August 2026 - Listserv - listserv.ercllc.net

Utility depreciation specialist recomendation

by Chris Rosenthal

Everyone - I have fellow board member at The Appraisal Foundation who is looking for the following expert: "I need a utility depreciation / original-cost specialist - someone who lives in the NARUC Uniform System of Accounts world: depreciated-original-cost studies, service lives and survivor curves, CIAC and contributed-asset treatment. The system dates from 1907 to 2010, so early-vintage original-cost records will be thin, and the specialist needs to be comfortable working in a regulatory setting and standing behind the work if called on." Anyone have such expertise? [logo-email] R. Christopher Rosenthal, CPA/ABV/CFF, ASA, AEP Managing Member One Annapolis Street, Suite 201 Annapolis, Maryland 21401 Baltimore/Annapolis: 443-482-9500 x104 150 I Street, S.E., Office #104 Washington, DC 20003 DC: 202-652-4500 x104 625 E. Twigg St., Suite #117 Tampa,<https://www.google.com/maps?q=150+I+Street+SE++Office+#104%20Washington%20D…> Florida 33602 FL: 813-402-8840 x104 Cell: 410-453-2557 Fax: 443-482-9069 crosenthal(a)vallitadvisors.com<mailto:crosenthal@vallitadvisors.com> www.vallitadvisors.com<http://www.vallitadvisors.com/> [Image result for small linkedin button for email signature]<https://www.linkedin.com/in/r-christopher-rosenthal-b853821/>[cid:image003.png@01DD395E.A7D4C0B0]<https://www.vallitadvisors.com/site/wp-content/uploads/2019/03/R_-Christoph…>

Aug. 31, 2026

unsystematic risk and the 10th decile

by Ron Seigneur

I am curious as to who in our group uses any of the subsets of the 10th decile in developing discount rates. I am solidly in Mike Crain's corner on this being bad science for all the reasons he has articulated in his recent academic study. We are considering a BVR webinar on this topic with added discussion of how to address the unsystematic risk component generally in the build up method. We have an analytical framework we use to support our professional judgment on what to add to the other premia. Is anyone here interested in potentially being part of a webinar with Mike and I to kick this all around? There is nothing on the books yet and the timing can be whatever will work for all ahead. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3949.833ECDF0] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD3949.833ECDF0] [Diagram Description automatically generated] [cid:image004.png@01DD3949.833ECDF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3949.833ECDF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD3949.833ECDF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Aug. 31, 2026

Re: Test

by Michelle Gallagher

Got it 😊 Sent from my iPhone On Aug 29, 2026, at 8:43 AM, Ron Seigneur via Listserv <listserv(a)ercllc.net> wrote: Test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> <image001.jpg> Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: <http://www.linkedin.com/in/ronseigneur> <image002.jpg> P Please consider the environment before printing this e-mail! P Thought for the quarter: “I used to have a handle on life, but it broke” – Anonymous Last quarters thought: "Choose to be optimistic, it feels better." — Dalai Lama <image003.jpg> <image004.png> <image005.jpg> <image006.png> <image007.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image008.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf _______________________________________________ Listserv mailing list -- listserv(a)ercllc.net To unsubscribe send an email to listserv-leave(a)ercllc.net

Aug. 29, 2026

Test

by Ron Seigneur

Test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3781.A8575EF0] Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: [cid:image002.jpg@01DD3781.A8575EF0] <http://www.linkedin.com/in/ronseigneur> P Please consider the environment before printing this e-mail! P Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [Diagram Description automatically generated] [cid:image004.png@01DD3781.A8575EF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3781.A8575EF0] [cid:image007.png@01DD3781.A8575EF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image008.jpg@01DD3781.A8575EF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Aug. 29, 2026

test

by Ron Seigneur

test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD370E.D77287A0] Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: [cid:image002.jpg@01DD370E.D77287A0] <http://www.linkedin.com/in/ronseigneur> P Please consider the environment before printing this e-mail! P Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [Diagram Description automatically generated] [cid:image004.png@01DD370E.D77287A0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD370E.D77287A0] [cid:image007.png@01DD370E.D77287A0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image008.jpg@01DD370E.D77287A0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Aug. 28, 2026

