Curriculum Vitae
Nicholas J. Mastracchio, Jr., Ph.D., CPA
850 S. Collier Blvd. Apt 1804
Marco Island, Florida 34145
518 399-3646
mast@nycap.rr.com
Education
Ph.D. Concentration in Accounting, June 1993
Union College Graduate Management Institute, Schenectady, NY (Now Union
College Graduate)
Dissertation Topic: Valuation of Closely Held Businesses
MS in Accounting
State University of New York at Albany
BBA in Accounting
Siena College, Magna cum Laude
Professional Employment
Charles L. Marvin & Company P.C. CPAs
Managing Director (15 of the 30 years) of this large regional firm (grew from 24
to 85 staff while I was managing director) from June 1976 to September 1991,
part time 1992-1993.
September 1993 – July 2002: Part time self employed practice solely in business
valuations.
July 2002 – December 2006 LCS&Z, LLP Certified Public Accountants, Partner
Part time doing valuation work.
January 2007 – June 2013 Part time self employed practice solely in business
valuations in Florida.
July 2013 – Present Special consultant LCS&Z Certified Public Accountants
Academic Employment
August 2011 to present University of South Florida Sarasota Manatee
Lecturer August 2011 – May 2012
Assistant Professor August 2012 - present
August 2006 to May 2008 University of South Florida
Clinical professor
1976 to 2006: State University of New York at Albany
Full time after September 1991 (tenured since January 1996)
Arthur Andersen Alumni Professor of Accounting from 1998
I taught auditing, personal tax and financial accounting at the University
for thirty years. Emeritus status.
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.
Publications
Refereed Articles
Mastracchio, Nicholas J. Jr. and Heather Lively, “ Beware of Financial
Statements Stating They are Developed under a New AICPA Framework,”
The RMA Journal, November 2013.
Mastracchio, Nicholas J. Jr. and Heather Lively, “How Many Accounting
Frameworks are Enough?” The CPA Journal, August 2013.
Mastracchio, Nicholas J. Jr. and Heather Lively, “The Effect of Clarified
Standards on Auditor’s Reports,” The CPA Journal, March 2013.
Vance, Carol A. Elizabeth Carlson, Heather M. Lively, and Nicholas J.
Mastracchio, Jr., “Embracing Technology in Education,” The CPA Journal,
January 2013.
Mastracchio, Nicholas J. Jr. and Heather Lively, “Multiple Auditing Standards
Intensify the Dilemma of What to Teach,” The CPA Journal, October 2012.
Lively, Heather and Nicholas J. Mastracchio, Jr., “Multiple Financial
Accounting Standards Intensify the Dilemma of What to Teach,” The CPA
Journal, October 2012.
Mastracchio, Nicholas J. Jr., Heather Lively, and Elizabeth Carlson, “Should a
Master’s Degree Be Required for CPA Licensure?” The CPA Journal,
November 2011.
Stokes, Leonard, Elizabeth Marcuccio, Eugene Farley, Michelle King, and
Nicholas J. Mastracchio, Jr., “The CPA Exam Content Specifications, Missed
Opportunity to Incorporate Academic Advice and Guidance for
Candidates,” The CPA Journal April 2010.
2
Mastracchio, Nicholas J. Jr, “Business Valuations,” IMA Business Performance
Management, January 2009.
Mastracchio, Nicholas J. Jr “The Role of NASBA and State Boards in
Accounting Education, How Should a School's Accounting Curriculum be
Determined,” The CPA Journal, (March 2008).
Lippitt, Jeffrey W., Nicholas J. Mastracchio, Jr., and Eric E. Lewis, “Valuing
Companies That Have Large Holding Gains,” The CPA Journal, February
2008.
Mastracchio, Nicholas J. Jr., “Value Proposition,” Journal of Accountancy, June
2007.
Mastracchio, Nicholas J. Jr., “Teaching CPAs About Serving the Public
Interest,” The CPA Journal, January 2005.
Mastracchio, Nicholas J. Jr., “Auditing in the Classroom is Changing,” Journal
of Accountancy, April 2004. Reprinted in the Montana Society of CPAs’ Line
Items, June/July 2004.
Mastracchio, Nicholas J. Jr., “Deciding a Firm’s Continuing Education
Approach,” The CPA Journal June 2003.
Mastracchio, Nicholas J. Jr., and Victoria M. Zunitch, “Differences Between
Mergers and Acquisitions,” Journal of Accountancy, November 2002.
