Reznick Group

Industry Insight. Number Solid. The vision to see the next opportunity. The knowledge to help you take advantage of it.

Introduction

Today’s challenging economy is changing the financial landscape for many businesses. In response, these businesses are demanding greater insight, perspective, industry knowledge and agility from their accounting firms.

More important, they need accounting

professionals who understand the importance

of supporting dynamic business strategies

in a constantly changing regulatory and tax

environment. While each client of Reznick

Group is unique, they do have one thing in

common: they seek affirmative support of their

business strategies, not just passive advice

on compliance. Reznick Group is a top 20

national CPA firm with offices across the

country. At the core of our firm are two

elements that continue to move us forward in

servicing our clients—our industry insight and

our commitment to integrity.

Reznick Group team members—regardless of

their titles and tenure—are tasked with fully

leveraging their industry knowledge, their

dedication to accounting excellence and their

focus on service to advance the business

objectives of our clients. In this brochure,

we share the many traits that have kept our

clients coming back to us for accounting, tax

and business advice for more than 30 years.

In the process, you will see why Reznick

Group has been regularly named a “Best of

the Best” firm by Inside Public Accounting.

MissionWhen leaders of a top public accounting firm talk

about their business practices and people, they’re

quick to focus on numbers, rules, regulations and

standards. That’s a good start, but in today’s complex

economic climate, technical competence is only

the beginning of the path to accounting excellence.

Beyond the numbers, what clients really want—and

should demand—is insight. Insight on industries,

people, regulations—and even the financials—is

the key differentiator.

In fact, insight on these intangible attributes makes

the difference between a professional services

provider interested in meeting a deliverable deadline

and a firm committed to client success. A commitment

to success that transcends the numbers is the

uncommon virtue commonly found at Reznick Group.

Reznick Group’s mission is to apply its knowledge and values to harness the discipline of accounting and meet the needs of clients—all the while keeping an eye out for the opportunities that can take them to the next level of success.

This is the unwritten imperative that permeates all of

Reznick Group’s relationships. It is the characteristic

that is most responsible for an indisputably stellar track

record that has been rooted in organic growth and

client satisfaction spanning more than three decades.

Taking advantage of opportunity—being able to

recognize and seize it—is Reznick Group’s hallmark.

The firm was built on growth, and it adapts and

changes as necessary. Reznick Group’s ability to

remain agile and flexible is critical for its clients’

success, particularly as the accounting industry

continues to evolve. In the last 10 years, the firm has

grown from a regional accounting firm to one that’s

national in scope, with offices throughout the United

States and in India. In conjunction with this growth,

the firm has moved well beyond its roots in low-income

housing and real estate and is now taking a lead in

several dynamic industries such as renewable energy,

long-term care, technology and capital markets.

Central to the firm’s growth has been the integrity

of its employees. “It’s hard to explain integrity,”

says company co-founder David Reznick. “But it’s

part of who we are. And those who grew up with

us live it. Our principals live it, feel it…believe it. And

that is why I would trust them all with my life.”

A Dynamic Marketplace

Having a public accounting firm that understands

your industry and your goals is critically important

in today’s challenging business environment. Today’s

competitive global economy has accelerated a shift

in the accounting world away from generalization

and toward specialization.

The complexity of financial markets is creating a

substantial value proposition for firms that can

understand the specifics of vertical markets and

industry segments. “We are in a position to be more

efficient today…and this is ever more important in

the wake of economic uncertainty,” says Tom Fassett,

Managing Principal of Reznick Group’s Los Angeles

office. “We are using our industry-specific experience

to get to the root of issues more quickly, help clients

with their business challenges and plan much more

quickly than someone who might have to read up on

things and get back to them.”

Because of the firm’s industry knowledge, Reznick

Group can more effectively assess risk. “Our

knowledge of the industries we serve dovetails with

our knowledge of evolving accounting issues to

assess new risks—or perceived risks—and then

advise clients before they do their next deal or pitch

their next project,” Fassett says.

Ken Baggett

CPA | Managing Principal/CEO

A Holistic Approach to Client Service

While accounting firms spend much of their time

working with clients during tax season, Reznick

Group Managing Principal/CEO Ken Baggett

believes the other three seasons are just as critical.

