Source: CLEMSON UNIVERSITY submitted to NRP
FOREST VALUATION AND FINANCIAL ISSUES IN CONSULTING FORESTRY: SOLUTION TECHNIQUES AND APPLIED COMPUTER SOFTWARE MODELS
Sponsoring Institution
National Institute of Food and Agriculture
Project Status
COMPLETE
Funding Source
MCINTIRE-STENNIS
Reporting Frequency
Annual
Accession No.
0217483
Grant No.
(N/A)
Cumulative Award Amt.
(N/A)
Proposal No.
(N/A)
Multistate No.
(N/A)
Project Start Date
Jul 1, 2009
Project End Date
Sep 30, 2014
Grant Year
(N/A)
Program Code
[(N/A)]- (N/A)
Recipient Organization
CLEMSON UNIVERSITY
(N/A)
CLEMSON,SC 29634
Performing Department
School of Agricultural, Forest, & Environmental Sciences
Non Technical Summary
Consulting forestry has grown into one of the largest employment sectors for professional foresters. South Carolina has two of the largest consulting forestry firms in the country. Consulting foresters are businessmen and expect research results to be practical and usable. This project will produce results in terms of common forestry valuation, appraisal, and economic problems that these firms have identified as crucial. These problems are also of interest to large timber investors and forest industry. FORVAL is a computer software model that currently exists and is heavily used by forestry consultants (the principal investigator co-developed the model). The project will build on the existing FORVAL framework to develop a set of financial options that will allow consultants to solve current valuation and appraisal problems. This will be new computer software that addresses practical problems like valuing precommercial timber stands, storm-damaged timber stands, conservation easements, non-timber values, and carbon sequestration systems. Workshops will introduce the model and assist in developing better relationships between Clemson University and the consulting community. Outputs include survey results identifying consultant needs in this area, conceptual models for common forestry valuation and appraisal problems, a computer software model, and improved communications between Clemson University and the consulting forestry community.
Animal Health Component
(N/A)
Research Effort Categories
Basic
(N/A)
Applied
(N/A)
Developmental
(N/A)
Classification

Knowledge Area (KA)Subject of Investigation (SOI)Field of Science (FOS)Percent
1230699301040%
1240699301010%
6020699301025%
6050699301025%
Knowledge Area
602 - Business Management, Finance, and Taxation; 605 - Natural Resource and Environmental Economics; 124 - Urban Forestry; 123 - Management and Sustainability of Forest Resources;

Subject Of Investigation
0699 - Trees, forests, and forest products, general;

Field Of Science
3010 - Economics;
Goals / Objectives
This project will build on the FORVAL (Forest Valuation software model) framework and develop a series of financial options that perform discounted cash flow analysis problems associated with the major appraisal issues facing consulting foresters today. Guidance on the type of problems to address will come from consulting foresters themselves. FORVAL provides a proven framework for discounted cash flow modeling. The results would follow the FORVAL model in being user-friendly and easy-to-use. The ultimate impact will be a closer research and educational relationship with the consulting forestry community for Clemson University. The project objectives are (1) to informally survey consulting foresters during Association of Consulting Forester meetings, including the next national convention to be held in Charleston, S.C., to identify needed valuation techniques in forestry appraisal, (2) to develop theoretical financial and forest valuation models that address appraisal and related issues that impact consulting forestry, with results published in refereed and practical journals, (3) to develop computer software models based on these theoretical results that perform the forest valuation techniques necessary for the models developed above; these are to be user-friendly, practical models that would quickly move into general use, (4) to develop workshops related to the forest valuation models and computer software to disseminate results to the consulting forestry community; training is an explicit objective of this project, (5) to utilize the results and workshops to develop stronger relationships between the Department of Forestry and Natural Resources and the consulting forestry community; to have Clemson University identified as the "go-to" university in the region for such information, and (6) to use the development effort in a broader search for related financial and valuation problems in sectors with research funding. The four primary outputs that would result are: (1) a set of identified financial, appraisal, and operational valuation issues that are current and difficult computationally to address in practice, with applicable computer software applications, (2) a conceptual valuation framework for computational solution of the financial problems, (3) a financial computer software model that is applicable to consulting forestry valuation problems, and (4) a set of relationships between Clemson University and the consulting forestry community will be established. The first three outputs will result in significant publications, some in relevant consulting and forestry journals, and many in refereed journals.
Project Methods
First, a set of issues facing consulting foresters in the general financial and forestry valuation and appraisal area will be developed. A cost-effective survey will be performed at Association of Consulting Foresters (ACF) meetings. If these models are to be useful, they must be based on actual needs of consulting foresters. These results will be sent to South Carolina ACF members to "ground truth" for local relevance and priority. Second, appropriate theoretical financial and discounted cash flow models that address the issues identified above will be developed. Development would be based on strong forest valuation theoretical modeling sufficient to be published in refereed journals. The same research will be rewritten in a level that will be publishable in journals more often read by consultants (including The Consultant). Issues would likely include financial and valuation problems like: valuing precommercial stands, valuing storm-damaged stands, valuing conservation easement arrangements, valuing non-timber amenities, and accounting and valuation of carbon sequestration systems. Third, software models that easily allow forestry consultants to apply the models developed above to forestry financial and timberland appraisal problems will be developed. FORVAL will be the framework of the model. The model will use standard discounted cash flow analysis and the analysis technique will be "transparent" to generate confidence. Fourth, the model will be used as a tool to develop enhanced relationships within the forestry consultant community. Workshops on use and techniques would be offered across the state, especially at ACF meetings. The enhanced relationship will be followed to new endeavors that increase interaction between Clemson University and the consulting forestry community. Fifth, the overall models and software framework will be used to seek broader funding across federal, institutional investor, and foundation grant sources. This project results in three main economic products or impacts. First, a set of issues or problems confronting consulting foresters will be solved. With input from the consultants themselves, actual on-the-ground problems will be addressed. This will produce valuable time savings and more accurate appraisals of forest proprieties. Even more useful will be the computer software model developed. It will be a hands-on everyday tool that most large consulting firms will adopt. It will be time-saving and accurate. Timber is one of the state's most important crops and this will greatly enhance its value. This is the case of an economic model actually adding value to a product by more accurate valuation. Second, longer term, the increased interaction between the Department of Forestry and Natural Resources and the forestry consulting community will be a benefit to the state. Clemson has an obvious interest in the state's forests and the more active relationship with the consulting community should lead to better management of the state's timber and forest resources. Third, the "reach" of the modeling should allow for related grants that should complement the consulting effort.

