2018-2019 Year in Review

2018-2019

YEAR IN REVIEW

MESSAGE FROM OUR MANAGING PARTNER AS MANAGING PARTNER OF SAX, I AM PROUD TO PRESENT OUR 2018-2019 YEAR IN REVIEW. WITH SHIFTING INDUSTRIES, POLICIES AND WORKPLACES, THIS REVIEW REFLECTS OUR ADVANCEMENT IN THE FACE OF SUCH CHANGE. IT IS A PRIVILEGE TO SERVE OUR CLIENTS AND OUR COMMUNITIES IN OUR WIDE CAPACITY, AND IT IS A PRIVILEGE TO WORK ALONGSIDE SO MANY INDIVIDUALS WHO THRIVE ON COLLABORATION, RESULTS AND SUCCESS.

In review of our year, I can proudly say that we exceeded the goals we set out to achieve.

We expanded our management team, promoting five new Partners and eight advisors to senior management positions from within while strengthening our Pathway Program to provide the tools and resources our advisors need to excel.

We expanded our service lines to have a further foothold in the areas that mean the most to those we serve, and recently launched our Leadership Aspiration initiative to provide a cohort-based approach to planning for the growth and sustainability of the firm.

Among many accolades, Accounting Today named us #10 on their list of “Fastest-growing firms in the country”, a “Firm to Watch” in striking distance of the Top 100 Accounting Firms list, and recognized our wealth management firm, Sax Wealth Advisors, as #33 on the list of Top 150 Firms by Assets Under Management in the U.S., making the “Billion Dollar Club”.

This is due largely in part to our team of staff and advisors, and our high standards for client service and expertise. We are excited for our accomplishments, new opportunities, and for the bright future ahead of us.

I’d like to take this time to express my gratitude to our clients and friends of the firm.

You are the backbone to our success, and I thank you for your continued confidence in us. On behalf of Sax, I wish you all a healthy, safe and prosperous 2019.

Joseph A. Damiano Managing Partner, Sax LLP p_2 › SAX YEAR IN REVIEW 2018-2019

SAX’S DNA BEING OUR CLIENTS’ #1 ADVISOR IS OUR

SAX’S CORE VALUES

INHERENT MINDSET, STRENGTHENED BY OUR

Respect › We treat each other with

DYNAMIC TEAM MEMBERS AND STRONG

respect and dignity; encouraging

PROFESSIONAL RELATIONSHIPS IN THE INDUSTRIES WE SERVE. WE DRIVE CLIENTS TO THEIR DESIRED GOALS BY ADVISING THEM ON THE KEY AREAS CRITICAL TO THEIR SUCCESS. WE ARE PROACTIVE INSTEAD OF REACTIVE. WE ARE INNOVATIVE AND NEVER STAGNANT.

cooperation and teamwork Integrity › We are honest and ethical in everything we do Commitment › We will meet our core commitments 100% of the time Excellence › We are passionate about the pursuit of excellence in everything we do

WE LEAD INSTEAD OF WAITING FOR OTHERS TO PAVE THE WAY. THIS IS WHO WE ARE AND WHAT MAKES UP SAX’S DNA.

LOOKING AHEAD

SAX’S VISION

04

Key Management

Our Vision is to achieve exceptional

06

Next Leadership | Rising Management

growth opportunities for our clients,

08

Accolades & Achievements

our people and our firm.

10

Transformation for the Future

12

Your #1 Advisor

14

Expect More

16

Internal Initiatives & Enhancements

18

Thought Leadership

SAX’S MISSION

Sax is committed to being our clients’ #1 advisor by understanding their Vision and providing solutions that exceed expectations to assure their success.

We are dedicated to continually building a great firm that attracts, develops, excites and retains exceptional people.

