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VSCPA News
2020 Outstanding Member: Mike Gracik Jr., CPA
When Virginia native Mike Gracik Jr., CPA, attended the University of Virginia (U.Va.) on a full-ride athletic training scholarship, he didn’t think he would graduate with an accounting degree. “Accounting focuses on logical reasoning which really appealed to me. After my first class, I declared it my major.”
While attending UVA, Mike met Harry Dickinson, a longtime close friend and fellow CPA, who is also a former VSCPA Outstanding Member award winner. “We took all of our accounting classes together and both passed the CPA Exam on the first try,” Mike said.
Obviously, there’s something special about the U.Va. accounting graduating class of 1975.
Shortly after college, Mike started working for Peat Marwick (now KPMG) in Richmond on the audit side. After one-and-a-half years in audit, he was selected to work in a small tax group. In 1979, Mike left and went to work for a smaller firm, Gary, Stosch, Walls & Co., PC. “At some point in time, tax will click for you or not; in 1979, it clicked.” Five years later, Mike would make partner and help grow the firm to 100 employees.
Mike’s most significant career move was to join Keiter in 1991, when the firm was looking to grow their tax department. In 2014, Mike transitioned from tax partner to the firm’s managing partner. Since joining the Keiter team, Mike has witnessed the firm grow from 30 to 160 professionals. “I attribute this growth to our ability to provide the high quality client services and advice businesses need to be successful. Our goal is to be their long-term business partner. I tell people I went to college to study accounting and ended up a business developer and marketer.”
Mike retired from the firm in 2018 but came back a year later as a part-time director. When a CPA retires, they take years of public accounting experience with them. “I came back as a relief pitcher in the bull pen to help with client service issues. I got control of my calendar again, and my new role has been incredibly rewarding.”
Being a CPA means a great deal to Mike, and he enjoys serving clients. “I tell our staff we aren’t in the public accounting business; we are in the business of helping people. People are scared to death of the IRS and they can sleep better at night because we are on their team. A lot of clients don’t make a financial move without calling us first.”
Mike is proud of how Keiter has pivoted during the pandemic. They have been proactively sending updates and delivering timely information to their clients. Fortunately, Keiter had remote work technology in place for the last five years so shifting employees to working from home was relatively easy. Mike believes the pandemic will empower firms and other businesses who are uneasy about remote work to become more open and flexible. “It will help with retaining talent and could create more opportunities to acquire diverse talent.”
While the profession is progressing, Mike also acknowledges challenges firms still face. One challenge is finding and retaining good people. With the demand for accounting graduates, firms must work hard to attract new talent and retain their existing team.
Another issue is succession planning. Keiter was fortunate to have identified the need for their own partner succession planning around 2010. The partner group knew they were going to have a significant number of retirements in about 10–12 years. “We invested in leadership training, started client transitions and focused on staff retention initiatives to prepare the next generation
of firm leaders. The second generation is running the firm now and they are doing an amazing job.”
It is no surprise Mike enjoys giving back to his profession and his community. He has been consistently active in the VSCPA, serving on the Board of Directors and as the Richmond Chapter president. Mike also served as the Individual Taxation Committee chair at the American Institute of CPAs (AICPA) and has held various positions for other organizations. “This profession has been really good to me, so I have a desire to give back.”
In his professional work, Mike was always able to provide a solution or resources to solve his clients’ financial challenges. He also wanted to provide resources when they faced even greater life challenges. Mike became very active with the VCU Massey Cancer Center when client and friend, Jeannette Lipman, urged him to join the Massey Advisory Board. Jeanette lost both of her daughters to breast cancer before they were 45 years old. “Now that Jeanette has passed away, I really view it as a personal responsibility to her to help make sure that Massey Cancer Center continues to be a leader in cancer research and care.”
When Mike is not working or volunteering, he loves a round of golf but admits it doesn’t love him back. His favorite ESPN show is “Pardon the Interruption,” which his wife surprised him with a visit to the set for his 65th birthday. This Civil War buff also enjoys researching military history and learning more through his father’s World War II service and stories. You can find him reading about the U.S. Navy or any book written by Philip Kerr or Daniel Silva.
Mike is very appreciative of all the support and encouragement that he has received from his wife, Susan. “None of this would have happened without her strong support,” he says. Mike is also very appreciative of all of the support he has received over the last 29 years from the partners and staff at Keiter. n
Brag, please!
