Monday, October 8 |
| 8:00am - 8:30am | Welcome Opening Remarks |
| 8:30am - 9:30am | Keynote Address: America's Economic Future
Where is the United States heading economically? What are the prospects for job growth, inflation and debt reduction in coming years? Are we losing our competitive edge in manufacturing? Is globalization good or bad for the United States? Are there any bright spots in the U.S.? Barry is a passionate free market economist who believes the best is yet to come for the U.S. and the world.
Barry Asmus, PhD, Senior Economist, National Center for Public Analysis
KC Conrad, ASA, CBA, CMEA, ABA, Principal, American Business Appraisers, LLC
Linda Trugman, ASA, CPA/ABV, CBA, Vice President, Trugman Valuation Associates, INC
Daniel Van Vleet, ASA, Managing Director, Stout Risius Ross |
| 9:30am – 10:30am | Joint Multi-Discipline General Session: Raising the Bar for the Valuation Profession
The Valuation profession's challenge in today's post crisis environment is to bring greater consistency, quality and transparency to those who rely on our work. Investors, regulators and auditors require more extensive input from independent valuers than ever before. This session will provide an update on recent engagement with regulators and accounting standards setters. Efforts within the U.S. and globally to strengthen quality and credibility within the profession will also be discussed.
Steve Sherman, Partner, Economic and Valuation Services Practice, KPMG, LLP, Chair, IVSC Standards Board
Anthony Aaron, Principal, Valuation and Business Modeling Practice, Ernst & Young, LLP |
| 9:30am - 10:30am | Evaluating Large Diamonds and Fancy Color
(Gems and Jewelry)
Some diamonds are in a class by themselves. Very large diamonds and fancy-color diamonds are two examples. How does the appraiser evaluate and value these extraordinary gems? Michael Holtzman has vast experience in the high-end diamond industry, and will share his expertise in evaluating and valuing these special diamonds.
Michael Holtzman, Candidate, American Society of Appraisers, Diamond Channel |
| 10:30am - 12:00pm | The Ramifications of Preservation versus Restoration
(Personal Property)
Historian, author, lecturer, judge and collector, Jonathan Stein is a world recognized expert on cars. Stein is especially interested in absolute originality and is at the forefront of the current issue of historic vehicle preservation. Stein has been labeled the Smithsonian Expert of automobiles leading Smithsonian tours in Europe.
Jonathan Stein, JD, CPCU |
| 11:00am - 12:00pm | Valuing Jewelry Store Inventories
(Gems and Jewelry)
Occasionally, jewelry appraisers are asked to value the inventory of a jewelry store for collateral, estate settlement or other purposes. Often, but not always, the jewelry appraiser will be working in conjunction with a colleague from another discipline. Obviously, we will not be individually valuing every chain, ring or diamond in the store, but will use a sampling technique. Where do we start? What sampling techniques are accepted? How large should the sample be? What is the basis of our valuation? How do we handle stale inventory and what assumptions can we make? Les Miles, ASA is experienced in performing inventory appraisals and teaches a course on the subject. He will help you put another arrow in your quiver of appraisal expertise.
Leslie Miles, Jr., FASA, Asset Valuation Source |
| 11:00am - 12:00pm | Measuring Obsolescence in Fixed Assets
(Machinery and Technical Specialties)
As we continue to experience a slow economic recovery, there remains the need to measure obsolescence in fixed assets for financial reporting purposes. Financial reporting standards provide their own set of guidelines as they relate to measuring fair value and the appropriate methods to measure obsolescence. This session will provide an overview of how to quantify obsolescence in fixed assets in the context of these financial reporting standards.