20

By the Numbers | P.O.W.E.R

22

The Founder’s Award

24

Culture of Giving Back

26

Family First

SAX YEAR IN REVIEW 2018-2019 › p_3

KEY MANAGEMENT

› New York City

MANAGING PARTNER

› Joseph A. Damiano,

cpa

EXECUTIVE COMMITTEE

› Stuart Berger,

cpa , ccifp

› Pennington, NJ Guy McPhail,

cfp ®, cpa / pfs

cpa

› Joseph A. Damiano, › Robert Hopper, › Ermal Luzaj,

W. Michael Curry,

cpa

cpa

› Chief Financial Officer

cpa , mba

› Joseph Shannon,

FIRM OPERATIONS

cpa / abv , cva , cfe

Michael Rolls › Chief Technology Officer

OFFICE PARTNERS-IN-CHARGE

› Firm Administrator

Clifton, NJ › Joseph A. Damiano,

Matthew Hahn

cpa

p_4 › SAX YEAR IN REVIEW 2018-2019

Virgina Dennerlein,

shrm - cp

Head of Business Development

HR Consulting › Sharon Bleibtreu,

› John Z. Murphy Head of Human Resources › Sharon Bleibtreu,

phr

Head of Quality Control

Tax › Shivani Jain,

cpa , mst

Transaction Advisory › Todd W. Polyniak,

› Debra Karacsony

phr

cpa

Valuation, Forensic & Litigation INDUSTRY PRACTICE LEADERS

› Megan Sartor,

cpa , abv , cff

Construction › Ermal Luzaj,

cpa , mba

BOARD OF DIRECTORS

Healthcare › Susan E. Reed,

cpa , cfp ®

Manufacturing & Distribution › Joshua Chananie,

cpa

President › Stuart Berger,

cpa

Treasurer › Michael Rolls

Not-For-Profit › Todd W. Polyniak,

cpa

› Joseph Shannon,

Trustee › Jennifer L. Moroz,

Real Estate cpa / abv , cva , cfe

Technology

cpa

Trustee › Joseph A. Damiano,

cpa

Trustee

› Matthew Hahn Wealth Management › Kyle Stawicki,

SAX CHARITABLE FOUNDATION

› Todd W. Polyniak,

cpa

chfc ®

SERVICE LEADERS

Accounting + Auditing › Todd W. Polyniak,

cpa

Employee Benefit Plan Audits › Jennifer L. Moroz,

cpa

Family Office › Stuart Berger,

cpa

SAX YEAR IN REVIEW 2018-2019 › p_5

NEXT GENERATION OF LEADERSHIP THE FOLLOWING INDIVIDUALS HAVE BEEN

William R. Happe, Jr., CPA

NAMED PARTNER FOR THEIR DEMONSTRATED

William primarily focuses on the Construction and Manufacturing & Distribution industries, and specializes in industryspecific review, audit and compilation services. Bill also assists with Employee Benefit Plan audits and oversees audit and compliance procedures for many of the firm’s largest engagements.

WORK ETHIC, CLIENT COMMITMENT, EFFECTIVE LEADERSHIP AND RESULTS DELIVERED. WE HAVE THE UTMOST CONFIDENCE THEY WILL ACCELERATE OUR GOALS FOR THE FUTURE, AND WE CONGRATULATE THEM ON THIS PINNACLE OF PROFESSIONAL ACHIEVEMENT:

OUR NEW PARTNERS

Melissa L. O’Shea, CPA Jason Borofsky, CPA Jason is a member of the firm’s Real Estate Practice and has provided industry-specific accounting, auditing, tax and consulting services to property owners, developers, and investors for 13 years.

Melissa is a member of the firm’s Construction Practice and assists clients with accounting, auditing and financial services that are unique to the industry. Her areas of expertise include attest engagements, bonding capacity and bank line consulting, accounting software consulting, cash flow and profitability improvement in addition to other advisory services.

Stephen J. Ehrenberg, CPA, MBT Stephen focuses on helping individuals and businesses make sound tax and financial decisions, providing 19 years of expertise in the areas of corporate, pass-through and individual tax compliance and consulting, as well as accounting for income taxes.

p_6 › SAX YEAR IN REVIEW 2018-2019

Megan Sartor, CPA/ABV/CFF Megan has almost a decade of experience in the areas of business valuation, forensic accounting and litigation support. Her work in litigation support includes matrimonial matters, shareholder disputes, and forensic investigations, among others.

RISING MANAGEMENT OUR SENIOR MANAGEMENT TEAM IS MADE

OUR NEW PRACTICE LEADERS

UP OF LEADERS WHO EMBODY OUR CORE VALUES AND PHILOSOPHIES AND HAVE MET THE FIRM’S HIGH STANDARDS FOR SUPERIOR CLIENT SERVICE TIME AND TIME AGAIN. WE ARE PLEASED TO HIGHLIGHT THE FOLLOWING INDIVIDUALS WHO RECEIVED INTERNAL

Joshua

Megan Sartor,

PROMOTIONS, AND WE LOOK FORWARD TO

Chananie, CPA

CPA/ABV/CFF

Joshua was named Head of the firm’s Manufacturing & Distribution Practice.

