Every certified appraisal from Equipment Values carries the credentials of Rhett Crites, CMEA, who leads the work with his team. Every credential below links to the issuing body's own listing, not to a page on this site.
What does the CMEA designation require?
The Certified Machinery and Equipment Appraiser designation is the machinery-and-equipment credential issued by NEBB Institute. To hold it, the appraiser completes NEBB Institute's training program, passes a written examination, has his work peer-reviewed by two certified appraisers, and attends annual refresher courses. The designation's rules bar assignments with a predetermined value conclusion and bar any fee tied to the value. NEBB Institute keeps the listing public: nebbinstitute.org.
What does CAGA certification require?
CAGA is the leading designation for appraisers of personal property, which covers every asset that is not real estate: machinery, equipment, vehicles and the rest. CAGA certifies appraisers after coursework, continuing education and standards examinations, and the team has appraised heavy equipment under its standards since 2009. The guild keeps the member listing public: certifiedappraisersguild.com.
What does USPAP compliance give the reader?
USPAP is the Uniform Standards of Professional Appraisal Practice, published by The Appraisal Foundation, and every report from this team is prepared to it. For the reader that means a stated value definition, an effective date, the intended users named, each machine identified, the approach and the evidence set out, and a certificate stating that the fee is not contingent on the value and whether the appraiser inspected the equipment.
Is the appraiser IRS qualified?
Yes. Rhett Crites meets the IRS definition of a qualified appraiser for Form 8283 noncash charitable contributions and estate work. A donation report carries the contribution date, the appraiser's declaration and qualifications, and the statement that it was prepared for federal income tax purposes, and under Treasury Regulation 1.170A-17 the appraisal is made no earlier than 60 days before the gift.
Do lenders accept the reports for SBA collateral?
Yes. Lenders use the team's reports for collateral support on SBA 7(a) and 504 equipment files. The E-Z Excavating file closed an SBA loan after the lender's reviewer had rejected a prior desktop report from another firm.
Has the appraiser served as an expert witness?
Yes. In late 2016 defense counsel Kristin Cummings of Zelle LLP retained Rhett Crites as an expert witness in federal litigation; the file set an actual cash value of $148,350 and a salvage value of $28,000 plus scrap, and opposing counsel did not challenge his qualifications.
Affiliations and published work
Rhett Crites is active in the Turnaround Management Association. He published "Equipment Appraisal 101: 5 Steps to Machinery and Equipment Valuation" at Academia.edu in 2015: academia.edu.
Independence
Heavy Equipment Appraisal does not buy, sell, broker or auction equipment, and does not operate an auction house. The fee is set by the work, never by the value.