January Breakfast Meeting: Financial Planning in a Turbulent World

The January Breakfast Meeting will be held on Wednesday, January 17, 2018, 8:00 am at the Doubletree Guest Suites in Plymouth Meeting, PA. The guest speaker will be Elijah Dornstreich, a Vice President and Financial Advisor in Bernstein Global Wealth Management’s Philadelphia office. Mr. Dornstreich will talk about "All The Right Moves: Financial Planning in a Turbulent World."

A graduate of the University of Pennsylvania with a BA in sociology, Elijah Dornstreich came to Bernstein from Capital Business Partners, which specializes in funding solutions for small-business and retail clients. At Bernstein, Mr. Dornstreich advises individuals and institutions regarding a wide range of financial planning and investment matters, ranging from tax, retirement, and wealth planning, to planning for the sale of a small business, stock and options planning, and pension solutions.

Active in professional and civic affairs, he is a member of the Philadelphia, Pittsburgh and Bucks County Estate Planning Councils. He serves on the Boards of the AJC: Global Jewish Advocacy, the National Museum of American Jewish History, and Home Front Hearts, a nonprofit serving military families.

Mr. Dornstreich will discuss the factors contributing to the continuing stock market rally -- and what could derail it -- with a view toward investment and retirement planning. He will show how a rational and systematic approach to retirement planning built on the "right moves" can lead to success, even in adverse markets.

ASA Philadelphia Members: Free
This educational and informative Breakfast Meeting is FREE for ASA Philadelphia Members but requires Registration. Please register early for this Meeting which qualifies for 2 hours credit toward ASA re-accreditation.

Guests: $25
The Breakfast Meeting is $25 for Guests. Family members, colleagues, and associates are welcome! To Pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35.

Please Register or Pay by January 12. Send checks to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462.

September Meeting: Accounting Standards Updates

The September Chapter Meeting will be held on Wednesday, September 16, 2015 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:30 pm; all ASA members are welcome. The general meeting starts at 6:30. It will include the installation of the 2015-2016 Chapter Officers and presentation of the 2015 George D. Sinclair Award.

The guest speaker will be Albert A. Lazo, Director of Valuation Services at Brinker Simpson & Company, headquartered in Springfield PA. Mr. Lazo will review recent Accounting Standards Updates (ASUs) and their impact on business valuation.

Mr. Lazo is a Certified Valuation Analyst (CVA) with more than 15 years business consulting experience, including 10 in valuation services. A graduate of the University of Vermont with a BA in Mathematics, he took his MBA in International Business & Finance at Virginia Tech. Before joining Brinker Simpson & Company, he worked in valuation at KPMG and BDO.

With Michael Simpson, Al leads his firm’s valuation practice , which serves Fortune 500 and middle market clients, including energy, oil, chemical, retail, and manufacturing companies. Their practice ranges from business, gift and estate tax valuation to purchase price allocation and goodwill impairment.

As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Dinner is $35 per person for members and guests. Members: Last chance this season to buy the 5 Meeting Plan for $110 – a $65 saving! To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, September 11, to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

SAVE THE DATES. This is the first meeting of the 2015-2016 season. Other meetings, all at the Doubletree, are November 18, January 20 (Breakfast) and March 16. A May dinner meeting at a special venue is also planned but not finalized.

Business Valuation Seminar: April 2012

The Philadelphia Chapter of the American Society of Appraisers (ASA) will hold its annual Business Valuation Seminar at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA on Friday, April 20, 2012.  The program includes sessions on size and liquidity premiums, marketability, Subchapter S corporation valuation, working with the IRS, and reasonable compensation.

Michael A. Crain, ASA, a Principal of The Financial Valuation Group in Fort Lauderdale, FL will talk about "The State of Affairs on Size Premiums" from 8:30-10:00 am. The session will summarize studies on the size effect and discuss related return data from Morningstar and Duff & Phelps. Mr. Crain has a B.A. in accounting and an M.B.A. from Bellarmine University in Louisville, KY, and is performing doctoral research in finance at the University of Manchester's Business School in the U.K. A Chartered Financial Analyst(CFA) and a CPA certified in Business Valuation (ABV) by the American Institute of Certified Public Accountants (AICPA), he has authored books and journal articles, winning the AICPA's Lawler Award for best article of the year.