“What we do for our clients the other part of the

year is very important,” explains Baggett. “Many

companies use tax time just to react to the events of

the year before.”

However, the perspectives brought to bear by

effective tax accountants can enhance the strategic

planning process. “Once the fog of war around

April 15th lifts, it is important to shift focus and help

clients think through and manage organizational

priorities for the nine months that remain in the

year…and beyond,” Baggett points out.

Taxes are an unavoidable fact of business life, and

many business organizations treat the obligation

simply as a requirement that must be met. But

Reznick Group has found that many successful

organizations use the tax preparation and planning

process to identify opportunities and challenges

that go beyond simply meeting government revenue

collection obligations.

“We strive to provide our clients with a good strategic

sounding board on their issues. That’s where we make

the difference,” Baggett concludes.

Growth and Agility in Changing MarketsReznick Group has been able to adjust rapidly to

market change and help prepare its clients to reap

the benefits and avoid the pitfalls of paradigm shifts

in the economy and in industry sectors.

Here are some examples:

The push to go green is changing the game, and

Reznick Group is well positioned with industry-specific

business intelligence and accounting experience to

help the renewable energy sector master the

possibilities.

Reznick Group’s renewable energy practice, which was introduced in 2007, covers wind, solar, geothermal, biomass, energy efficiency and other technologies.

“The government has a big push toward energy,”

says Sheslie Royster, a principal in Reznick Group’s

Baltimore office. “There are solar credits in certain

states, and they’re not necessarily real estate-based

but can be beneficial to real estate projects. We

frequently get questions that relate to rebates for

using solar or geothermal equipment in projects

or grants.”

Some of the most complex challenges in this area

relate to the American Recovery and Reinvestment

Act of 2009 (ARRA), which has created new financial

incentives for the renewable energy industry. Pro-

grams like Section 1603 grants—cash grants payable

in lieu of tax credits—are moving the energy industry

forward, bringing exciting business opportunities to

the forefront.

“Our very first clients needed our help in simply

understanding the general opportunities, and

specifically how to structure and finance renewable

energy tax credits,” says Anton Cohen, a principal in

the renewable energy practice. “The tax codes have

changed, of course, and the rules have been modified,

which means we have had to revisit and modify our

services based on the laws. But clients’ needs haven’t

changed, other than perhaps the feeling that they need

financial accounting services more now than ever.”

Similarly, Reznick Group’s focus on real estate

financing for lower-income communities has been

an organizational priority from the beginning. Today,

the challenges are particularly acute, given the state

of the economy.

“Nonprofit developer issues are mainly stemming

from the economic issues that we’re going through

and the impact they’ve had on the equity market,”

says Winell Belfonte, principal and nonprofit practice

leader. “Consequently, the tax credit market and

housing agencies are experiencing budget cuts,”

Belfonte says. "As a result, they are increasingly

facing the prospect of doing more with less.

Our clients are sustaining themselves in this market

by taking measures to curtail operating expenses

and collaborate with others when necessary,”

Belfonte continues. “And when practical, they’re

finding themselves, particularly in the nonprofit

housing developments, putting together deals that

involve multiple players. It’s not just one funding

source anymore.”

Public accounting changed dramatically in 1986 with

the introduction of the low-income housing tax credit.

Reznick Group has become a national leader in the area

of low-income housing tax credits, which can provide

advantages to investors, developers and syndicators.

“What clients really value, given our industry stature

and knowledge, is our awareness of the latest deal

structures being deployed and our ability to work

with clients to create the most beneficial structures

for them." explains Joel Cohn, Baltimore office

Co-Managing Principal.

By leveraging these programs, Reznick Group

has helped industry participants complete major

affordable housing deals, thereby providing safe,

decent, affordable housing to communities that

need it most.

Other programs like New Markets Tax Credits are

gaining in popularity. “It’s a big and growing part of

our practice right now,” says Gary Perlow, Baltimore

office Co-Managing Principal. “The biggest issue in

that sector today is how tight the credit markets are.

The flow of capital is different from that in any other

type of real estate because, with the New Markets

Tax Credit Program, 80 percent of the activity is in

real estate; the other 20 percent is in business.”

