visit ASA Online or contact us at (800) 272-8258.

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ASA’s Chief Executive Officer, Jim Hirt represented ASA at the 2016 International Valuation Standards Council (IVSC) AGM event this month in Bali, Indonesia. Mr. Hirt, along with other representatives from valuation professional organizations met to discuss the initiatives of IVSC, the soon to be released 2017 international valuation standards, and the advancement of universally accepted standards for the valuation of assets across the world. On behalf of ASA, Mr. Hirt also has agreed to host the next IVSC VPO meeting of CEO’s on December 6 at the headquarters of ASA.

Schedule for the three-day event, included:

Monday, October 10, 2016

• Meeting of CEOs of IVSC member bodies
• IVSC Standards Board working session
• AFWG Private Meeting (closed)
• AFWG interactive session with IVSC Standards Board representatives
• IVSC Reception (sponsored by MOF)

Tuesday, October 11, 2016

• IVSC Board of Trustees
• IVSC Standards Board
• IVSC Advisory Forum Working Group
• IVS Presentation (Standards Board)
• IVSC Dinner (sponsored by MAPPI)

Wednesday, October 12, 2016

• IVSC Board of Trustees
• IVSC Standards Board private working session
• IVSC Advisory Forum meeting
• IVSC AFWG Only – Wrap Up
• IVSC AGM
• IVSC/APEC Roundtable
• IIBV Debate: Around the World in 80 Valuations
• IIBV Cocktail Reception

The venue for the 2016 AGM was the Inaya Putri Bali Hotel, located in Kawasan Wisata, Nusa Dua, Bali and situated in one of Bali’s most famed beachfront. Inspired by Bali’s timeless cultural heritage, INAYA Putri Bali is blessed with an expansive 9.1 hectare of green garden that merge seamlessly with a white sand beach overlooking the Indian Ocean. Accommodation is a collection of  460 contemporary styled guest rooms, suites and exclusive villas that emulate the style of Balinese Penglipuran village, with architecture inspired by 7 Hindu Goddesses, and which incorporate elements of local artistry.

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The American Society of Appraisers hosted the Advanced Mining course on September 23-25, 2016 in Las Vegas, NV. This three-day class, with an option to attend the 2016 Mining Expo, was designed to provide students with additional information on current estimates of capital mining equipment costs, expand on mining safety, discuss high wall hazards, and much more. The course was taught by experienced appraisal professional, Charles W. “Bill” Ruth, ASA, who has been an accredited appraiser with ASA for more than 25 years.

Twenty students registered for the course consisting of eight international students and twelve US base students. The classroom varied in professional appraisal experience, which set forth the perfect environment to acquire different perspectives in the machinery and technical specialties industry. Special guests were featured providing insight on specific topics being presented. These special guests included Gerald L. Fangman, ASA who presented information on the drone usage for onsite inspections and ASA’s Australia Chapter President Craig Bowring who addressed what financial institutions look for in an appraisal. The next part of the course was to visit the International Mine Expo, which drew a crowd of 50,000 attendees. Educational sessions started with the Opening Session moderated by Fox News analyst and chair, Nina Easton. Educational sessions continued throughout Tuesday and Wednesday led by 20 experts in the mining industry. The Mine Expo had a great deal available for individuals to see and attend, with 12 halls, 10 pavilions, and over 1,900 exhibitors from 37 countries. This portion of the class gave students the opportunity to experience the sheer size of the latest mining equipment offered to the mining industry.

The American Society of Appraisers and Charles W. “Bill” Ruth, ASA were also featured in Creamer Media’s Mining Weekly during the Expo. The article discussed the importance in attending the Expo in order to gain the highest level of education from well-known professionals who are in the mining industry.

For more information visit ASA Online or contact us at (800) 272-8258.