Two IPA 100 Firms Merge: Raffa and Marcum

Washington, D.C.-based Raffa (FY17 net revenue of $49.1 million) combined with New York-based Marcum (FY17 net revenue of $469.5 million) on Oct. 1, the firms announced.

A recognized leader in the nonprofit and social sector, the Raffa team joins Marcum’s not-for-profit practice group, which will be known as Raffa – Marcum’s Nonprofit and Social Sector Group. Both firms are listed on the 2018 IPA 100 list, with Raffa at No. 84 and Marcum at No. 16.

Founder and CEO of Raffa, Thomas Raffa, is national leader of the combined nonprofit specialty group. Kathy Raffa, the firm’s president, is now Marcum’s OMP in Washington., D.C.

Raffa brings to Marcum 18 partners, 11 of them women, and 280 associates. Raffa is the only IPA 100 firm to be majority-owned by women partners. The merger expands Marcum’s team to 250 partners and more than 1,700 associates.

Raffa has been focused on serving mission-based organizations and socially directed businesses through a range of operational and strategic functions, including managed services in accounting, technology, human capital, and business, succession and sustainability planning.

“The pursuit of social good through business has never been more prominent or more needed,” says Tom Raffa, in a statement. “I have worked my whole adult life to impact systemic societal change, and Raffa 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.”

In keeping with its service mission, Raffa was also distinguished as the largest B-Corp certified CPA firm in the world, scoring in the top 10% of all B-Corps worldwide and recognized as a “Best for the World” honoree in 2018 and 2017. The exclusive B-Corp certification establishes that a firm has met rigorous standards of social and environmental performance, public transparency and legal accountability to balance profit and purpose.

Raffa’s mission has enabled the firm to “do well while doing tremendous good,” says Marcum CEO Jeffrey 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.”

Kathy Raffa says the firms share a culture of entrepreneurship and leadership and a commitment to community, diversity and inclusion. “I am thrilled to expand Raffa’s women’s leadership, cultural and gender diversity, and the gratification that comes from helping clients who are making the world a better place.”