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2020–2021 VSCPA BOARD OF DIRECTORS
CHAIR Henry Davis III, CPA Virginia Commonwealth University, Richmond
CHAIR-ELECT Anne Hagen, CPA, CGMA, MBA Masonic Home of Virginia, Henrico
VICE CHAIRS George Forsythe, CPA, CGMA WellsColeman, Richmond Nammy Lee, CPA, Ph.D. University of Virginia, Falls Church Jennifer Lehman, CPA, CGMA Hantzmon Wiebel LLP, Charlottesville Gabriele Lingenfelter, CPA, MBA Christopher Newport University, Newport News
VSCPA PRESIDENT & CEO Stephanie R. Peters, CAE
AT-LARGE DIRECTORS George Crowell, CPA, CITP Harris, Hardy & Johnstone, PC, Richmond Hope Cupit, CPA SERCAP, Roanoke Melisa Galasso, CPA, CGMA Galasso Learning Solutions, Charlotte, N.C. Daniel Hudgens, CPA Deloitte & Touche, LLP, Richmond LaToya Jordan, CPA, CGFM Auditor of Public Accounts, Richmond Jason Navon, CPA Rossen Landscape, Sterling John Reynolds, CPA Block.one LLC, Blacksburg Neena Shukla, CPA, CFA, CGMA, FCPA PBMares, LLP, Fairfax Charles Valadez, CPA, CITP, CGMA, MBL TechnoServe Inc., Arlington Christine Williamson, CPA CohnReznick LLP, Tysons
2020 Impact Award Recipient: Louise Reed, CPA
Louise Reed’s most notable innovation is Afloat, a company that utilizes blockchain technology and smart contracts to automate the exchange of state transferable tax credits.
Louise received her master’s degree in physics at Duke. “I like using the power of math to see how the world works today, but being a physicist, you don’t have immediate tangible results.” Transitioning to a career she viewed as more relevant to everyday decisions and people, Louise received her master’s in accounting at UNC-Chapel Hill. After getting her CPA license and working as a sole proprietor, she stumbled upon blockchain at the CCH Connections Conference four years ago.
“Blockchain sparked the physicist in me that hadn’t come alive in 20 years. It was like learning about relativity for the first time.” She wanted to learn more and started by buying bitcoin, which took a few months to acquire. Over the next year, Louise became increasingly knowledgeable about blockchain, cryptocurrencies and smart contracts.
A friend with $500,000 worth of tax credits approached Louise to ask whether she had any clients that may be interested in buying some tax credits, but due to personality conflicts and a lack of trust, the situation became complicated. Louise realized that blockchain could help in this situation. “Because blockchain instills trust through its technology rather than individual people, it can help create a larger and more transparent market for tax credit transfers.”
IN 2018, LOUISE CREATED AFLOAT, THE BLOCKCHAIN-BASED TAX CREDIT MARKETPLACE.
The first step was finding the right team. More recently, her team consisted of programmers around the world. However, the pandemic’s economic effects forced her to pivot and begin building an equity-compensated U.S. team.
Afloat enables CPAs to invite their clients, big and small, to buy or sell credits. The process is designed to allow accountants to give amount recommendations. Once within the site, Louise modeled Afloat’s setup after the bid-ask spread of the stock market. Buyers and sellers put in transparent limit orders. The vision, which is currently in beta-testing, is for the blockchain to take care of the rest, such as verifying the credits and ensuring payment. The blockchain will also allow the potential for governments to participate in the database. “My heart is in this, and I believe it will completely transform what we think of finances and how entities connect to each other.”
The current setup gives participating state governments two choices: to authenticate transactions manually on Afloat’s website or to authenticate transactions on a deeper level within the blockchain by becoming a consensusbuilding node.
Historically, tax credits have been bought at a discount to save money. However, Louise believes there’s an untapped market for the average taxpayer to feel more connected to where their taxes end up. For example, taxpayers are able to support historic land preservation versus ecological land preservation based on the sellers they purchase from. Louise sees a future in which governments create state transferable tax credits and where taxpayers “vote” by using tax dollars to encourage the local cause or causes of their choice.
This blockchain journey has also created opportunities for Louise to be a conduit of information by breaking down a complicated subject for CPAs and those in supporting roles. “I believe my role in this world is to transfer the association of cryptocurrency and blockchain with illegal activity to the mindset of accountability and trust.”
Louise enjoys processing the world through the eyes of Abigail Olson, her 20-year-old daughter, whose book is expected to release in the fall of 2020. In her downtime, you might find Louise going on random novice adventures, including taking an auctioneering class, racing a woolly worm, taking a surfing class and going salsa dancing. n
Ruth Coles Harris Advancing Diversity & Inclusion Award Recipient: Patricia Drolet, CPA
Patricia Drolet proves that not only can women rise to the top, they can also work to reflect diversity within their firms and the profession.
