Grassi & Co. is built around a client-centered approach that provides expertise focused on an organization’s specific needs. Our Industry Practice Groups are built around teams of specialists who continuously study the dynamics of their industry in order to make positive business improvements for clients.
Providing services that meet and exceed our clients’ expectations is our top priority. We use a multi-functional approach with industry and subject matter experts who have the knowledge, skills, and experience to provide value-added services focused on bringing clients to the next level of success.
Grassi & Co. Enhances Trust and Estate Services as a result of Merger with Rispoli and Company CPAs, PC
New York, NY, September 1, 2015 – Grassi & Co. is pleased to announce that Rispoli and Company CPAs, PC (“Rispoli & Co.”) has joined Grassi & Co., effective September 1, 2015, and will operate under the Grassi & Co. name going forward.
The merger of the two firms will bring an additional 3 professionals to Grassi & Co.’s team, including one new Partner, Lisa Rispoli, CPA. The merger will also expand the firm’s tax expertise, specifically with regards to trusts and estates, and Lisa will serve as the firm’s Partner-in-Charge of Trust and Estate Services.
We are very excited to incorporate Rispoli & Co. into the Grassi & Co. family,” states Louis C. Grassi, CPA, CFE, Grassi & Co. Managing Partner and CEO. “Enhancing our Trust & Estate Services will enable us to better serve our clients as more private companies are looking to transition their businesses and develop succession and estate plans. Lisa Rispoli and her team have a long and rich history of providing high quality services and we are looking forward to leveraging their years of experience in order to continue to meet and exceed our clients’ expectations.”
Grassi & Co. is a premier professional service organization with offices in Manhattan, Long Island and Rockland County. The firm also has international capabilities through Moore Stephens International, one of the largest associations of independent accounting firms in the world. Grassi & Co. has been in business for 35 years and specializes in providing accounting, audit, tax, technology consulting, business advisory, forensic, litigation support and valuation services. Along with being one of the Top 100 largest firms in the U.S. according to Accounting Today and INSIDE Public Accounting, the firm is also ranked among the Top 20 in the NY Metro area according to Crain’s New York Business and has been named one of the “Best of the Best” firms by INSIDE Public Accounting for nine years.
Lisa Rispoli, CPA is equally excited about the transaction. She states, “Grassi & Co. shares the same values as we do. Having spent the earlier part of my career at Grassi & Co., I know the firm is truly committed to excellence in everything they do. I look forward to working with the Grassi & Co. team once again and am confident that our combined talents will strengthen our ability to service our clients today and in the future.”
Rispoli & Co. will be moving operations from their Mineola office to Grassi & Co.’s Jericho office location at 50 Jericho Quadrangle.
About Grassi & Co.: Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology, and business consulting services. Grassi & Co. specializes in providing professional services for the Construction, Architecture & Engineering, Financial Services, Life Sciences, Manufacturing & Distribution, Retail, Technology, Media & Telecommunication, Sports & Entertainment, Transportation, Not-for-Profit, and Healthcare industries, among others.
Grassi & Co. Responds to FASB Proposed Accounting Standard Update for Not‐for‐Profit and Health Care Entities
New York, NY – August 28, 2015. Grassi & Co.’s Not-for-Profit (“NFP”) Practice Group—led by David M. Rottkamp, CPA, Nina Bahazhevska, CPA and Jennifer Mosera—has issued a comment letter on the Financial Accounting Standards Boards’ (“the Board”) April 22, 2015 Proposed Accounting Standard Update (“ASU”) on Not‐for‐Profit Entities’ (Topic 958) and Health Care Entities’ (Topic 954) Presentation of Financial Statements of Not‐for‐Profit Entities. Overall, Grassi & Co. stands in support of the proposal, but has some concerns that the proposed improvements in certain areas will increase financial reporting complexities, cause confusion and create inconsistencies within the Not‐for‐Profit industry
“This is the first proposed major change in the NFP sector in over 20 years,” stated David M. Rottkamp, Grassi & Co. Partner and NFP Practice Leader. “As leaders in the NFP Industry, Grassi & Co. felt it was our responsibility to provide comments and contribute to improving the financial reporting process for our clients and all NFP organizations.”
The Proposed ASU on Not‐for‐Profit Entities’ (Topic 958) and Health Care Entities’ (Topic 954) Presentation of Financial Statements of Not‐for‐Profit Entities (“Proposed ASU”) was issued to propose improvements to existing standards for financial statement presentation by NFP organizations. The main objectives of the Proposed ASU are to increase the understandability, comparability and usefulness of the information presented in financial statements and notes to provide better information to donors, creditors and other users of financial statements.
Grassi & Co.’s Feedback to FASB
In most respects, Grassi & Co. is in support of the Proposed ASU and believes that the Board’s intent to improve financial reporting and disclosure for NFPs is warranted. The Firm also agrees that the changes to the net assets classes and many of the disclosure requirements will improve the understandability and usefulness of the information provided in the financial statements.
However, Grassi & Co. offered the following recommendations that will help eliminate confusion and financial reporting inconsistencies within the industry:
- Clarification of its proposed definition of “donor‐restricted endowment fund” and “underwater endowment fund.”