Progress 07/01/09 to 09/30/14

Outputs
Target Audience: Consulting foresters, mainly Association of Consulting Forester members. Other target audience groups are professional foresters in general, and urban foresters involved in appraisal and valuation.Consulting foresters provided considerable feedback on model development. Presentations and publications have provided output useful to these groups and feedback on financial models and techniques has been positive. This feedback provided the foundation for futher model development and future research direction. Changes/Problems: Nothing Reported What opportunities for training and professional development has the project provided? Informatrion from the project was reported at consulting forestry and forest economics meetings and workshops.The AnnualConference of the Association of Consulting Foresters (ACF)and state-level ACF meetings were the primarypresentation opportunities utlilized. How have the results been disseminated to communities of interest? Publication output resulting from this project is very significant. Both refereed and popular journals were used to reach the intended audience. Dozens of publications centered directly on the primary outputs outlined in the goals. Dozens more of related publications centered on closely-related subjects. The main community of interest was consulting foresters. Outputs are specifically centered on that audience.. What do you plan to do during the next reporting period to accomplish the goals? Nothing Reported

Impacts
What was accomplished under these goals? All goals were accomplished, plus the project allowed for substantial additional outputs related to the consulting forestry community. Specific valuation techniques related to consulting forestry and urban forestry appraisal and valuation models and applications were identified via acomprehensive survey. Results of the survey were published and these publications are in the publications list. Based on the needs survey, computer software valuation methods and techniques were developed and incorporated into the FORVAL forest valuaton software. The computational and valuation theory that formed the framework of the software model modifications was published in refereed journals (included in the publications list).These appraisal and valuation results were communicated to the consulting forestry community via presentations, refereed publications, and popularpublications. As a result of this effort much stronger relationships were developed between the consulting forestry community and the forestry faculty at Clemson University (especially withtheAssociation of Consulting Foresters).The four primary outputs thatresulted are: (1) a set of identified financial, appraisal, and operational valuation issues that are current and difficult computationally to address in practice, with applicable computer software applications, (2) a conceptual valuation framework for computational solution of the financial problems, (3) a financial computer software model that is applicable to consulting forestry valuation problems, and (4) a set of relationships between Clemson University and the consulting forestry community will be established. The first three outputsresulted in significant publications, some in relevant consulting and forestry journals, and many in refereed journals.