In the nonprofit area, clients find themselves

between the proverbial rock and a hard place as

they struggle to keep funding and membership

levels up while complying with far more stringent

reporting requirements.

Reznick Group’s experience with for-profit organizations is viewed as an asset for nonprofit clients who are recognizing that, if they want to serve their mission, they must also function as a business.

Now that healthcare reform is law, this sector may well

hold the greatest hot-button issues in accounting in the

decade to come. Reznick Group, which has been well

grounded in the practice since 1997, takes a holistic

approach to the market, providing a combination of

accounting and business advisory services to help

clients in this space stay ahead of the curve.

It’s also no secret that technology is transforming the

way organizations do business. Reznick Group takes

a comprehensive approach in providing technology

companies with strategic business advice while

also helping to ensure that their compliance and

tax issues are addressed. From start-ups to public

companies, Reznick Group is helping its technology

clients identify untapped business opportunities and

streamline mature offerings.

Kelli Winter

CPA | Principal

The Winding Road to Opportunity

Kelli Winter began her career with an accounting firm

in Atlanta and later worked at entrepreneurial high-

tech firms where she focused on corporate finance.

When Kelli returned to the accounting firm

environment, she was certain of only two things: she

wanted to work with people she liked and respected,

and she wanted to be in a dynamic environment. “My

decision to work with Reznick Group was a deliberate

one. I even did contract work before I joined full time,

so by the time I made the move I was comfortable

that we had a good cultural fit,” she says.

“Reznick Group looks for growth opportunities for

its clients. These, in turn, create unique chances

for career advancement. That fit with what I liked

best about working in the fast-paced high-tech

environment, and linked it to my interest in the

diverse field of accounting,” she says.

In 2010, Kelli was appointed a principal at Reznick

Group and moved to the Austin office, where she

is playing a major role in pursuing government and

nonprofit engagements to build the practice. But

those are only the immediate opportunities.

“It so happens that Austin has a very robust

technology community. I hope, over time, to develop

relationships and initiate engagements in this vibrant

sector,” she says.

Services

Accounting

Reznick Group provides a range of accounting,

audit and assurance services designed to help a

company improve its financial processes, manage

risk, maintain transparency and enhance the credibility

of its financial reporting.

The firm’s accounting and auditing professionals

receive continuous education in the latest accounting,

audit, government and compliance issues and stay

current with generally accepted accounting principles

(GAAP) and generally accepted auditing standards

(GAAS). Services include:

• Financial statement audits

• Internal audits

• Sarbanes-Oxley Section 404 compliance

• Regulatory and statutory compliance

• Employee benefit plan audits

• SAS 70 and technology security audits

• M&A due diligence

• Contractual compliance

• Cost certifications

• Agreed-upon procedures

• Risk assessments

• FAR compliance

Tax

Reznick Group provides tax planning advice that helps

companies develop comprehensive strategies to

reduce tax burdens. The firm’s tax advisors work to

understand their clients’ financial goals and put their

tax issues into proper context. By doing this, they

help clients minimize tax payments in compliance

with federal, state, local and international regulations.

Services include:

• Corporate tax

• International tax

• REITs

• 1040s

• State and local tax

• Flow through and closely held entities

• Estate, gift and trust advisory services

• Transactions/mergers & acquisitions

• Tax planning and structuring

• Cost segregation

• Tax credit advisory services

Business Advisory

Reznick Group offers comprehensive business advisory

services for private, public and nonprofit companies,

establishing close relationships with its clients to

understand shifting priorities in changing markets.

The goal of Reznick Group’s business advisory team

is to help clients improve operational performance by

providing insightful, independent advice in industries

ranging from affordable housing to renewable

energy. Services include:

• Due diligence

• Litigation support

• Management consulting

• Succession planning

• Technology assurance

• Valuation and transaction advisory

• Wealth management and estate planning

Industries

Capital Markets

For real estate operators seeking out new and

nontraditional sources of capital, Reznick Capital

Markets (an independent subsidiary of Reznick Group)

has proven experience in finding the funding they need.

