Nicholas J. Mastracchio, Jr., Ph.D., CPA

CurriculumVitae

Nicholas J. Mastracchio, Jr., Ph.D., CPA

PO Box 282

Adirondack, New York 12808

518 399-3646

Education

Ph.D. Concentration in Accounting, June 1993

Union College Graduate Management Institute, Schenectady, NY

Dissertation Topic: Valuation of Closely Held Businesses

MS in Accounting, 1977

State University of New York at Albany

BBA in Accounting, 1964

Siena College, Magna Cum Laude

Professional Employment

June 1964 September 1993: Charles L. Marvin & Company P.C. CPAs

Managing Director of this large regional firm (85 staff) from June 1976 to September 1991, part time 1992-1993.

September 1993 – July 2002: Self employed practice

July 2002 – Present LCS&Z, LLP Certified Public Accountants, Partner

Academic Employment

1976 to Present: State University of New York at Albany

Full time since September 1991 (tenured since January 1996)

Arthur Andersen Alumni Professor of Accounting 1998-2002

Associate Professor

I have been teaching auditing, personal tax and financial accounting at the University for twenty-seven years.

1985 – 1993: Union College

Associate Professor Adjunct Faculty. Supervised independent studies in auditing for MBA Program. Developed and taught a Valuation of Closely Held Business course for Ph.D. and MBA students.

1965-1968: United States Armed Forces Institute

Established a site for college education through the University of

Maryland and taught accounting courses at Site Love, Alaska where I was

serving as an Army officer.

Publications

Refereed Articles

Mastracchio, Nicholas J. Jr., “Teaching CPAs About Serving the Public Interest,” CPA Journal (January 2005) 6-8.

Mastracchio, Nicholas J. Jr., “Auditing in the Classroom is Changing,”Journal of Accountancy (April 2004) 11-13. Reprinted in the Montana Society of CPAs’ Line Items, June/July 2004.

Mastracchio, Nicholas J. Jr., “Deciding a Firm’s Continuing Education Approach,” CPA Journal (June 2003)14-15.

Mastracchio, Nicholas J. Jr., and Zunitch, Victoria M. “Differences Between Mergers and Acquisitions, ” (November 2002) 38-41.

Mastracchio, Nicholas J. Jr., “Independence and the Users of Closely Held Companies’ Financial Statements,” CPA Journal, (June 2002) 32-37. One of four finalists for the Max Block Award for the best accounting and auditing article of the year by the CPA Journal.

Mastracchio, Nicholas J. Jr., Lewis, Eric E., and Lippitt, Jeffrey W., “Staffing CPA Firms in the Information Era,” The Practicing CPA, (June 2002) 4-5.

Mastracchio, Nicholas J. Jr., Lewis, Eric E., and Lippitt, Jeffrey W., “Users Comments on SFAS 141 and 142 on Business Combinations and Goodwill,” CPA Journal, (October 2001) 26-30.

Mastracchio, Nicholas J. Jr., and Lippitt, Jeffrey W., “Impact of Consulting Services on Small Firms,” The Practicing CPA, (August 2001): 4-6.

Mastracchio, Nicholas J. Jr., “Deciding if a Merger is Right for the Firm,” The Practicing CPA, (December 2000) 1-6.

Mastracchio, Nicholas J. Jr., “When Valuing Closely Held Companies, Look to Recent Years,” CPA Journal, (August 2000) 54-55.

Mastracchio, Nicholas J. Jr., “Settlement of Enhanced Earnings Capacity Cases,”Family Law Review, (December 1999) 8-10.

Mastracchio, Nicholas J. Jr., “A New Era for the Local CPA Firm,” CPA Journal, (July 1999): 20-26.

Mastracchio, Nicholas J. Jr. and Mastracchio, James N., “Consideration of Risk in a Mature License Value,” Family Law Review, (September 1996): 5-9.

