Reports from the Outgoing Governance Board Chairs—Second Quarter 2025

Volunteer boards are critical because they combine strategic leadership, governance, representation, and advocacy, all while reinforcing the association’s mission with professional dedication and integrity. They are critical for the success and sustainability of professional associations for several key reasons:.

1. Strategic Leadership
Volunteer boards provide essential leadership, supporting the strategic vision and priorities for the organization. The individuals elected by the membership and who serve on the association’s boards ensure the association’s initiatives align with the needs and priorities of its constituents. Because board members are active practitioners themselves, they bring valuable insights into industry trends, challenges, and opportunities.

2. Representation of Member Interests
Board members are nominated and elected from within the global membership, representing a broad cross-section of our constituency and the profession at large. Acting as the voice of the membership, their diverse perspectives help ensure that the association remains inclusive and responsive. This connection fosters trust and strengthens engagement across the community.

3. Governance and Oversight
Volunteer boards serve as a governance body, providing oversight of the association’s credentials, accreditation policies, professional standards and ethics, and leadership initiatives. This shared accountability with headquarters’ staff helps maintain transparency, which is crucial for long-term credibility and effectiveness.

4. Advocacy, Mentoring, and Networking
Board members often act as ambassadors, promoting the association’s mission and advocating for the profession in broader arenas such as government, media, and industry. Their networks and influence can elevate the profile of the association and open doors for strategic partnerships.

5. Operational Support and Resource Development
While not responsible for day-to-day operations, board members often contribute time, expertise, and connections that directly benefit the association. They assist with event planning, credential management, relationship management, and support the continual development of member services, education, and advancement of the profession.

Association Governance
The mechanism to provide NACVA member/credentialed designee oversight consists of six boards to oversee Association activity in areas deemed critical to the integrity and credibility of the Association, and having the greatest impact on a member/credentialed designee’s livelihood. Board members are nominated and elected by the membership or assigned by the Executive Advisory Board (EAB). Positions are voluntary and, as prescribed in NACVA’s Bylaws, board member terms are for up to three years.

• Learn more about NACVA’s Governance Boards at www.NACVA.com/Governance.
• Learn more about recent board elections at Association Governance: NACVA 2025–2026 Board Elections

2024–2025 Governance Board Reports
On behalf of our global membership, credential designees, and the team at NACVA|GACVA HQ, we appreciate the time board members and their respective Chairs invest throughout their tenure. We are thankful for the projects and initiatives championed collaboratively—often unseen but always impactful—that provide long-lasting benefits for our profession. Board contributions continue to build upon the legacy and esteem of NACVA|GACVA being the dominant force in the global business valuation and financial forensics profession.

By way of the summaries below, submitted by our outgoing board chairs, we are honored to report details about the efforts our boards achieved. The reports include success stories, projects worked on, whether in progress or completed, resources developed, outcomes from affiliate partnerships, and other notable developments. We extend thanks to our outgoing board chairs, outgoing board members, and congratulate those who are newly elected. We invite you to click through the hyperlinks included within the reports below to learn about the Association’s efforts to provide a range of high-quality resources to facilitate success for our members and credential holders.

Executive Advisory Board | EAB
Outgoing EAB Chair: Robert W. Carter, MS, CPA, CFF, ABV, CVA, CFE, CEPA—Managing Member, Paradigm Forensics, LLC, Owings Mills, MD
NACVA|GACVA members/credential designees; I’ve had an exciting few years as a board member, starting with the Standards Board as well as the Executive Advisory Board while simultaneously serving as a liaison to the Ethics Oversight Board. During these six years, many initiatives have been implemented and goals achieved. I am appreciative of my opportunity to be involved with many of them. One of the most exciting initiatives was the formation of the Leadership Initiative Board and the subsequent subcommittee, the Artificial Intelligence and Machine Learning Commission. These are two new groups that will ensure NACVA|GACVA remains the leader in growing knowledge and resources within the valuation and forensics industry.

I also had the opportunity while on the Standards Board to support the ongoing development and publishing of NACVA|GACVA’s Professional Standards (NACVA and GACVA), Standards and Ethics FAQ Library, Business Valuation/Appraisal Standards Comparison Charts (U.S/Domestic and International), and Comparison Charts of Appraisal/Valuation Terms (U.S./Domestic and International). These are major undertakings and I am proud of the members of these boards for their dedication and thoroughness in making sure the members/credentialed designees of NACVA|GACVA have the best and industry-leading resources to rely upon.

