Don't Waste Your Money! Hire An ASA Credentialed Appraiser
A key element when selecting an appraiser is to address the purpose of your appraisal. Unless
it is strictly for compliance purposes (such as a property financing), an appraisal is usually
needed for one of two reasons:
1. An important transaction is about to take place for which you want solid advice regarding
the true value of an asset you are buying or selling.
BEWARE: If you get advice that is not thoughtful and complete, you have just
wasted your money.
2. A party on the other side plans to attack the value of a transaction.
BEWARE: If this opposing party does not respect your appraisal report, you have just wasted your money.
A complete appraisal goes through the same thought processes and performs the same due diligence that actual parties would perform. Anything less is an incomplete job. If short cuts are taken to spend less on the appraisal, you have just wasted your money.
At a minimum, a complete appraisal should comply with the Uniform Standards of Professional Appraisal Practice, or "USPAP." USPAP is promulgated by the Appraisal Foundation, an organization established by Congress in 1989. ASA is a sponsor of the Appraisal Foundation.
All appraisals performed for federally related transactions must conform with USPAP and be prepared by certified appraisers meeting strict qualifications. Clients should insist that their appraisal work and reports comply with USPAP. An ASA performs a complete appraisal in accordance with USPAP.
Look for the ASA credential, one of the most difficult to obtain and the credential of choice!
Leading Appraisal Organization
The American Society of Appraisers is the nation's oldest and largest interdisciplinary appraisal organization. Founded in 1936, the ASA includes specialists in all types of tangible and intangible property, both real and personal.
Serving Pennsylvania and New Jersey
The Philadelphia Chapter (Chapter 35) of the American Society of Appraisers represents accredited ASA members serving the greater Philadelphia region spanning Pennsylvania, New Jersey and Delaware.
At the 2017 International Appraisers Conference, the Philadelphia Chapter received the 2016-17 ASA award for
Outstanding Chapter Education Event for organizing and hosting the 2017 Business Valuation Seminar held on May 5, 2017 in Plymouth Meeting, PA. The award recognizes the commendable level of effort and commitment in time, talent and resources offered by Sheila Gorman, ASA and the Philadelphia Chapter in organizing and promoting a successful conference attended by over 40 participants.
ASA accreditation enhances appraiser credibility in many arenas, including litigation, financial reporting, and insurance. It is also meaningful for property tax, estate, gift and business planning.
ASA appraisers will identify and value the property they are qualified to appraise, and refer to or consult appraisers in other disciplines or specialties as needed.
May 2018: An Evening at the Rosenbach Museum
In the Rosenbach library: Docent talks with Chapter members about Shakespeare and James Joyce originals.
The May Chapter Meeting, on Tuesday, May 15, 2018, included a buffet dinner and private tour of the Rosenbach Museum and Library. Chapter Members viewed the current exhibit -- Of Two Minds: Creative Couples in Art and History -- and browsed the collections of books and memorabilia donated by Maurice Sendak and the poet, Marianne Moore. Enjoying the exquisite displays of decorative arts as they toured the two well-maintained Rosenbach townhouses, the members ultimately stopped in the Library stuffed with rare books and manuscripts and manned by an engaging docent.
April 2018: ASA Philadelphia Chapter Business Valuation Seminar
Organized by Chapter President Sheila Gorman, ASA and Frank Merenda, ASA, who organized the award-winning 2017 edition, the 2018 Business Valuation Seminar again provided eight (8) hours of Continuing Education Credit (CEC), while breaking new ground. The one day seminar featured five unique sessions presented by seven key thought leaders.
James Hitchner talked about rigging a valuation and introduced new tools for calculating the discount for lack of marketability (DLOM);
Roger Grabowski gave an update on estimating the cost of capital;
Mitchell Gerstein and Laura Anastasio explored the impact of the recent tax cuts and the Jobs Act on business valuations;
Charles Sapnas and Anthony Pumphrey reviewed best practices in inventory valuation; and
Martin Abo closed the session with his thoughts about taxes on damage awards arising from litigation.
Comments from participants ranged from "Can't wait until next year!" to "Best BV seminar ever!"