Mastracchio, James N. and Mastracchio, Nicholas J. Jr.,“The Value of Professional Licenses, The New York State Court of Appeals Affirms the Valuation Theory,” CPA Journal, (December 1996): 34-39, 50.

Mastracchio, Nicholas J. Jr., and Lippitt, Jeffrey W., “A Comparison of the Earnings Capitalization and the Excess Earnings Model in the Valuation of Closely-Held Businesses,” Journal of Small Business Management, (January 1996): 1-12.

Lippitt, Jeffrey W. and Mastracchio, Nicholas J. Jr.,“Developing Capitalization Rates for Valuing a Business,” CPA Journal, (November 1995): 24-28.

Mastracchio, Nicholas J. Jr. and Cahill, M. Cornelia, “Merging? Tax Rules Can Make a Deal Even Sweeter,” ABA Banking Journal, (March 1995): 69-72.

Lippitt, Jeffrey W. and Mastracchio, Nicholas J. Jr., “Valuing Small Businesses: Discounted Cash Flow, Earnings Capitalization and the Cost of Replacing Capital Assets,” Journal of Small Business Management, (July 1993): 52-61.

Lippitt, Jeffrey W. and Mastracchio, Nicholas J. Jr., “The Value of CPA Firms, Firm Multiples, and Owner Compensation,”The CPA Journal, (May 1993): 26-32.

Lippitt, Jeffrey W. and Mastracchio, Nicholas J. Jr., “To Expand or Not,” The Journal of Accountancy, (May 1993): 124-127.

Mastracchio, Nicholas J. Jr. and Schmee, Josef, “Analytical Procedures That Work,” The CPA Journal, (November 1992): 46-51.

Book Chapters Written

Management of an Accounting Practice, A three-volume set. Authored chapter on Mergers, (New York: AmericanInstitute of Certified Public Accountants, 2001. Published in hard copy, CD-ROM and on the Internet.)

Management of an Accounting Practice, A three-volume set. Authored chapter on Acquisitions, (New York: AmericanInstitute of Certified Public Accountants, 2000. Published in hard copy, CD-ROM and on the Internet.)

Books Reviewed

Zipp, Alan S, Business Valuation Methods, (New York: American Institute of Certified Public Accountants, 1993), 982 pages.

Hermanson, Loeb and Strawser, Auditing Theory and Practice, 3rd ed., (Homewood, Illinois, Richard D. Irwin, Inc., 1983), 624 pages.

Presentations at Professional Meetings

Presenter: New York State Society of CPAs conference at the Capital District Business Review “Financial Statement Content and the Audit Process” October 2004.

Presenter: New York State Society of CPAs Conference of Business Reporters “Financial Statement Content and the Audit Process” October 2004.

Presenter: Pennsylvania Society of CPAs Annual Education Conference, “Changes in Teaching Auditing” October 2004, Malvern, Pennsylvania.

Presenter: New York State Society of Certified Public Accountants Annual Education Conference, “The 150 Hour Requirement” November 2003, Oswego, New York.

Presenter: National Association of State Boards of Accountancy Annual Meeting, “Auditor Independence and the Closely Held Firm,” October 2002, New Orleans, Louisiana.

Presenter: XXXI Simposium Internaltional De Contadores Publicos, “Valuacion De Pequenas Empresas,” October 1998, Monterrey, Mexico.

Presenter: The American Accounting Association 1996 Mid-Atlantic Regional Meeting, “A Test of the Accuracy of the Excess Earnings and the Earnings Capitalization Models for Valuing Closely Held Companies,” Philadelphia, Pennsylvania.

Panel Speaker: The American Accounting Association 1994 Northeast Regional Meeting, "The Problems and Challenges of Applied Research," Buffalo, New York.

Serve as discussion leader for full day course: “Valuation of Businesses and Professional Practices” for The New York State Society of CPA's Foundation for Accounting Education. Designated as an Outstanding Discussion Leader (top ten percent) each year from 19871990.