While the Chair of the Executive Advisory Board, I also served as the liaison to the Ethics Oversight Board. This is a hard-working board that strives to ensure that everyone is treated fairly and that members/credentialed designees of the organization are held accountable to reasonable professional and ethical standards. During my tenure, this board was able to update its Standards Monitoring Policies and Procedures Manual, streamline the complaint process, and update organization-wide requirements for new CVAs and MAFFs. All the while, this board investigated complaints submitted to the Association that had to be handled properly and in strict confidence.

Overall, and as you will discover through reading the reports provided by the outgoing board chairs, NACVA|GACVA’s governance boards have been busy and accomplished an amazing amount in such a short time. I have been blessed by my opportunity to experience and lead many of these boards through such a momentous time in the Association’s history.


Welcome the Incoming EAB Chair, Christina LoRusso, MSA, CDFA, CFE, CVA, MAFF—Owner and Operator, Lorusso Forensics LLC - Business Valuations and Forensic Accounting, Las Vegas, NV

 
Ethics Oversight Board | EOB
Outgoing EOB Chair: Steven M. Dotterer, JD, MBA, CVA, MAFF—Director, Business Valuation and Litigation Support, H2R CPA, Pittsburgh, PA
I first want to thank the NACVA|GACVA membership for entrusting the members of the Ethics Oversight Board (EOB) with the vital role this body plays in the Association’s governance structure. The EOB consists of eight voting members and is supported by personnel from HQ and a liaison from the Executive Advisory Board. Officially, the EOB is charged with the monitoring of the Association’s membership and certificants concerning ethical and professional standards. The EOB’s responsibilities include creating the framework for continuing professional education, monitoring, and enforcing compliance, facilitating awareness, enhancing the understanding of the association’s Professional Standards, and, when necessary, investigating and determining whether a member and/or certificant has violated the Professional Standards.

The 2024–2025 EOB term certainly offered a slate of new challenges and exciting opportunities. Consistent with the mission and purpose of the EOB, we worked to represent the interests of the membership and the profession as a whole in ways that are both seen and unseen. The challenge with writing and speaking about the EOB’s efforts is doing justice to the level of service this body provides, while still maintaining the highest level of confidentiality regarding the sensitive cases we examine. That said, some of the notable initiatives from the 2024–2025 term included the following:

• Evaluation and disposition of a higher-than-historical number of ethics complaints and cases (procedurally, a super-majority of six out of eight voting members is required to initiate a productive review of complaints);
• Interpreting and applying NACVA|GACVA governance documents, including the EOB Standards Monitoring Policies and Procedures Manual, to a diverse slate of matters;
• Collaboration with the EAB and Standards Board to expand guidance for members on frequently asked questions and common areas of concern;
• Assisting the EAB with the review of certification and recertification attestation questions and related policies;
• Increased EOB participation in NACVA educational offerings, including (a) the popular Around the Valuation World (AVW) and (b) artificial intelligence webinars (including participation on the Artificial Intelligence and Machine Learning Commission [AIMLC]);
• Emphasizing the importance of EOB impartiality in its evaluation and disposition of duties; and
• Reiterating guidance extended through the articles on ethics that can be accessed through the Association’s website at https://www.nacva.com/standards and the Industry Standards and Ethics Video Bulletin, a video compilation of Professional Standards tips produced by the Standards Board and the EOB. 

I next want to thank the individuals who made this term a success. In addition to HQ personnel (without whom the business of the Board could not have been conducted), including Brien Jones, Kirk Bowden, Chanda Chuon, and Lynne Johnson. I also want to thank the 2024–2025 members of the EOB: Lorraine Barton, Rob Carter (EAB Liaison), Karen Lascelle, Steven McDonald, Marge McDonnell, Nick Mears, Richard Wise, and Alan Zipp.

Lastly, I want to thank our previous Chair, Renee Fair, for her excellent work and example set in the prior term, and I want to congratulate Steven McDonald on becoming Chair for the 2025–2026 term. I have worked with Steven on EOB cases this term and have been impressed by his heart, knowledge, judgment, and experience. The EOB’s work is essential to NACVA|GACVA and I encourage members who have an interest in shaping the Association’s future to throw their hats into the ring for future consideration as EOB members.


