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R E P O R T T O C L I E N T S A N D F R I E N D S
1
OUR EXPEDITION FORWARDR E P O R T T O C L I E N T S & F R I E N D S
R E P O R T T O C L I E N T S A N D F R I E N D S
R E P O R T T O C L I E N T S A N D F R I E N D S
1
C O N T E N T S
TABLE OF CONTENTS
Letter from Rick Davis ...............................03
High Performance
A journey, not a destination ..............04
Our Landscape ...........................................06
The Right Tools for the Journey
A focus on specialization ...................08
Making a Positive Impact on our Clients
Case studies ........................................11
Strengthening our Crew ............................14
Office Locations .........................................18
R E P O R T T O C L I E N T S A N D F R I E N D S
R E P O R T T O C L I E N T S A N D F R I E N D S
3
OUR EXPEDITION FORWARD
FIRM MANAGING SHAREHOLDER
CLIENTS AND FRIENDS,I welcome you to our 2015 Report to Clients and Friends. This has
been an incredible year of growth for our firm and it has afforded
us the opportunity to reflect on our true purpose. Our mission
is to make a positive impact on our clients, our people and our
communities. And as you read this report, I think you will see that
although we are a much larger firm, we continue to build on who
we are and remain true to our mission.
We consistently invest in our firm to meet the growing needs of
our clients. This past year we extended our footprint, expanded
our specializations and services, as well as attained and developed
outstanding talent. As you read on you will find reflections on our
growth and stories that display our commitment to our mission
of guiding our clients, our people and our communities toward
greater success.
I am proud of our firm’s progress and I believe we are positioned
for a bright future. We could not do this without your support and
trust, and for that we are grateful. Thank you.
Sincerely,
R E P O R T T O C L I E N T S A N D F R I E N D S
A CONFLUENCE OF STRENGTH ANDKNOWLEDGE
D uring the past year Elliott Davis Decosimo enjoyed
historical levels of growth. The merger between Elliott
Davis and Decosimo created one of the largest regional
accounti ng and business advisory fi rms in the nati on.
The combined footprint includes offi ces in Alabama,
Georgia, North Carolina, Ohio, South Carolina, Tennessee
and Virginia. In additi on, the fi rm signifi cantly increased
headcount through organic growth: Since 2012 and prior
to the merger, legacy Elliott Davis increased headcount by
40 percent from organic growth alone by placing a focus on
professional development and recruitment.
NEW LEVELSOF CLASSIFICATION
W ith annual revenues in excess of $109 million for
2014 and more than 850 professionals across a
16-offi ce network, the combined fi rm reached a new level
of disti ncti on within the accounti ng industry. Elliott Davis
Decosimo was recognized as the fi rm with the highest
level of annual revenue growth for 2014. Of the fi rms
comprising Accounti ng Today’s listi ngs for year-over-year
growth in annual revenue, Elliott Davis Decosimo ranked
fi rst in the country with a 70 percent growth rate in 2014
and was only one of three fi rms on the list to exceed
a growth rate of 50 percent. This aff ords the fi rm the
opportunity to att ract top talent and deliver a broader
range of services across our footprint.
H I G H P E R F O R M A N C E A JOURNEY, NOT A DESTINATION
R E P O R T T O C L I E N T S A N D F R I E N D S
5
GROWING STRONGERAND DEEPER
O ne immediate benefi t of our merger was the ability
to create value for our clients by broadening our
service off erings. The synergy of the two fi rms maximized
the breadth and depth of specialty off erings in a variety
of industry and specialty areas such as Healthcare,
Manufacturing and Distributi on, Private Equity and Real
Estate. We also added depth of experience in core services
such as Audit, Tax, Internati onal, Liti gati on Support, Estate
Planning, Business Valuati on and Transacti on Advisory.
“ While we are
excited about our
new ranking, we are
not seeking growth
simply to be larger.”
R I C K D AV I S , F I R M M A N A G I N G S H A R E H O L D E R
“ Strategic growth is a
priority for our fi rm.
As our clients’ needs
continue to grow, so
have the capabilities
and breadth of
expertise we can
bring to them.”
R E P O R T T O C L I E N T S A N D F R I E N D S
Banking and Financial Services
Closely Held Business
Construction
Dentists and Dental Practices
Education Services
Entertainment and Sports
Government
Healthcare
Investment Companies
Manufacturing and Distribution
Not-for-Profit
Private Equity Groupsand Portfolio Companies
Professional Services
Real Estate
Technology and Life Sciences
TEAMApproximately 850 people, including almost 100 shareholders.