Megan was named Head of the firm’s Valuation, Forensic & Litigation Practice.

WITNESSING THEIR CONTINUED CONTRIBUTIONS TO THE FIRM’S OVERALL SUCCESS.

SENIOR MANAGEMENT PROMOTIONS

Adam Feldman

Harper Garrett

Vincent Gaspari

Gregg Munn, Jr.

Adam was promoted to Senior A&A Manager

Harper was promoted to Senior A&A Manager

Vincent was promoted to Senior Tax Manager

Gregg was promoted to Wealth Advisor

Deborah Nappi

Joe Piela

Ivonne Rayo

Angelo Straface

Deborah was promoted to A&A Director

Joe was promoted to Wealth Advisor

Ivonne was promoted to Senior Tax Manager

Angelo was promoted to Senior A&A Manager

SAX YEAR IN REVIEW 2018-2019 › p_7

ACCOLADES & ACHIEVEMENTS

SAX IS RECOGNIZED AS A LEADING PROVIDER

Sax LLP was listed as #3 on Accounting

OF ACCOUNTING, TAX AND ADVISORY

Today’s list of “Firm’s to Watch” that

SERVICES DUE LARGELY IN PART TO OUR TEAM MEMBERS WHO EXCEL IN THEIR FIELD.

demonstrate firms within striking distance of the Top 100 Firms in the nation list.

THIS YEAR WAS NO EXCEPTION WITH OUR

Sax LLP was ranked #101 on INSIDE Public

FIRM AND TEAM MEMBERS RECEIVING THE

Accounting’s (IPA) list of the top 300 largest

FOLLOWING ACHIEVEMENTS:

public accounting firms nationwide.

FIRM ACCOLADES

Sax LLP was ranked #124 on NJBIZ’s list

Sax LLP was ranked #10 by Accounting

of the Top 250 Privately Held Companies,

Today on their list of “Fastest-growing

ranked by 2017 global revenue.

Firms in the United States” and as a “Mid-Atlantic Regional Leader”.

Sax LLP was recognized by INSIDE Public Accounting on their list of the Top 5 All-Growth Firms in the Northeast.

p_8 › SAX YEAR IN REVIEW 2018-2019

Sax LLP was recognized as a “Best

TEAM MEMBER ACHIEVEMENTS

Place to Work”, a “Best Accounting Firm”

Stuart Berger, CPA received the 2018 BANNJ

and “Best at Giving Back” by Mid-Atlantic

Association Hall of Fame Award which

Real Estate Journal.

commemorated his dedication and commitment to the association.

Sax LLP was recognized as a “Company that Cares” by the Commerce and

George Charne, CPA was inducted into the

Industry Association of New Jersey.

NJCPA Bergen County Chapter Board Officers as Vice President for the 2018-2019 term.

Sax Wealth Advisors was named to Financial Times’ 300 Top Registered

Adam Holzberg, CPA, MBA was highlighted

Investment Advisors.

as a “30 under 30” professional making

Please click on the above referenced

awards/recognition link for important information regarding the award.

his mark in the Real Estate industry by Mid-Atlantic Real Estate Journal.

Sax Wealth Advisors was named to Accounting Today’s list of the Top 150 Firms by AUM in the U.S., making the “Billion Dollar Club”.

Please click on the above referenced

awards/recognition link for important information regarding the award.

Ermal Luzaj, CPA, MBA was named a 40 under 40 honoree by NJBIZ for his demonstrated passion and commitment to his career and the community.

Sax Wealth Advisors was named a “Top 50 Fastest-Growing Registered Investment Advisor in the U.S.” by Financial Advisor Magazine.

Please click on the above referenced awards/recognition

Marqus White, CPA was honored by the notfor-profit, Eva’s Village for his dedication to his community and the not-for-profit industry.

link for important information regarding the award.

CONGRATULATIONS TO THE FOLLOWING

Sax Wealth Advisors was honored with

ADVISORS ON OBTAINING THEIR CPA LICENSE:

two awards at the BAM National Conference

› Alex Addessi

for hitting the $1 Billion mark and the most

› Lisa DiNozzi

401(k) plans won.

› Adam S. Feldman

Please click on the above referenced awards/

recognition link for important information regarding the award.