Publications

  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Ward, P.L., and T.J. Straka. 2013. Forestland and timber donations: Challenging management opportunities for foundations. Open Journal of Forestry 2(4):257-264.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Page, D.H., Jr., S.E. Page, T.J. Straka, and N.D. Thomas. 2013. History on the road: Charcoal and Utah's early mining history. Forest History Today 19(1&2):55-62.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Woodham, A.D., III, and T.J. Straka. 2013. Family forest owners' perception of group forest certification in South Carolina, USA. Journal of Natural and Environmental Sciences 4(1):22-30.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Kendall, B.J., D.C. Guynn, T.J. Straka, and G.K. Yarrow. 2013. Hunter and landowner needs and expectations and the economic impact of hunting on rural South Carolina counties (USA). Wildlife Biology in Practice 9(2):76-90.
  • Type: Journal Articles Status: Published Year Published: 2014 Citation: Simons, J.M., T.J. Straka, L.R. Gering, and R.F. Polomski. 2014. Resistance to integrating management and economic courses across the natural resources and agricultural curricula. NACTA Journal 58(1):46-53.
  • Type: Journal Articles Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Historic charcoal production in the US and forest depletion: Development of production parameters. Advances in Historic Studies 3(2):104-114.
  • Type: Journal Articles Status: Published Year Published: 2014 Citation: Hammond, J.D., T.J. Straka, and T.A. Brown. 2014. Incremental investment value of wild turkey management on the South Carolina Piedmont. Natural Resources 5(2):719-731.
  • Type: Book Chapters Status: Awaiting Publication Year Published: 2015 Citation: Straka, T.J., and T.L. Cushing. 2015. McPhail Tree Farm, South Carolina, United States of America. In S. Siry, D. Grebner, K. Boston, K. Merry, C. Cieszewski, and P. Bettinger (eds.). Forest Plans of North America, Chapter 12. Elsevier/Academic Press: Burlington, MA. (In Press).
  • Type: Other Status: Published Year Published: 2013 Citation: Straka, T.J. 2013. Timber Value Fundamentals. Clemson University Cooperative Extension Service, Forestry and Natural Resources, Extension Publication FNR 101. 2 p.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Timber Value: From Inventory to Cash Flows. Clemson University Cooperative Extension Service, Forestry and Natural Resources, Extension Publication FNR 102. 3 p.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Timber Sales Fundamentals. Clemson University Cooperative Extension Service, Forestry and Natural Resources, Extension Publication FNR 103. 2 p.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Timberland Investing. Clemson University Cooperative Extension Service, Forestry and Natural Resources, Extension Publication FNR 104. 2 p.
  • Type: Other Status: Published Year Published: 2014 Citation: Page, D.H., Jr., S.E. Page, and T.J. Straka. 2014. Charcoal Production in Tooele county, Utah: A Historical Record of a Forgotten Industry. Tooele County Historical Society (Tooele, Utah) Special Publication 2014-1. 19 p.
  • Type: Other Status: Published Year Published: 2013 Citation: Hatcher, J.E., Jr. T.J. Straka, and D. Christopher. 2013. Bringing light to the 'Dark Corner': How the Tamassee Daughters of the American Revolution School became a beacon of hope and sustainable forestry. Forest Landowner 72(6):30-35.
  • Type: Other Status: Published Year Published: 2013 Citation: Straka, T.J. 2013. Opinion, Letters to the editor: Master's degrees may not help teachers teach better. The Wall Street Journal (October 12-13, 2013) 262(88):A12.
  • Type: Other Status: Published Year Published: 2013 Citation: Woodham, A.D., III, and T.J. Straka. 2013. Family forest owners' perception of group certification. The Consultant 2014:20-21, 23-24.
  • Type: Other Status: Published Year Published: 2014 Citation: Harper, R.A., J. Mo, and T.J. Straka. 2014. A few additional impacts on South Carolina timber production. South Carolina Forestry Journal 2014(1):6.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Opinion. Letters to the editor: The forests, the trees, conflicting goals, and poor policy. The Wall Street Journal (January 14, 2014) 263(11):A13.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Straka, T.J. 2013. Forest history snapshot: Forest industry woodlands operations locations prior to mergers and acquisitions. Advances in Historical Studies 2(4):194-201.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Opinion. Letters to the editor: Lower standards upstream cause problems downstream. The Wall Street Journal (February 25,2014) 263(45):A12.
  • Type: Other Status: Published Year Published: 2014 Citation: Kirby, T.P., and T.J. Straka. 2014. Ripples from the forest. Forest Landowner 73(2):14-19.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Letters to the editor: Into the woods. National Review (June 2, 2014) 66(10):4.
  • Type: Other Status: Published Year Published: 2014 Citation: Bell, L., J. Bowers, C. Davis, N. Harrington, and T.J. Straka 2014. Untangling heirs' property. Forest Landowner 73(4):38-41.
  • Type: Other Status: Published Year Published: 2014 Citation: Bullard, S.H., and T.J. Straka. 2014. Bullish on forestry careers. Forest Landowner 73(5):14-21.
  • Type: Other Status: Published Year Published: 2014 Citation: Straka, T.J. 2014. Opinion. Letters to the editor: Passenger pigeons are gone forever. The Wall Street Journal (September 5, 2014) 264(56):A12.
  • Type: Other Status: Published Year Published: 2014 Citation: Londeau, A.C., and T.J. Straka. 2014. Family forest owners' motivations to control understory vegetation: Implications for consulting forestry. The Consultant 2015:40-43.
  • Type: Conference Papers and Presentations Status: Published Year Published: 2013 Citation: Hamilton, G.A., T.L. Cushing, and T.J. Straka. 2013. Integrating American Tree Farm System Certification into a university capstone forest resource management plans course. In Proceeding Southern Forest Economics Workshop (Auburn, Ala.; March 10-12, 2013), Southern Forest Economics Workers, P. 114-126.
  • Type: Conference Papers and Presentations Status: Published Year Published: 2013 Citation: Hatcher, J.E., Jr., T.J. Straka, and J.L. Greene. 2013. The escalating impacts of parcelization on consulting foresters. In Proceeding Southern Forest Economics Workshop (Auburn, Ala.; March 10-12, 2013), Southern Forest Economics Workers, p. 127-135.
  • Type: Conference Papers and Presentations Status: Published Year Published: 2013 Citation: Simons, J.M., L.R. Gering, T.J. Straka, and R.F. Polomski. 2013. Integrating management and economics courses across forest resources curricula. In Proceeding Southern Forest Economics Workshop (Auburn, Ala.; March 10-12, 2013), Southern Forest Economics Workers, P. 154-166.


