elliott davis report to clients & friends

2013REPORT TO CLIENTS & FRIENDS

CHARTING OUR COURSE for the future.

TABLE OF CONTENTS

Letter from Rick Davis ..................................... 4

Serving Clients in the New Economy ............... 6

Progress in Practice ...................................... 10

Community Commitment ............................. 11

Working Well ................................................ 12

Team Recognition ......................................... 13

Individual Recognition .................................. 14

Aligning for the Future.................................. 17

Industries & Services .................................... 18

CLIENTS AND FRIENDS:I have long admired leaders who drive toward the future with relentless focus

and vision. Subscribing to this way of thinking has served me well throughout

my five years as managing shareholder of Elliott Davis.

Looking ahead is always exciting. But in our hurried pace of work and life,

reflecting on the past year may be last on our to-do list. As a full-steam-ahead

type of person, I am inclined to share this sentiment. However, through the

compilation of this report, I started to gain an unexpected, inspired perspective.

Reliving the achievements, milestones and moments that made the last year

remarkable really drove home the “why” component of what we do at Elliott

Davis. In short, we do it…because we believe in it.

With 400 employees, it takes incredible synergy across our entire matrix and

team to be successful. We are a firm with many moving parts. Most compelling

and motivating is that when these parts all work together, they produce a total

impact that is much greater than they could on their own.

As you will see in this report, Elliott Davis is a rapidly growing regional firm

operating in a changing world, and we have made progress of which I am

immensely proud. With a mission to provide clients with smart solutions and

our people with rewarding opportunities, we have worked strategically to

innovate and align our resources to sync with the dynamic environment in

which we do business.

We could not do what we do, however, without you and the support and

encouragement that you provide to our organization on a daily basis. Thank

you for supporting Elliott Davis during the past year – we look forward to an

exciting and fulfilling future.

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That’s the message Elliott Davis is sending by working

closely with economic development organizations and

other influencers, as well as federal, state and local

governments to bring businesses to the Southeast.

Elliott Davis’ Economic Development Advisory assists

companies that are investing in or relocating to the

region. Comprising the team are professionals from our

key industry practices including manufacturing and

distribution, real estate, construction, government,

healthcare, financial services, not-for-profit and

professional services.

This team advises clients on a vast array of issues including

economic incentives; international, federal, state and

local tax issues; accounting matters; real estate purchases

or relocations; government relations; mergers and

acquisitions; business valuation; strategic business

planning; debt structuring; feasibility studies; and

cost segregation.

“Headquartered in Greenville, South Carolina since 1925,

our roots reach deeply in this region,” says Rick Davis,

Firm Managing Shareholder. “Our history combined with

our commitment, connections, depth and expertise are

unique in the Southeast, enabling us to help companies

poised for growth and investment in the region.”

Davis serves on the board of directors for the South Carolina

Chamber of Commerce, which represents more than

18,000 businesses and more than one million employees

across the state. The firm also is active in other state and

local Chambers of Commerce throughout its footprint.

Welcome. Guten Tag.Bienvenidos.

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While we assist with domestic relocations and help

businesses strengthen their foundations regionally, we also

recognize there is opportunity beyond our borders. The

Carolinas, Georgia and Virginia are tremendous locations for

foreign companies to establish a presence and contribute

to our local economies. Finding the right advisor,

however, can be a challenge for these businesses,

making it difficult and somewhat cumbersome to invest here.

Elliott Davis’ International Services practice aims to make

the transition seamless by providing well-rounded, tailored

advisory services to these companies. With

fluency in Chinese, German, French and Spanish as well

as proficiency in a number of other foreign languages, our

dedicated international team combines strong technical

expertise with far-reaching, applied experience.

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SERVING CLIENTS IN THE NEW ECONOMYAs advisors and consultants, our perspective ascends to the economies and environments in which our clients do business. In the past year, Elliott Davis has developed and invested in niche practice areas that cultivate beneficial business climates for our clients and our people.

“We love it here… and you will too!”