Christina Chojnacki, ASA, Director, PwC
Leslie Vitale, ASA, Manager, PwC |
| 11:00am - 12:00pm | Contemporary Valuation Issues Involving Industrial Properties, Part 1
(Real Property)
This program will focus on the important topic of valuation issues involving the diversified property mix generally identified as “industrial properties”. From distribution warehouses to general manufacturing buildings, from small 5,000 square foot light manufacturing buildings to 1+ million square foot automotive stamping plants, this area of real estate continues to adapt to every evolving world economic requirements in industrial storage and manufacturing. This program will illustrate the different categories of industrial properties, recognize and measure various forms of depreciation, as well as discuss the current and important topic of alternative/adaptive reuse of industrial properties.
Paul K. Bidwell, MAI, CCIM, Owner and Principal, Affinity Valuation Group, LLC |
| 12:00pm - 1:30pm | Joint Conference Luncheon and Awards Presentation |
| 1:45pm - 2:45pm | Audit Reviews
(Machinery and Technical Specialties)
This session will discuss the accounting regulations that lead to questions about appraisal reports. The presenters will outline some of the issues and misconceptions surrounding audit reviews associated with appraisals performed for financial reporting purposes. They will also provide their opinions about best practices to follow in preparing and submitting appraisals for financial reporting purposes. The presentation will be followed by a Q & A session.
Mike Crismyre, ASA, Senior Manager, KPMG, LLP
Nicole Stango, ASA, Senior Manager, Tax, KPMG LLP |
| 1:45pm - 2:45pm | Contemporary Valuation Issues Involving Industrial Properties, Part 2
(Real Property)
This program will focus on the important topic of valuation issues involving the diversified property mix generally identified as "industrial properties.” From distribution warehouses to general manufacturing buildings, from small 5,000 square foot light manufacturing buildings to 1+ Million square foot automotive stamping plants, this area of real estate continues to adapt to every evolving world economic requirements in industrial storage and manufacturing. This program will illustrate the different categories of industrial properties, recognize and measure various forms of depreciation, as well as discuss the currently important topic of alternative/adaptive reuse of industrial properties.
Paul K. Bidwell, MAI, CCIM, Owner and Principal, Affinity Valuation Group, LLC |
| 1:45pm - 4:00pm | Ethics Challenge: Maintaining Your Ethics in an Unethical World
(Personal Property and Gems and Jewelry)
Sound ethics are vital to any professional practitioner, yet every day we observe unethical behavior in our public figures, celebrities and even colleagues. How do we maintain our own ethics? Where do our ethics come from? Do ethics derive from instinct? Training? Religion? If an action is legal, is it therefore also ethical? Can a person be moral and unethical at the same time? Immoral but ethical? In this thought-provoking ethics challenge, you will wrap your mind around these and other complex questions as you ponder and discuss two tough ethical dilemmas. Deane Wilson has studied ethics extensively—in fact he has a Master’s degree in the subject. You will leave this session with a new view of your professional stance.
L. Deane Wilson, ASA, MA, Owner, The Blackwell Group |
| 3:00pm - 5:00pm | Impairment
(Machinery and Technical Specialties)
This session will discuss the impact of value on capital assets as a result of impairments and the adjustments and results of asset impairments to the asset ledger and company worth.
Robert Stall, President, Medina General Hospital |
| 3:00pm - 5:00pm | Shopping Mall Intangible Value Extraction: Prospects & Pitfalls in Assessment Disputes
(Real Property)
This presentation will provide background and issues from two super-regional shopping mall tax appeals: (1) the Eden Prairie Center Minnesota case (Tax Court decision on remand from MN Supreme Court filed January 25, 2012); and (2) The Maine Mall tax appeals, as presented by the expert witness in both cases.
During this presentation, the audience will gain an understanding of these complex issues:
• Appraising super-regional shopping malls for tax appeal purposes.
• Taxpayer’s efforts to exclude non-realty and intangible asset
components from property value.
• Specialty leasing revenue.
• Pro and con arguments for use of department store capital
incentive and start-up cost amortization in the Income Approach.