› Matthew Goldstein › Anthony Joseph › Elena Klarberg

SAX YEAR IN REVIEW 2018-2019 › p_9

TRANSFORMATION FOR THE FUTURE

LEADERSHIP ASPIRATIONAL STATEMENT:

WE WILL CULTIVATE A COLLABORATIVE CULTURE BY FOSTERING KNOWLEDGE TRANSFER, DEFINING ROLES AND BUILDING A SKILLSET TO DRIVE CLIENT ENGAGEMENT, ENHANCE THE CLIENT EXPERIENCE AND BECOME OUR CLIENTS’ #1 ADVISOR.

p_10 › SAX YEAR IN REVIEW 2018-2019

OUR FIRM OF THE FUTURE.

To prime our organization for transformation

As a member of the RSM US Alliance, Sax’s

and high performance, we identified our

leadership team joined the “Leading High

primary objectives as:

Performance” Program in an effort to explore where we want to take our firm in the future and how to align our team around our aspirational

› Strong internal and people focus.

Create an environment and culture that people want to be a part of

goals.

› Empower and enable the next

Our immediate focus is to continue to build a

generation of firm leadership.

culture that drives innovation and growth, create

Work for the next generation and align

a framework for knowledge transfer, nurture our people, reinforce key values and commitment, and shape how work gets done to ensure lasting relevance and impact.

existing partners around this goal › Drive client success as their #1 advisor.

Root ourselves in our clients’ businesses and add constant value as their #1 advisor

Sax’s Executive Committee worked together to develop a transformation roadmap that highlights what is needed to align the organization and enable a lasting impact.

SAX YEAR IN REVIEW 2018-2019 › p_11

YOUR #1 ADVISOR HERE’S WHAT OUR CLIENTS ARE SAYING:

“SAX HAS ALWAYS BEEN A TRUSTED PARTNER THAT HELPS ME GROW MY BUSINESS. TOP NOTCH STAFF!”

“SAX IS CONSISTENTLY THE MOST PREPARED, PROFESSIONAL AND KNOWLEDGEABLE ACCOUNTING FIRM.”

“SAX IS A TRUSTED PARTNER; ALL TEAM MEMBERS TAKE A GENUINE INTEREST IN OUR BUSINESS AND MAKE ME FEEL LIKE WE ARE THEIR MOST IMPORTANT CLIENT!”

“A WONDERFUL TEAM WITH AN UNPARALLELED COMMITMENT TO CUSTOMER SERVICE AND SATISFACTION!” p_12 › SAX YEAR IN REVIEW 2018-2019

“I FEEL LIKE SAX IS NOT ONLY OUR AUDITOR BUT A PARTNER IN OUR BUSINESS.”

“SAX HAS BEEN EXTREMELY RELIABLE AND GREAT TO WORK WITH OVER THE YEARS. THEY ARE PROMPT WITH RESPONSES TO ALL ISSUES THAT COME UP AND ALL WORK DONE IS THOROUGH.”

“SAX HAS ALWAYS BEEN A TRUSTED PARTNER THAT HELPED ME GROW MY BUSINESS. THEIR ADVICE HAS PROVED TO BE EXTREMELY VALUABLE. THEIR ABILITY TO EXECUTE WELL IS A TESTAMENT TO THE QUALITY OF THEIR STAFF.”

“MANY YEARS WITH SAX AND SATISFIED EVERY YEAR.”

SAX YEAR IN REVIEW 2018-2019 › p_13

EXPECT MORE

AT SAX, WE ARE WORKING EVERY DAY TO CREATE VALUE FOR OUR CLIENTS THAT GOES BEYOND ACCOUNTING AND TAX. WITH PROACTIVE PLANNING, IN-DEPTH INDUSTRY

collective assets. SaxWA is an approved member of the National Association of Personal Financial Advisors (NAPFA) and a Fee-Only firm, meaning we are bound by our fiduciary responsibility to act in our clients’ best interest. With a focus on goals-

KNOWLEDGE, AND SPECIAL EXPERTISE

based financial planning, Sax Wealth Advisors take

IN THE AREAS THAT MEAN THE MOST TO OUR

an academic, research-based approach to accu-

CLIENTS, YOU CAN EXPECT MORE WITH SAX AS WE CONTINUE TO EXPAND OUR SERVICE LINES TO ASSIST IN EVERY FACET OF OUR

mulating, protecting and transferring wealth and provide a wide-range of strategies and services to help clients reach their personal, family and legacy objectives.