6 2013 | Report to Clients & Friends

“There are many worldwide conglomerates with large

operations in the Southeast but also numerous companies

with smaller scale operations here,” says Kay Biscopink,

leader of Elliott Davis’ International Services practice.

“To respond to clients’ growing needs, we have assembled

a diverse practice with the skills, experience and knowledge

to serve these U.S. interests by providing tax, assurance

and consulting solutions as well as on-the-ground

accounting support.”

Biscopink has more than 20 years of tax experience. Her

team also includes Eric Schmid, an assurance shareholder

with more than 20 years of experience who joined Elliott

Davis’ practice in 2011 as well as Thiru Govender, an

assurance shareholder who joined the firm in October.

Also added to the team this year were six other professionals

– all Chinese natives – who provide tax services and

general accounting support to global clients.

“We continue to make investments in support of the new

and growing businesses in our footprint,” says Davis. “It’s

terrific to see foreign companies invest here; hire here;

and contribute to our community. Our goal is to provide

360 degree financial solutions to these entities, so they

can expand and thrive.”

In the past year, firm leaders have accompanied

organizations such as the Upstate Alliance, Central S.C.

Alliance and Charlotte Regional Partnership on trips to

China, Germany, Israel and Brazil to promote foreign

investment in the Carolinas. We work closely with

economic development alliances to attract, retain and

engage foreign businesses.

“Taking a cooperative approach in this global economy

is imperative and beneficial on numerous levels for

businesses, organizations and individuals,” says Davis.

Through its membership in The Leading Edge Alliance,

a worldwide association of independently owned

accounting firms, last year Elliott Davis helped Asia-based

business advisory firm Dezan Shira & Associates establish

a U.S. presence by co-locating employees at Elliott Davis’

Charlotte office. As fellow Leading Edge Alliance firms,

Elliott Davis and Dezan Shira are working closely to bring

both inbound investment to the Carolinas and outbound

U.S. investment to Asia.

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Elliott Davis recognizes that continued economic

development and foreign direct investment are vital to

the growth and vitality of our region. For 88 years, we

have advised businesses on how to run efficiently, grow

wisely and improve profitability, which is why we have

taken a vested interest in addressing sustainability from a

financial perspective – the new frontier of resource

management. Our professionals offer operational,

compliance and strategic solutions to address organizations’

long-term viability.

Last year, Elliott Davis partnered with Furman University’s

Center for Corporate and Professional Development on a

new corporate sustainability program. The BESTSM

(Businesses Engaging in Sustainability for Tomorrow)

program aims to help businesses lower operational costs

in the areas of energy, water and waste management

while also positively impacting the community.

“As proactive advisors, we are always looking for ways to

help our clients reduce expenses and improve operational

efficiencies,” said Rich Waycaster, Chief Financial Officer

for Elliott Davis. “BEST uses an online process to allow

organizations to easily identify, benchmark and reduce

their operating costs through a simple, intuitive process

that collects data and provides specific recommendations

tied to business types and associated activities.”

Waycaster chaired the South Carolina Association of

Certified Public Accountants’ Sustainability Task Force,

which was formed several years ago to address how the

accounting profession can proactively promote sustainable

business practices.

“Environmental concerns, raw material shortages, energy

costs and other regulatory, supply chain management, and

various economic pressures are bringing to light significant

resource and risk management issues for many businesses,”

says Waycaster. “As business advisors, we need to

understand these factors and take the lead on devising and

implementing strategies that help organizations adeptly

manage their resources now and in the future.”

Elliott Davis has attained Green Plus™ Mover status from

the Institute for Sustainable Development. The firm’s

Charlotte, N.C. office building also has earned LEED Silver

Certification from the U.S. Green Building Council and our

Columbia, S.C. office building was the first in that city’s

Central Business District to receive LEED Gold

Certification and has been awarded Energy Star

Certification for four consecutive years.

Our firm is excited about its progressive path, syncing services with the changing economy and addressing your dynamic needs.