- Clarity be provided to ensure the policy on spending from underwater endowments is not confused with allowable spending of donor‐restricted endowments.
- Enable organizations to provide information regarding liquidity by presenting a classified balance sheet along with identifying restricted use assets on the face of the financial statements.
- Eliminate the Proposed ASU’s measurement of operations as currently defined and allow an NFP to define its own operating measurement and utilize that measurement consistently. This will create enhanced usability to the users of the financial statements.
- Limiting the presentation of board decisions to disclosures within the notes to the financial statements as it is currently required.
- Require a disclosure of the changes in board‐designated net assets in the notes to the financial statements.
- Allow NFPs the ability to determine which method it wishes to utilize relating to the statement of cash flows.
To review Grassi & Co.’s full comment letter to FASB, please click here.
Driving an Industry Response
The Proposed ASU has resulted in FASB receiving a number of comment letters in addition to Grassi & Co.’s, which was submitted on August 20, 2015. Among these include comments issued by the New York State Society of CPAs (NYSSCPA) Not-for-Profit and Financial Accounting Standards Committees. As the former Chairman of the Not-for-Profit Committee, Grassi & Co.’s David M. Rottkamp, CPA, was a primary contributor to the State Society’s response. To access the complete comment letter issued by the NYSSCPA, click here.
About Grassi & Co.: Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology, and business consulting services. Grassi & Co. has offices in Manhattan, Long Island and Rockland County, NY as well as internationally through its association with Moore Stephens International. Grassi & Co. specializes in professional services for the Not-for-Profit, Architecture & Engineering, Construction, Financial Services, Life Sciences, Manufacturing & Distribution, Retail, Technology, Media & Telecommunication, Transportation and Healthcare industries, among others.
New York, NY – August 20, 2015 – Grassi & Co. has been recognized by INSIDE Public Accounting (IPA) as one of the Best of the Best Firms for 2015. IPA’s annual Best of the Best recognition honors only 50 CPA firms across the country for their overall superior performance on more than 70 IPA criteria. The right combination of planning, strategy, and execution distinguish Best of the Best firms from among more than 500 firms that participated in the 25th IPA Annual Survey and Analysis of Firms. This is the 9th time Grassi & Co. has received this honor.
“Being recognized on the IPA Best of the Best list is an accomplishment of which I am extremely proud,” commented Louis C. Grassi, CPA, CFE, Managing Partner. “Achieving this recognition is a testament to the firm’s staff for their focused commitment to our clients, our performance levels and offerings, creation of a dynamic firm culture, and our collective goal of continuous growth.”
Since 1994, IPA has named the Best of the Best in the U.S., selected exclusively on performance in specific areas of financial and operational management. Best of the Best firms demonstrate long-term consistency and exceptional performance in any economy and come in all sizes – from 25 employees to 2,300 – and are geographically dispersed across the U.S.
“Best of the Best firms aren’t just successful in a financial sense – they’re firing on all cylinders,” says Michael Platt, principal of the Platt Group and publisher of the accounting trade publication, INSIDE Public Accounting. “We look at the whole firm: How do they treat their employees? Are they offering specialized services to their clients? Are they planning now for a new leadership team in the future?”
Kelly Platt, publisher of INSIDE Public Accounting, says the Best of the Best firms are a model for others to follow. “Best of the Best firms have vision. They commit to long-range planning and provide an environment in which their professionals thrive and their clients succeed.”
About Grassi & Co.: Grassi & Co. is a premier professional service organization specializing in accounting, auditing, tax, technology, and business consulting services. Grassi & Co. has offices in Manhattan, Long Island and Rockland County, NY as well as internationally through its association with Moore Stephens International. Grassi & Co. specializes in professional services for the Architecture & Engineering, Not-for-Profit, Construction, Financial Services, Life Sciences, Manufacturing & Distribution, Retail, Technology, Media & Telecommunication, Transportation and Healthcare industries, among others.
About INSIDE Public Accounting: INSIDE Public Accounting (IPA), founded in 1987, is published by The Platt Group. The Platt Group publishes both the award-winning INSIDE Public Accounting newsletter and the award-winning National Benchmarking Report. The Platt Group also consults with firms to help them become more successful. The Platt Group works with managing partners, CFOs and thought leaders across the nation to provide practical ideas, benchmarking data and information to take firms to the next level of improvement.
Top 100 Accounting & Business Consulting Firm
Each organization is different and deserves to receive personal attention and guidance from experts who understand their business. Working with advisers who will custom-tailor their services to meet the specific needs of your business, provides value that will translate into savings and growth. At Grassi & Co., we focus on adding value and offering services that go beyond the traditional financial statement or tax return to ensure your success.
We are a New York CPA and consulting firm with international capabilities through Moore Stephens International. We serve clients throughout the New York metro area including Manhattan, Long Island, Westchester and Rockland Counties, New Jersey, Connecticut, and Pennsylvania as well as clients across the country and around the world.
Our accounting, tax and business consulting professionals welcome the opportunity to learn about your business and provide you with world class accounting services and business consulting expertise. Grassi & Co. has the experience and skill to help you succeed and achieve your strategic objectives.