Reznick Capital Markets focuses on strategic joint

ventures, discretionary fund raises and asset-level

equity and debt placement, teaming up with capital

contributors such as pension funds, endowments,

private equity funds, insurance companies, family

offices and high-net-worth individuals.

Financial Services

In this highly regulated industry, Reznick Group can

provide financial institutions and private equity funds

with accounting, tax and business advisory services

to help them mitigate risk, while identifying new

opportunities to help them improve their bottom line.

Government Contractors

Today, there are significant growth opportunities for

government contractors, but there are challenges to

manage, too. Reznick Group’s team of business and

financial advisors includes former executives from

government contractors, enabling the firm to deliver

added insight into the contracting business.

Government Services

Reznick Group’s finance and accounting professionals

are well equipped to address the audit, accounting

and reporting challenges required by the government

sector. The firm’s government services group provides

business advisory and financial services to federal,

state and local governments, as well as public

sector contractors.

Long-term Care

In the wake of the historic healthcare reform law, this

industry will be under increased pressure to operate

more effectively and efficiently. Reznick Group’s

healthcare team provides accounting and business

advisory services to the long-term care industry,

where the firm has been at the forefront of the

current healthcare and real estate acquisition and

disposition environment.

Manufacturing and Distribution

Reznick Group has broad experience serving the

unique needs of the manufacturing and distribution

industries. The firm can help address an organiza-

tion’s many needs and concerns—from identifying

growth strategies to helping rework unproductive

work processes.

Nonprofits

Reznick Group serves more than 500 nonprofits

annually, providing them with industry insights and

high-quality services to help them manage their

financial processes more effectively. These clients

include not-for-profit housing developers, foundations,

schools, religious organizations, philanthropic

organizations, professional and trade associations,

social services and private clubs.

Real Estate

Reznick Group’s focus on real estate since 1977 has

given the firm proven depth and experience in this

sector. The firm has one of the largest affordable

housing practices in the industry and provides a

comprehensive range of services to commercial real

estate clients. These clients include affordable housing

and commercial real estate developers, REIT managers,

investors, syndicators and construction managers.

Reznick Group offers its real estate clients industry-

specific services and business insights to help them

succeed in the ever-changing global real estate market.

Renewable Energy

Reznick Group offers a broad array of accounting,

tax and business advisory services specific to the

renewable energy industry. With services tailored to

investors, infrastructure developers and producers

of renewable energy power, the firm’s clients include

independent power producers, entrepreneurial

companies, financial institutions, energy project

developers, law firms, real estate owners, technology

firms, utilities, mid-cap to large-cap companies and

governments and municipalities.

Technology

Reznick Group can help technology clients identify

untapped opportunities in new markets while

streamlining and optimizing mature offerings. The

firm provides fast-moving technology and IT services

companies with accounting, tax and business

advisory services designed to improve financial

reporting and performance.

Sheslie Royster

CPA | Principal

The Extroverted Accountant

Sheslie Royster breaks the mold of the accountant

stereotype by hanging beads on her door and

displaying lava lamps. No one bats an eye.

Sheslie started with Reznick Group as an associate,

staying for six years. She left for Fannie Mae, worked

as the VP of Tax for Municipal Mortgage and Equity

for two years, then returned.

“I’ve been back at Reznick Group for two years. I

have several bank clients, but most of my clients

are real estate developers. They operate in dynamic

environments, so they need some serious out-of-

the-box thinking,” she explains.

Sheslie's clients are finding it difficult to access

traditional sources of debt and equity financing, putting

a burden on projects. “People are looking for sources

of financing. For many, new tools in the tax code

provide critical help. I get questions about how to

optimize their tax position to receive the most subsidies

that they can. The issues are complex,” she says.

To develop the right strategy for each client requires

intellectual freedom rather than dogmatic rigidity.

Which brings us back to beads and lava lamps.

“You can play to clients’ strengths by not putting

them in a box, by using different approaches to bring

them ideas. That’s how you deliver value to clients,”

said Royster.

Opportunity Calling

The ability to understand and help clients manage risk over time—the functional definition of change in the accounting industry—requires a commitment to evolve rapidly as markets shift and new requirements emerge.