CLIENTS’ EVOLVING BUSINESSES AND

Sax Technology Advisors

FINANCIAL LIVES.

www.saxtechnology.com Sax Wealth Advisors

We recognize the extreme

www.saxwa.com

value in leveraging technology to enhance business

Sax Wealth Advisors is an

capabilities and the importance in having a height-

independent registered advisor offering compre-

ened awareness of the dangers technology poses.

hensive financial services and has over $1.1 billion in

We launched Sax Technology Advisors to provide

p_14 › SAX YEAR IN REVIEW 2018-2019

solutions and expertise to shield businesses

to the smooth transition of software, policies

from threats while ensuring they are fully

and leaders – our mission is to guide our clients

functional and productive at all times. Through

every step of the way throughout the transaction

business continuity, disaster recovery, cyberse-

from conceptualization to implementation.

curity, cloud computing, managed IT services and more, we help companies establish a robust security posture, address IT management functions, implement internal security awareness programs, and ensure they are holistically secure and properly managed from all angles.

The Family Office Our Family Office offers a total outsourced solution to managing the day-to-day financial and investment side of a high-net-worth individual, family or small, family-owned business. We provide personal services such as budgeting, charitable

HR Consulting

giving, wealth transfer, tax services, family

Attracting, engaging, managing and retaining

company payroll, and more to relieve the

exceptional talent is mission critical to a company’s

burden of managing financial activities to

success in today’s competitive, multi-generational

allow for more time to put towards personal

markets. Sax has launched its HR Consulting

and professional pursuits.

Practice to provide companies with a level of HR support to help make strategic long-term and day-to-day business decisions. We ensure companies understand the changing landscape of regulatory and industry standards and build the appropriate controls for maintaining compliance, in addition to providing customized solutions that strengthen ties with team members, optimize processes and technologies, and mitigate risk.

Valuation, Forensic and Litigation We specialize in the areas of business valuation, forensic accounting and litigation support which includes the valuation of closely-held businesses and professional practices, matrimonial matters, shareholder disputes, mergers and acquisitions, forensic investigations, among others. Our advisors are experts in analyzing the economic environments and competitive marketplaces in

Transaction Advisory / Outsourced CFO

which our clients operate, as well as working to

We recognize the delicate balance between

settle their clients’ disputes in the most efficient,

risks and rewards when it comes to M&A deals

effective and economic way possible.

and transactions. We have officially launched our Transaction Advisory service line to specifically assist companies with this process to leverage opportunities and control risk. From assisting with qualifying an acquisition target, to due diligence,

SAX YEAR IN REVIEW 2018-2019 › p_15

INTERNAL INITIATIVES & ENHANCEMENTS

EXPANSION OF HEADQUARTERS

NEW NYC OFFICE

We have expanded our flagship office in

Early 2018, we moved our New York City office

Clifton, NJ to accommodate our growing team

space to the address: 551 Madison Avenue, Suite

and service niches. Sax Wealth Advisors and our

1201, New York, NY 10022. The Partner-in-Charge of

recently launched Sax Technology Advisors

our NYC office is W. Michael Curry, CPA, CCIFP

required additional space to fully operate as their

who will spearhead the expansion of the firm’s

own entities and further grow their team. Also,

existing presence in NY’s largest vertical markets.

our merger with fellow accounting firm, The Hunter Group, added six Partners and 25 employees to the firm. Our recent office expansion allowed us more offices, cubicles, conference rooms and collaborative spaces.

INNOVATION COMMITTEE

We have formed an Innovation Committee to support and sustain the healthy growth and culture of Sax and to drive new thought-provoking solutions to firm and industry issues. Our intent is to create new opportunities to attract and retain exceptional talent, to stand out among our

p_16 › SAX YEAR IN REVIEW 2018-2019

competition, and to secure a lasting impact in

› Coaching to Raise Performance

the long-term. Following a collaborative team

› Delivering Excellent Client Service

model approach, the Innovation Committee will

› Assertiveness

effectively respond to issues and needs Sax must

› The Audit of the Future

address today and the foreseeable future.