Columbia, SC
Augusta, GA
Charlotte, NC
Charleston, SC
Raleigh, NC
Richmond, VA
Knoxville, TN
Chattanooga, TN
Nashville, TN
Memphis, TNHuntsville, AL
Dalton, GA
Atlanta, GA
Greenville, SC
Greenwood, SC
Cincinnati, OH
EXPANDED FOOTPRINTWe go where our clients need us.
We have 16 offices across seven states.
Banking and Financial Services
Closely Held Business
Dentists and Dental Practices
Education Services
Entertainment and Sports
Investment Companies
Manufacturing and Distribution
Not-for-Profit
Private Equity Groupsand Portfolio Companies
Professional ServicesKnoxville, TNKnoxville, TNKnoxville, TNKnoxville, TN
Chattanooga, TN
Nashville, TN
Memphis, TNMemphis, TNMemphis, TNMemphis, TNMemphis, TNMemphis, TNHuntsville, ALHuntsville, ALHuntsville, ALHuntsville, AL
Dalton, GADalton, GADalton, GADalton, GA
Atlanta, GAAtlanta, GAAtlanta, GAAtlanta, GA
Greenville, SC
Greenwood, SCGreenwood, SCGreenwood, SCGreenwood, SC
Cincinnati, OH
SPECIALTIESWe understand our clients.
We have 15 industry-experienced teams. INTERNATIONAL REACHWe are a member of Moore Stephens,
one of the world’s largest CPA firm
associations with resources in every
major market around the globe.
OUR LANDSCAPE
GROWTHRanked #1 by as the
firm with the highest level of annual
revenue growth in the U.S. (2014-15)
Accounting Today
INTERNATIONAL REACHINTERNATIONAL REACHINTERNATIONAL REACHINTERNATIONAL REACHWe are a member of Moore Stephens, We are a member of Moore Stephens,
one of the world’s largest CPA firmone of the world’s largest CPA firm
associations with resources in everyassociations with resources in every
major market around the globe.major market around the globe.
R E P O R T T O C L I E N T S A N D F R I E N D S
7
O U R M I S S I O NTo make a positive impact on our clients,
our people and our communities.
R E P O R T T O C L I E N T S A N D F R I E N D S
O ur goal is to add value and help
our clients reach their business
and financial objectives. Navigating
through unpredictable waters can be
difficult for any business or individual,
and each industry has unique
challenges of its own. That is why
having the right gear – the knowledge
and the experience to navigate the
complexities of a particular industry
or personal financial landscape - is
fundamental to helping our clients
achieve success.
Industries such as Banking and Financial
Services, Entertainment and Sports and
Manufacturing and Distribution are all
very different from one another. Our
industry professionals understand the
dynamic issues unique to their
particular specialty.
Our Banking and Financial Services
professionals know firsthand that one
size does not fit all. More than 120
financial institutions, large and small,
depend on our Financial Services
team for personal attention, industry
experience and technical expertise.
THE RIGHT TOOLS FOR THE JOURNEY A FOCUS ON SPECIALIZATION
“ The key to our successful specialization has been a direct result of tuning in to our clients’ business needs and then strategically developing our talent and resources to
meet those needs.” R I C K D AV I S , F I R M M A N A G I N G S H A R E H O L D E R
R E P O R T T O C L I E N T S A N D F R I E N D S
9
“ Our group includes specialists in niche areas such as
SEC registrants, information technology and acquired
loan valuation. We have the industry expertise and
understanding to bring the right team together in order
to meet our clients’ needs.”
BARBARA RUSHING, BANKING AND FINANCIAL SERVICES SHAREHOLDER
R E P O R T T O C L I E N T S A N D F R I E N D S
V aden Group, an Elliott Davis Decosimo practice,
serves individuals, S-corps and LLC’s throughout
a broad spectrum of businesses including the
entertainment and sports industries. Creative
professionals – actors, athletes, musicians, writers,
managers, agents, executives – do not need distractions
from the day-to-day aspects of their business. Their
needs are unique: royalties, tour expenses, budgeting
and numerous other business and financial challenges.
Vaden Group works with creative professionals to come
up with solutions specific to their business.
“ Whether it is a royalty examination,
a special purchase or a contract
negotiation, we find the solution
so our clients can maintain their
creative focus.”
M I K E VA D E N , E N T E R TA I N M E N T A N D S P O R T S P R A C T I C E L E A D E R
The unique experience gained by serving a particular
industry allows our specialists to take best practices
and lessons learned from one engagement to the
next. Our specialists hit the ground running: They
speak the same language as their clients and they
bring technical skills specific to the industry. We also
know how important it is to stay current on industry
trends and up-to-date on the economics, technology
and operations of an industry.