Welcome the Incoming EOB Chair, Steven McDonald, CVA — Principal/Chief Economist, Raftelis, Maitland, FL
 
 
 
Leadership Initiative Board | LIB

Outgoing LIB Chair: William H. Black, CPA, CFF, ABV, CFE, CMA, CVA—Professor, University of North Georgia, Sandy Springs, GA
The Leadership Initiative Board (LIB) is charged with looking into the future and identifying trends, events, or phenomena that could affect the business valuation and financial forensics community. As you would expect, 2024–2025 was a busy year. Building on the interest in artificial intelligence (AI) as expressed by the membership, within the Association’s leaders, and with guidance from the Executive Advisory Board, we established the Artificial Intelligence and Machine Learning Commission (AIMLC). Andrew Kelly, the AIMLC Chair, and LIB member, Alina Rivera, joined the AIMLC with representation from other boards. Recognizing the need for guidance regarding AI, we supported the creation of an Advisory Briefon AI: The Use of Artificial Intelligence and Machine Learning, a non-authoritative but technically sound resource to help analysts in practice deal with these burgeoning and volatile areas. The LIB created guidelines for the consideration of future Advisory Briefs and we are proud to boast that, during the 2024–2025 term, Advisory Briefs are a newly added feature for the Association. Other notable achievements relating to AI include: introducing AI Data University, a bustling schedule of AI webinars, and the AI Insightscolumn in NACVA’s QuickRead.

Cryptocurrency and cybersecurity were other hot topics discussed throughout the year. Dorothy Haraminac, LIB member and a seasoned expert in cryptocurrency, blockchain, and cybersecurity, is leading our efforts in this area. Her presentation at NACVA and the CTI’s December 2024 Business Valuation and Financial Litigation Super Conference with Stacy Ferris, along with the articles listed below published in NACVA’s QuickRead and The Value Examiner are in line with the mission of the LIB.

• Cryptocurrency in Litigation Practice: Tips and Pitfalls for the Financial Forensics Practitioner
• Determining the Fair Market Value for a NFT: A Practice Guide for Practitioners
• Accidental Brokers and How the IRS Unravels Contract Law in its Newest Cryptocurrency Proposals
• Emerging Cryptocurrency Valuation Litigation
• Is Bitcoin a Ponzi Scheme According to Charles Ponzi?
• Reducing Privacy Fine Exposure on the Cheap
• What is Your Privacy Fine Exposure?

The 15-hour CPE On-DemandCertificate of Educational Achievement (CEA) training program, Cybersecurity: Analysis, Risk, and Actions, adds highly credible resources. Combined with the articles, the LIB has championed and produced timely and useful information. Forthcoming will be an Advisory Brief on cryptocurrency and the associated CEA training program. The sheer number of factors to consider in analyzing the existence and value of cryptocurrency assets and cybersecurity considerations is overwhelming. These resources provide much-needed guidance and support.

Keeping track of developments throughout the profession was another opportunity for LIB members to deliver value. LIB representatives Glenn Block and Andrew Kelly attended the Appraisal Issues Task Force (AITF)meetings and summarized outcomes to present opportunities for the LIB to monitor or pursue. In late 2024, the IRS issued proposed regulations (Circular 230)that could alter how sources of authoritative information are determined. Working with the Standards Board, the Association’s leaders put together a quick-response task force, authored, and submitted a NACVA response on behalf of the Association. NACVA funded travel for LIB member T.J. Liles-Tims and Standards Board members, Trisch Garthoeffner and Dalton Hopper, to present testimony in person at the IRS public hearing in March 2025. The wheels of government grind very slowly, and as yet, there is no visible response from the IRS.

On other fronts, our Judiciary Task Force (led by Ron Rudich) encouraged Senior Maryland Circuit Court Judge Steven I. Platt to provide an update on his views about The Role of the Expert in 21^st Century Dispute Resolutionin QuickRead. Judge Platt will present a virtual session on this topic December 1, 2025. Contact Brien K. Jones, NACVA|GACVA’s Chief Operations Officer and Executive Vice President [click here], before August 31, 2025, if you would like to attend this CPE session for free.

The LIB continues to develop ideas for future attention, like Advisory Briefs on the impacts of tariffs and inflation on professional practice. The LIB certainly has a lot to do going forward, and NACVA|GACVA is fortunate to have such a dedicated group of volunteers looking out for our future.