Progress 01/01/13 to 09/30/13

Outputs
Target Audience: Thetarget audience is consulting foresters, mainly Association of Consulting Foresters members. Other target groups are professional foresters in general, and urban foresters and foresters involved in appraisal and valuation. Consulting foresters provided considerable feedback on early model development. Presentations and publications have provided output useful to these groups and feedback on financial models and techniques has been positive. This feedback provided the foundation forfurthur model development. Changes/Problems: Nothing Reported What opportunities for training and professional development has the project provided? Professional presentations of results have provided significant professional development opportunites. Foresters have been trained and are using outputs from this project. How have the results been disseminated to communities of interest? Results have been disseminated via refereed publications, popular publications, newspapers, workshops, and professional presentations. What do you plan to do during the next reporting period to accomplish the goals? The remaining thrust will be on completing software models using the valuation formulas developed andcontinued development ofimproved relationships with the consulting forester community.

Impacts
What was accomplished under these goals? Goal 1 - a survey of consulting foresters is complete. Goal 2 - development of theoretical financial and forest valuation models is complete. These models are currently being used by foresters. Goal 3 - development of computer software models that utilize the valuaton models is on-going. Goal 4 - workshops to discuss the models have occurred and are on-going. Goal 5 - stronger relationships with the consulting forester community have occurred and are being further developed. Specified outputs 1 and 2 are complete. Specified outputs 3 and 4 are partially complete and will be complete by the end of the project.

Publications

  • Type: Journal Articles Status: Published Year Published: 2012 Citation: Clardy, R.Z., W.M. Smathers, Jr., and T.J. Straka. 2012. The incremental value of waterfowl impoundments in the Upstate of South Carolina. Wildlife Biology in Practice 8(2):9-19.
  • Type: Journal Articles Status: Published Year Published: 2012 Citation: Hatcher, J. E., Jr., T.J. Straka, R.A. Harper, and T.O. Adams. 2012. Shifting private timberland ownership in South Carolina: Implications for management intensity. Open Journal of Forestry 2(4):279-284.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Straka, T.J. 2013. The deja vu of today's application files. The Chronicle of Higher Education, May 7, 2012
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Hatcher, J.E., Jr., T.J. Straka, and J.L. Greene. 2013. The size of forest holding/parcelization problem in forestry: A literature review. Resources 2(2):39-57.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Ward, P.L., and T.J. Straka. 2013. Financial aspects of donated timberland for foundations. Southern Regional Extension Forestry Technology Bulletin, SREF-FM-16, 17 p.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Ward, P.L., and T.J. Straka. 2013. Managerial aspects of donated timberland for foundations. Southern Regional Extension Forestry Technology Bulletin, SREF-FM-17, 18p.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Straka, T.J., R.D. Tew, and T.L. Cushing. 2013. Consanguine philosophies of traditional timber-based and contemporary sustainability-based forest resource management plans. Natural Resources 4(5):387-394.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Tew, R.D., T.J. Straka. and T.L. Cushing. 2013. The enduring fundamental framework of forest resource management planning. Natural Resources 4(6):423-434.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Londeau, A.C., and T.J. Straka. 2013. Family forest owners' motivation to control understory vegetation: Implications for consulting forestry. Open Journal of Forestry 3(4):99-103.
  • Type: Journal Articles Status: Published Year Published: 2013 Citation: Brown, T.A., L.R. Gering, and T.J. Straka. 2013. A comparison of recreational- and intermediate survey-grade GPS units for importing data into GIS software packages. Journal of Extension 51(4): Article No. 4RIB3.
  • Type: Book Chapters Status: Published Year Published: 2013 Citation: Greene, J.L., T.J. Straka, and T.L. Cushing, 2013. Chapter 11: Effect of taxes and financial incentives on family-owned forest land. In Wear, D.N., and J.G. Greis (eds.). The Southern Futures Project: General Technical Report (General Technical Report SRS-178). Asheville, NC: USDA Forest Service, Southern Research Station. p. 261-292.
  • Type: Other Status: Published Year Published: 2013 Citation: Burgess, L.W., J.D. Hammond, and T.J. Straka. 2013. Hundred-year-old laws that still impact Americas natural resources. Forest Landowner 72(1):6-9.
  • Type: Other Status: Published Year Published: 2013 Citation: Mo, J., T.J. Straka, and R.A. Harper. 2013. Impacts on South Carolina timber production over the last five decades. South Carolina Forestry Journal 2013(1):6-7.
  • Type: Other Status: Published Year Published: 2013 Citation: Londeau, A.C., P.A. Layton, and T.J. Straka. 2013. Alma mater matters: An increasing number of forest landowners are donating timberland to their college alma maters, establishing lasting school ties. Forest Landowner 72(2):22-26.
  • Type: Other Status: Published Year Published: 2013 Citation: Paden, S., T.L. Cushing, and T.J. Straka. 2013. Bullish on timberland: Still a solid investment in tough times. Forest Landowner 72(2):32-37.
  • Type: Conference Papers and Presentations Status: Published Year Published: 2012 Citation: Gering, L.R., J.M. Simmons, T.J. Straka, and R.F. Polomski. 2012. Integrating management and economics courses across the forest resources curricula. (Abstr.) In Proceedings of the 2012 Society of American Foresters National Convention (Spokane, Wash.; Oct. 24-28, 2012), Journal of Forestry 110(8):532.
  • Type: Conference Papers and Presentations Status: Published Year Published: 2012 Citation: Hatcher, J.E., Jr., T.J. Straka, and J.L. Greene. 2012. The size of forest holding/parcelization problem in forestry: A literature review. In Proceedings Southern Forest Economics Workshop (Charlotte, N.C.; March 19-21,2012), Southern Forest Economics Workers, p. 30-53.
  • Type: Conference Papers and Presentations Status: Published Year Published: 2012 Citation: Cushing, T.L., and T.J. Straka. 2012. Integrating the American Tree Farm System into a University Capstone Course. (Abstr.) In Proceedings of the 2012 Society of American Foresters National Convention (Spokane, Wash.; Oct. 24-28, 2012), Journal of Forestry 110(8):484.
  • Type: Other Status: Published Year Published: 2013 Citation: Straka, T.J. 2013. Opinion, Letters to the editor: European greenery and burning U.S. forest products. The Wall Street Journal (June 6, 2013) 261(131):A16.
  • Type: Other Status: Published Year Published: 2012 Citation: Straka, T.J. 2013. Opinion, Letters to the editor: Minerva wont be a threat to Harvard. The Wall Street Journal (August 26, 2013) 262(48):A18.