“ We hold annual M&D training
workshops where we invite
several manufacturing executives
to educate us about the current
challenges and opportunities they
face in the industry.”
J O H N O T T E N , MANUFACTURING AND DISTRIBUTION PRACTICE LEADER
“ This is especially important
in developing the skills of
younger staff to provide them
with the training they need to
be a specialist in their field and
better serve our clients.”
Moving forward we will continue to strengthen
our core services and specialty teams. But most
importantly, we will continue to listen to our clients
to understand their needs and execute our role in
providing excellent client service.
R E P O R T T O C L I E N T S A N D F R I E N D S
11
When two publicly-traded
fi nancial insti tuti ons began
the work of combining their operati ons
into a fi rm that would create North
Carolina’s largest community bank, the
Elliott Davis Decosimo Financial Services
team answered the call. Completed in
September 2014, the merger brought
together two organizati ons with
combined assets of $4 billion.
Elliott Davis Decosimo previously
provided tax services to the acquiring
organizati on, and as the merger
began to move forward, the two
banks identi fi ed the need for an
outside provider to help with complex
accounti ng issues, including those
related to the loans held by each of the
banks. The acquiring bank was acti ve
in the acquisiti on market in the three
years prior to the merger and one of
the key assignments for the Financial
Services team became integrati ng
previous acquisiti ons as well as the
newly acquired bank into one
combined enti ty.
The team facilitated the valuati on
process for the merger using ValuCast,
a proprietary acquired loan valuati on
soluti on developed by Elliott Davis
Decosimo. The approach assisted
the merging enti ti es in gathering and
analyzing the proper data as well as
providing a platf orm for communicati ng
the results with key stakeholders.
While the waters can become
somewhat murky following a merger
of this size, the Financial Services
team was able to provide the best
available tool to clearly view results
from the combined fi nancials and
other key performance indicators. By
demonstrati ng the fi rm’s ability to work
eff ecti vely and effi ciently with both
banks, Elliott Davis Decosimo has been
aff orded the opportunity to look within
the merged fi nancial insti tuti on to
examine other areas where the fi rm can
conti nue to add value.
PLAYING A KEY ROLE IN LARGE COMMUNITY BANK MERGER
Issue: Merger of two fi nancial institutions | Service: ValuCast™ a Valuation Solution
MAKING A POSITIVE IMPACTON OUR CLIENTS
C A S E S T U D I E S
Our ValuCast™ tool has been used for bank acquisiti ons of more than $25 billion in total assets.
R E P O R T T O C L I E N T S A N D F R I E N D S
DON’T LET YOUR BUSINESS GO TO THE CLEANERS
Issue: Suspicion of embezzled funds | Service: Fraud and Forensic Accounting
Elliott Davis Decosimo was
hired by a law firm on behalf
of their client, a mid-sized industrial
laundry service provider, to perform
a forensic accounting investigation.
The board of directors of the laundry
company had reason to suspect the
former controller had embezzled
funds. Based on initial findings of the
new controller, the board suspected
approximately $150 to $200 thousand
had been misappropriated.
Our investigation proved they were
correct regarding the embezzlement,
but the amount was underestimated.
Our examination resulted in the
identification of over $1.1 million
in embezzled funds over a six-year
period. Procedures for this project
included a detailed examination of
the company’s bank accounts and
comparison to the general ledger
detail. We determined the method
the previous controller had used
to transfer the funds to a personal
bank account and subsequently
conceal the transaction by adjusting
journal entries. Once we determined
the method, we were quickly
able to establish the total dollars
misappropriated for the period
under examination.
Our resulting reports for this
engagement were provided to
the county sheriff’s office, and
consequently to the United States
Secret Service. Due to the nature
of the misappropriation (wire fraud),
the former controller will most likely
be indicted in federal criminal court.
Civil charges are also likely to be filed.
R E P O R T T O C L I E N T S A N D F R I E N D S
13
An Academy of Country
Music Award-winning artist
was filling up venues during multi-
city tours. Historically, concert tours
are a major source of income for
artists. However, this rising country
music star was losing money and her
concerts were in the red. Financially,
she was singing the blues.
In an effort to realize a profit margin,
the band’s manager referred the
artist to the Elliott Davis Decosimo
Entertainment and Sports Practice,
Vaden Group. Our entertainment
specialists evaluated financial
statements, tax returns, contracts
and tour operations and were able to
offer options for streamlining costs
without compromising the quality of
the concert experience for her fans.