As a female CPA in the 1980s and 1990s, Pat did not see many CPAs who looked like her in top roles, and she was determined to change the view. With a clear vision and work ethic, Pat made partner at her first firm at the age of 31 — ultimately becoming the first female chair of the board of directors in the 99-year history of Councilor, Buchanan & Mitchell, PC (CBM).
Not only is Pat an industry-recognized accountant, she is also an organizational leader, speaker and advocate for women’s advancement and empowerment throughout the professional accounting services industry in the D.C.-metro area.
Pat grew up in New Bedford, Mass., a fishing town 60 miles from Boston. As a teen, she worked in accounting, but decided to attend college to pursue psychology. When her mom asked her why she wasn’t pursuing accounting, Pat switched gears and aced all of her accounting classes at Florida Atlantic University. As she worked her way through college, she knew she wanted a career in public accounting.
Missing the change of seasons, Pat moved from Florida to Virginia and landed a job at a D.C.-based firm. After two years, Pat made partner and continued her career there for another 10 years. In 1997, she started a highly successful, women-owned CPA firm, hitting the $1 million mark in business within five years. With the addition of another female partner, she doubled her business and was approached in 2014 by CBM to merge.
Merging was not on Pat’s mind, but CBM wanted to diversify. The firm’s managing partner at the time knew CBM needed to change and could not continue the path of little to no diversity.
Now six years after the merger, Pat has led CBM’s diversity initiative to increasing success: 47 percent of employees in management positions are female, 65 percent of employees are women and 33 percent are ethnically diverse. Now, CBM is recruiting diverse students and interns into a firm that reflects them.
Pat has always been very active in the profession by serving as the president of the Greater Washington Society of CPAs, attending VSCPA’s chapter events and participating on the American Institute of CPAs Professional Ethics Executive Committee, to name a few. “Getting this award is special to me — the diversity issue has been here from the start. Women in the accounting profession have so much to give and so much growth to receive.”
Pat believes the shifting of the workforce due to COVID-19 could help with diversity and inclusion efforts. “Everyone is at home and on the same playing field, which could level-set things.”
When Pat is not spearheading diversity efforts, you will find her hiking or biking in nature, visiting her home in Cape Cod with her partner or cooking up some of her favorite vegetarian dishes. You may also find Auggie and Pearl, her Siamese cats, cuddled up nearby while Pat reads historical fiction or catches up on the Netflix series, Schitt’s Creek. Like her role model, Katherine Graham, Pat Drolet is shaping the future of diversity and inclusion in the accounting world. Now, when Pat looks around her firm, she sees women in executive positions, a diverse and inclusive workforce and a reflective environment for incoming staff and interns. n
Top 5 Under 35 Award Recipients
JOHN REYNOLDS, CPA
Lead Analyst, Block.one, Blacksburg Hometown: Magnolia, Del.
John Reynolds, CPA, is leading the way for the U.S. operations of Block.one LLC, a global blockchain software development company. As the U.S. lead financial planning & analysis (FP&A) analyst, he facilitated the company’s first budgeting process and implemented a new accounting and HR solution for the entire organization. At Radford University, John’s academic advisor convinced him to double major in finance and accounting. Getting his CPA was an integral step in his career journey and one he knew would “rubberstamp” his credibility. He started his professional involvement in the VSCPA Roanoke Chapter, enabling him to advocate for the growth and regeneration of the profession. He then became involved in the VSCPA’s Young Professional Advisory Council, CPA Ready workshops and university engagement. He is also a member of the 2020–2021 VSCPA Board of Directors. Outside the CPA world, John serves on the board of the Trail Life, American Heritage Girls Troop and Radford University’s Student Managed Investment Portfolio Organization, where he helps students learn portfolio management by investing more than $2 million of university foundation funds. When not delving into blockchain and helping his community, John enjoys competing in strongman competitions, spending time with his wife and three children and trying a little freshwater fishing.
