American Society of Appraisers ASA
In this guest blog, Robert Podwalny, FASA, gives an overview of the Appraisal Review and Management (ARM) field of the appraisal profession, explaining why appraisal review is needed, what an appraisal review involves, who is qualified to review appraisals, and the opportunities available in this quickly-growing area of the appraisal profession.
One of the largest group of valuation users — the financial community — generally does not understand the valuation process and only looks at a valuation to see if the dollar amount is above or below the outstanding balance for loans, leases or mortgages. Over time, this on-going and customary acceptance of substandard appraisals has been surprisingly workable, but in several historic instances, the federal government has had to step in with bail-out programs to save the financial community from the results of habitually accepting these inappropriate appraisals.
As a machinery and equipment appraiser, I’m especially proud that the American Society of Appraisers board of governors has approved Robert Podwalny for Life Membership in the ASA. I was part of the nominating committee from the ASA NorCal Chapter and we were pleased to be able to make this announcement at last month’s meeting.
Life Membership is bestowed on Accredited Senior Appraisers and Fellows of the American Society of Appraisers who have, in the judgment of the board of governors and the member’s chapter colleagues, made outstanding contributions to the Society and the valuation profession. Bob’s long and outstanding service, like that of other Life Members, has contributed to the growth and development of the Society and has helped elevate the status of the profession among users of appraisal services.
I regret to announce that Robin Erdmann, ASA in RP and our former ASA NorCal Chapter President (2008-2009), passed away unexpectedly on Thursday, December 22, 2011, after a very short illness. He had just turned 60 a few days before.
Robin is credited with the resurgence of our ASA NorCal Chapter; we remain very grateful to him.
Our profound condolences to Irene, Robin’s companion of many years, and to Robin’s father. No services are planned.
This is the second half of an article on the consequences of the Internal Revenue Service’s new and significant enforcement initiatives that specifically target abusive tax-related appraisals and the individuals who prepare them. The first half was published in a previous post; the article is authored by Jay Fishman, FASA, Business Valuation Review Editor and Chairman of the American Society of Appraisers Government Relations Committee; Bruce Bingham, ASA, former Chairman of the Business Valuation Committee; and Peter Barash, Government Relations Consultant to the Business Valuation Committee.
Internal Revenue Code Section 6701
I thought I’d pass along some information about the IRS’ strategy for Estate Tax Returns and their related appraisal. The moral of the story is to hire a qualified appraiser and save a lot of trouble. Because this article is so long, I’ve broken it into 2 separate posts. The second half will post next week.
By Jay Fishman, FASA, Bruce Bingham, ASA, and Peter Barash
I’ve always loved planes. Doesn’t everybody? Oh sure, I have a special affection because my father was an aviation engineer who used to take me up to the cockpit to meet the pilots in the good ol’ days when flying was still an adventure and a luxury. And in my mom’s family, my favorite uncle was a private pilot who used to fly into family reunions practically glowing with glamor and charm. To this day I will stop anything to watch a vintage airplane sputter or purr across the sky and — of course — I can recognize by sound many aircraft engines before the plane itself comes into view.
I was first introduced to Mr. Leslie H. Miles, FASA, FAPI, CEA, as the calm, professional voice thoroughly expounding details of equipment appraisal on the introductory 12-CD equipment appraisal seminar I received from the American Society of Appraisers. It was only later that I had the pleasure of meeting him in person at an equipment appraisal seminar in San Francisco. Even without knowing his background, which is impressive, one can’t help but be charmed by Les and impressed with his knowledge of and dedication to the equipment appraisal field and ASA MTS in particular. So when I had a chance as a member of NorCal ASA to put together an educational seminar taught by Mr. Miles, I jumped right in.
Results are in for 2011 American Society of Appraisers elections. Membership elected new international officers, discipline governors, and officers and members of discipline committees. Those elected will officially take office on July 1, 2011.
It’s an honor for me, as an ASA equipment appraiser and (ahem) the newly-elected Vice-president of the NorCal ASA Chapter, to be associated with this prestigious group of professionals who have consistently demonstrated their support and dedication to the mission of ASA and its members. Congratulations especially to Nancy Stacy, a valuable member of the NorCal ASA Chapter, and now discipline governor of Gems & Jewelry, and to the governor, committee officer & members of my particular area, Machinery & Technical Specialties — less formally referred to as equipment and machinery appraisal.
Les H. Miles, Jr., FASA, CEA, FAPI, will teach a 3-day American Society of Appraisers seminar–ME 207, Advanced Cost Approach–in San Francisco this June, 16-18.
This is an important seminar not only for machinery & equipment appraisers, but for anyone interested in implementing or understanding the theory and practice of advanced cost approach in appraising: appraisers, of course, in any specialty area, especially those accredited by the American Society of Appraisers, and also realtors, loan officers, attorneys, bankers and CPAs.
Here at our Northern California Certified Machinery and Equipment Appraisal office, the phone’s been ringing off the hook with calls from Sacramento and Yuba City banks and other northern California financial institutions asking for qualified SBA loan appraisals on machinery and equipment for collateralized loans. The recent passage of the Small Business Jobs Act (H.R. 5297) has galvanized the business loan market!