Anyone Do this?

by Sharyn Maggio

My partner received the following query from an attorney - anyone do this type of work? "I am looking for a valuation of the fees to be paid by a lab to a consultant who provides several different types of services some of which include marketing. The parties want to be able to have some flexibility for some of the components rather than a fixed fee. We want to make sure it is fair market value and does not raise EKRA/AKS concerns." Let me know - Sharyn [cid:image001.png@01DD36D0.205F31F0]<http://www.cgteam.com/> "Cg" is the brand name under which Cowan, Gunteski & Co., P.A. (also known as "Cg Audit and Assurance") and Cg Advisory, LLC provide professional services. Cg Audit and Assurance and Cg Advisory, LLC practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Cg Audit and Assurance is a licensed independent CPA firm that provides attest services to its clients, and Cg Advisory, LLC and its subsidiary entities provide tax, advisory, and business consulting services to their clients. Cg Advisory, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the Cg brand are independently owned and are not liable for the services provided by any other entity providing services under the Cg brand. Our use of the terms "our firm" and "we" and "us" and terms of similar import, denote the alternative practice structure conducted by Cg Audit and Assurance and Cg Advisory, LLC. Disclaimer: This e-mail and any attachments are CONFIDENTIAL and may contain legally privileged information. If you are not the intended recipient of this e-mail message, please telephone or e-mail us immediately, delete this message from your system and do not read, copy, distribute, disclose or otherwise use this e-mail message and any attachments. Although we have taken reasonable precautions to ensure this e-mail and any attachments are free of any virus or other defect that may affect your computer, it is the responsibility of the recipient to ensure that it is virus free and the above company does not accept any responsibility for any loss or damage arising in any way from its use. Finally, you should be aware that we reserve the right and may intercept and monitor incoming and outgoing e-mail correspondence, so you should not expect any e-mail communications to be private in nature. This email has been scanned for viruses and malware, and may have been automatically archived by Mimecast Ltd, an innovator in Software as a Service (SaaS) for business. Providing a safer and more useful place for your human generated data. Specializing in; Security, archiving and compliance

Aug. 28, 2026

Revised SSRN paper on Decile 10 firms

by Dr. Michael Crain

All: George Young and I have made substantial revisions to the SSRN paper available at the link below. It is much improved. https://ssrn.com/abstract=6616298<https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fssrn.com%…> Some new highlights you might be interested in: * Table 2, Panel B. In the earlier version, I had a coding error that formed the 10A/B/W/X/Y/Z portfolios monthly instead of annually each July 1 Annual sorts follow the literature (cf. Fama and French). The returns look more conventional compared to the practice literature. * Table 4. Low-price stocks ($5 per share), sometimes called penny stocks, contribute higher returns in 10Z. When these stocks are removed, 10Z returns are lower than 10Y returns. * Table 11. There are more unprofitable firms in 10Z than profitable ones. Also, the ratio of unprofitable to profitable firms increases monotonically from 10W to 10Z. * Table D.1 (p. 97 of the paper). Overall, the unhealthy financial ratios of 10Z are concentrated in the penny stocks (< $5 a share). * Table I.1. Delistings for performance are concentrated in 10Z firms. I believe this provides strong evidence against using a 10Z size premium. Dr. Michael A. Crain, CPA, CFA, ABV, CFE

Aug. 27, 2026

Test

by Ron Seigneur

This is just a test to see if I can post again. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD354D.3327C060] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD354D.3327C060] [Diagram Description automatically generated] [cid:image004.png@01DD354D.3327C060] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD354D.3327C060] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD354D.3327C060] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Aug. 26, 2026