The Chapter's January Breakfast Meeting was held on Wednesday, January 17, 2018 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Annual Breakfast Meeting, which was free for Members, kicked off the New Year with a Sinclair Award presentation and a timely talk on Financial Planning for turbulent times.
2017 Sinclair Award
Chapter President Sheila Gorman said she was honored to present the 2017 George D. Sinclair Professionalism Award to longtime Chapter Member -- and booster -- Robert J. Luciani, ASA. The Award was created in memory of George D. Sinclair, FASA, (1925-2005), who served his family, his church, his Chapter and the appraisal profession with uncommon ability and zeal. Like the 2017 recipient of the Award, Mr. Sinclair was accredited in Real Property and served ASA and other appraisal groups locally, nationally and in multiple capacities.
Mr. Luciani, who is a graduate of the Real Estate Institute at Temple University, where he now teaches, has over 30 years experience as a Real Estate Appraiser and a Real Estate Broker. He has served the ASA and our sister organization, NAIFA, in leadership roles both locally and at the National level. An Appraiser Qualification Board Certified Instructor, Bob is a well-regarded and popular instructor for NAIFA and ASA-sponsored courses on topics ranging from comparable sales to appraisal law. A strong supporter of ASA, He sees it as the way for appraisal professionals to gain the experience, education and outreach they need to succeed.
As a teacher, mentor, and real property professional, Robert Luciani is both honored by and does honor to the award. Congratulations to Robert, the 2017 recipient of the Sinclair Award!
Elijah Dornstreich on Financial Planning
The guest speaker was Elijah Dornstreich, a Vice President at Bernstein Global Wealth Management in Philadelphia. Mr. Dornstreich's talk -- "All The Right Moves: Financial Planning in a Turbulent World" -- was timely and well-received.
Mr. Dornstreich discussed the factors contributing to the continuing stock market rally -- and what could derail it -- with a view toward investment and retirement planning. He offered an approach to planning that he said will be successful, even in adverse markets.
November 2017: Installation of Officers, Delmar Advancement, Burton on International BV
The November Chapter Meeting was held on Wednesday, November 15, 2017 at Pipeline Philly in Philadelphia.
In the photo top left, outgoing President Andrew Sherriff, far right, administers the oath to 2017-2018 Officers (from left to right), First Vice President Megan B. Salehli, incoming President Sheila Gorman, Third Vice President Todd C. Jarden, Second Vice President Walter W. O'Connell. Not pictured: Secretary/Treasurer John P. Carroll.
In the top right photo, Chapter President Sheila Gorman presents the ASA Certificate to Shea Delmar, ASA who advanced from Candidate to ASA in Machinery and Technical Specialties/ Machinery & Equipment. Mr. Delmar, who has over 10 years experience in the appraisal industry, heads the valuation group in personal property in the Philadelphia office of Grant Thornton
In the photo below, Guest Speaker (and Chapter Member) John Barton, President of Brandywine Valuation Consultants in Lyndell, PA, brought other Members up to date on advanced "Topics in International Business Valuation." John's illuminating talk was well-received!
October 2017: Oktoberfest Happy Hour
The Philadelphia Chapter sponsored an Oktoberfest Happy Hour on Thursday, October 5, 2017 at Frankford Hall in Philadelphia.
Appraisers from all disciplines and their guests gathered at Frankford Hall to talk shop, reminisce and enjoy an Oktoberfest-themed menu featuring an Open Bar and German staples, including bratwurst, potato pancakes and Bavarian pretzels.
May 2017: Cars & Cocktails at the Simeone Auto Museum
The May 2017 Chapter Meeting was held at the Simeone Foundation Automotive Museum in Southwest Philadelphia. The meeting featured a talk, tour and cocktail reception with retired neurosurgeon Dr. Frederick Simeone, the Museum's founder.
The Museum includes sports cars from the first international road races of the 1900s to competition vehicles from the 1970s. Displayed in dioramas, like those at a natural history museum, each of the 65 historically significant cars is an original, not a copy or replica. All parts are original!
For Dr. Simeone, "cars are not always just hobby things. They are representative of certain times and places in history." "Cars," he says, "are emotional items and ... really worth studying as history."