Ashok Abbott, Associate Professor of Finance at West Virginia University, will discuss "Size and Liquidity Premiums" from 10:15 am to noon. He will present empirical research showing that in publicly traded markets, using data from 1926-2010, liquidity and size have both played a role in explaining asset returns, and the use of one does not preclude the other. Dr. Abbot earned his B.S. degree in physics at Punjab University, an M.A. in English Literature at Meerut University, and a Post Graduate Diploma in International Business at Bombay University; he went on to take M.B.A and Ph.D. degrees in Finance at Virginia Tech. A prolific author and frequent presenter at professional conferences, his teaching interests include corporate finance, mergers and acquisitions, international finance and business strategy.

Michael Gregory, ASA, principal of the Roseville, MN firm of Michael Gregory Consulting LLC, will present "The IRS Job Aid on Discount for Lack of Marketability and Subchapter S Valuation Adjustments" from 1:00-2:00 pm. The presentation will explore the August 2011 IRS publication "Discounts for Lack of Marketability -- Job Aid for IRS Valuation Professionals," which Mr. Gregory helped develop before retiring from the IRS last year. Mr. Gregory's insights should help participants prepare their work product for income, gift and estate taxes more effectively.

Michael Gregory will also present "How to Work with the IRS" from 2:15-3:15 pm, drawing on his forthcoming book, How to Work with the IRS: Field Specialists and Revenue Agents (What I Learned that May Help You). Mr. Gregory will discuss the IRS' organization, rules of engagement, classification of estate and gift tax returns, and give best practice examples. The overview and advice should be helpful in dealing with the IRS and advising clients.

Mr. Gregory took his B.S. at Valparaiso University, his M.S. at the University of Wisconsin-Madison, and his M.B.A. in Finance at DePaul University. Before starting his own consultancy, he served the IRS as a Territory Manager, focusing on Subchapter S valuations, discounts for lack of marketability, reasonable compensation and appraiser penalties.  He serves on the ASA Business Valuation Committee, is a NACVA (National Association of Certified Valuators and Analysts) Accredited Valuation Analyst, and has qualified as a Mediator with the Minnesota Supreme Court.

Stacey D. Udell, ASA, a partner in the NJ firm of Gold Gerstein Group LLC, will talk about "Reasonable Compensation" from 3:25-4:50 pm. The presentation will consider the history of reasonable compensation, including new and landmark cases, and discuss valuation considerations and resources. Ms. Udell, who is a NJ Certified Public Accountant (CPA), Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF), holds a B.S. in Accounting from the University of Delaware. Her practice focuses on business valuation, forensic accounting, economic damages, and litigation support services. Active in professional circles, Ms. Udell has presented at both accounting and legal conferences and written for the American Journal of Family Law and for Business Valuation Resources.

Program Schedule
Registration, Buffet Breakfast	8:00 am-8:30 am
Morning Session*	8:30 am-12:00 pm
Lunch (included)	12:00 pm-1:00 pm
Afternoon Session*	1:15 pm-4:50 pm

*Morning and Afternoon Sessions include Refreshment Break

Registration Fee
ASA Members	$300
All others	$320

Additional Information. The program qualifies for eight hours of Continuing Education Credit (CEC) for ASA members and for members of other professional organizations which recognize NASBA credit. A seminar brochure, including additional information, biographies of the presenters, a registration form, refund and cancellation policies is available in PDF format [100 KB]. For all other questions, including CEC eligibility for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500, or Joanne Paciello at asaphiladelphia@verizon.net.

To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35 and mail to Executive Secretary Joanne Paciello, 8 Terrace Road, Plymouth Meeting, PA 19462.  Please note that seating capacity is limited.