Progress 01/01/12 to 12/31/12

Outputs
OUTPUTS: Additonal supplemental surveys have been performed to evaluate functionality and usefulness of additonal software components to accomplish specific valuation tasks. One emphasis area has been the specialized area of urban trees and forests. Valuation of urban resources is especially complicated and precise formulation of complex financial relationships has been accomplished. There have been early publications in this specialized area and feedback from consultants is that the related software is useful and functional. Additional formulas are still under development and are in process of being incorporated into existing software (FORVAL). Early feedback on these formulas and software is also good. Progress is on schedule in terms of both formula development and software development and modifications. PARTICIPANTS: This project deals primarily with consulting foresters and this is the main participant contract. In particular, the Association of Consulting Foresters (ACF) has been very cooperative. TARGET AUDIENCES: Consulting foresters, mainly ACF members, and urban foresters are also an interest group. Consulting and urban foresters have provided considerable feedback on early model results. PROJECT MODIFICATIONS: Not relevant to this project.

Impacts
The project is still in the development stage. Some specialized models have been developed and tested. These were well-received and results were published in refereed journals. Consultng foresters and urban foresters have shown a high level of interest in these early models. More importantly, survey results are the basis of more fundamental valuation models and the interest in them appears to be high. Awareness and interest in the project from consulting and urban foresters appears to be very high. This allows for optimal development of formulas, valuation methods, and software in terms of user needs.