Presented seminars for the Executive Development Program sponsored by the State University of New York at Albany, the Executive Development Program at Siena College, and various state CPA societies and associations,on “Valuation of Businesses and Professional Practices.”

Presenter: American Statistical Association Northeast New York Chapter, 1992, "Exploratory Statistics and Analytical Review,"Schenectady, New York.

Presenter: New England Graduate Accounting Study Conference, 1991, “Valuation Issues in CPA Firms,” Newport, Rhode Island.

Presenter: The American Institute of Certified Public Accountants National Management of an Accounting Conference, 1991,“Planning and Valuation Issues in CPA Firms,” Boston, Massachusetts and Dallas, Texas.

Teaching

Awards

1998 Harold Cannon Memorial Award for Outstanding Undergraduate Teaching

1995 Dean Warren Haynes Memorial Award for Outstanding Graduate Teaching.

New York State Society of CPAs distinguished Discussion Leader 1986 – 1989.

Courses Developed

“Valuation of Closely Held Businesses,” MBA and Ph.D. Course at Union College

University Service

Undergraduate Affairs Committee, 2003-2004 Chairman in 2003.

Personnel Committee, 1996-2002, Chairman 2000-2002.

Teaching Committee, 1995-1998. Chairman 1996-1998. Applied for and

received a grant for seminars in effective teaching for all State of New York

university andcollege school of business faculty.

Graduate Affairs Committee.

Ad hoc committee, AACSB accreditation of the accounting program. Received

accreditation of the accounting program as a separate accreditation for the first

time at the university.

Ad hoc committee, School of Business mission statement.

Ad hoc committee, executive development.

Ad hoc committee, two dean searches.

Ad hoc committee, development of proposal for Ernst and Young strategic planning grant.

Chairman of School of Business faculty.

Beta Alpha Psi faculty advisor.

Have presented numerous seminars to faculty and teaching Ph.D. students on

effective teaching.

One on one counseling of faculty on research, publishing and effective teaching.

Community Activities

Schenectady County Community College, Schenectady, New York. Business Advisory Committee, 1969-present. In 1969, I also was acting Dean of Administration and assisted in getting the college started.

Schenectady Economic Development Corp., Schenectady, New York, 1980-1994. Past Secretary, member of the Executive Committee and Board of Directors.

Ellis Hospital Board of Directors, Schenectady, New York, 1980-1989.

Past Treasurer, past member of the Executive Committee.

College of St. Rose, member of the business advisory council for approximately 15 years.

Served on various local charitable organizations' board of directors over the past 35 years.

Professional Service

The New York State Board of Accountancy, the state regulatory body for the profession. Immediate past chairman of the board. Chairman of the education committee and past chairman of an ad-hoc committee that developed ethics requirements and curriculum for New York State Licensed CPAs.

The National Association of State Boards of Accountancy. Member of the nominating committee and education committee. Currently chairing a joint activity with AAA on the teaching of protecting the public interest to accounting students with the objective of identifying models that can be followed.

The American Institute of Certified Public Accountants Board of Examiners responsible for content, grading and administration of the CPA exam. Various activities including presentations and publications.

Various committees and presentations for the New York State Society of CPAs at the chapter and state level.

Serve on the editorial board of the CPA Journal.

Serve as an outside reviewer for the CPA Journal.

Professional Associations

American Accounting Association

American Institute of Certified Public Accountants

New York State Society of Certified Public Accountants

American Academy of Economic and Financial Experts

Past president and executive director of The Atlantic Conference of Certified Public Accountants. Primary mission was to develop quality control manuals.

Other Professional Activities

Licensed in New York State as a Certified Public Accountant in 1969.

Have participated and been on panels for the Levalle committee hearings on audit independence, the SEC hearings on audit independence, and the Sullivan committee on the 150 hour requirement and scope of practice issues in proposed legislation.

Have advised legal council of CPAs on areas of professional responsibility.

Have performed a valuation that has become case law in New York State.

Have been designated as a qualified neutral by the American Arbitration Association.