June 2016 Meeting Minutes

Meeting Minutes

June 17, 2016

  • Chapter Officer Election Results given. Watch email.
  • Summer get together was suggested. More information to follow.
  • Treasurer’s report given:
    1. Checking        $ 9,410
    2. Savings $ 4,730

Motion to adjourn made and seconded.

Theresa Zeidler-Shonat introduced our guest speaker:

Rebecca Neumann, PhD

US Macroeconomic Challenges: Productivity, Innovation, and Financial Development

Rebecca Neumann is an Associate Professor of Economics at the University of Wisconsin – Milwaukee.  She is also the Director of Undergraduate Studies for the Department of Economics, a role in which she has significant contact with both undergraduate students and graduate students responsible for teaching in the undergraduate program.  Rebecca holds a BA from Bond University in Australia and an MS in Finance from the University of Arizona.  She earned her PhD in Economics from the University of Colorado in 2000 and has made UWM and Milwaukee her home since then.  She has a passion for educating students at all levels on macroeconomics,  money and banking, international finance, and personal finance.  Her research interests center around international finance with an infusion of productivity, financial development and the use of financial markets, financial integration, and the impact of fiscal and monetary policy.

A recent paper “How National and International Financial Development Affect Industrial R&D” (with Keith E. Maskus and Tobias Seidel, published in the European Economic Review) is an empirical study of how industry level Research and Development spending is affected by the development of both national and international financial markets.  Her current research examines how patent protection and financial development may jointly influence innovation.  Other projects focus on what drives foreign direct investment flows and how these may interact with other international capital flows such as remittances.  Rebecca has earned two Fulbright grants, one at Georg-August University, in Göttingen, Germany, in Summer 2005 and one at the University of Economics, Bratislava, Slovak Republic, in Summer 2013.  Rebecca is also a regular volunteer with Make A Difference – Wisconsin, providing financial literacy education to Milwaukee area teens.

Rebecca will present a summary of the state of the macro economy and issues regarding productivity, innovation, and financial development.

You can learn more about Rebecca here: http://uwm.edu/economics/people/neumann-rebecca/

Wisconsin Chapter of the American society of Appraisers


Respectfully Submitted,

Carol Busch, ASA

April Meeting Minutes

Meeting Minutes

April 22, 2016

  • Chapter Officer Election is coming up. Watch email.
  • Technical position was approved. They will be responsible for website updates and setting up and running the online meetings.
  • Treasurer’s report given:
  1. Checking         $ 11,430
  2. Savings           $   4,730
  • Motion to adjourn made and seconded.


Theresa Zeidler-Shonat introduced our guest speaker:

China: Inbound and Outbound Investments

Speaker: Ray Moran

Join Ray Moran, CEO of MG Valuation as he discusses the business, valuation and cultural issues often encountered in working with China related transactions. Ray will discuss inbound joint ventures in

China, outbound Chinese M&A into North America, and Chinese investment in North American commercial real estate. Ray has lived and traveled extensively throughout China, and has been involved in valuations with Chinese businesses for 15 years.


Ray Moran is CEO of MG Valuation, an independent valuation firm serving clients in twelve countries in the Americas, Europe and Asia/Pacific. Ray is a Senior Member of the American Society of Appraisers (ASA), Member of the Royal Institution of Chartered Surveyors. (MRICS). He is also a Member of the Board of the International Institute of Business Valuers (iiBV).

Next Meeting:      June 17, 2016 at MSOE. Professor Rebecca Neumann from UW-Milwaukee will present a discussion of macroeconomic trends.

Wisconsin Chapter of the American Society of Appraisers



Respectfully Submitted,

Carol Busch

Chapter Secretary

February 2016 Meeting Announcement


WHEN:            Friday, February 19, 2016

11:30 am to 1:00 pm

WHERE:         Milwaukee School of Engineering

Alumni Partnership Center

1120 North Broadway (SE Corner of Broadway and Juneau, enter through door on Broadway)

Milwaukee, WI 53202

Phone:  414-277-7151

Free Parking is available in the Milwaukee B Lot

MSOE has issued a “blanket parking” order for our meeting, and you will NOT need a parking pass to park in the lot.

Interactive map available on the Chapter website.


Highest and Best Use – Mine Buffer Land

Speaker: Gary Loke, ASA of Duff & Phelps

Gary’s article, “Highest and Best Use- Valuation Guidance Regarding Buffer Land at Quarry Operations,” appeared in the July issue of Rock Products magazine.  It serves as the basis for the presentation.  You can read the article here: http://rock.epubxp.com/i/536046-jul-2015/21?


About the Speaker:

Gary is a director in Duff & Phelps’ Milwaukee office in the Valuation Advisory Services practice. He provides direction and technical support for special-purpose, large multi-property, and multidiscipline engagements.


Gary has extensive experience in the valuation of businesses and assets in the following industries: oil and gas; mining and extractive; process industries; light, medium, and heavy capital goods manufacturing; and various service industries. He has served companies engaged in upstream, midstream, and downstream oil and gas operations, as well as companies engaged in the mining of construction aggregates, frac sand and other industrial sand, hard rock minerals, metallurgical-grade limestone, precious metals, coal, clay minerals, trona, and other extracted minerals. Gary also has extensive valuation experience with heavy manufacturing and process industry businesses, and conducts appraisals involving the valuation of business enterprises, capital stock, tangible and intangible assets, and tangible mineral reserves for purchase price allocation, as well as market value determinations for tax purposes.


COST:             $25.00 for Members and Guests

Pay online using a credit or debit card when registering.

You will also be able to pay at the door using cash or check only.


RSVP:              Please use the following link to RSVP for in-person attendance: http://bit.ly/ASAFeb2016InPerson


or follow the registration link on the chapter website.

RSVP no later than noon on Monday, February 15,, 2016.


Please note that if you RSVP to pay at the door, but do not attend, you will still be responsible for paying for the meeting, as we base our catering totals on RSVPs, and MSOE does not give us a discount on no-shows.



A buffet lunch with deli sandwiches, pasta salad, potato chips, chicken and wild rice soup, and assorted desserts will be served.


Live Streaming for those unable to attend in person:


The presentation and business meeting will be live streamed, free of charge, for those unable to attend in person.  If you cannot attend in person, please register to attend the live stream here:  http://bit.ly/ASAFebOnlineAttend


Priority will be given to WI Chapter attendees if our online seats fill up.


Live streaming is generously provided by Smith & Gesteland, LLP.


Chapter Meeting Survey:


In order to better serve our chapter, and to foster chapter participation, we are conducting a brief survey regarding your meeting preferences.  Please help us be the chapter you need and want by taking this ten-question survey:  http://bit.ly/WIChapMeetingSurvey


Survey Results will be presented at a future meeting.


Future meeting dates are as follows:



February 19, 2016, MSOE Gary Loke, ASA

Highest and Best Use – Mine Buffer Land

April 22, 2016, MSOE Tentative: Ray Moran, ASA

China: Inbound and Outbound Investments

May 20, 2016, MSOE or TBD To Be Determined
June 17, 2016, MSOE Tentative: Rebecca Neumann, PhD

Economic Update and Outlook



Map and Driving Directions:


An interactive map will be embedded on the Chapter Website at: