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2013REPORT TO CLIENTS & FRIENDS
CHARTING OUR COURSE for the future.
TABLE OF CONTENTS
Letter from Rick Davis ..................................... 4
Serving Clients in the New Economy ............... 6
Progress in Practice ...................................... 10
Community Commitment ............................. 11
Working Well ................................................ 12
Team Recognition ......................................... 13
Individual Recognition .................................. 14
Aligning for the Future.................................. 17
Industries & Services .................................... 18
CLIENTS AND FRIENDS:I have long admired leaders who drive toward the future with relentless focus
and vision. Subscribing to this way of thinking has served me well throughout
my five years as managing shareholder of Elliott Davis.
Looking ahead is always exciting. But in our hurried pace of work and life,
reflecting on the past year may be last on our to-do list. As a full-steam-ahead
type of person, I am inclined to share this sentiment. However, through the
compilation of this report, I started to gain an unexpected, inspired perspective.
Reliving the achievements, milestones and moments that made the last year
remarkable really drove home the “why” component of what we do at Elliott
Davis. In short, we do it…because we believe in it.
With 400 employees, it takes incredible synergy across our entire matrix and
team to be successful. We are a firm with many moving parts. Most compelling
and motivating is that when these parts all work together, they produce a total
impact that is much greater than they could on their own.
As you will see in this report, Elliott Davis is a rapidly growing regional firm
operating in a changing world, and we have made progress of which I am
immensely proud. With a mission to provide clients with smart solutions and
our people with rewarding opportunities, we have worked strategically to
innovate and align our resources to sync with the dynamic environment in
which we do business.
We could not do what we do, however, without you and the support and
encouragement that you provide to our organization on a daily basis. Thank
you for supporting Elliott Davis during the past year – we look forward to an
exciting and fulfilling future.
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That’s the message Elliott Davis is sending by working
closely with economic development organizations and
other influencers, as well as federal, state and local
governments to bring businesses to the Southeast.
Elliott Davis’ Economic Development Advisory assists
companies that are investing in or relocating to the
region. Comprising the team are professionals from our
key industry practices including manufacturing and
distribution, real estate, construction, government,
healthcare, financial services, not-for-profit and
professional services.
This team advises clients on a vast array of issues including
economic incentives; international, federal, state and
local tax issues; accounting matters; real estate purchases
or relocations; government relations; mergers and
acquisitions; business valuation; strategic business
planning; debt structuring; feasibility studies; and
cost segregation.
“Headquartered in Greenville, South Carolina since 1925,
our roots reach deeply in this region,” says Rick Davis,
Firm Managing Shareholder. “Our history combined with
our commitment, connections, depth and expertise are
unique in the Southeast, enabling us to help companies
poised for growth and investment in the region.”
Davis serves on the board of directors for the South Carolina
Chamber of Commerce, which represents more than
18,000 businesses and more than one million employees
across the state. The firm also is active in other state and
local Chambers of Commerce throughout its footprint.
Welcome. Guten Tag.Bienvenidos.
.
While we assist with domestic relocations and help
businesses strengthen their foundations regionally, we also
recognize there is opportunity beyond our borders. The
Carolinas, Georgia and Virginia are tremendous locations for
foreign companies to establish a presence and contribute
to our local economies. Finding the right advisor,
however, can be a challenge for these businesses,
making it difficult and somewhat cumbersome to invest here.
Elliott Davis’ International Services practice aims to make
the transition seamless by providing well-rounded, tailored
advisory services to these companies. With
fluency in Chinese, German, French and Spanish as well
as proficiency in a number of other foreign languages, our
dedicated international team combines strong technical
expertise with far-reaching, applied experience.
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SERVING CLIENTS IN THE NEW ECONOMYAs advisors and consultants, our perspective ascends to the economies and environments in which our clients do business. In the past year, Elliott Davis has developed and invested in niche practice areas that cultivate beneficial business climates for our clients and our people.
“We love it here… and you will too!”
6 2013 | Report to Clients & Friends
“There are many worldwide conglomerates with large
operations in the Southeast but also numerous companies
with smaller scale operations here,” says Kay Biscopink,
leader of Elliott Davis’ International Services practice.
“To respond to clients’ growing needs, we have assembled
a diverse practice with the skills, experience and knowledge
to serve these U.S. interests by providing tax, assurance
and consulting solutions as well as on-the-ground
accounting support.”
Biscopink has more than 20 years of tax experience. Her
team also includes Eric Schmid, an assurance shareholder
with more than 20 years of experience who joined Elliott
Davis’ practice in 2011 as well as Thiru Govender, an
assurance shareholder who joined the firm in October.
Also added to the team this year were six other professionals
– all Chinese natives – who provide tax services and
general accounting support to global clients.
“We continue to make investments in support of the new
and growing businesses in our footprint,” says Davis. “It’s
terrific to see foreign companies invest here; hire here;
and contribute to our community. Our goal is to provide
360 degree financial solutions to these entities, so they
can expand and thrive.”
In the past year, firm leaders have accompanied
organizations such as the Upstate Alliance, Central S.C.
Alliance and Charlotte Regional Partnership on trips to
China, Germany, Israel and Brazil to promote foreign
investment in the Carolinas. We work closely with
economic development alliances to attract, retain and
engage foreign businesses.
“Taking a cooperative approach in this global economy
is imperative and beneficial on numerous levels for
businesses, organizations and individuals,” says Davis.
Through its membership in The Leading Edge Alliance,
a worldwide association of independently owned
accounting firms, last year Elliott Davis helped Asia-based
business advisory firm Dezan Shira & Associates establish
a U.S. presence by co-locating employees at Elliott Davis’
Charlotte office. As fellow Leading Edge Alliance firms,
Elliott Davis and Dezan Shira are working closely to bring
both inbound investment to the Carolinas and outbound
U.S. investment to Asia.
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72013 | Report to Clients & Friends
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Elliott Davis recognizes that continued economic
development and foreign direct investment are vital to
the growth and vitality of our region. For 88 years, we
have advised businesses on how to run efficiently, grow
wisely and improve profitability, which is why we have
taken a vested interest in addressing sustainability from a
financial perspective – the new frontier of resource
management. Our professionals offer operational,
compliance and strategic solutions to address organizations’
long-term viability.
Last year, Elliott Davis partnered with Furman University’s
Center for Corporate and Professional Development on a
new corporate sustainability program. The BESTSM
(Businesses Engaging in Sustainability for Tomorrow)
program aims to help businesses lower operational costs
in the areas of energy, water and waste management
while also positively impacting the community.
“As proactive advisors, we are always looking for ways to
help our clients reduce expenses and improve operational
efficiencies,” said Rich Waycaster, Chief Financial Officer
for Elliott Davis. “BEST uses an online process to allow
organizations to easily identify, benchmark and reduce
their operating costs through a simple, intuitive process
that collects data and provides specific recommendations
tied to business types and associated activities.”
Waycaster chaired the South Carolina Association of
Certified Public Accountants’ Sustainability Task Force,
which was formed several years ago to address how the
accounting profession can proactively promote sustainable
business practices.
“Environmental concerns, raw material shortages, energy
costs and other regulatory, supply chain management, and
various economic pressures are bringing to light significant
resource and risk management issues for many businesses,”
says Waycaster. “As business advisors, we need to
understand these factors and take the lead on devising and
implementing strategies that help organizations adeptly
manage their resources now and in the future.”
Elliott Davis has attained Green Plus™ Mover status from
the Institute for Sustainable Development. The firm’s
Charlotte, N.C. office building also has earned LEED Silver
Certification from the U.S. Green Building Council and our
Columbia, S.C. office building was the first in that city’s
Central Business District to receive LEED Gold
Certification and has been awarded Energy Star
Certification for four consecutive years.
Our firm is excited about its progressive path, syncing services with the changing economy and addressing your dynamic needs.
As trusted advisors, we seek to examine and understand the big picture, encompassing details and how they all work together. It is this holistic, multi-disciplined, innovative approach that adds continued value, longevity and quality to our client relationships.
Please contact us if you would like to learn more about our Economic Development, International and/or Sustainability practices.
Holistic,Sustainable Investment.
8 2013 | Report to Clients & Friends
PROGRESS IN PRACTICEExpansion… Relocation… Celebration
What can we do today to better serve our clients tomorrow?
In August, Elliott Davis relocated it Galax, VA office to Richmond to provide
centralized access to clients across the state, allowing for enhancements from
both service and efficiency perspectives.
“As the state capital and one of the largest cities in Virginia, Richmond offers
a strong, diverse business environment in which we can further build our
practice,” said Paul Pickett, Office Managing Shareholder for Richmond.
The firm opened a Virginia office in 2006. This recent move to Richmond is part
of Elliott Davis’ long-term strategic plan.
“We are focused on aligning our resources on markets like Richmond that
provide the greatest potential for growth and sustained profitability,” said Rick
Davis, firm managing shareholder. “This region also boasts numerous colleges
and universities from which we can recruit top talent and continue to progress
our practice.”
Another growing geography for Elliott Davis is Columbia, S.C. This fall, that
office marked its 20th anniversary. Opening two decades ago with seven
people, that office today has the largest CPA bench of any firm in the city.
Continued expansion in this market prompted Elliott Davis to lease
additional space in its downtown Columbia office building which has
helped to accommodate several new additions, including Shareholder
Bill Quattlebaum. A certified public accountant with more than 30 years
of experience, Bill provides tax services to high net-worth individuals and
closely-held businesses.
Our year of expansion and celebration is underscored by our deep
commitment to the Midlands region. During the past two decades, the
firm has given more than $1 million to support local causes, and many of
the firm’s professionals hold leadership positions on community boards
and donate time to various charitable organizations.
According to Columbia Office Managing Shareholder Jason Caskey, “We
know that we are fortunate to live and do business here. Giving back is an
important part of our culture.”
PR
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10 2013 | Report to Clients & Friends
Our firmwide philanthropy is the United Way, which seeks to improve lives
by mobilizing the caring power of communities around the world to advance
the common good. Elliott Davis supports this mission annually. Each of our
offices holds a fundraising campaign with themed events, presentations,
and field trips to local United Way sponsored charities. Educating our people
about the needs in our communities has resulted in achieving incredibly high
participation from employees firmwide.
In addition to the United Way, each office takes pride in its involvement with
projects and organizations on a more local level.
Augusta, GA – Serving the needs of the community’s children is paramount
with staff members in Augusta. Several employees hold positions in the Girl
Scouts and The Boys & Girls Club. Additionally, we are involved with the
University Health Care Foundation, Child Enrichment, Georgia Arts Council
and the Chamber of Commerce volunteering on panels and serving with
Leadership Augusta.
Charlotte, NC – The holiday season is a time for families and friends – and
for giving. Our Queen City office focuses its efforts on Operation Christmas
Child, purchasing supplies and packing them in shoe boxes that are shipped
around the world to needy youngsters. We also conduct food drives for the
Second Harvest Food Bank and donate volunteer hours to the organization’s
distribution center.
Columbia, SC – The professionals in our Columbia office are active on more
than 40 boards of directors. Additionally, the importance of volunteerism is
instilled early here, as each class of summer interns is tasked with identifying
a need in the community and implementing a service project that addresses
it. This past year’s project entailed meals, yard care and other supplies for a
local family shelter. The interns brought the entire office on board by
spearheading a toy drive and monthly birthday celebrations for the children.
Charleston, SC – Our Lowcountry office volunteers their accounting skills in
support of the Race for the Cure, managing cash handling during registration
and on the day of the event. The staff also paints the front of our office for
the event and participates in the race itself. Additionally, we serve as a major
sponsor of the Charleston Wine & Food Festival benefitting various charities
in the community. During the holidays, our team provided more than 200
gifts to Families Helping Families.
Greenville, SC – Our headquarters office sponsors the bustling arts
community with sponsorships of the Greenville Symphony, Peace Center,
SC Children’s Theatre, Metropolitan Arts Council and the Greenville County
Museum of Arts. This past year, we are also presenting sponsors of
the Community Foundation’s Charitable Giving Awards recognizing
individuals and companies who impact our community through goodwill
and dedicated service.
Greenwood, SC – Anyone familiar with Greenwood knows of the Annual
Festival of Flowers. Going strong for 45 years, the festival kicks off each
June with various cultural, horticultural and sporting events. In 2012, our
Green Sponsorship was responsible for recycling receptacles throughout the
festival area. Staff members also serve on various committees to make the
event successful.
Richmond, VA – Our newest office recently opened for business in the
Commonwealth’s capital city. Before the boxes were even unpacked, the
Richmond shareholders reached out to existing clients expressing our
desire to serve the community we now call home, including involvement
with the 2013 Richmond March for Babies, a premier fundraising event for
the March of Dimes organization.
COMMUNITY COMMITMENT Investing in the communities in which we do business is ingrained in our culture.
COM
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112013 | Report to Clients & Friends
WORKING WELL
TRAINING
Elliott Davis promotes professional development through
comprehensive training opportunities, meaningful job experience
and one-on-one coaching. Our team members participate in a
minimum of 40 hours of high quality technical and professional
development training each year including updates, workshops,
seminars, webinars and mentoring.
We offer both Career Development and Leadership Development
programs which are designed to advance technical skills as well
as the comprehensive competencies needed to progress to
leadership positions through a variety of learning activities and
situations that challenge employees to develop at a faster pace.
The programs include:
• Clearly defined promotional career paths
• Performance expectations which define results desired for
each position
• Competencies which define behavioral expectations
• Learning and developmental activities to develop skills
• Individual career development plans
• Individual coaching and mentoring
WELLNESS
The Elliott Davis Wellness Program aims to establish a work
environment that promotes healthy lifestyles, decreases the risk
of disease, and develops a positive culture focused on celebrating
and improving the quality of life for all employees.
We offer a number of wellness initiatives, including free annual
clinical health assessments to our people, blood pressure
monitors for general use, and a personal health coach available
to assist with health care needs, answer questions and lead group
education sessions. Office wellness committees also lead a number
of challenges throughout the year involving healthy eating,
exercise, weight loss and stress management.
Last year, the firm instituted a quarterly wellness newsletter
“Healthy Headlines” which offers health and nutrition tips, as
well as showcases employees who have made positive progress
toward healthier lifestyles. We call these inspirational employees
our “Wellness Wonders.”
“Since 2008, participation in the annual clinical health
assessments has risen 25%, activity levels have risen, and overall
health of employees has improved,” said Lisa Rader, Firm
Benefits Manager.
WO
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It takes dedication, motivation, knowledge and energy to excel at work – and we want to give our people every possible opportunity to succeed.
12 2013 | Report to Clients & Friends
TEAM RECOGNITION
Elliott Davis wants its people to shine as individuals and as a team. In the past year, we were honored with awards that recognize our firm culture for being progressive, collaborative and synergetic.
2012
Best Places to Work in South Carolina - For the sixth consecutive year, Elliott Davis was named among the “Best Places to Work in South
Carolina” in the large company category (250+ employees). This multiyear initiative aims to identify and recognize the state’s most innovative
and top-notch employers. Entrants are assessed through a two-part process which includes an employer benefits and policies questionnaire,
as well as an employee engagement and satisfaction survey. The program involves a partnership among the South Carolina Chamber of
Commerce, South Carolina Job Network and SC BIZ.
Best Places to Work in Charlotte - Elliott Davis also was named among the Charlotte Business Journal’s “Best Places to Work” in 2011 and
2012 for its outstanding benefits, policies and practices. “Our people are highly dedicated to our firm and our clients. In turn, we are highly
dedicated to them and take great care in evaluating and introducing benefits and programs that provide them with rewarding opportunities
as well as long term career fulfillment,” said Jim Hazel, Charlotte Office Managing Shareholder.
Best Midlands Companies for Working Moms - With a 56 percent female employee base, Elliott Davis has been a longtime advocate for
the advancement of women in the accounting profession. The firm’s efforts were recognized in the past year by the March of Dimes and
Columbia Business Monthly which named Elliott Davis among the “Best Midlands Companies for Working Moms.” The selection process for
the award included a survey regarding corporate policies and the promotion of employee wellness and family-work life balance.
Vault.com Annual Accounting Firm Rankings - Elliott Davis was recognized among the top firms in the U.S. on Vault.com’s Annual Accounting
Firm Rankings. A source of ratings and insights for students and professionals, Vault.com determines its rankings by asking accounting
professionals to rate their firms in various categories and provide candid feedback on each area. According to Vault.com, “Elliott Davis ranks
among the top 10 accounting firms in several quality-of-life categories and among the top five in three very important ones: compensation,
benefits, and informal training. The firm is looking for candidates who are smart, hardworking, and driven but also friendly and outgoing.”
Healthiest Employers of Greater Charlotte - With a strong commitment to wellness, Elliott Davis was named among the “Healthiest
Employers of Greater Charlotte” by the Charlotte Business Journal for the second consecutive year. The firm offers free health assessments
and coaching to employees, along with various office-based programs such as on-site group fitness and health-related educational forums.
“We have numerous success stories that have resulted from our wellness initiatives,” said Bob Wilson, Chief Human Resources Officer.
“We are excited about the future and improving the health of our employees.”
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INDIVIDUAL RECOGNITION
Rick Davis (Firm Managing Shareholder, Greenville) – Business Person of the Year, 50 Most
Influential People and Outstanding Community Service Rick has won several high profile
accolades in the past year including being named Greenville Business Magazine’s “Business Person
of the Year” and among its “50 Most Influential People.” Additionally, he was recognized by the
Leading Edge Alliance with the “Outstanding Community Service Award” for his linchpin
leadership in “Drive Business Downtown,” an annual event that spotlights the vital role that
downtown businesses play in the economic development and prosperity of the Upstate.
Mike Boliek (Shareholder, Greenville) – Young Philanthropists Mentor of the Year Mike was
named one of the “Young Philanthropists Mentors of the Year” for his advisory work with the
United Way Young Philanthropists. Judging criteria for the award includes the impact the mentor
has made in the mentee’s life from business, professional and philanthropic standpoints.
Elizabeth Finch (Senior Manager, Augusta) – Top 10 in 10 Young Professionals to Watch Elizabeth
was named one of the Augusta Metro Chamber of Commerce’s Top 10 in 10 Young Professionals
to Watch for 2012. Winners are young professionals between the ages of 25 and 35 whom the
selection committee believes will be a top CSRA professional in the next 10 years.
Liz Kalooky (Chief Practice Growth Officer, Charlotte) – Women in Business Liz was named one
of the Charlotte Business Journal’s 25 “Women in Business” for 2012. This annual and prestigious
award recognizes women who have made significant business accomplishments. Since joining
Elliott Davis in 2010, Liz has devised and led strategic growth initiatives and introduced valuable
coaching modules for our people.
Jim Manley (Shareholder, Greenwood) – South Carolina Financial Services Champion of the Year
The U.S. Small Business Administration named Jim as the 2012 “South Carolina Financial Services
Champion of the Year” for his efforts to increase the usefulness and availability of accounting and/
or financial services for small businesses.
We are proud of our team members who were recognized in the past year for their business accomplishments and community leadership.
14 2013 | Report to Clients & Friends
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Leah Maybry (Senior Manager, Charlotte) – 40 Under 40 and 50 Most Influential Women Leah’s
exemplary community and business contributions were recognized by both the Charlotte Business
Journal and The Mecklenburg Times, respectively. Honorees are professionals who have shaped
the community in ways that have made the region a better place to do business and live.
Brittany Owen (Manager, Columbia) – Women to Watch The South Carolina Association of CPAs
in partnership with the American Institute of Certified Public Accountants and its Women’s
Initiatives Executive Committee, selected Brittany as an Emerging Leader and “Woman to Watch”
due to her extraordinary dedication and involvement in the accounting profession and her
leadership in her community.
Drew Rogers (Senior Manager, Greenville) – Best and Brightest 35 and Under Greenville Business
Magazine and Greenville First Bank recognized Drew as one of 35 leaders age 35 and under who
have built impressive careers and made significant impacts in their communities.
152013 | Report to Clients & Friends
ALIG
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ALIGNING FOR THE FUTURE
To continue aligning our resources with the current and future needs of our clients, recruiting and retaining top talent are essential priorities.
RECRUITING
Elliott Davis revved up its recruiting efforts this past year,
hiring 77 full-time professionals and 37 interns. While
lateral hiring of experienced talent is a key component of
our strategic plan, we also are focused on organic growth.
Elliott Davis values the opportunity to develop the future
leaders of our profession and is committed to hiring the
best and brightest college graduates.
We identify many of these up-and-comers through our
annual Encompass event, a three-day summer program
devised for rising seniors who come from colleges across
the Southeast to explore and expand their leadership
potential. In addition, throughout the year, Elliott Davis
can be seen on college campuses. We formally recruit on
eight campuses in the region. Each school has an assigned
“Campus Champion” – an Elliott Davis professional who is
an alumnus/a.
“Our people love to return to their alma maters to find
the next generation of Elliott Davis superstars,” said
Megan Wright, Firm Recruiting Manager. “We have very
strong relationships with the faculty and staff of local
universities due to our long history and personal ties to
area academic institutions.”
WOMEN’S DEVELOPMENT COUNCIL
Once we have recruited top talent, we want to keep it;
and with more than half of our new hires being female,
Elliott Davis launched a program several years ago focused
on women.
Our Women’s Development Council strives to help foster
an environment to attract, retain, develop, and encourage
talented women in the achievement of their personal and
professional goals.
This past year, the Council made significant progress in
several key focus areas identified through a firmwide
survey of our female employees:
• Networking / Business Development
• Career / Life Integration
• Coaches / Mentors / Sponsors
• Communication and Culture Change
“With an increasingly female workforce, we have a
tremendous opportunity to bolster the retention and
development of this talent pool,” said Debbie McDonough,
Senior Manager and Past Chair of the Women’s Development
Council. “From professional development seminars and
external networking events to one-on-one coaching and
flexible work arrangements, the firm has made a notable
investment in addressing topics and issues that our women
employees recognize as important to their long-term
career success.”
172013 | Report to Clients & Friends
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2013 | Report to Clients & Friends
Elliott Davis is a member of The Leading Edge Alliance, an international professional
association of independently owned accounting firms based in the U.S. and is
strategically aligned with LEA Europe and LEA Asia Pacific, a worldwide network
of more than 450 offices in 100 countries around the globe.
ServicesAssurance
• Audits, reviews and compilations for public and
private companies
• Forecasts and projections
• Agreed-upon procedures and other
attestation services
• Employee benefit plan audits
• Reporting on controls at service organizations
Tax
• Federal business tax
• Individual, estate and gift tax
• State and local tax
• Tax credits and incentives
• Not-for-profit reporting
• International tax
• Employee benefits
• Cost segregation studies
• Tax structure and planning
Accounting Resources
• Accounting and financial reporting
• Payroll
• Accounting software services
• Sales and use tax
• Business start-up services
Consulting
• Business consulting
• Financial consulting
• Transaction services and due diligence
• Business valuation
• Litigation support and forensic accounting
• Fraud investigation
• Risk management
• Information technology auditing
Industries• Construction
• Closely Held Business
• Economic Development
• Financial Services
• Government
• Healthcare
• Manufacturing and Distribution
• Not-for-Profit
• Professional Services
• Real Estate
• Retail and Hospitality
www.elliottdavis.com
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