› Transitioning Clients › Structuring Retirement Plans for Clients

DRESS FOR THE DAY

We are excited to extend the privilege to “Dress

WELLNESS PROGRAM

for the Day” as we recognize there may be days

We expanded the firm’s Wellness Program in 2018

when our team members do not have client or

which is designed to help employees gain tools and

other professional commitments inside or outside

information for making simple lifestyle changes to

of the office, and would enjoy dressing more

maintain or improve overall health. These perks are

casually while at work. This initiative was put in

provided to employees at no charge, and benefits

place to make the working environment in our

include seminars on stress management, a healthy

offices more comfortable for everyone in it.

living reimbursement program, chair massages, cooking classes, walking challenges, on-site flu

PARENTAL LEAVE POLICY

We have expanded our Parental Leave Policy as we recognize and wish to support parental relationships that encourage bonding time after

shots and more. We’ve also created a “Wellness Room” for nursing mothers and where team members can go for a brief respite on a particularly stressful day.

the birth and/or adoption of a child. Our Parental Leave Policy allows employees to be absent

TEAM BUILDING INITIATIVES

from work to care for their child.

Sax focuses on team building initiatives in an effort to bring employees together outside of

PATHWAY TO SUCCESS PROGRAM

Our Pathway to Success mentorship program is designed to give our team members the tools and resources they need to reach their desired career goals and to meet the firm’s high standards for client service and #1 business advisors. These monthly sessions include dynamic speaker presentations, role playing, team building, leadership training and other professional

work to forge bonds and create better working relationships. This year, Sax began playing in a soccer league and 15 employees participated in games held at Sport Friends Soccer Club. Sax participated once again in the Double AA Sports Co-Ed Softball League and 25 employees joined the team for their second season. The firm also traditionally participates in the NJCPA Kickball tournament every year.

development activities, and topics included:

SAX YEAR IN REVIEW 2018-2019 › p_17

THOUGHT LEADERSHIP

SAX CONTINUES TO

› The CFO Focus Seminar Series

CONTRIBUTE TO OUR

As #1 business advisors, our intent is to educate

BUSINESS COMMUNITY BY

our clients on matters that mean the most to their businesses, and to illuminate new ideas

PROVIDING COMPLIMENTARY

that increase profit and reduce expenses. Our

EVENTS THAT PROMOTE

CFO Focus monthly seminar series brings timely,

THOUGHT PROVOKING,

actionable business advice on the issues and

INDUSTRY RELATED DISCUSSIONS AND ASSIST

challenges faced by CFOs and other businesses. › Industry Updates Sax holds industry update events that gather

IN FORGING PROFESSIONAL

experts and professionals in our largest

RELATIONSHIPS.

vertical markets to explore and discuss emerging trends, current happenings and foreseeable challenges facing each unique industry, now and in the near future.

p_18 › SAX YEAR IN REVIEW 2018-2019

› Informative Webinars Between new tax reform, revenue

H E A LT H C A R E

CONSTRUCTION

recognition standards, and our focus on technology solutions for businesses, we held a number of webinar series to educate clients and friends of the firm on relevant issues that can have a meaningful impact on their businesses.

We “Addressed the Evolution” with a high-caliber panel of experts who took a deep dive into the current state of NJ’s Healthcare industry.

We discussed the current state of the market including emerging trends, pressing economic issues and the biggest challenges today.

› Not-for-Profit Fist to Five® Event Series Sax LLP’s Fist to Five® initiative takes a

M A N U FA C T U R I N G & D I S T R I B U T I O N

R E A L E S TAT E

grassroot approach to inform and empower not-for-profits so their mission can thrive.

Through our annual event series, we gather experts in the sector to inform and educate nonprofit organizations on the key areas critical to their success. We call it moving

We gathered experts and professionals to discuss new opportunities in the marketplace, current trends, and changes and issues facing the industry.

We highlighted the new legislation, technology and generational mindsets that are causing major shifts in the industry.

from Fist to Five.

T E C H N O LO GY

B A N K E R ’ S B R E A K FA S T

VISIT SAXLLP.COM › NEWS / EVENTS TO STAY ON TOP OF OUR INDUSTRY RELATED EVENTS. We discussed the lifecycle of a cybersecurity event, including how compromises occur, the potential damage, and the legal ramifications.

FIST TO FIVE - JUNE

Our 14th Annual Banker’s Breakfast educated the banking community on how tax reform will affect most U.S. operating businesses and individuals.

FIST TO FIVE - DECEMBER

We tackled how nonprofits should set themselves apart and establish a compelling message to build awareness around their unique mission in an ever-growing competitive space.

We addressed the complete revamp to the way nonprofit’s financial statements are presented and the major changes that resulted from the FASB pronouncement.