Mastracchio, Nicholas J. Jr., “Independence and the Users of Closely Held
Companies’ Financial Statements,” The CPA Journal, June 2002. One of four
finalists for the Max Block Award for the best accounting and auditing article of
the year by the CPA Journal.
Lewis, Eric E., Jeffrey W. Lippitt, and Nicholas J. Mastracchio, Jr., “Staffing
CPA Firms in the Information Era,” The Practicing CPA, June 2002.
Mastracchio, Nicholas J. Jr., Eric E. Lewis, and Jeffrey W. Lippitt, “Users
Comments on SFAS 141 and 142 on Business Combinations and Goodwill,”
The CPA Journal, October 2001.
Mastracchio, Nicholas J. Jr. and Jeffrey W. Lippitt, “Impact of Consulting
Services on Small Firms,” The Practicing CPA, August 2001.
Mastracchio, Nicholas J. Jr., “Deciding if a Merger is Right for the Firm,” The
Practicing CPA, December 2000.
Mastracchio, Nicholas J. Jr., “When Valuing Closely Held Companies, Look to
Recent Years,” The CPA Journal, August 2000.
3
Mastracchio, Nicholas J. Jr., “Settlement of Enhanced Earnings Capacity
Cases,” Family Law Review, December 1999.
Mastracchio, Nicholas J. Jr., “A New Era for the Local CPA Firm,” The CPA
Journal, July 1999.
Mastracchio, Nicholas J. Jr. and James N. Mastracchio, “Consideration of Risk
in a Mature License Value,” Family Law Review, September 1997.
Mastracchio, James N. and Nicholas J. Mastracchio, Jr., “Professional License
Value in a Divorce,” The CPA Journal, December 1996.
Mastracchio, Nicholas J. Jr. and Jeffrey W. Lippitt, “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.
Lippitt, Jeffrey W. and Nicholas J. Mastracchio, Jr., “Developing Capitalization
Rates for Valuing a Business,” The CPA Journal, November 1995.
Mastracchio, Nicholas J. Jr. and Cornelia M. Cahill, “Merging? Tax Rules Can
Make a Deal Even Sweeter,” ABA Banking Journal, March 1995.
Lippitt, Jeffrey W. and Nicholas J. Mastracchio, Jr. “Valuing Small Businesses:
Discounted Cash Flow, Earnings Capitalization and the Cost of Replacing
Capital Assets,” Journal of Small Business Management, July 1993.
Lippitt, Jeffrey W. and Nicholas J. Mastracchio, Jr., “The Value of CPA Firms,
Firm Multiples, and Owner Compensation,” The CPA Journal, May 1993.
Lippitt, Jeffrey W. and Nicholas J. Mastracchio, Jr., “To Expand or Not,” The
Journal of Accountancy, May 1993.
Mastracchio, Nicholas J. Jr. and Josef Schmee, “Analytical Procedures That
Work,” The CPA Journal, (November 1992): 46-51.
One of four finalists for the Max Block Award for the best accounting and
auditing article of the year by the CPA Journal.
Other Articles
Mastracchio, Nicholas J. Jr., “Deciding a Firm’s Continuing Education
Approach,” The Trusted Professional (July 2003): 15, 23. A modified reprint of
the CPA Journal article.
4
Mastracchio, Nicholas J. Jr., “For What it’s Worth,” Professional Insurance
Agents, (April 1998): 9-14.
Mastracchio, Nicholas J. Jr., “Valuation of a Dental Practice,” New York State
Dental Journal, (January 1996): 46-50.
Harvey, Jonathan P., Jack D. Harvey, and Mastracchio, Nicholas J. Jr., “Share
Value Litigation under the Business Corporation Law,” Trial Lawyer, (March
1992): 18-20, 62-64.
Mastracchio, Nicholas J. Jr., "How to Maximize Your Sales Price," Professional
Insurance Agents, (June 1991): 4-6.
Mastracchio, Nicholas J. Jr., "How to Value A Professional Practice," Practical
Accountant, (December 1985): 16-24. Republished in Selected Significant
Management Articles, American Institute of Certified Public Accountants, 1987,
also republished in Handbook of Topical Articles for Practitioners, Institute of
Chartered Accountants of Ontario, 1987.
Mastracchio, Nicholas J. Jr., "Valuation of a Practice," New York State Dental
Journal, (March 1985): 156-157.