As trusted advisors, we seek to examine and understand the big picture, encompassing details and how they all work together. It is this holistic, multi-disciplined, innovative approach that adds continued value, longevity and quality to our client relationships.

Please contact us if you would like to learn more about our Economic Development, International and/or Sustainability practices.

Holistic,Sustainable Investment.


PROGRESS IN PRACTICEExpansion… Relocation… Celebration

What can we do today to better serve our clients tomorrow?

In August, Elliott Davis relocated it Galax, VA office to Richmond to provide

centralized access to clients across the state, allowing for enhancements from

both service and efficiency perspectives.

“As the state capital and one of the largest cities in Virginia, Richmond offers

a strong, diverse business environment in which we can further build our

practice,” said Paul Pickett, Office Managing Shareholder for Richmond.

The firm opened a Virginia office in 2006. This recent move to Richmond is part

of Elliott Davis’ long-term strategic plan.

“We are focused on aligning our resources on markets like Richmond that

provide the greatest potential for growth and sustained profitability,” said Rick

Davis, firm managing shareholder. “This region also boasts numerous colleges

and universities from which we can recruit top talent and continue to progress

our practice.”

Another growing geography for Elliott Davis is Columbia, S.C. This fall, that

office marked its 20th anniversary. Opening two decades ago with seven

people, that office today has the largest CPA bench of any firm in the city.

Continued expansion in this market prompted Elliott Davis to lease

additional space in its downtown Columbia office building which has

helped to accommodate several new additions, including Shareholder

Bill Quattlebaum. A certified public accountant with more than 30 years

of experience, Bill provides tax services to high net-worth individuals and

closely-held businesses.

Our year of expansion and celebration is underscored by our deep

commitment to the Midlands region. During the past two decades, the

firm has given more than $1 million to support local causes, and many of

the firm’s professionals hold leadership positions on community boards

and donate time to various charitable organizations.

According to Columbia Office Managing Shareholder Jason Caskey, “We

know that we are fortunate to live and do business here. Giving back is an

important part of our culture.”

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Our firmwide philanthropy is the United Way, which seeks to improve lives

by mobilizing the caring power of communities around the world to advance

the common good. Elliott Davis supports this mission annually. Each of our

offices holds a fundraising campaign with themed events, presentations,

and field trips to local United Way sponsored charities. Educating our people

about the needs in our communities has resulted in achieving incredibly high

participation from employees firmwide.

In addition to the United Way, each office takes pride in its involvement with

projects and organizations on a more local level.

Augusta, GA – Serving the needs of the community’s children is paramount

with staff members in Augusta. Several employees hold positions in the Girl

Scouts and The Boys & Girls Club. Additionally, we are involved with the

University Health Care Foundation, Child Enrichment, Georgia Arts Council

and the Chamber of Commerce volunteering on panels and serving with

Leadership Augusta.

Charlotte, NC – The holiday season is a time for families and friends – and

for giving. Our Queen City office focuses its efforts on Operation Christmas

Child, purchasing supplies and packing them in shoe boxes that are shipped

around the world to needy youngsters. We also conduct food drives for the

Second Harvest Food Bank and donate volunteer hours to the organization’s

distribution center.

Columbia, SC – The professionals in our Columbia office are active on more

than 40 boards of directors. Additionally, the importance of volunteerism is

instilled early here, as each class of summer interns is tasked with identifying

a need in the community and implementing a service project that addresses

it. This past year’s project entailed meals, yard care and other supplies for a

local family shelter. The interns brought the entire office on board by

spearheading a toy drive and monthly birthday celebrations for the children.

Charleston, SC – Our Lowcountry office volunteers their accounting skills in

support of the Race for the Cure, managing cash handling during registration

and on the day of the event. The staff also paints the front of our office for

the event and participates in the race itself. Additionally, we serve as a major

sponsor of the Charleston Wine & Food Festival benefitting various charities

in the community. During the holidays, our team provided more than 200

gifts to Families Helping Families.