SAX YEAR IN REVIEW 2018-2019 › p_19

SAX 2017-2018

Year in Review

2018 BY THE NUMBERS

THOUGHT 32 176 155 LEADERSHIP Partners

Team Members

47

States Filed + D.C.

Total in-person event attendance

$1.09 Billion Assets Under Management

155 Total eBlasts sent

$19,475

Total raised internally for charity

22,344

Total cups of coffee/tea consumed

Total new clients

1,071

313 Total webinar attendance

460 Total hours employees spent volunteering

$70,000 Total funds raised by 4 Miler Benefiting St. Joseph’s Children’s Hospital

12,528 Total cans of soda consumed

P.O.W.E.R. PROFESSIONAL ORGANIZATION OF

WOMEN FOR EMPOWERMENT & RESULTS

SAX LLP IS PROUD TO SPONSOR AND

Firm leadership is committed to the

SUPPORT THE PROFESSIONAL ORGANIZATION

advancement of womens’ careers and seeks

OF WOMEN FOR EMPOWERMENT AND RESULTS (P.O.W.E.R.) GROUP AT THE FIRM. THE GROUP’S

to create a supportive network that brings professional women together for career development and community outreach, as well

MISSION IS TO EMPOWER WOMEN, EMBRACE

as to help female employees maintain a work-life

INCLUSIVENESS AND COLLECTIVELY

balance while pursuing their professional goals.

REDEFINE A WOMAN’S ROLE IN THE

The group holds quarterly meetings, events and

BUSINESS ENVIRONMENT BY FOCUSING

activities throughout the year that include:

ON THE FOUR PILLARS OF P.O.W.E.R.:

› Educational Roundtables

› Education & Professional Development › Networking › Outreach / Giving Back

› Motivational Presentations › Internal Team-Lifting Events › Philanthropic Activities

› Support

SAX YEAR IN REVIEW 2018-2019 › p_21

THE FOUNDER’S AWARD

STABILITY, STRENGTH, AND

THIS VISION CONTINUES TO

CONTINUED GROWTH AND

SERVE AS THE CORNERSTONE

SUCCESS HAVE BEEN THE

OF HOW SAX DOES BUSINESS

PILLARS OF SAX LLP’S

TODAY.

STANDARD OF CLIENT SERVICE SINCE 1956. SAX FOUNDERS – SANDER SAX, MORRIS MACY,

Our Founder’s Award is a vehicle in which we can honor the values of our Founders by supporting, empowering and guiding nonprofit organizations

AND EGON FROMM – INSPIRED

in ways that ensure their continued existence and

THE VISION OF ADVANCING

positive impact on this world.

CLIENTS FORWARD BY ADVISING

The theme for the 2018 Founder’s Award was

THEM IN THE KEY AREAS CRITICAL TO THEIR SUCCESS. p_22 › SAX YEAR IN REVIEW 2018-2019

inspiration. Not-for-profit organizations entered to win $15,000 by demonstrating how they inspire others around them.

MORE THAN 150 NOT-FOR-PROFIT

“Oasis is so grateful to be the

ORGANIZATIONS APPLIED, AND AFTER A THOROUGH APPLICATION AND JUDGING PROCESS, SAX WAS PROUD TO AWARD

recipient of Sax’s Founder’s Award this year. This award will

OASIS – A HAVEN FOR WOMEN AND CHILDREN WITH THE $15,000 GIFT TO SUPPORT THEIR

enable us to further our mission

MISSION TO CHANGE LIVES BY BREAKING THE CYCLE OF POVERTY THROUGH COMPASSIONATE PROGRAMS DESIGNED TO FEED, CLOTHE,

to help women and children rise out of poverty through education

EDUCATE AND EMPOWER THOSE IN NEED.

and holistic programs that take away the stumbling blocks and empower success. Thank you to Sax for the support of our organization and for recognizing Members of the Sax team were invited by Oasis – A Haven for Women and Children to take a tour of their facility in Paterson, NJ to get a full sense of the work they do and to meet the individuals that benefit the most from their services.

our efforts to inspire others!”

Jennifer Brady, Executive Director of Oasis — A Haven for Women and Children The 2018 Founder’s Award Recipient

The Top 75 applicants were invited to the Founder’s Award ceremony designed to be a celebration of the good work of our local nonprofits, and where the 2018 winner was announced.