And fun to drive, too, but you knew that.
November 2016: Installation of Officers
The November Chapter Meeting was held on Wednesday, November 16, 2016 at the Doubletree Guest Suites in Plymouth Meeting, PA.
In the photo at left, outgoing President William Mitchell, far right, swears in 2016-2017 Officers (from left to right), Second Vice President Megan Salehli, Secretary/Treasurer Walter O'Connell, First Vice President Sheila Gorman, Third Vice President Todd Jarden, and incoming President Andrew Sherriff.
2016 Sinclair Award Goes to Jay Fishman, FASA
In 2003, the Philadelphia Chapter created the George D. Sinclair Professionalism Award to recognize an individual, not necessarily a member of the Chapter, whose actions have enhanced the appraisal profession. At its November 2016 meeting, Chapter President Andrew Sherriff, ASA presented the 2016 George D. Sinclair Professionalism Award to Jay E. Fishman, FASA.
In selecting Jay Fishman, the Award Committee considered a number of factors, including professional experience and proficiency, leadership, service to the Chapter and the community at large, the development of appraisal methods, courses, and materials, professional publications, and generosity to those needing assistance.
Mr. Fishman was an obvious choice, reinforced by his FASA designation. It means he was elevated to the elite College of Fellows that guides ASA with its opinions about appraisal principles and practices.
Jay has been actively engaged in the appraisal profession since 1974 and has been qualified as an expert witness on business valuation in eleven states. He frequently serves as a court appointed expert. In addition, Jay has taught courses on business valuation and participated in seminars for the IRS, the AICPA, and the National Judicial College, as well as for ASA.
Jay is a Past Member of the Appraisal Foundation's Appraisal Standards Board and a Past Chair of its Appraisal Practices Board. He is also a Member Emeritus and Past Chair of the ASA's Business Valuation Committee and a Past Editor and frequent contributor to the ASA's Business Valuation Review.
An experienced leader, generous teacher and quintessentially professional appraiser, Jay Fishman is both honored by and does honor to the award. Congratulations to Jay as the 2016 recipient of the Sinclair Award!
May Wine Tasting, Tapas and Art
The May Chapter Meeting featured a Spanish Wine Tasting and Tapas/Hors D 'Oeuvres hosted by Vinocity founder, Vicki Miller. It was held on May 18, 2016 at the Twenty-Two Gallery in Philadelphia where the paintings and drawings of Philly activist/artist Caryn Kunkle were on exhibit.
The event was "a great success." Chapter members and their guests enjoyed superb wines and ample tapas while Vicki Miller talked about the facts, figures and science of winemaking and about the Spanish wine growing regions.
Ms. Miller's guests sampled and learned about four distinctive wines: a Segura Viudas Brut Cava, a sparkling wine made from Macabeo, Parellada, and Xarel-lo grapes, an Albarino Martin Codax, a refreshing white wine made from the Albarino grape, a Monte Clavijo Rose Rioja, a rose made with 60% Tempranillo and 40% Garnacha grapes, and a Castillo De Clavijo Rioja Reserva, a classic red from the Rioja, made with 80% Tempranillo, 10% Garnacha and 10% Mazuelo grapes.
Philadelphia Chapter Hosts 2nd Annual Service Event to Benefit Cradles to Crayons
On Thursday, December 3, 2015 the Philadelphia Chapter hosted a combined service event and happy hour in support of the local chapter of Cradles to Crayons. The event, held at the Great American Pub in Conshohocken, Pennsylvania, was an opportunity for members of the chapter to contribute cash or an article of essential children's clothing to Cradles to Crayons while enjoying complimentary hors d'oeuvres and an open bar. Members who attended filled a large box with clothing and donated over $400 in cash for this worthwhile cause.
The mission of Cradles to Crayons is to “provide children from birth through age 12, living in homeless or low-income situations, with the essential items they need to thrive - at home, at school and at play. We supply these items free of charge by engaging and connecting communities that have with communities that need.”
The Philadelphia Chapter was proud to host this event and looks forward to hosting it again next year.