• Proper treatment of “return on” and “return of” investment in
FF&E will be included. Appropriate analysis of retail sales for
shopping mall classification and cap rate selection will also be
illustrated.
Mark Kenney, MAI, SRPA, President, American Valuation Group, INC |
| 4:15pm - 5:30pm | State of the Estate Fine Jewelry Market
(Gems and Jewelry)
In this presentation, one of the leading dealers in estate jewelry will share his outlook on the current high-end estate jewelry market, as well as some of the unforgettable jewels he has encountered as a “treasure hunter.” All jewelry appraisers—as well as anyone who loves fine jewelry—will be captivated by Stephen’s unique understanding of the fine estate jewelry market.
Stephen H. Silver, GG, Stephen H. Silver Fine Jeweler |
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Tuesday, October 9 |
| 8:00am - 9:00am | Advances in GEMPRINT® and DIAMOND ID® Technologies
(Gems and Jewelry)
GEMPRINT® is the world’s most sophisticated, non-invasive, positive identification technology that records the unique optical ‘fingerprint’ of each diamond. This technology has been adopted by The FBI, The Royal Canadian Mounted Police, The Government of the Northwest Territories, and has helped numerous law enforcement agencies and prosecutors prove theft and fraud cases during its storied history. Despite the complexity of diamond identification, tens of millions of dollars worth of lost and stolen diamonds have been identified and returned to their rightful owners. Gemprint has also been used for marketing programs, insurance incentives, and most of all, “Consumer Confidence.” If you have ever been asked the question, “How do I know I’m going to get my same diamond back?” then you need to see the ease of use of the new GEMPRINT® technology. A recent survey has shown that the emotion and sentiment associated with identification and recovery of one’s own diamond far exceeds the monetary value.
“Chain of Custody” is the new green technology term for “where did my diamond or gold come from?” GEMPRINT® and DIAMOND ID® have teamed up to provide absolute, verifiable methods using DNA technology. (SSS/DNA™)
Angelo W. Palmieri, MBA, Cert GA, President, GEMPRINT Corp. |
| 9:00am - 3:15pm | Palo Verde Nuclear Generating Station, the Energy Cornerstone of the Southwest
(Machinery and Technical Specialties and Real Property)
Join your colleagues in the Machinery and Technical Specialties Discipline and the Real Property Discipline for an informative presentation on nuclear power plants. A special follow-up discussion will occur in the afternoon.
Charles Emmett, Communications Consultant, Palo Verde Communications - PVNGS
Lunch on Own (11:30am - 1:00pm)
Power Plant Valuation: A Challenge for the 21st Century
This presentation will first familiarize you with the operations side of a nuclear power plant. Next, you will be provided with an industry wide trending overview of power plants, past, present and future. Finally, you will be provided with the framework and methods used to analyze the market for these properties, and valuation issues now involving power plant appraisals.
Lawrence Golicz, PhD, MAI, Independent Valuation Consultant and Appraiser
Peter Huck, PE, ASA, MBA, Director and Assistant Vice President, American Appraisal Associates, INC
Derek Edmunds, Training Manager, Western Technical Services, INC
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| 9:00am - 5:30pm | Personal Property Museum Tour
(Personal Property)
Join your colleagues in the Personal Property Discipline for an exciting tour of the Heard Museum, the Arizona State University’s Ceramic Research Center, the Trailside Gallery and the Central Gallery Antiques and Art. This educational tour is included with your conference registration; however, participation is limited to Personal Property discipline registrants only. Please note that the cost of lunch is not included. |
| 9:15am - 10:15am | Writing a Bulletproof Engagement Letter
(Gems and Jewelry)
The presentation will cover uses and purposes of a professional services agreement or engagement letter, and address the important legal provisions needed to protect the appraiser from litigation and ensure collections of fees. Topics will include litigation services, mandatory covenants precedent, use of legal counsel, and every-day practical aspects of liability control. This presentation is appropriate for all appraisal disciplines. Copies of his copyrighted PowerPoint presentation will be available on request after the presentation.