BILLY BARBER, CPA, PFS
CFO, Foundation Companies, LLC, Fredericksburg Hometown: Fredericksburg
Billy Barber, CPA, PFS, went to the University of Richmond to play baseball and take advantage of its highly reputable business program where he studied finance. Soon after graduation, he found himself transitioning into a bookkeeping role. He liked the stability accounting provided — but also realized the key to growth is becoming a CPA. Billy went back to school a year after graduation to satisfy the additional hours needed to sit for the CPA Exam. Studying came with challenges (he had three young children), so he had to stay extremely disciplined. His hard work paid off and he passed each part the first time to become licensed in September 2015. Since then, he has worked to leverage his skills as a CPA to help the Greater Fredericksburg area. He prioritizes giving back to his community so others may have the same opportunity. He’s served on three different nonprofit boards, been involved with Habitat for Humanity, runs a baseball camp, raises funds for breast cancer and enjoys going back into classrooms to encourage students to become CPAs. As leader of the VSCPA Battlefield Chapter, he has heralded efforts to increase event attendance and chapter membership. He was also a part of the VSCPA’s 2017 Leadership Academy. In his free time, Billy enjoys spending time with his family and playing baseball.
JOHN WATERS, CPA
Senior Manager, Wall, Einhorn & Chernitzer, PC, Norfolk Hometown: Suffolk
John Waters, CPA, graduated from Old Dominion University (ODU) with a bachelor’s degree in business administration and master’s in accounting. At ODU, John took an accounting class in college that opened his eyes to all the possibilities being a CPA would bring. Passing the CPA Exam wasn’t easy, but securing a mentor helped him get through it. He has been at Wall, Einhorn & Chernitzer, PC, his entire career, moving up the ranks to a senior manager position over the last decade. John enjoys working with clients and leading his firm’s nonprofit niche. He prides himself on working up the ranks and being a sounding board for management and shareholders as the primary leader in nonprofit. He’s been a board member and now on the Executive Committee of the VSCPA Educational Foundation and has also served on the Scholarship Committee since 2017. He has a passion for helping others, regardless of their client status, to dissect an issue or plan for the future. When not helping others, he loves to cycle and travel. He had to miss a trip to Barcelona because of the pandemic, but spends time with his Corgi, Rocky Waters.
LAUREN SIPPLE, CPA, CGFM
Audit Manager, KPMG, Washington, DC Hometown: Springfield
A second-generation CPA with an eye for travel, Lauren Sipple, CPA, CGFM, is an audit manager at KPMG, LLP, performing large, integrated federal audits and taking advantage of many of KPMG’s leadership opportunities. She has served as chair of KPMG Associates Council, participated in KPMG’s Audit 90 Women’s Leadership Program and sat on the firm’s Audit Innovation Council, among other accomplishments. She was the Greater Washington Society of CPAs’ 2019 Outstanding Young or Emerging Professional and recognized as a KPMG employee of the quarter. She’s also been nominated for their National Mentoring Award and the chairman’s award for High Performers. She is active in her community through her firm’s Families For Literacy program, the American Heart Association Heart Walk and Junior Achievement. She has a travel goal of visiting all 50 states and national parks and has already checked off 41 states and nearly half of the parks!
BRIAN BENSON, CPA
Controller at Lawrence Companies, Roanoke Hometown: Roanoke
Brian Benson, CPA, is a Virginia Tech alumni and third generation accounting professional. Starting off college as a history major, he quickly realized he needed to pivot to a major that was more sustainable in the current market. After graduating with a degree in accounting and information systems, he landed a job with Ernst and Young’s (EY) audit practice. He spent a year at Capital One before returning to EY five years ago, passing the CPA Exam, becoming a CPA and being promoted to a manager in the audit practice. He enjoys the variety that being a CPA brings and giving back to the future of the profession, a mission he stewarded as the vice chair and now chair of the VSCPA Young Professionals Advisory Council. Being a CPA comes with prestige and possibility, something he hopes to share with students to change the perception of accounting. His accomplishments include receiving the EY Culture Coin for revitalizing his office’s recruiting efforts at Virginia Tech, being accepted into the company’s Business Development Academy and, perhaps most importantly, surviving a lightning strike!
Congrats to the following members
NEW HIRES
Jennifer Dillon, CPA, is the new chief financial and operations officer of St. Andrews-Sewanee School in Sewanee, Tenn.
PROMOTIONS
At Meadows Urquhart Acree & Cook, LLP, in Henrico, Jordan Maynard, CPA, has been promoted to in-charge accountant and Sona Suolangcuo to senior accountant.
APPOINTMENTS & AWARDS
Tracey Golden, CPA CGMA, an audit partner at Deloitte in Wilton, Conn., is the new chair of the American Institute of CPAs.
Cheryl Hyder, CPA, CFE, ABV, principal of Hyder Consulting in Fairfax, has joined the Ethics Oversight Board of the National Association of Certified Valuators and Analysts.