SAX YEAR IN REVIEW 2018-2019 › p_23

CULTURE OF GIVING BACK

Sax’s 2018 4 Miler

SAX NOT ONLY STRIVES FOR GROWTH AND

communities. In addition, we hold many internal

SUCCESS OF THE FIRM, BUT TO IN-TURN USE

fundraisers for local charities that our whole firm

OUR POSITION TO STRENGTHEN OUR LOCAL COMMUNITIES. WE DO THIS BY FOSTERING AN ENVIRONMENT FOR VOLUNTEERISM AMONG OUR TEAM MEMBERS, MATCHING FUNDS FOR CHARITIES, AND COORDINATING INTERNAL

stands behind which include: › Bergen Volunteer Center › Family Intervention Services › Making Strides Against Breast Cancer › New Jersey Community Development Corporation

FUNDRAISERS TO SUPPORT OUR SURROUNDING

› Oasis – A Haven for Women and Children

COMMUNITIES WHERE WE LIVE AND WORK.

› Paterson Habitat for Humanity

Volunteerism and Donations Sax offers team members a Paid Time Off day to take for volunteerism throughout the year to drive the mindset of giving back to our local

p_24 › SAX YEAR IN REVIEW 2018-2019

› The Community FoodBank of NJ › United Way

Corporate Champion of St. Joseph’s Children’s Hospital Sax is a Corporate Champion of St. Joseph’s Health in Paterson, NJ and we are the largest single donor to the Children’s Hospital’s Child Life Department which provides quality-of-life programs for their pediatric patients undergoing treatment and hospitalization.

Our firm has a beloved partnership with St. Joseph’s Children’s Hospital and is devoted to alleviating some of their financial burden so they can focus their time and resources on what is most important – their young patients.

2018 marked our 7th annual 4 Miler at Garret Mountain that directly benefits St. Joseph’s Children’s Hospital and has become one of the largest philanthropic fall events in the tristate area.

Since its inception in 2012, the 4 Miler has raised over $440,000 for the Hospital’s Child Life Department, which supports the optimal growth of their pediatric patients.

Looking Ahead: Our 8th annual 4 Miler at Garret Mountain will be held on October 5, 2019 and our goal will be to hit the half a million dollar mark raised cumulatively for St. Joseph’s Children’s Hospital!

SAX YEAR IN REVIEW 2018-2019 › p_25

FAMILY FIRST

2018 Firm Family Picnic

SAX IS A FAMILY.

WE WISH TO CONGRATULATE THOSE WHO HAD

We recognize the importance in finding fulfillment

NEW ADDITIONS TO THEIR FAMILY THIS YEAR:

both in and out of our roles at the firm, and our goal is to foster a culture that does both.

Through customized work arrangements and a flexible working environment, team members can find a happy medium between excelling at their

› Sadchit Desai and his wife Hemali welcomed their new beautiful baby girl! Kiara Desai was born 1/29. › Ermal Luzaj and his wife Christine welcomed their new beautiful baby boy! Jack Luzaj was born on 2/19.

job responsibilities, and meeting family and per-

› Lisa Mela and her family welcomed their

sonal needs and priorities.

newest addition! Thomas Mario Mela was

In gratitude for the individuals and families that support our team members, and by extension the firm, we hold family-friendly events throughout

born on 3/19. › Michael Benguigui welcomed his new baby girl! Emmy Liat Benguigui was born 6/11. › Michelle Van Soest and her husband, Gary

the year to strengthen those ties, like our Firm

welcomed their new baby girl! Olivia Marie

Family Picnic, baby showers, Bring Your Child to

was born on 8/8.

Work Day, and our 4 Miler at Garret Mountain.

› Jason Borofsky and his family welcomed their daughter Avah Faryn Borofsky, born on 9/1. › Chris Lazzaro and his wife, Aurora welcomed their new baby girl! Dakota Rose was born on 10/11.

p_26 › SAX YEAR IN REVIEW 2018-2019

SAX YEAR IN REVIEW 2018-2019 › p_27

SAX 2018-2019 Year in Review

8 5 5 Va l l ey Ro a d › C l i f to n , N J 070 1 3 › p 973 . 472 . 6 2 5 0 1 0 S o u t h M a i n S t re e t › P e n n i n g to n , N J 0 8 5 3 4 › p 6 0 9.737. 6 6 0 0 5 5 1 M a d i s o n Ave n u e, 1 2 t h F l o o r › N ew Yo r k , N Y 1 0 0 2 2 › p 2 1 2 . 6 61 . 8 6 4 0 s a x l l p .co m