Publications

  • 21. Straka, T.J. 2012. Timber Contract Fundamentals. Clemson University Cooperative Extension, Forestry and Natural Resources, FNR 100. 2p.
  • 22. Hatcher, J.E., Jr., K.S. Peterson, J.L. Greene, and T.J. Straka. 2011. Specialized discounted cash flow analysis formulas for valuation of benefits and costs of urban trees and forests. In Proceedings Southern Forest Economics Workshop (Little Rock, Ark.; March 20-22, 2011), Southern Forest Economics Workers, 5 p.
  • 1. Peterson, K.S., and T.J. Straka. 2011. Discounted cash flow methods for urban forestry: Standard and specialized formulas. Southern Regional Extension Forestry Technology Bulletin, SREF-UF-002. 13 p. (Refereed.) 2. Straka, T.J., and K.S. Peterson. 2012. Economic components of urban tree value. Southern Regional Extension Forestry Bulletin SREF-UF-003. 19 p. (Refereed.)
  • 3. Chikumbo, O., and T.J. Straka. 2012. Maintaining an optimal flow of forest products under a carbon market: Approximating a Pareto set of optimal silvicultural regimes for Eucalyptus fastigata. Open Journal of Forestry 2(3):135-146. (Refereed.)
  • 4. Watts, C.M., L.S. Pile, and T.J. Straka. 2012. Sustainability and forest certification as a framework for a capstone forest resource man- agement plans course. Open Journal of Forestry 2(3):156-163. (Refereed.)
  • 5. Peterson, K.S., and T.J. Straka. 2012. Urban forest and tree valuation using discounted cash flow analysis: Impact of economic components. Open Journal of Forestry 2(3):171-178. (Refereed.)
  • 6. Straka, T.J. 2012. Response to the comments of Norm Brady. Arboriculture and Urban Forestry 38(2):77. (Refereed.)
  • 9. Ward, P.L., and T.J. Straka. 2012. Forestland and timber donations: Challenging management opportunities for foundations. Open Journal of Forestry 2(4):257-264. (Refereed.)
  • 10. Hatcher, J.E., Jr., T.J. Straka, R.A. Harper, and T.O. Adams. 2012. Shifting private timberland ownership in South Carolina: Implications for management intensity. Open Journal of Forestry 2(4):279-285. (Refereed.)
  • 11. Straka, T.J. 2012. Forest products-Timber. In S.E. Fredericks, L. Shen, S. Thompson, and D. Vasey (eds.). Berkshire Encyclopedia of Sustainability (Volume 4): Natural Resources and Sustainability. Berk- shire Publishing Group: Great Barrington, MA. p.168-172. (Refereed.)
  • 12. Straka, T.J. 2012. Forest management. In S.G. Beavis, M. Dougherty, and T. Gonzales (eds.). Berkshire Encyclopedia of Sustainability (Volume 8): The Americas and Oceania: Assessing Sustainability. Berkshire Publishing Group: Great Barrington, MA. p. 105-110.(Refereed.)
  • 13. Wynn, R.H., and T.J. Straka. 2011. Central Nevada's manmade geology. Central Nevada's Glorious Past (Cent. Nev. Hist. Soc.) 30(1):21-23. (Refereed.)
  • 14. Straka, T.J. 2011. Bristlecone pine: A Central Nevada treasure. Central Nevada's Glorious Past (Cent. Nev. Hist. Soc.) 30(1):24-27. (Refereed.)
  • 15. Straka, T.J. 2011. Response to the comments of B. Bruce Bare . The Forestry Source 16(2):14.
  • 16. Williams, B.L., T.J. Straka, and R.A. Harper. 2012. Size of forest holding and family forests: Implications for South Carolina. South Carolina Forestry Journal 2012 (3):1, 4-5.
  • 7. Feltman, J.A., T.J. Straka, C.L. Post, and S.L. Sperry. 2012. Geospatial analysis application to forecast wildfire occurrences in South Carolina. Forests 3(2):265-282. (Refereed.)
  • 8. Pile, L.S., C.M. Watts, and T.J. Straka. 2012. Forest resource management plans-A sustainability approach. Journal of Natural Resources and Life Sciences Education 41:79-86. (Refereed.)
  • 17. Straka, T.J. 2012. Opinion, Letters to the editor: Technology can't replace a personal college experience. The Wall Street Journal (March 31 - April 1, 2012) 259(75):A12.
  • 18. Straka, T.J. 2012. Opinion, Letters to the editor: We are loving our natural forest resources to death. The Wall Street Journal (September 25, 2012) 260(72):A18.
  • 19. Hatcher, J.E., Jr., T.J. Straka, R.A. Harper, and T.O. Adams. 2012. Shifting private timberland ownership in South Carolina. South Carolina Forestry Magazine 2012:46-49.
  • 20. Straka, T.J., J.L. Greene, M.A. Kilgore, and S.E. Daniels. 2011. Research in the South: Show me the money: Promoting sustainable forests in the South. Natural Inquirer 1(4):8-20. (USDA Forest Service FS-989, a middle school science education journal).


Progress 01/01/11 to 12/31/11

Outputs
OUTPUTS: A broad needs assessment survey of consulting foresters and related professionals was completed. It included software needs, specific appraisal and valuation problems that are appropriate for modelling,and preferred output features. One emphasis area (segment of consulting foresters) has been specialized urban forest and tree valuation formulas and valuation techniques. Contact with consulting foresters was primarily via the Associaton of Consulting Foresters. The nature of the project allows for a stream of publications and early publications are already listed below. PARTICIPANTS: This project deals with consulting foresters and this is the one main participant contact. The main organization contacted was the Association of Consulting Foresters (ACF). The principal investigator enjoys an excellent relatioship with the ACF and they have been very cooperative. This has enhanced the early efforts. TARGET AUDIENCES: The Association of Consulting Foresters and their members have provided much input into needs and outputs. Members have expressed a high interest in the project and many have volunteered to test early versions of the forestry valuation software. One segment of this population, arborists and urban foresters, have provided much input on early valuation model results that have already been published. PROJECT MODIFICATIONS: Not relevant to this project.

Impacts
This is still in the relatively early stage of the project. Already publications were produced from the early efforts. These deal with the survey, valuation formulas, and consulting forestry valuation technique issues. Considerable feedback has been obtained from the consulting forestry community and the level of awareness of this project is high among consulting foresters. This allows for optimal development of formulas, valuation methods, and software in terms of user needs.