FIRM NEWS
Glen Allen-based Keiter won a 2020 Commonwealth Award of Merit from the Virginia Public Relations Society of America for its 40th anniversary campaign, “A Bright Future Serving the Community.”
OPEN VOLUNTEER OPPORTUNITIES
We can’t run without members like you! By volunteering with us, you'll gain additional leadership experience, forge new friendships and give back to the profession with your time and expertise. Visit vscpa.com/volunteer for the latest opportunities. We are currently looking for volunteers in these areas:
• Chapter Officers • Writing Opportunities • Provide a Testimonial
• Media Ambassador
2020–2021 VSCPA EDUCATIONAL FOUNDATION BOARD
CHAIR Dianne Guensberg, CPA Dianne D. Guensberg, CPA, McLean
CHAIR-ELECT Nicholas Harrison, CPA KPMG, Richmond
VICE CHAIRS Scott Davis, CPA Prager Metis CPAs, McLean John Waters, CPA
Wall, Einhorn & Chernitzer, Norfolk
SECRETARY/TREASURER Beth Bickford, CPA VSCPA
AT-LARGE DIRECTORS Michael Crichton, CPA Burdette Smith & Bish, LLC, Fairfax Jaime Lynn Dernar, CPA Paya, Inc., Reston Chris Enright, CPA Christopher A. Enright, CPA, PLC, Montpelier Cheryl Fields, CPA Owens & Minor, Mechanicsville Heather Flanagan, CPA KPMG, Washington, D.C. Marshall Handy, CPA Roger L. Handy, PC, Virginia Beach Delord King, Ph.D., CPA DCKing Consulting PC, Glen Allen Kevin Matthews, CPA Beta Solutions CPA, LLC, Reston Melanie Randall, CPA McKinney & Company, Ashland Randy Spurrier, CPA Chesapeake Elizabeth Workman, CPA Dixon Hughes Goodman LLP, McLean Natalya Yashina, CPA Hospitality Investors Trust, Fairfax Donna Yenney, CPA Tredegar Corporation, Richmond
Invest in Future CPAs by Donating to the Educational Foundation
The generosity of this scholarship has alleviated some of the financial pressures of attending school and has encouraged me to continue working hard toward becoming a CPA.
— Valentina Forero, University of Virginia, VSCPA Minority Scholarship Recipient
VSCPA.com/ef-donation
Staff news
Pictured clockwise:
ANNIVERSARIES
July 7: Marketing Specialist Amanda Arnold, five years July 14: Vice President, Finance & Administration Beth Bickford, CPA, CGMA, 11 years July 26: Academic Engagement Director Molly Wash, CAE, 16 years August 6: Innovation & Leadership Director Laura Cobb, CAE, 8 years August 12: Senior Manager, Technology Zané Mullins, PMP, 7 years
August 13: Member Services Coordinator Rocio Gibbs, 22 years
DEPARTURES
Member Services & Event Specialist Tara Pennington has left the VSCPA. We’ll miss you, Tater!
The VSCPA’s newest Virginia CPA licensees
Jamal Hamed Ahmed, CPA, South Amboy, N.J. Noelle Anderson, CPA, San Antonio, Tex. Stefan Antony, CPA, Chantilly Samuel Boothe II, CPA, Wytheville Mina Bshay, CPA, Fishersville Kelly Bumgarner, CPA, Glen Allen Thomas Capstick, CPA, Norfolk Breanna Chamberlain, CPA, Washington, D.C. Molly Chheath, CPA, McLean Jennifer Coe, CPA, MBA, Bristol Joshua Dzurko, CPA, MBA, Arlington Laura Fox, CPA, MSA, Hampton Sydney Goldstein, CPA, Arlington Taylor Hurley, CPA, Fredericksburg Frederick Kyere, CPA, Ashburn Francis Liu, CPA, Glen Allen James Madison, CPA, MBA, Chesterfield Kenneth Milman, CPA, Waldorf, Md. Matthew Toomey, CPA, Charlotte, N.C.
List from April 1, 2020, to May 31, 2020.
IN MEMORIAM
O. Ralph Puccinelli Jr., CPA, a Life member from Richmond. He served on various VSCPA committees throughout the 1980s and 1990s, as a CPE speaker and president of the Richmond VSCPA Chapter. As president & CEO of Financial Accounting Services, Ltd., he was an expert witness around Central Virginia for business valuation and estate and income tax issues. He was also recognized several times as a Super CPA by Virginia Business magazine.
William (Bill) West Traynham Jr., CPA, from Danville. He retired last year as executive vice president/CFO of American National Bank & Trust Company.