But it is also important to have a set of principles

in place that provide a compass when uncertainty

is introduced. These are the keys to serving clients

over the long term. That is why it is so important for

top accounting firms to have a culture of change

that is closely tied to enduring values.

“There are two elements—agility and values—that

are firmly in place at Reznick Group, and that have

provided a tremendous foundation for the firm to

take advantage of opportunities over the past three

decades. They will remain critical attributes as we

continue on our path to growth,” says Ken Baggett,

Managing Principal/CEO of Reznick Group.

According to Baggett, this represents an important

value proposition for clients, because it establishes a

unique platform for lasting relationships. It demands

that Reznick Group team members—regardless of their

titles—fully leverage all of their in-depth industry

knowledge, their commitment to accounting excel-

lence and service for the client. It is the antidote

to complacency, which is the main reason that

relationships of any sort end.

A comprehensive understanding of this value

proposition permeates Reznick Group. It is the key to

professional advancement and organizational success.

“If we don’t constantly deliver great client service,

we are history,” says Baggett. “And you cannot

deliver great service if you constantly repeat the

same pattern of behavior.”

Kelli Winter, an audit principal in the Austin office,

points out that Reznick Group’s focus on the client’s

constantly evolving needs is what differentiates the

firm for its clients. “It is easy to fall into a pattern of

routine and complacency in accounting. Reznick

Group to me has developed an enterprising spirit

and environment that prevents this from occurring.”

PeopleAt Reznick Group, a critical element to success is

having the right people for the right job and being

able to grow and nurture a culture that makes every

person part of an enterprising, business-building

team. And that starts with the firm’s core values.

“We do not define value. The client defines value,”

says Risa Guber, Principal and National Director of

Human Resources. “Meeting expectations is great, it’s

very important. But exceeding expectations—always

searching for that greater, better, more improved

innovative developmental process—is very important

to us. When you exceed expectations, you know

you’ve given value back to the client.”

In order to exceed expectations, Reznick Group’s values embody the essence of the firm. These values are delivered in four key areas: Trust, Character, Insight and Access.

Trust comes from the commitment to provide

outstanding client service, the creed that a promise

made will be a promise kept and the firm’s solid

commitment to objectivity and independence.

Character matters because clients benefit from the

firm’s ability to attract and retain superior talent. By

constantly striving to create tomorrow’s opportunities

for its clients and its people, Reznick Group works to

deliver on its commitments to both.

Insight into the industries it serves helps Reznick

Group deliver added value to its clients. The distinct

competencies and insights of the firm’s people

enable the firm to gauge trends and identify key

issues affecting its clients’ businesses.

Access to people is another element that sets

Reznick Group apart from the competition. Because

the firm is able to maintain the breadth and depth of

resources of a national firm and leverage the right

team with the right experience, it is well positioned

to stay flexible in a changing economy.

“The core values of the firm, and those aren’t just nice

sayings, are the values and guidelines we live and

breathe every day,” says Baggett. “That’s just the

way you’re supposed to operate. Everyone should

be striving to give a hundred percent every day.”

As much as there can be a prototype for what makes

a good Reznick Group employee, co-founder Ivan

Silverman says the ideal Reznick Group employee is a

person who takes ownership of the engagements he

or she works on, who is responsive to clients, who

calls those clients with thoughts and ideas and who

is “thinking about the clients before the clients call us.”

Co-founder David Reznick adds, "But they also have

to want to make a difference, not just in their office

or with their clients, but in their communities as well.

We are committed to giving back to the community.

We were entertaining at a camp for disabled children,

going into school systems and teaching classes. To

see the staff smiling while doing these things and

helping counsel kids in poor neighborhoods has

made us very proud.”

At Reznick Group, giving back to the community is

part of the mission, too. Employees serve as teachers,

coaches and builders in their communities, and the

firm often hosts volunteer events with organizations

like Habitat for Humanity, Junior Achievement,

United Way, American Heart Association, local law

enforcement agencies and others to help employees

get involved. Each individual office also participates

in local charitable events.

Anton Cohen

CPA | Principal

Building a Practice

Reznick Group has staked a claim in many innovative

industry sectors. Rather than putting blinders on its

top performers, the firm has enabled them to build

and expand practice areas.

