Appraisal Institute members represent cream of the crop for relocation, international organizations.
JOSEPH J. VELLA, MAI, CRE, FRICS, HAS BEEN NAMED THE 2006-2007 CHAIR OF THE INTERNATIONAL VALUATION STANDARDS COMMITTEE (IVSC), A NOT-FOR-PROFIT ORGANIZATION THAT REPRESENTS MORE THAN 50 COUNTRIES IN THE CREATION AND PUBLICATION OF GLOBAL STANDARDS AND PROCEDURAL GUIDANCE FOR THE VALUATION OF ASSETS.
Technology and teambuilding
Charnas, President of Charnas Appraisal, in Cleveland, Ohio, has been at the forefront of both technology and creating a team atmosphere through his own company, which he founded in 1976 after veering away from appraisal and into commercial mortgage lending and then back into appraising, mainly to work for his former relocation clients.
As the first appraiser to head up ERC, Charnas recognizes the opportunity to strengthen the ties with the appraisal community, ERC's second-largest constituency. One current ERC initiative that Charnas is hoping to sustain is the Unique Property Database, which he describes as "a proposed compendium of case studies that will provide historical records of how the market reacted to properties with highly unique features." Charnas notes that around 80 percent of the losses in home purchase programs are generated by 20 percent of the properties. The UPD would aid in identifying the factors early enough in the process to correct the situation.
Charnas added that he wants to ensure the continued growth the organization is experiencing in the global arena. "Expanding our global presence is critical in the next few years. The opportunities are numerous and it's important to identify some key partners and projects that help us build for the future," Charnas said. However, he wants to make sure it is not to the exclusion of domestic members who at present have little or no global activity. "Striking that balance between U.S. domestic needs and global needs is a challenge we work with every day."
Worldwide ERC provides leadership, advocacy, education and networking to global workforce mobility professionals and stakeholders through specialized training, credentialing, meeting events and information exchange. As president or ERC, Charnas sits on its Executive Committee and its Board of Directors. For more information on ERC, visit www.erc.org.
Vella at the helm of IVSC
"The IVSC has made spectacular progress over the last few years, especially in terms of production of high-quality standards, its evolving corporate governance, and its profile among world regulators and international agencies," said Vella. "There remains much to be done, but the cohesion, team spirit and vision of IVSC and its membership will enable it to achieve its end objectives and strategic goals--on behalf of its constituents and to the benefit of the entire profession and users of valuation results worldwide."
As president of Hendricks, Vella, Weber and Williams, a real estate decisions firm located in Tiburon, Calif., Vella has more than 25 years of experience in real estate research, analysis, valuation and consulting. He has been the United States representative to the IVSC since 1999, serving on the Management Board, Standards Board and Editorial Board. Vella has also been an active member of the Appraisal Institute, serving on the Valuation for Financial Reporting Task Force, International Relations Committee and Appraisal Standards Council. In addition, he has received the Appraisal Institute's prestigious national President's Award for his distinguished service to the appraisal industry.
"We are at an important time in the valuation profession as the convergence of accounting and valuation standards at the international level continues to have a significant impact on financial reporting for corporations and public entities," noted John W. Ross, CEO of the Appraisal Institute. "We are pleased that an Appraisal Institute member of the caliber and experience of Joe Vella is at the helm of the International Valuation Standards Committee. The Appraisal Institute is dedicated to working with Mr. Vella and the IVSC to establish uniform standards for valuation of all assets and liabilities throughout the world."
The IVSC maintains liaison with several international agencies, including the World Bank and International Monetary Fund as well as the International Accounting Standards Board. For more information on the IVSC, visit www.ivsc.org.
by Adam Webster, Managing Editor
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|Title Annotation:||MEMBER SPOTLIGHT|
|Publication:||Valuation Insights & Perspectives|
|Date:||Jan 1, 2006|
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