Steve Schroeder, ASA, MCBA, Schwartz & Associates, LLC |
| 10:45am - 11:45am | "Somewhere in the Rainbow" World Class Gem Collection
(Gems and Jewelry)
Come to the unveiling of the collection of world class gems that are being selected for the “Somewhere in the Rainbow” collection. We will have microscopes on site so you may form a “hands-on” acquaintance with some of these fantastic gems. Shelley Sergent is the Curator of the collection, and has been tasked with selecting the gems that go into it. Listen while she relates how she came into this awesome job and some of the challenges she has faced along the way.
Shelley Sergent, GG, Curator
Craig Lynch, GG, Owner/Operator, Ouellet & Lynch Appraisers |
| 12:00pm - 1:30pm | Lunch On Your Own |
| 1:30pm - 2:30pm | The Latest Changes in Watches
(Gems and Jewelry)
This all-new presentation by Kirk Root will bring you up-to-date on the latest developments in fine watches. There have been many changes to Rolex in the last few years, including a “random” numbering sequence and a new marking convention.
C. Kirk Root, ASA, ASG, GG, Accredited Senior Appraiser, Kirk Root Designs |
| 3:00pm - 4:00pm | Keeping Up with the Diamond Grading Labs
(Gems and Jewelry)
In this session you will see charts based upon actual research, first hand comparison, and historical data revealing patterns of deviation from the universally taught and accepted diamond grading system and nomenclature of Gemological Institute of America amongst major laboratories. Has GIA changed any of its standard grading or nomenclature during the last four decades? If other labs use the GIA nomenclature do they have a moral, ethical and legal obligation to adhere to the standards? How important are precision master color diamonds to your appraisal practice? We will discuss popular methods of using your master diamonds to grade mounted diamonds. How ASA Gems and Jewelry Committee can reach every willing MGA or Senior Accredited Appraiser in a round robin program to help harmonize your grading of mounted diamonds. Don will also discuss the “master color diamond set” certification being made available.
Angelo W. Palmieri, MBA, Cert GA, President, GEMPRINT Corp.
Donald A. Palmieri, GG, ASA, Master Gemologist Appraiser®, President, GCAL, Inc. |
| 3:15pm - 5:15pm | Joint Multi-Discipline General Session: Healthcare Valuation - An Interdisciplinary Approach
Join fellow International Conference attendees for this panel discussion which will provide insight into the opportunities and challenges related to an interdisciplinary approach to healthcare valuation. Panelists will include representatives from the following valuation disciplines: business valuation; intangible assets and IP; real property; furniture, fixtures and equipment (FF&E); and personal property. A new education program recently approved by the ASA’s Board of Governors (the ASA Healthcare Special Certificate of Completion Program, a multidisciplinary advanced education program in healthcare valuation) will be briefly announced and discussed as to its role in meeting the above objectives.
Robert James Cimasi, ASA, MHA, MCBA, AVA, CM, FRICS, President, Health Capital Consultants
Ernest A. Demba, FASA, FRICS, PE, Managing Member, Demba Valuation Services, LLC
Edward Detwiler, ASA, President, Edward G. Detwiler and Associates, LTD
Sandra J. Tropper, ASA, Managing Director, Artemis, Inc.
Charles Wilhoite, ASA, CPA, CMA, Managing Director, Willamette Management Associates |
| 4:15pm - 5:30pm | Contemporary American Indian Jewelry
(Gems and Jewelry)
Over the past fifty years, American Indian contemporary jewelry has transformed from a regional style to an art form of international acclaim. The enthusiastic response to Charles Loloma’s jewelry in the 1970s and 1980s by collectors in France, Germany and other European venues was an initial step toward firmly positioning American Indian jewelry within a world market. As Loloma’s innovative designs became accepted within the constraints that surrounded Native American jewelry, it became possible for the next generation of jewelers, many of whom are now accomplished in the field, to undertake varied avenues of design or techniques without restriction.
