Marcum LLP Merges in Raffa, P.C., Creating a National Accounting Force in the Nonprofit Sector
Nonprofit Specialty Firm Joins Marcum’s Not-for-Profit Practice
New York City, NY – Marcum LLP has merged in top accounting firm Raffa, P.C., effective October 1, the Firm announced today. A recognized leader in the nonprofit and social sector, the Raffa team joins Marcum’s Not-for-Profit Practice group, which will be known as Raffa – Marcum’s Nonprofit and Social Sector Group. Raffa’s combination with Marcum creates a national accounting force serving these important industries.
Thomas Raffa, CPA, Raffa founder & CEO, is national leader of the combined nonprofit specialty group. Kathy Raffa, the firm’s president, is now Marcum’s office managing partner in Washington., D.C., where Raffa was based.
Raffa brings to Marcum 18 partners, 11 of them women, and 280 associates. Ranked #84 by Accounting Today, Raffa was the only Top 100 Firm to be majority-owned by women partners. The merger expands Marcum’s team to 250 partners and more than 1800 associates. Marcum is ranked #16.
About Raffa – Marcum’s Nonprofit and Social Sector Group
Raffa – Marcum’s Nonprofit and Social Sector Group is a team of dedicated professionals specifically focused on helping mission-based organizations and socially directed businesses achieve their full potential. The group’s portfolio of services covers a full range of operational and strategic functions, including managed services in accounting, technology, and human capital; as well as business, succession, and sustainability planning.
By helping nonprofits and socially directed businesses define goals, reduce risks, solve problems, and maximize outcomes on a wide array of mission-critical functions, the group helps the social sector innovate collaborative solutions scaled to the needs of individuals, communities, and society as a whole.
From practical back office solutions that keep organizations compliant, effective, and efficient, to functional strategies that enable such organizations to thrive, Marcum’s social sector specialists provide unparalleled expertise and superior service across a variety of essential, interrelated financial, technology, and consulting competencies.
One of the most honored CPA firms in the industry, Raffa was the recipient of numerous “Best Of” awards in a variety of categories, including Best CPA Firm for Equity Leadership from the MOVE Project (2018), Top 25 Women-Owned Businesses from the Washington Business Journal (2017) and Best of the Best (2014) and IPA All-Stars (2013) awards from Inside Public Accounting, among many others. In keeping with its service mission, Raffa was also distinguished as the largest B-Corp certified CPA firm in the world, scoring in the top 10% of all B-Corps worldwide and recognized as a “Best for the World” honoree in 2018 and 2017. The exclusive B-Corp certification establishes that a firm has met strenuous standards of social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
“Raffa’s expertise and passion for advancing the nonprofit and social sectors enabled them to do well while doing tremendous good. It is an outstanding firm comprised of excellent professionals who have dedicated themselves to delivering laser-focused service to this community. They have a proud history of providing unparalleled expertise around a spectrum of services and back-office solutions that support and strengthen their nonprofit clients’ operations. Combining Raffa with Marcum’s Not-for-Profit Services Practice will significantly amplify the support we bring to the social sector together,” said Jeffrey Weiner, Marcum’s chairman & chief executive officer.
“The pursuit of social good through business has never been more prominent or more needed. I have worked my whole adult life to impact systemic societal change, and Raffa, P.C. has been a tribute to this purpose. Now is the time to take what works at Raffa and bring it to scale. Marcum is the perfect firm to make this vision a reality,” said Tom Raffa, the new Raffa-Marcum nonprofit and social sector leader.
“Marcum and Raffa have more than a century of combined vision and experience, along with a culture of entrepreneurship and leadership committed to community, diversity and inclusion. I am thrilled to expand Raffa’s women’s leadership, cultural, and gender diversity and the gratification that comes from helping clients who are making the world a better place. We eagerly look ahead to what we can accomplish together,” said Kathy Raffa.
A nationally recognized leader in the nonprofit arena, Raffa’s founding mission of service and citizenship has distinguished the firm as a full-service provider of accounting and related business services since 1984. One of the most honored CPA firms in the industry, Raffa was the recipient of numerous “Best Of” awards in a variety of categories, including Best CPA Firm for Equity Leadership from the MOVE Project (2018), Top 25 Women-Owned Businesses from the Washington Business Journal (2017), and Best of the Best (2014) and IPA All Stars (2013) awards from Inside Public Accounting, among many others. In keeping with its service mission, Raffa was also distinguished as the largest B Corp-certified CPA firm in the world, establishing Raffa among the very few firms to meet strenuous standards of social and environmental performance.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as select international locations. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting, and assurance services; advisory, valuation, and litigation support; managed accounting services; and an extensive portfolio of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as nonprofit and social sector entities, high net worth individuals, private equity funds, and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services.