They also led an effort to revamp the
artist’s original merchandise
contract, which wasn’t producing
adequate income.
Vaden Group’s review of the road
operation discovered that the tour
was carrying too many support
personnel – with costs that included
meals and hotel expenses in addition
to wages. Recommended reductions
allowed the tour to run with one
bus instead of two, and changes in
logistics established shorter trips
between venues to eliminate the
multiple-driver requirements for
trips of more than 600 miles.
With the changes now in place, this
artist has a profitable tour. She also
expects to increase merchandise net
revenue by 10 to 12 percent during
2015. This rising star now sings a
much happier tune.
A RISING MUSIC STAR CHANGES HER TUNE
Issue: Financial loss on tours | Solutions: Business Management,
Concert Tour Accounting, Contract Negotiation
R E P O R T T O C L I E N T S A N D F R I E N D S
MAKING A POSITIVE IMPACT ON OUR PEOPLE
Over the past year, Elliott Davis
Decosimo earned several honors that
served as a reflection of the firm’s
commitment to its professionals.
Carolina Parenting, Inc. named Elliott
Davis Decosimo one of the top 50
family-friendly companies in North
Carolina. We were named as one of
the Healthiest Employers of Greater
Charlotte by the Charlotte Business
Journal, and we have consistently been
included as a Best Place to Work in our
major markets.
We place a strong emphasis on
developing our employees as well as
recruits. In 2014 our internship
program was ranked second in the
nation by Vault.com, an influential
source of ratings and insights for
students and professionals. Engaging
and retaining top talent enables us to
provide excellent client service.
FROM STUDENTS TO ASPIRING LEADERS
We continually invest in our current and
future employees: From students
exploring opportunities to future
shareholders and leaders of our firm,
our aim is to enhance leadership skills at
every stage of a career.
We start with Encompass, our three-
day summer program for rising juniors
and seniors from colleges across the U.S.
This program allows them to explore and
expand their leadership potential.
The next step is our award-winning
internship program, Envision. This
seven-week summer internship is
designed to give students an
opportunity to discover potential career
paths within Elliott Davis Decosimo and
obtain valuable work experience in the
STRENGTHENING OUR CREW
R E P O R T T O C L I E N T S A N D F R I E N D S
15
public accounti ng fi eld. In additi on to work responsibiliti es,
students undertake community service projects and
complete a summer-long project that they present at the
end of the program.
Engage is our program for fi rst-year employees. The
curriculum begins with two days of orientati on and three
days of technical training at the company headquarters
in Greenville, S.C. New employees are then provided with
an individual coach to guide them through training and
development opportuniti es to help them achieve career
goals quickly.
“ My assignments gave me a
well-rounded experience. In
addition to technical training,
I learned the value of client
relationships. In fact, I started
working with a few of my
current clients during my
internship. Working alongside
my team members made
my transition from intern to
employee seamless.”
P A L A K T H A K O R E , S TA F F, C H A R L O T T E , N C
The Emerging Leaders Academy facilitated by
Upstream Academy helps us to develop future leaders of
our fi rm. Managers and senior managers are nominated to
parti cipate in this three-year program where they are paired
with a more experienced fi rm leader to serve as their guide.
The Advanced Leadership Program is designed for
a select group of highly moti vated senior managers who
are on the fast track to shareholder. They att end interacti ve
sessions where they learn the requirements for shareholders
of the fi rm, plan fi rm-wide initi ati ves and undergo intensive
leadership training.
MAKING A POSITIVE IMPACT ON OUR COMMUNITIES
Elliott Davis Decosimo is made up of people who work,
play, go to school, have families and are engaged in their
communiti es. Community involvement is part of our fi rm’s
mission and a priority for our professionals. Throughout
our footprint, we donate our services, serve on boards and
parti cipate in a variety of fundraisers, including those
sponsoring numerous arts organizati ons. Employees from
most of our locati ons take part in our annual United Way
campaign. The campaign educates our people about the
needs in our communiti es and achieves incredibly high
parti cipati on across the fi rm.
R E P O R T T O C L I E N T S A N D F R I E N D S
A CAUSE CLOSE TO HIS HEART:
ONE EMPLOYEE’S PERSPECTIVE
David Stewart, Tax Manager, Raleigh
David serves on the board of the American Diabetes Associati on of
Eastern North Carolina, a cause close to his heart. His mother has batt led
type 2 diabetes for the past 10 years. David is passionate about raising
awareness and helping those who have diabetes gain bett er access to
the supplies and treatment they need.
