Accounting firms merge to create ‘national accounting force’ for nonprofits

PROVIDENCE – Accounting giant Marcum LLC is merging its nonprofits business unit with the accounting firm of Raffa PC, which specializes in that line of business, to create a “national accounting force” serving the nonprofit sector, New York City-based Marcum recently announced.

The merger, which went in effect Oct. 1, about three weeks prior to the announcement, involves Marcum’s Not-for-Profit Practice group. The combined units are known as Raffa-Marcum’s Nonprofit and Social Sector Group, the firm said. Financial terms of the deal were not disclosed.

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Raffa founder and CEO Thomas Raffa is now the 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 the Raffa firm was based.

The firm brings 18 partners and 280 associates to Marcum, which has offices in Providence at 155 South Main St. and at 27 Dryden Lane. Ranked as the 84th-largest U.S. accounting firm by Accounting Today, Raffa was the only Top 100 firm to be majority-owned by women partners, the firm said. The merger expands Marcum’s team to 250 partners and more than 1,700 associates. Marcum ranked as the nation’s 16th-largest firm.

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“Raffa’s expertise and passion for advancing the nonprofit and social sectors enabled them to do well while doing tremendous good,” said Marcum Chairman and CEO Jeffrey M. Weiner. “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.”

Thomas Raffa said: “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 PC 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.”

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.