Diana Pardue, curator of the Heard Museum and author of several books on American Indian jewelry, will take us into the world of Charles Loloma, Kenneth Begay, Preston Monogye, James Little, Charles Supplee, Yazzie, Johnson and Gail Bird. Diana’s presentation will complement the post-conference presentation by Mark Bahti during the Gems & Jewelry field trip to Sedona, AZ on Thursday.
Diana Pardue, Curator, The Heard Museum |
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Wednesday, October 10 |
| 8:00am - 9:00am | Tracking Down Trademarks & Arabic Quality Marks
(Gems and Jewelry)
Some of the most important books in an appraiser’s library are the trademark books. The books, however, are time-consuming to use. Bill will demonstrate his trademark databases and how they benefit the appraiser. Not a massive list of marks but a real searchable database that allows the jeweler researcher to not only locate marks with ease but also copy-and-paste the exact verbiage needed for the report. Databases include eight countries, the United States as well as seven books, which are in the public domain – resulting in a database that includes both antique and contemporary marks.
In addition, Bill will demonstrate the Italian Maker Marks database that deciphers the providence plus number marks found on Italian jewelry and reveals the maker.
Arabic Quality Marks
What used to be a rare encounter is now a common occurrence – appraising jewelry made in Arabic countries. Yes, you can rely on testing the metal but there is an easier way, namely reading the quality marks. Arabic precious metal quality marks are not difficult to understand and are faster and easier than using acids and other testing approaches. Bill will explain the gold as well as silver marks that may be encountered on Arabic jewelry.
Bill Hoefer, GG, Hoefer Jewelry Appraisal |
| 8:00am - 9:00am | The Bank, the Collector, the Artist's Estate - The Role of the Appraiser
(Personal Property)
This session will discuss the role of the appraiser when the bank addresses the varied needs of high net worth clients and artist's estates.
Jan Leonard, SVP and Managing Director, Fine Arts Management Services, UMB Bank
Earl Tjaden, Chief Fiduciary Officer and Executive Vice President, UMB Bank |
| 8:00am - 10:00am | Gas Station Valuation: Distinguishing the Real, Personal and Intangible Property
(Real Property)
This session will provide an overview of appraising fuel service properties focusing on modern trends with gas stations, income producing characteristics, how to develop an income approach and identifying and distinguishing between real, personal and intangible assets. Topics covered in the session will include:
• Sources of income – fuel and convenience goods
• Developing appropriate margins on sales
• Identifying intangible assets
• Tanks and dispensers - real or personal property
• Modern trends
• Developing an appropriate Cap Rate
Michael Kurschat, ASA, MAI, Kurschat & Company |
| 8:00am - 9:00am | Generation: Where is the Value?
(Machinery and Technical Specialties)
This session will cover the key risk factors in future recovery/pricing in U.S. environmental rules, demand projections, commodity prices, nuclear fallout and renewable conclusions.
Todd Filsinger, ASA, Managing Director, Filsinger Energy Partners |
| 9:00am - 10:00am | Testing Tricky Silver
(Gems and Jewelry)
Silver is being proclaimed the “new gold.” Appraisers are now being asked to qualify silver as part of their service. Testing silver colored metals either involved destructive tests or expensive equipment. Learn to detect silver imitations from silver with simple but effective methods. In this session, Bill Hoefer will demonstrate some methods that will help you to identify metals other than gold.
Bill Hoefer, GG, Hoefer Jewelry Appraisal |
| 9:00am - 10:00am | The Color of Money - Pitfall or Profit?
(Personal Property)
This session will review international art market trends at auction, discuss art as an alternative investment and will recap the spectacular results of the Elizabeth Taylor Collection.