Anton Cohen offers a case in point. Growing up in

South Africa, he moved to the United States and has

worked for Reznick Group since graduating from the

University of Maryland. He quickly developed a book

of business that was as diverse as his interests.

"While I had initially done work in affordable housing,

I began working in other industries”, explains Cohen.

“I performed several real estate fund audits for

syndicators, and provided services for distributors,

manufacturers and financial services companies."

It was a specific client engagement that caused him to

be tapped when the firm formed a national renewable

energy practice in 2007. Cohen was one of a few

audit professionals to have worked on solar energy

funds, offering experience to bring forward in an

emerging industry. Today, as a leader of the renewable

energy practice, he provides clients with the financial

and technical advice they need to succeed.

What Cohen's contribution shows is that knowledge

gained through one client experience often results in

new opportunities for Reznick Group, its people and

its clients.

The Reznick Group

Experience

OUR VISION: National Perspective | Local Results | Making a Di�erence

Our industry insight, number solid approach will drive value for our clients.

The distinct competencies and insights of our people will guide our industries and solutions.

Value for our clients will be driven by helping to gauge trends and identify issues a�ecting their businesses.

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We will provide outstanding client service.

Our promises made will be promises kept.

We will operate with objectivity, independence and trust.

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Our clients will benefit from our ability to attract and retain superior talent.

We will constantly strive to create tomorrow’s opportunities for our clients and our people.

We will deliver on our commitments to our clients and our people.

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Access to our people will set us apart from the competition.

We will maintain the breadth and depth of resources of a national firm, and leverage the right team with the right experience.

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Risa Guber

Principal | National Director of Human Resources

Culture and Values

Reznick Group’s culture and values are built on

business growth and successful client relationships.

“Our culture is different and special,” says Risa Guber.

“It is a culture of winning. Reznick Group has always

had a collaborative, team-focused approach to

everything we do. If you have a set of goals, our

people will accomplish them. It’s a very driven culture.

The two things that define it are growth and glue.

Growth at Reznick Group is all about growing our

business by helping grow our clients. The glue is

what keeps us focused on, and connected to, the

people who work here and the people we work for.”

Reznick Group’s values are evident in its people.

According to Guber, “We actually say this out loud

about the people who work for us: ‘gifts on loan.’

If we’re doing our job right, everyone who works

here should be someone that everyone else wishes

would work for them. We feel the same way about

our clients. Our top priority is customer service. It’s

very important that our clients understand how

important they are to us and the only way to do that

is to bring value to them in everything we do.”

Looking AheadIf Henry Wallace was right, and “the only certainty in

this life is change,” then change is destined to have a

dramatic affect on the accounting profession in the

years to come. It’s not as if the profession were

standing still. After all, legislation like the Sarbanes-

Oxley Act has brought greater complexity to CPAs

in recent years. But the changes on the horizon

will require greater depth of knowledge and

understanding of clients’ business challenges.

Ken Baggett sees big changes in the accounting

community as a whole. “If you take that same group

of people that 10 years ago would have been talking

about tax systems, audits and efficiencies, now those

discussions extend to risk management and the

global economy,” he says. “With that comes a new

set of risks, because you’re dealing with a different

environment. You’re dealing with a different set of

accounting rules.”

Those changes reflect the evolution that is taking

place in the profession at large. “The accounting

profession in the first 20 years of my career was not

about change. It was about tradition. The last 10

years, it has been all about change and trying to hold

onto as much tradition as you can,” says Baggett.

But change can be a good thing if you have the right CPA firm to weather it with you.

Despite consolidation and other market trends,

Reznick Group is committed to growth—for its clients

and for itself—and most importantly, is committed to

delivering the insights that help clients find new

opportunities in changing times. And that’s the best

of both worlds—harnessing the opportunities of

change while maintaining the core values the firm

was built upon.

Milestones

Key highlights of the firm’s 30-plus-year history are

outlined here.

1977

Childhood friends David Reznick, Stuart Fedder and

Ivan Silverman establish CPA firm Reznick Fedder &

Silverman in Washington, D.C.

1980

Reznick Fedder & Silverman moves to Bethesda, Md., to

accommodate the firm's significant three-year growth.

