New CFAI Principal
Arlene Ashcraft has been named a Principal of Columbia Financial Advisors, Inc. Ms. Ashcraft is a senior accredited appraiser (ASA) in business valuation, designated by the American Society Appraisers, and in August was awarded the Chartered Financial Analyst (CFA) designation by the CFA Institute. She has a Masters of Business Administration from Portland State University where she studied business administration, corporate finance, investments, economics and accounting. Prior to joining Columbia Financial Advisors, Inc., in 2005, Ms. Ashcraft was an Associate Consultant with Silver Oak Solutions.

Mark Your Calendar: Upcoming ESOP Events

ESOP Association: Conference for Minority ESOPs
February 3, 2012
New Orleans, LA
Thr Ritz Carlton
Since the late 90's ESOP sponsors of ESOPs holding less than 50% of the plan sponsor's stock have become almost the "forgotten" backbone of employee-ownership through the ESOP model. Kathryn F. Aschwald, CFAI Principal, will be speaking with Valuation Advisory Committee Chair Jim Ahern on “Valuation Issues for Minority ESOP Companies in 2012.”

National Center for Employee Ownership (NCEO): ESOP Governance Meetings
October 16-18, 2012
Seattle, WA
The ESOP Governance Meetings are three complementary, back-to-back seminars that provide specific guidance for directors and trustees on their key roles in ESOP companies.
On October 18, Kathryn F. Aschwald, CFAI principal, will be speaking on “How Does Executive Compensation Affect Valuation?”

Articles/White Papers:

Valuation and Repurchase Obligation (Issue Brief #27)
The ESOP Association has published a second white paper on Valuation and Repurchase Obligation as “Issue Brief #27,” A Framework for Understanding the Impact of Repurchase Obligation on Share Price. This white paper is on the ESOP Association website for members. Non-members may purchase it at the ESOP Store for $12.00.

Valuation and Repurchase Obligation (Issue Brief #25)
The ESOP Association published a white paper on Valuation and Repurchase Obligation as “Issue Brief #25,” Integrated Relationship of ESOP Repurchase Obligation and Valuation. The white paper is on the ESOP Association website for members. Non-members may purchase it at the ESOP Store for $12.00.

Understanding Your ESOP Appraisal—An In-House Trustee's Viewpoint
by Kathryn F. Aschwald
Understanding your ESOP appraisal may be one of the most difficult challenges of an in-house Trustee. Often, many Trust Committees are made up of individuals with little or no financial background ... download PDF

Valuing S Corporation ESOP Companies, S Corporation ESOPs,
3rd ed., Chapter 4
by Kathryn F. Aschwald and Donna J. Walker
On January 1, 1998, corporations with employee stock ownership plans (ESOPs) became eligible to elect S corporation status, and existing S corporations became eligible to form ESOPs, without nullifying the S corporation election. For 100% ESOP-owned companies, this change in the tax laws effectively eliminates federal income taxation... download PDF