Andrea Fiuczynski, President, Christie’s Los Angeles |
| 9:00am - 10:00am | Pipeline Appraisals
(Machinery and Technical Specialties)
Appraisal assignments for pipeline easements are classified in two categories: (1) new or proposed easements; and (2) existing pipeline easements. In addition, pipeline easements are typically found in conforming size lots that are vacant or improved, or as part of an existing transportation corridor. This session will review the scope of this type of appraisal assignment:
• Identify the larger parcel
• Identify taking area
• Review proposed pipeline easement agreement
• Identify the proposed impact of vertical division of rights
• Apply the appropriate approaches to value
• Search for comparables
• Make appropriate adjustments
• Arrive at final value opinion
Gary Valentine, ASA, MAI, SR/WA, CCIM, President and Owner, Valentine Appraisal & Associates |
| 10:35am - 12:05pm | Appraisal Review: Reviewing in Today’s Market – The Good, the Bad, the Ugly
(Real Property)
Are you missing out on possible clients? Are you offering Appraisal review services? Are you following USPAP and accepted review techniques as they pertain to today’s challenging real estate market? This refresher of the appraisal review process and procedure (for all disciplines) includes reviewing appraisals for state board complaints and case studies of fraudulent and non-competent appraisals. Learn to beware of the form trap.
Barry Alperin, ASA, Real Property Appraiser, Reviewer and Consultant
Gary Snowdon, ASA, Principal Appraiser, Snowdon Valuation
William P. Wilson, III, ASA, Wm P Wilson Company |
| 10:30am - 12:30pm | “Do You Know What You Are Talking About?”
(Personal Property and Gems and Jewelry)
This expert, panel-led session is a comprehensive overview of the language used by attorneys, CPAs, bankers and auction houses, as it applies to the appraisal profession.
Andrea Fiuczynski, President, Christie’s Los Angeles
Jan Leonard, SVP and Managing Director, Fine Arts Management Services, UMB Bank
Michael Tucker, Shareholder, The Law Firm of Michael J. Tucker PC |
| 10:30am - 11:30am | Environmental Impacts on Asset Values
(Machinery and Technical Specialties)
This session will:
• Review of different environmental hazards and regulatory regulations
that impact asset value.
• Advantage of “certifications” for an industry, ISO9000, 14000 etc.
• Impact and movement of “Green Standards” impacting value.
• Environmental impact on assets. Closure requirements i.e. Phase I.
Adel Assaf, CHI, CSP, President, Guardian Consulting Company, INC |
| 11:30am - 12:00pm | Asset Recovery: A Key Component in Any Business Plan
(Machinery and Technical Specialties)
The salvage value, as a residual value, is calculated by using the normal useful life of the equipment and subtracting the expected effective age in years based on industry mortality rate standards for that type of equipment. The estimated percentage of salvage value is then applied to the original cost of the equipment. It is important to know if the equipment was new or used when placed into service by its current owner, and what the owner is defining as normal useful life of the equipment. If not, values may be way off when considering residual salvage value.
Jim Johnson, President, New Era Consulting Services, LLC |
| 1:00pm - 5:00pm | Post-Conference Tour of MD Helicopters
(Machinery and Technical Specialties)
Arrangements have been made with MD Helicopters of nearby Mesa, Arizona, to provide a tour of their headquarters and production facility on Falcon Field. The tour will visit several engineering and design offices and will feature the main plant where the “latest and greatest” MD helicopters are assembled and outfitted for their many civilian/commercial, public service and military roles. Space for this tour is VERY limited, only 20 slots available and limited to Machinery and Technical Specialties Discipline registrants. Reservations will be made on a first-come, first-served basis with a wait list maintained should there be a cancellation. There is no additional cost for this tour. Please note: Due to MD Helicopter’s status as a U.S. military contractor, foreign visitors will need to provide name, company and country in advance of the tour and must bring a valid passport for identification. All visitors will be checked in and must wear a visitor’s badge throughout the tour. |