Publications

  • Peterson, K.S., and T.J. Straka. 2011. Specialized discounted cash flow analysis formulas for valuation of benefits and costs of urban trees and forests. Arboriculture and Urban Forestry 37(5):200-206.
  • Peterson, K.S., and T.J. Straka. 2011. Discounted cash flow analysis for arborists and urban foresters. The Acorn (TreesSC) Fall 2011:6.
  • Straka, T.J. 2011. Contribution of wildlife to the value of U.S. southern forestland. Journal of the American Society of Farm Managers and Rural Appraisers 74(1):23-32.
  • Wills, S.P., D.C. Guynn, and T.J. Straka. 2011. Discounted deer quality value as a criterion for deer managment decisions. Wildlife Biology in Practice 7(1):56-65.
  • Campbell, G.A., T.J. Straka, R.M. Franklin, and E.P. Wiggers. 2011. Ecotourism as a revenue-generating activity in South Carolina Lowcountry plantations. Journal of Ecotourism 10(2):165-174.
  • Straka, T.J. 2011. Recognition of wildlife amenity values in defining the small forest ownership problem in the United States: A literature review. Wildlife Biology in Practice 7(1):1-22.
  • Straka, T.J., and G.R. Seymour. 2010. John Muir and the extravagant picturesqueness atop Nevada. Journal of the West 49(4):72-81.
  • Straka, T.J. 2011. Taxonomic review of classical and current literature on the perennial American family forest problem. Forests 2(3):660-706.
  • Cushing, T.L., and T.J. Straka. 2011. Extension forestry and family forest owners. Journal of Extension, [on-line], 49(2): Article No. 2TOT6.
  • Straka, T.J. 2011. Simple retirement plan options for small agricultural and forestry operations. Journal of Extension, [on-line], 49(4): 4TOT7.
  • Straka, T.J. 2011. Forest Reserve Act (US, 1891). In Bosselmann, K., D.S. Fogel, and J.B. Ruhl (eds.). Berkshire Encyclopedia of Sustainability (Volume 3): The Law and Politics of Sustainability. Berkshire Publishing Group: Great Barrington, MA. p. 300-302.
  • Vereen M.K., T.J. Straka, and T.L. Sharik. 2011. How do natural resources management and forestry programs compare The Forestry Source 16(10):6.
  • Straka, T.J. 2011. Response to the comments of B. Bruce Bare. The Forestry Source 16(2):14.
  • Straka, T.J., G.N. Brown, and S.H. Bullard. 2011. The issue of SAF membership: An elite or broad organization. The Forestry Source 16(7):8, 11.
  • Straka, T.J., and R.H. Wynn. 2010. Western Nevada and Eastern California charcoal kilns. Central Nevada's Glorious Past (Cent. Nev. Hist. Soc.) 29(1):7-11.
  • Straka, T.J., and R.H. Wynn. 2010. Pit production of charcoal for Nevada's early smelters. Central Nevada's Glorious Past (Cent. Nev. Hist. Soc.) 29(1):12-16.
  • Straka, T.J., and G.R. Seymour. 2011. Western enterprise: How the West was measured: Mountaintop calculations meant fewer ground surveys. Wild West 24(2):26-27.
  • Straka, T.J., and R.H. Wynn. 2011. Art of the West: Ely, Nevada honors the Old West with traditional sculptures and murals. Wild West 24(2):64.


Progress 01/01/10 to 12/31/10

Outputs
OUTPUTS: A broad needs asssessment is on-going. Consultants have been surveyed on software needs, specific appraisal and valuation problems that are appropriate for modelling, and preferred output features. One emphasis area has been on specialized urban forest and tree valuation formulas and valuation techniques. Contact with consultants has been primarily through the Association of Consulting Foresters. A literature review of consulting forestry software issues has been performed. PARTICIPANTS: This project deals with consulting forestry and has one main contact: Association of Consulting Foresters. The principal investigator has developed an excellent relationship with this organization and they have been very cooperative and are looking forward to using the results. TARGET AUDIENCES: The Associaton of Consulting Foresters and their members have provided much input into needs and outputs. Members have expressed a high interest in the project and many have volunteered to test early versions of the forestry valuation software. PROJECT MODIFICATIONS: Not relevant to this project.

Impacts
This is early stage of the project. However, already publications are in press dealing with valuation formulas and consulting forestry valuation issues. Considerable feedback has been obtained from the consulting forestry community and the level of awareness of this project is high among consulting foresters. This allows for optimal development of formulas, valuation methods, and software in terms of user needs.