1982

To serve an expanding client base, a second office

in Baltimore, Md. opens.

1986

The Tax Reform Act of 1986 creates the low-income

housing tax credit program. The legislation expands

the focus of the firm's real estate practice.

1987

The firm opens a third office in Charlotte, N.C., during

a period of rapid real estate growth in the Southeast.

1992

The nonprofit services practice is established.

1995

A fourth office opens in Atlanta, Ga.

HistoryIn 1977, CPAs and long-time friends David Reznick,

Stuart Fedder and Ivan Silverman established

Reznick Fedder & Silverman, a small Washington,

D.C.-based accounting firm. At the time, the firm’s

goal was to service local clients primarily involved in

real estate. For the next three years, Reznick Fedder

& Silverman built its real estate client base, soon

outgrowing its D.C. headquarters and prompting

a move to larger office space in suburban Bethesda,

Maryland.

In 1982, the firm embarked on what would become

an aggressive national expansion, opening a second

office in Baltimore to serve an expanding mid-Atlantic

client base.

A few years later, a major change in the tax code in 1986 significantly altered the course of the firm, propelling it into the national spotlight.

The Tax Reform Act of 1986 created the low-income

housing tax credit program, designed to encourage

private-sector investment in the development of

affordable multifamily rental housing. Understanding

the major financial upside of this program for its real

estate clients, Reznick Fedder & Silverman focused

its real estate practice on the affordable housing

industry. Within a few short years, the firm was

recognized as a national leader in affordable housing

accounting services, and was renowned for its

knowledge in the tax credit arena.

Geographic expansion followed with new offices

in Charlotte, North Carolina, and Atlanta, Georgia.

New practice areas and service groups, including

nonprofits, government services and valuation and

transaction advisory, were established to meet the

needs of an evolving client base.

In 2004, the firm was renamed Reznick Group. Today,

Reznick Group maintains its headquarters in Bethesda,

with offices nationwide in key cities such as Austin,

Boston, Chicago, Los Angeles and Sacramento. The

firm also serves its clients through an international

office in Chennai, India. While Reznick Group maintains

its national leadership in affordable housing, the firm

continues to expand its services and knowledge in

growing industries such as renewable energy, financial

services, technology and commercial real estate.

Reznick Group has most certainly evolved throughout

its history. But the firm’s values and commitment

to outstanding client service remain unchanged

since Reznick Fedder & Silverman first opened its

doors in 1977.

The hallmark of Reznick Group has been an ability to create opportunities that lead to growth for its clients and for the firm.

David Reznick (R)

CPA | Co-founder and Chairman of the Board

Ivan Silverman (L)

CPA | Co-founder and Principal

The Founders

Reznick Group founding principals David Reznick

and Ivan Silverman have the right formula to help

businesses succeed and reach their goals. They

know how high the stakes are, and they have a

passion for seeing their clients succeed.

“From day one, our goal was a very simple one:

to be able to go out with a hands-on approach

and really help our clients succeed and reach their

goals,” explains Reznick. “To this day, we train the

people who grow up within our firm to carry that

same ball to the clients they’re serving.”

While the two had no idea Reznick Group would

grow to its current size, they both had confidence

that they would succeed as long as they put their

clients’ priorities before all others. “That tone and

culture are with us today," Silverman adds. “That’s

the culture the people in our firm have grown up with.”

2000

The firm expands its valuation and transaction

advisory group. Reznick Group extends its HUD

services through joint ventures Michigan Multi-family

Asset Managers and Pennsylvania Multi-family

Asset Managers.

2002

Reznick Group launches Integratec, providing real

estate data management services.

2003

Ken Baggett is named Managing Principal/CEO.

The firm’s national expansion begins with a fifth

office in Sacramento, Calif.

2004

Reznick Fedder & Silverman is renamed Reznick Group.

2005

Reznick Group opens a Chicago, Il, office. To expand

services for middle-market companies, the firm opens

a Tysons Corner, Va., office. The government services

practice is established.

2006

The firm extends its commercial real estate focus

by opening a Los Angeles, Calif. office. Reznick

Group opens a service office in Chennai, India.

2007

The national renewable energy practice is established.