In his role as board member, David helped re-shape community board
leadership. He recruited new members, developed and assigned roles
and facilitated collaborati on. He served as the Team Recruitment Chair
for the American Diabetes Associati on StepOut walk in Raleigh. The 2014
event raised $200,000 to help fund research, educati on, preventi on and
advocacy initi ati ves.
“ I want to be involved in a cause where I
feel personally passionate and connected.
Diabetes is prevalent, and managing this
disease can be a challenge fi nancially and
physically. Serving on the ADA board is an
opportunity to make a positive impact on
my community and contribute to something
much larger than myself.”
“ Whether it’s preparing and
serving meals for families
at Ronald McDonald
House or supporting our
local Go Red for Women
campaign, everyone in the
Cincinnati offi ce of Elliott
Davis Decosimo takes great
pride in being involved in
our community. It’s part of
who we are, because we are
more than just an offi ce. We
are part of our community
and believe it’s important to
take the time to work toward
making a difference.”
KATHY MITTS, CINCINNATI OFFICE MANAGING SHAREHOLDER
R E P O R T T O C L I E N T S A N D F R I E N D S
17
Each day, we seek to make a difference by what we do in our work
and in our community outreach. We strive to achieve quality and
continually improve while always holding a sense of mutual respect
for those we serve.
R E P O R T T O C L I E N T S A N D F R I E N D S
OFFICE LOCATIONSALABAMA
Huntsville, AL
200 Clinton Avenue
Huntsville, AL 35801
Phone: 256.517.1111
GEORGIA
Atlanta, GA
Overlook II
2839 Paces Ferry Road SE #350
Atlanta, GA 30339
Phone: 770.980.9394
Augusta, GA
One Tenth Street, Suite 400
Augusta, GA 30903-2278
Phone: 706.722.9090
Dalton, GA
109 West Morris Street
P.O. Box 769
Dalton, GA 30722
Phone: 706.278.7100
NORTH CAROLINA
Charlotte, NC
700 East Morehead Street, Suite 400
Charlotte, NC 28202
Phone: 704.333.8881
Charlotte, NC (Dental Services)
8816 Red Oak Boulevard, Suite 100
Charlotte, NC 28217
Phone: 704.808.5232
Raleigh, NC
5410 Trinity Road, Suite 320
Raleigh, NC 27607
Phone: 919.783.7073
OHIO
Cincinnati, OH
201 East Fifth Street, Suite 2100
Cincinnati, OH 45202
Phone: 513.579.1717
SOUTH CAROLINA
Charleston, SC
100 Calhoun Street, Suite 300
Charleston, SC 29401
Phone: 843.577.7040
Columbia, SC
1901 Main Street, Suite 900
P.O. Box 2227
Columbia, SC 29201
Phone: 803.256.0002
Greenville, SC
Corporate Headquarters
200 East Broad Street, Suite 500
P.O. Box 6286
Greenville, SC 29606-6286
Phone: 864.242.3370
Greenwood, SC
The Professional Building
340 Main Street
P.O. Box 429
Greenwood, SC 29648-0429
Phone: 864.229.4951
TENNESSEE
Chattanooga, TN
Tallan Financial Center
Suite 1100, Two Union Square
Chattanooga, TN 37402
Phone: 423.756.7100
Knoxville, TN
First Tennessee Plaza
800 South Gay Street, Suite 1919
Knoxville, TN 37929
Phone: 865.546.0021
Memphis, TN
Marsh Center
1000 Ridgeway Loop Road, Suite 402
Memphis, TN 38120
Phone: 901.683.8899
Nashville, TN
Roundabout Plaza
1600 Division Street, Suite 225
Nashville, TN 37203
Phone: 615.248.5500
Nashville, TN (Brentwood)
5214 Maryland Way, Suite 307
Brentwood, TN 37027
Phone: 615.292.7135
VIRGINIA
Richmond, VA
901 E. Byrd Street
Suite 1000
Richmond, VA 23219
Phone: 804.612.4380
Elliott Davis Decosimo is an independent member firm of Moore Stephens North America, which is itself a regional member of Moore Stephens International Limited (MSIL), one of the world’s
largest CPA firm associations with resources in every major market around the globe. All the firms in MSIL are independent entities, owned and managed in each location. Their membership in,
or association with, Moore Stephens International Limited should not be construed as constituting or implying any partnership between them.An independent firm associated with
Moore Stephens International Limited