Greenville, SC – Our headquarters office sponsors the bustling arts

community with sponsorships of the Greenville Symphony, Peace Center,

SC Children’s Theatre, Metropolitan Arts Council and the Greenville County

Museum of Arts. This past year, we are also presenting sponsors of

the Community Foundation’s Charitable Giving Awards recognizing

individuals and companies who impact our community through goodwill

and dedicated service.

Greenwood, SC – Anyone familiar with Greenwood knows of the Annual

Festival of Flowers. Going strong for 45 years, the festival kicks off each

June with various cultural, horticultural and sporting events. In 2012, our

Green Sponsorship was responsible for recycling receptacles throughout the

festival area. Staff members also serve on various committees to make the

event successful.

Richmond, VA – Our newest office recently opened for business in the

Commonwealth’s capital city. Before the boxes were even unpacked, the

Richmond shareholders reached out to existing clients expressing our

desire to serve the community we now call home, including involvement

with the 2013 Richmond March for Babies, a premier fundraising event for

the March of Dimes organization.

COMMUNITY COMMITMENT Investing in the communities in which we do business is ingrained in our culture.

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WORKING WELL

TRAINING

Elliott Davis promotes professional development through

comprehensive training opportunities, meaningful job experience

and one-on-one coaching. Our team members participate in a

minimum of 40 hours of high quality technical and professional

development training each year including updates, workshops,

seminars, webinars and mentoring.

We offer both Career Development and Leadership Development

programs which are designed to advance technical skills as well

as the comprehensive competencies needed to progress to

leadership positions through a variety of learning activities and

situations that challenge employees to develop at a faster pace.

The programs include:

• Clearly defined promotional career paths

• Performance expectations which define results desired for

each position

• Competencies which define behavioral expectations

• Learning and developmental activities to develop skills

• Individual career development plans

• Individual coaching and mentoring

WELLNESS

The Elliott Davis Wellness Program aims to establish a work

environment that promotes healthy lifestyles, decreases the risk

of disease, and develops a positive culture focused on celebrating

and improving the quality of life for all employees.

We offer a number of wellness initiatives, including free annual

clinical health assessments to our people, blood pressure

monitors for general use, and a personal health coach available

to assist with health care needs, answer questions and lead group

education sessions. Office wellness committees also lead a number

of challenges throughout the year involving healthy eating,

exercise, weight loss and stress management.

Last year, the firm instituted a quarterly wellness newsletter

“Healthy Headlines” which offers health and nutrition tips, as

well as showcases employees who have made positive progress

toward healthier lifestyles. We call these inspirational employees

our “Wellness Wonders.”

“Since 2008, participation in the annual clinical health

assessments has risen 25%, activity levels have risen, and overall

health of employees has improved,” said Lisa Rader, Firm

Benefits Manager.

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It takes dedication, motivation, knowledge and energy to excel at work – and we want to give our people every possible opportunity to succeed.


TEAM RECOGNITION

Elliott Davis wants its people to shine as individuals and as a team. In the past year, we were honored with awards that recognize our firm culture for being progressive, collaborative and synergetic.

2012

Best Places to Work in South Carolina - For the sixth consecutive year, Elliott Davis was named among the “Best Places to Work in South

Carolina” in the large company category (250+ employees). This multiyear initiative aims to identify and recognize the state’s most innovative

and top-notch employers. Entrants are assessed through a two-part process which includes an employer benefits and policies questionnaire,

as well as an employee engagement and satisfaction survey. The program involves a partnership among the South Carolina Chamber of

Commerce, South Carolina Job Network and SC BIZ.

Best Places to Work in Charlotte - Elliott Davis also was named among the Charlotte Business Journal’s “Best Places to Work” in 2011 and

2012 for its outstanding benefits, policies and practices. “Our people are highly dedicated to our firm and our clients. In turn, we are highly

dedicated to them and take great care in evaluating and introducing benefits and programs that provide them with rewarding opportunities

as well as long term career fulfillment,” said Jim Hazel, Charlotte Office Managing Shareholder.