Welcome the Incoming LIB Chair, T.J. Liles-Tims, MBA, CVA, CFE, MAFF—Partner, Forensics and Litigation Services, Weaver, Oklahoma City, OK



Litigation Forensics Board | LFB
Outgoing LFB Chair: Michael Pakter, CPA, CFF, CGMA, CVA, MAFF, CIRA, CFE, CA, CDBV—Managing Member, Gould & Pakter Associates, LLC, Chicago, IL
During my term as Chair of the Litigation Forensics Board (LFB), our primary focus and most impactful achievement centered on enhancing the quality and consistency of NACVA’s Certificate of Educational Achievement (CEA) training program. This initiative is an important part of NACVA’s commitment to delivering high-quality continuing education in specialized areas of practice to its members.

The CEA is awarded to individuals who attend continuing education courses in specialized areas of business valuation and financial forensics practice, who also successfully complete assessments that measure comprehension of the course’s educational content and learning objectives. While the CEA does not in itself constitute a professional designation or credential, it is a meaningful form of recognition that supports members/credentialed designees’ continuing professional development in specialized areas of practice. The CEA courses are designed for individuals seeking to attain the Master Analyst in Financial Forensics (MAFF) and for active credential holders seeking to further their knowledge in specialized areas. These courses can also satisfy the CPE requirements for tri-annual credential recertification.

CEAs are offered for the following courses:

• Essentials of Business Valuations
• Essentials of Financial Litigation
• Bankruptcy, Insolvency, and Restructuring
• Business and Intellectual Property Damages
• Business Interruptions and Lost Profits
• Business Valuation in Litigation
• Commercial Damages and Lost Profits
• Conducting Fraud Investigations
• Cybersecurity: Analysis, Risks, and Actions
• Forecasting and Modeling
• Matrimonial Litigation
• Personal Injury
• Wrongful Death
• Four Pillars of Healthcare Valuation
• The Valuation Advisors Foundation for Valuing Cannabis Enterprises

Over the past year, the LFB partnered closely with NACVA HQ to finalize a comprehensive CEA course review matrix, revising the prior three-year review cycle for all CEA courses to a shortened two-year cycle to ensure frequent updates are addressed and implemented, reflecting industry changes and regulatory developments. With this foundation in place, and carrying over from the prior board term, LFB members assessed (and/or will assess on an ongoing basis) the virtual course recordings and provided (and/or will provide) feedback to the course developers and instructors. The feedback covers whether learning objectives and outcomes are met, whether these align with the course materials, assignments, and the target audience's needs, whether the course covers the topics thoroughly, whether there are gaps or unnecessary content, and whether the course presents a good mix of theory, practical application, and resources. The CEA reviews also focused on assessing the material for clarity, currency, and instructional effectiveness, and to ensure that each course remains relevant and aligned with the Core Body of Knowledge for the MAFF and meet the National Association of State Boards of Accountancy (NASBA) compliance standards for issuing continuing professional education (CPE). An additional initiative tied to the CEA program encourages course reviewers, authors, and those who attend the programs to translate their insights into published thought leadership. Upon completion, participants are invited to author articles for The Value Examiner and/or QuickRead, further contributing to the professional body of knowledge within the valuation and litigation support communities.
 

Other significant projects completed by the LFB included the review and update of select MAFF proctored exam questions, aligning with the board’s oversight of exam development and maintenance per the MAFF NCCA accreditation. The board also solidified the Association’s affiliate partnerships and synergistic activities with the Academy of Court Appointed Neutrals (ACAN) and Start Small, Think Big. ACAN will collaboratively develop and co-present the featured session “What You Need to Know About Becoming or Working With a Court-Appointed Neutral” during NACVA and the CTI’s Business Valuation and Financial Litigation Super Conference in September with Michael Kaplan and ACAN subject matter experts (SMEs) will be featured guests during forthcoming Around the Valuation World webcasts. With Start Small, Think Big, NACVA plans to continue its yearly Pro Bono Day of Service on September 9, 2025, and December 2, 2025. This program entails helping small business owners from marginalized communities by virtually connecting them with NACVA volunteer credential holders who offer their expertise in specific, time-bound one-on-one discussions centered around the business owner’s bookkeeping knowledge or helping them better understand the numbers behind their business. This year will be NACVA’s third year supporting this program. CLICK HERE to learn more and get involved.