Articles under review
Engle, Terry and Nicholas J. Mastracchio, Jr. “How To More Effectively
Comply with the Requirements of SAS 128 Using the Work of Internal
Auditors” Submitted to CPA Journal August 2014
Mastracchio, Nicholas J. Jr. and Heather Lively “How to Provide Terrific
Practice Devlopment, Receive CPE Credit and Save Money” Submitted to
CPA Journal August 2014
Books Written
Audit Reports Non Issuers (Washington DC: Bloomberg), 2012. 243 pages.
Closely Held Business Valuations (Washington D.C.: Bureau of National Affairs
now Bloomberg), 2009. 256 pages.
How Much is it Worth? Valuing a Profession or Closely Held Business, (New
York: American Institute of Certified Public Accountants, 1995 (first edition
1988), 207 pages.
Mergers and Acquisitions of CPA Firms: A Guide to Practice Valuations,
(New York: American Institute of Certified Public Accountants), 1998, 158
pages.
5
Book Chapters Written
Lawyers’ Business Valuation Handbook Authored chapter on valuation reports
(New York: John Wiley) 2010.
Management of an Accounting Practice, A three-volume set. Authored chapter
on Mergers, (New York: American Institute of Certified Public Accountants,
2001. Revised 2009. 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: American Institute of Certified Public Accountants,
2000. Revised 2009. Published in hard copy, CD-ROM and on the Internet.)
Books Editorially Reviewed
Mard, Michael, James Hitchner, Steven Hyden Valuation for Financial
Reporting: Fair Value Measurements and Reporting, Intangible Assets,
Goodwill and Impairment John Wiley 2007.
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: “The Report of the Examination Review Board” National
Association of State Boards of Accountancy Western meeting June 2013
Presenter: “The Report of the Examination Review Board” National
Association of State Boards of Accountancy Eastern meeting June 2013
Presenter: “New Audit Standards” Florida Institute of CPAs November 6, 2012.
Presenter: “Activities of the Auditing Standards Board” New York State
Society of CPAs Auditing Conference scheduled for November 10, 2010.
Presenter: “The CPA Content Specifications” National AAA meeting August
2007.
Presenter “The 150 hour requirement for the CPA Exam” September 2007
West Coast Chapter Florida Society of CPAs.
6
Presenter: “The Computerized CPA Exam.” National AAA meeting August
2006.
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 1987-1990.
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 Firm Conference, 1991, “Planning and
Valuation Issues in CPA Firms,” Boston, Massachusetts and Dallas, Texas.
7
Community Activities
San Marco Church Advisory Council 2011-2013
Schenectady County Community College, Schenectady, New York. Past member
Business Advisory Committee.
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
40 years.
Professional Service
The American Institute of Certified Public Accountants.
Auditing Standards Board was on task force that published SAS 121 an 805 page
revision to the auditing standards.
Board of Examiners and various activities including presentations and
publications.
The National Association of State Boards of Accountancy. Past member of the
education committee and education task force. Past member of the audit
committee and nominating committee. Chair of the Examination Review Board
which oversees the CPA exam contract between the AICPA, NASBA, and
Prometrics. Currently on the board for the sixth year.
The New York State Board of Accountancy, the state regulatory body for the
profession. Past member, past chairman of the board and past 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.
Various committees and presentations for the New York State Society of CPAs at
the chapter and state level.
Various presentations at professional meetings and rotary meetings.
Serve on the editorial board of the CPA Journal.
Serve as an outside reviewer for the CPA Journal.
8
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.
Licensed in Florida as a Certified Public Accountant.
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.
University of South Florida Service
College of Business Administration Executive Committee Tampa.
College of Business Diversity Committee Tampa.
School of Accounting Undergraduate Curriculum Committee Tampa.
Graduate education committee USF Sarasota Manatee (USFSM)
Ad Hoc Committee on criteria for AQ/PQ USFSM
Co-chair search committee for accounting professor USFSM.
Ad Hoc Committee new AACSB faculty calssifications USFSM.
9
University at Albany 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 and college 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.
Teaching
Awards
2014 USFSM certificate of recognition for service
2008 Outstanding Accounting Professor University of South Florida.
1998 Harold Cannon Memorial Award for Outstanding Undergraduate Teaching.
1995 Dean Warren Haynes Memorial Award for Outstanding Graduate Teaching.
1986-1989 New York State Society of CPAs Distinguished Discussion Leader.
10
Courses Developed
“Valuation of Closely Held Businesses” on line course being developed USFSM
“Integrated Seminar” MACC curriculum. University of South Florida
“Valuation of Closely Held Businesses,” MBA and Ph.D. Course at Union
College.
11