Statement 157 Fair Value Accounting for Non Profits

Richard Marshall
Partner
Ropes & Gray, LLP

Richard Marshall is a partner in the Investment Management and Securities Litigation groups of Ropes & Gray. Since entering private practice, Rick has conducted compliance reviews and provided compliance counseling for investment companies, investment advisers, hedge funds, and broker-dealers; represented individuals and regulated entities in inspections, investigations, and litigation against the Securities and Exchange Commission, self-regulatory organizations, state securities regulators, and U.S. Attorney's offices; created hedge funds; provided advice on the creation of new products for investment companies, investment advisers, hedge funds, and broker-dealers; and counseled investment companies, investment advisers, hedge funds, and broker-dealers on regulatory matters.

Before joining Ropes & Gray, Rick had been Senior Associate Regional Administrator in the New York office of the Securities and Exchange Commission. In that position, he supervised a staff of seventy that conducted inspections of investment companies and advisers in the New York region and oversaw enforcement matters related to those entities. Rick has also been a branch chief in the Division of Enforcement of the Securities and Exchange Commission in Washington, D.C.

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Richard Hitt
Managing Director & Nation Practice Leader, Valuation Services
Navigant Capital Advisors

Richard D. Hitt is a Managing Director in the Corporate Finance practice of Navigant Consulting, Inc. and is responsible for the Financial Services Group. Mr. Hitt has provided valuation and financial advisory assistance to the financial services industry for more than 20 years. During that time, he has performed hundreds of valuations for financial services companies, including banks, thrifts, leasing companies, insurance companies, insurance agencies, investment advisors, mortgage companies, mutual fund complexes, broker-dealers and other types of securities firms, trust companies, and other financial services firms.

His valuation experience includes the valuation of equity interests, intangible assets, and financial instruments. These valuations have been performed in connection with mergers, acquisitions, divestitures, employee stock ownership plans, litigation, tax and financial reporting purposes (including SFAS 141 and 142). In addition, Mr. Hitt has advised numerous community banks on shareholder value issues. His financial advisory experience includes buy and sell-side advisory in banking, mortgage banking, insurance brokerage and professional services firms.

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Dayton D. Nordin
Principal Transaction Advisory Services - Valuation & Business Modeling
Ernst & Young

Over fourteen years of consulting experience and has worked in a variety of industries including: technology, communications, media, manufacturing, utility, government contracting, and service. Currently, a member of the Boston office of Ernst & Young's Transaction Advisory Services specializing in Valuation for both financial and tax reporting purposes. Responsibilities include the valuation of business enterprises, equity and debt interests, and various intangible assets associated with businesses. These types of engagements are performed for a variety of purposes including allocation of purchase price for tax and accounting purposes, valuation of minority and control equity interests for gift and estate tax purposes, transaction related purposes, corporate planning, tax planning and recapitalizations. In addition, completed a variety of pre-deal due diligence projects that include various aspects of valuation work. Typically these projects primarily involve advising clients on the value of various intangible assets and/or the business enterprise of target companies. Assisted clients in identifying and addressing strategic business issues. Those issues often revolve around studies of: market size, competitive landscape, internal strengths and weaknesses, competency assessment, and identifying the financial needs and requirements of a business.

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Paul J. Nockels
Partner
MCGLADREY & PULLEN, LLP

Summary of Experience
Paul is a partner in McGladrey & Pullen, LLP’s Financial Services group, providing attest and consulting services to various market participants, including securities broker-dealers, futures commission merchants, hedge funds, investment advisors, market specialists and commodity pools. Paul also provides attest services to not-for-profit organizations, including private charitable foundations and membership organizations.

Paul is a graduate of the firm’s Leadership Effectiveness Advancement Program and a recipient of the Joseph M. Checkers Individual Award for Outstanding Contributions to Quality and Service.

Professional Affiliations
Paul is a member of the AICPA Stockbrokerage and Investment Banking Expert Panel, and has served as chairman of the Futures, Securities and Derivatives Special Interest Group of the Illinois CPA Society. Additionally, he is a member of the AICPA, Chicago Gold Badge Society and Futures Industry Association, including the Association’s Law & Compliance and Operations Divisions. He is a frequent moderator and speaker at seminars on accounting and regulatory matters.

Education
Paul received a B.S. in accounting from DePaul University.

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Statement 157 for Non Profits
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