Reznick Group opens offices in Austin, Texas, and

Boston, Mass.

2008

Reznick Capital Markets, LLC, is launched, serving

the capital needs of real estate and renewable

energy clients.

2010

Reznick Restructuring Solutions, LLC, is launched

to help real estate clients manage troubled assets

and loans.

Industry Insight. Number Solid. Reznick Group got its start when David Reznick

and his high school friend Ivan Silverman—

whose families both owned grocery stores in

the Washington, D.C., area, went into business

together with a third friend—Stuart Fedder.

That firm, which became known as Ziger, Reznick

and Fedder, grew to about 40 people, building a

solid reputation in real estate accounting. Their

success led to an early merger with a larger CPA

organization, and provided the first clear insight

that all accounting firm cultures are not alike.

“We felt we weren’t able to deliver the kind of

service our clients had expected from us prior to

the merger,” Reznick recalls. It did not take long for

the original team to take the steps that would allow

them to regain—and maintain—their independence.

With that, Reznick Fedder & Silverman was formed

in 1977.

They hung out their shingle with one objective: to create a company that was flexible enough to take a comprehensive hands-on approach with clients.

“What had frustrated us and caused us to re-launch

our firm were the limitations that were placed on our

client interactions,” explains Silverman. “We were

effectively told to stick strictly to the narrow limits

of accounting.”

That is what led to a key differentiating principle

early on in the firm’s history. When Reznick Fedder &

Silverman met with clients, they would offer insight

into the business dimensions of real estate decisions

in addition to providing advice on accounting issues.

The strategy of giving clients greater value was a

successful one. In 1982, they began to expand the

practice nationally with the opening of a second office

in Baltimore. But it was passage of the monumental

Tax Reform Act of 1986 that changed the firm’s

destiny forever, committing its course to expansion

nationwide. That Act transformed the practice by

creating Section 42, the low-income housing tax

credit. Reznick Fedder & Silverman saw at once

the advantages that the program could offer real

estate clients and began focusing in the area of

affordable housing.

The firm has seen a lot of change over the years—

including a name change to Reznick Group in 2004.

It has also expanded into offices throughout the

USA and in Chennai, India, where a skilled workforce

almost half a day’s difference in time away enables

the firm to run nearly a 24-hour operation to meet

client deadlines.

“The firm has grown organically by geographically

expanding,” says Baggett. “Probably half of the

revenue of our peers has come from acquisitions,

whereas less than five percent of our revenue has

come this way.”

Industry Memberships and Recognition

IGAF Worldwide

Reznick Group is a charter member

of IGAF Worldwide. IGAF Worldwide

is the strongest association of

independent accounting firms in

the world, providing a wide range of tools and

resources to help member firms furnish superior

accounting, auditing, and management services to

clients around the globe.

American Institute of Certified

Public Accountants (AICPA)

Reznick Group is a member of the

AICPA's Major Firms Group as well as the Center for

Audit Quality, Governmental Audit Quality Center,

Employee Benefit Plan Audit Quality Center and

Private Companies Practice Section.

Association of Government

Accountants (AGA)

Reznick Group maintains membership

in AGA, which supports the careers and professional

development of government finance professionals

working in federal, state and local governments as

well as the private sector and academia.

Inside Public Accounting

Reznick Group is ranked among the

top 25 accounting firms in the nation

by this leading industry publication.

An Associationof Independent Firms

The competitive advantage for accounting firm leaders since 1987

2010TOP

25FIRMS

Learn More:

For more information on how your company can benefit from Reznick Group’s services and industry insights, visit www.reznickgroup.com

This publication contains only general information and is not intended by Reznick Group to be a rendering of accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for any professional advice or services.

©2010 Reznick Group, PCRG_ FIR_OVE_ 8-10v1

About Reznick Group

Reznick Group is a top 20 national CPA

firm providing accounting, tax and business

advisory services to clients nationwide.

The firm’s industry experience includes

affordable housing, financial services,

renewable energy, healthcare, nonprofits,

professional services, commercial real estate

and technology.

For more information, visit www.reznickgroup.com

Learn More:

For more information on how your company can benefit from Reznick Group’s services and industry insights, visit www.reznickgroup.com