Best Midlands Companies for Working Moms - With a 56 percent female employee base, Elliott Davis has been a longtime advocate for

the advancement of women in the accounting profession. The firm’s efforts were recognized in the past year by the March of Dimes and

Columbia Business Monthly which named Elliott Davis among the “Best Midlands Companies for Working Moms.” The selection process for

the award included a survey regarding corporate policies and the promotion of employee wellness and family-work life balance.

Vault.com Annual Accounting Firm Rankings - Elliott Davis was recognized among the top firms in the U.S. on Vault.com’s Annual Accounting

Firm Rankings. A source of ratings and insights for students and professionals, Vault.com determines its rankings by asking accounting

professionals to rate their firms in various categories and provide candid feedback on each area. According to Vault.com, “Elliott Davis ranks

among the top 10 accounting firms in several quality-of-life categories and among the top five in three very important ones: compensation,

benefits, and informal training. The firm is looking for candidates who are smart, hardworking, and driven but also friendly and outgoing.”

Healthiest Employers of Greater Charlotte - With a strong commitment to wellness, Elliott Davis was named among the “Healthiest

Employers of Greater Charlotte” by the Charlotte Business Journal for the second consecutive year. The firm offers free health assessments

and coaching to employees, along with various office-based programs such as on-site group fitness and health-related educational forums.

“We have numerous success stories that have resulted from our wellness initiatives,” said Bob Wilson, Chief Human Resources Officer.

“We are excited about the future and improving the health of our employees.”

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INDIVIDUAL RECOGNITION

Rick Davis (Firm Managing Shareholder, Greenville) – Business Person of the Year, 50 Most

Influential People and Outstanding Community Service Rick has won several high profile

accolades in the past year including being named Greenville Business Magazine’s “Business Person

of the Year” and among its “50 Most Influential People.” Additionally, he was recognized by the

Leading Edge Alliance with the “Outstanding Community Service Award” for his linchpin

leadership in “Drive Business Downtown,” an annual event that spotlights the vital role that

downtown businesses play in the economic development and prosperity of the Upstate.

Mike Boliek (Shareholder, Greenville) – Young Philanthropists Mentor of the Year Mike was

named one of the “Young Philanthropists Mentors of the Year” for his advisory work with the

United Way Young Philanthropists. Judging criteria for the award includes the impact the mentor

has made in the mentee’s life from business, professional and philanthropic standpoints.

Elizabeth Finch (Senior Manager, Augusta) – Top 10 in 10 Young Professionals to Watch Elizabeth

was named one of the Augusta Metro Chamber of Commerce’s Top 10 in 10 Young Professionals

to Watch for 2012. Winners are young professionals between the ages of 25 and 35 whom the

selection committee believes will be a top CSRA professional in the next 10 years.

Liz Kalooky (Chief Practice Growth Officer, Charlotte) – Women in Business Liz was named one

of the Charlotte Business Journal’s 25 “Women in Business” for 2012. This annual and prestigious

award recognizes women who have made significant business accomplishments. Since joining

Elliott Davis in 2010, Liz has devised and led strategic growth initiatives and introduced valuable

coaching modules for our people.

Jim Manley (Shareholder, Greenwood) – South Carolina Financial Services Champion of the Year

The U.S. Small Business Administration named Jim as the 2012 “South Carolina Financial Services

Champion of the Year” for his efforts to increase the usefulness and availability of accounting and/

or financial services for small businesses.

We are proud of our team members who were recognized in the past year for their business accomplishments and community leadership.


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Leah Maybry (Senior Manager, Charlotte) – 40 Under 40 and 50 Most Influential Women Leah’s

exemplary community and business contributions were recognized by both the Charlotte Business

Journal and The Mecklenburg Times, respectively. Honorees are professionals who have shaped

the community in ways that have made the region a better place to do business and live.