Publications

  • Straka, T.J. 2010. Timber contract fundamentals to remember. South Carolina Forestry Journal 2010(2):5.
  • Straka, T.J. 2010. Timber value fundamentals to remember. South Carolina Forestry Journal 2010(3):7.
  • Straka, T.J., and R.H. Wynn. 2010. A Cold War ghost in the Nevada desert. Cold War Times 10(1):14-15.
  • Straka, T.J., and S.H. Bullard. 2010. Forestry and natural resources investment analysis via computer software. Wood Southern Africa & Timber Times 35(4):11-13.
  • Straka, T.J. 2010. Tax incentives for reforestation: What are they worth Forest Landowner 69(2):41-42.
  • Straka, T.J. 2010. Here's how to value damaged timber. The Forestry Source 15(5):14-15.
  • Straka, T.J., and R.H. Wynn. 2010. Western Enterprise: Unsung charcoal burners kept mining town smelters going--they fueled the Western mining industry. Wild West 23(1):26-27.
  • Wynn, R.H., and T.J. Straka. 2010. Ghost towns: Tybo, Nevada. Wild West 23(1):68-69.
  • Straka, T.J., and R.H. Wynn. 2010. Western Enterprise: Square-set timbering and the V-flume kept the Comstock Lode running strong--lumbering was the key to mining profitability. Wild West 23(2):26-27.
  • Straka, T.J. 2010. Here's how to value precommercial timber stands. The Forestry Source 15(8):13-14.
  • Straka, T.J. 2010. How to sell timber. Forest Landowner 69(5):30-32.
  • Straka, T.J. 2010. Public outcry increasingly becoming safeguard of university forests. Planning for Higher Education 38(4):52-60.
  • Straka, T.J. 2010. Financial breakeven point for competition control in longleaf pine (Pinus palustris Mill.) reestablishment. New Forests 40(2):165-173.
  • Straka, T.J., and P.A. Layton. 2010. Natural resource management: Life cycle assessment and forest certification and sustainability issues. Sustainability 2(2):604-623.
  • Straka, T.J. 2010. Timber supply fundamentals for extension forestry professionals. Journal of Extension [On-line], 48(4):Article No. 4TOT7.
  • Howle, M.B.*, T.J. Straka, and M.C. Nespeca. 2010. Family forest owners perceptions of chemical methods for invasive species control. Invasive Plant Science and Management 3(3):253-261.
  • Daniels, S.E., M.A. Kilgore, M.G. Jacobson, J.L. Greene, and T.J. Straka. 2010. Examining the compatibility between forestry incentive programs in the US and the practice of sustainable forest management. Forests 1(1):49-64.
  • Singleton, C.N., and T.J. Straka. 2010. Harvest scheduling as a timber appraisal tool. Journal of the American Society of Farm Managers and Rural Appraisers 73(1):85-98.
  • Straka, T.J., and P.A. Layton. 2010. Response to the Comments of Ben Gunneberg. Sustainability 2(8):2621-2625.
  • Greene, J.L., S.E. Daniels, M.A. Kilgore, T.J. Straka, and M.G. Jacobson. 2010. Effectiveness of financial incentive programs in promoting sustainable forestry in the West. Western Journal of Applied Forestry 25(4):186-193.
  • Straka, T.J., and R.H. Wynn. 2010. The soreness of the land. Journal of the West 49(1):5-10.
  • Straka, T.J. 2010. Equivalence: A crucial concept for extension consumer and investor education. Journal of Extension, [On-line], 48(6):Article No. 6TOT7.
  • Straka, T.J. 2010. Forest management industry . In C. Laszlo, K. Christensen, D.S. Fogel, G. Wagner, and P. Whitehouse (eds.). Berkshire Encyclopedia of Sustainability (Volume 2): The Business of Sustainability. Berkshire Publishing Group. Great Barrington, MA. p. 234-238.
  • Straka, T.J. 2010. Timber sale fundamentals to remember. South Carolina Forestry Journal 2010(1):8.
  • Yearout, J.B.*, and T.J. Straka. 2010. An overview of forestry and natural resources master's degree programs in the United States. The Forestry Source 15(12):12.
  • Harper, R.A., and T.J. Straka. 2010. South Carolina's forests: Transitions and development. South Carolina Forestry Journal 2010(1):22-23, 25.
  • Straka, T.J., and K.L. Heffelfinger. 2010. Discounted cash flow valuation of urban trees and forests. (Abstr.) In Proceedings of the 64th International Convention of the Forest Products Society (Madison, Wisc.; June 20-22, 2010), p. 126.
  • Straka, T.J., and K. Peterson. 2010. Using FORVAL for financial analysis of urban trees and forests. (Abstr.) In CD-ROM Proceedings 2010 Society of American Foresters National Convention (Albuquerque, N.M.; Oct. 27-31, 2010), p. 8.1.111.


Progress 01/01/09 to 12/31/09

Outputs
OUTPUTS: Forestry consultants and timberland appraisers have been surveyed on needed valuation techniques in forestry appraisal. Forestry appraisal literature has been reviewed to determine relevant valuation areas for software development. Currently, various areas of need for development have been identified and model development is at its early stages. One output has been produced in the first six months. Survey results have established the valuation areas that need exists for the development of software models. Consulting foresters and timberland appraisers were consistent in defining these needs. This output is now the basis of preliminary model development. PARTICIPANTS: Two graduate students were involved with this project; neither has graduated. TARGET AUDIENCES: The target audience is consulting foresters and timberland appraisers. Forestry professionals in general will also be interested in these research results. Institutional timberland investors, forest industry professionals, and general timberland investors will have interest in the general nature of research results, especially as they impact the valuation of timber and related resources. PROJECT MODIFICATIONS: Not relevant to this project.

Impacts
The project output will allow practicing urban foresters and arborists to easily use discounted cash flow methods in urban tree appraisal situations. Discounted cash flow analysis is a powerful appraisal tool commonly used in traditional forestry situations, but the complex nonmonetary benefits from urban trees make the use of the technique difficult. Results from this project will include valuation formulas that simplify the technique and allow calcuations to be made with standard discounting software packages.

Publications

  • Greene, J.L., Straka, T.J., Daniels, S.D., Jacobson, M.G., and Kilgore, M.A. 2009. Influence and effectiveness of financial assistance programs in promoting sustainable forestry in the South. In: Siry, J., Izlar, B., Bettinger, P., Harris, T, Tye, T., Baldwin, S., and Merry, K. 2009. Proceedings of the 2008 Southern Forest Economics Annual Meeting; Mar. 9-11, 2008; Savannah, GA., p. 137-147.
  • Straka, T.J., and Ramer, W.C. 2009. Fuel for the charcoal-iron furnaces. Pennsylvania Forests 100(4):10-11.
  • Howle, M.B., M.C. Nespeca, and T.J. Straka. 2009. Family forest owners appraise the effectiveness and value of wildland weeds control methods. Wildland Weeds 12(4):4-7.