Brittany Owen (Manager, Columbia) – Women to Watch The South Carolina Association of CPAs

in partnership with the American Institute of Certified Public Accountants and its Women’s

Initiatives Executive Committee, selected Brittany as an Emerging Leader and “Woman to Watch”

due to her extraordinary dedication and involvement in the accounting profession and her

leadership in her community.

Drew Rogers (Senior Manager, Greenville) – Best and Brightest 35 and Under Greenville Business

Magazine and Greenville First Bank recognized Drew as one of 35 leaders age 35 and under who

have built impressive careers and made significant impacts in their communities.


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ALIGNING FOR THE FUTURE

To continue aligning our resources with the current and future needs of our clients, recruiting and retaining top talent are essential priorities.

RECRUITING

Elliott Davis revved up its recruiting efforts this past year,

hiring 77 full-time professionals and 37 interns. While

lateral hiring of experienced talent is a key component of

our strategic plan, we also are focused on organic growth.

Elliott Davis values the opportunity to develop the future

leaders of our profession and is committed to hiring the

best and brightest college graduates.

We identify many of these up-and-comers through our

annual Encompass event, a three-day summer program

devised for rising seniors who come from colleges across

the Southeast to explore and expand their leadership

potential. In addition, throughout the year, Elliott Davis

can be seen on college campuses. We formally recruit on

eight campuses in the region. Each school has an assigned

“Campus Champion” – an Elliott Davis professional who is

an alumnus/a.

“Our people love to return to their alma maters to find

the next generation of Elliott Davis superstars,” said

Megan Wright, Firm Recruiting Manager. “We have very

strong relationships with the faculty and staff of local

universities due to our long history and personal ties to

area academic institutions.”

WOMEN’S DEVELOPMENT COUNCIL

Once we have recruited top talent, we want to keep it;

and with more than half of our new hires being female,

Elliott Davis launched a program several years ago focused

on women.

Our Women’s Development Council strives to help foster

an environment to attract, retain, develop, and encourage

talented women in the achievement of their personal and

professional goals.

This past year, the Council made significant progress in

several key focus areas identified through a firmwide

survey of our female employees:

• Networking / Business Development

• Career / Life Integration

• Coaches / Mentors / Sponsors

• Communication and Culture Change

“With an increasingly female workforce, we have a

tremendous opportunity to bolster the retention and

development of this talent pool,” said Debbie McDonough,

Senior Manager and Past Chair of the Women’s Development

Council. “From professional development seminars and

external networking events to one-on-one coaching and

flexible work arrangements, the firm has made a notable

investment in addressing topics and issues that our women

employees recognize as important to their long-term

career success.”


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Elliott Davis is a member of The Leading Edge Alliance, an international professional

association of independently owned accounting firms based in the U.S. and is

strategically aligned with LEA Europe and LEA Asia Pacific, a worldwide network

of more than 450 offices in 100 countries around the globe.

ServicesAssurance

• Audits, reviews and compilations for public and

private companies

• Forecasts and projections

• Agreed-upon procedures and other

attestation services

• Employee benefit plan audits

• Reporting on controls at service organizations

Tax

• Federal business tax

• Individual, estate and gift tax

• State and local tax

• Tax credits and incentives

• Not-for-profit reporting

• International tax

• Employee benefits

• Cost segregation studies

• Tax structure and planning

Accounting Resources

• Accounting and financial reporting

• Payroll

• Accounting software services

• Sales and use tax

• Business start-up services

Consulting

• Business consulting

• Financial consulting

• Transaction services and due diligence

• Business valuation

• Litigation support and forensic accounting

• Fraud investigation

• Risk management

• Information technology auditing

Industries• Construction

• Closely Held Business

• Economic Development

• Financial Services

• Government

• Healthcare

• Manufacturing and Distribution

• Not-for-Profit

• Professional Services

• Real Estate

• Retail and Hospitality

www.elliottdavis.com

S O U T H C A R O L I N A | N O R T H C A R O L I N A | G E O R G I A | V I R G I N I A

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