All Entries in the "Accounting & Finance" Category
Partridge Snow & Hahn Executive Joins Washington Trust Wealth Management
WESTERLY, RI – Washington Trust Wealth Management (NASDAQ OMX®: WASH) today announced that Kathleen A. Ryan, Esq. has been named senior vice president, Wealth Management Client Services, Trust and Estate Services. She will join Washington Trust Wealth Management in December from the law firm Partridge Snow & Hahn LLP where she was partner and chair of the Trusts and Estates group.
Ryan joins Washington Trust Wealth Management’s 100+ team of trust officers, portfolio managers, tax advisors, wealth planning officers, and financial planning professionals who serve clients throughout the country from offices in Rhode Island, Massachusetts and Connecticut. In her new leadership role, Ryan will oversee Washington Trust Wealth Management’s Trust & Estate Services group, providing expertise and guidance on fiduciary services, including wealth transfer planning and related tax issues, charitable giving, and business succession planning.
“Kathi comes to Washington Trust with more than 25 years of experience as a strategic and focused attorney,” said Mark K. W. Gim, senior executive vice president, wealth management & treasurer for Washington Trust. “Kathi’s dedication to excellent client service fits perfectly with Washington Trust’s corporate priorities. In addition, her responsibilities for practice management, work allocation, business development, and strategic planning and implementation are outstanding qualifications for her senior leadership role within Washington Trust Wealth Management.”
Prior to joining Washington Trust, Ryan was a partner at the law firm Partridge Snow & Hahn. She served as chair for the firm’s Trusts & Estates practice where she was responsible for advising clients on wealth preservation, asset transfer, charitable giving and estate and gift tax planning issues. During her time with Partridge Snow & Hahn, she also co-founded and led “Women AdVocates for Enterprise” (WAVE), an initiative dedicated to helping women advance professionally in the marketplace.
Ryan is a graduate of Suffolk University Law School (J.D., cum laude) and Providence College (B.A., cum laude). She is a member of the Estate Planning Council of Rhode Island and the Rhode Island, Massachusetts and Florida Bar Associations. Ryan is a frequent speaker and published source on matters of trust and estate and other relevant issues and sits on a number of boards including the Providence College President’s Council and the South County Hospital Professional Advisory Group.
ABOUT WASHINGTON TRUST WEALTH MANAGEMENT
Washington Trust Wealth Management is one of the premier wealth management firms in the Northeast, providing financial planning, asset management and trust and estate planning services to high-net-worth clients, endowments, foundations, retirement plan sponsors and other institutional investors for more than a century. Washington Trust Wealth Management has more than $5.7 billion in assets under administration. It provides services through its offices in Rhode Island (Providence, Westerly, and Narragansett) and through its registered investment advisers, Weston Financial Group, Inc. in Wellesley, Massachusetts and Halsey Associates, Inc. in New Haven, Connecticut. Washington Trust Wealth Management is a division of The Washington Trust Company, a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ OMX®: WASH). Additional information can be found at www.washtrust.com/home/wealth.
DLT Continues Crackdown on Workplace Fraud
CRANSTON, RI — RI Department of Labor and Training Director Scott Jensen today announced another company is facing penalties for underpaying wages on a public project, fraudulently filling out weekly payroll records and wrongly misclassifying employees as independent contractors.
The DLT reached a decision against Mancieri Flooring Co. LLC on September 24. DLT ordered the company to pay $331,000 in civil penalties, interest and back wages and debarred it from doing work on any prevailing wage jobs in Rhode Island for three years. (See attached document.) On Sept. 1, Governor Gina M. Raimondo announced DLT’s $730,000 settlement agreement with Pawtucket-based Cardoso Construction LLC.
“Ensuring that workers get a fair day’s pay for a fair day’s work is one of the ways we will help everyone make it in Rhode Island,” Governor Raimondo said. “Breaking the law not only hurts workers, it also hurts all of the Rhode Island companies that follow the rules, pay proper wages and help grow our economy.”
“Governor Raimondo has made workplace fraud enforcement one of our top priorities,” said Jensen. “We have strengthened our team that works on misclassification violations and continue to increase the effectiveness of our new Workplace Fraud Unit to bring more employers into compliance and protect workers.”
After an investigation by DLT’s Prevailing Wage Unit and a June 29 administrative hearing for which Kevin Mancieri failed to appear, DLT found that Mancieri Flooring (663 Warren Ave., East Providence, 02914):
· Failed to pay the prevailing wage rate on flooring removal and installation work it was subcontracted to do at the University of Rhode Island from 2012 to 2014;
· Failed to pay 17 employees the proper wage and overtime rates, paying an hourly wage of $12.50 to $25 — much lower than the applicable prevailing wage rate and/or the various hourly rates that Mancieri Flooring falsely reported on its certified payroll records;
· Misclassified its 17 workers as independent contractors;
· Continued a pattern of deceit in falsifying payroll records spotted earlier by the US Department of Labor in a separate federal prevailing wage project; and
· Supplied false 1099 tax forms to the state for employees to try to hide that it was not paying the proper prevailing wages.
The company must pay $70,000 in back wages, a $210,000 civil penalty (three times the amount of wages due) and a $51,000 misclassification penalty ($3,000 times 17 employees).
DiSanto, Priest & Co. 2015 Promotions
WARWICK, RI – Our firm, DiSanto, Priest & Co., is very proud of each of these individuals who were recently promoted. Collectively, our partner group, would like to congratulate each of these individuals on this milestone in their individual careers.
Frank Previti, CPA, CFE
fpreviti@disantopriest.com
Frank F. Previti, CPA, CFE is a Principal in the Accounting and Assurance Department.
Frank manages both domestic and international client audit engagements in a number of industries including manufacturing, precious metals, and technology. He also concentrates in the Firm’s Non-Traditional Engagement line of service, which includes Forensic Accounting and Litigation Support, as well as Agreed Upon Procedures (AUP) engagements which specifically address client concerns by utilizing a customized suite of procedures designed to meet the needs of individual client situations. Such engagements are performed in accordance with attestation standards set forth by the American Institute of Certified Public Accountants (AICPA).
Frank is a member of the AICPA (including the Forensic and Valuation Services section), the Rhode Island Society of Certified Public Accountants, and both the national and local chapters of the Association of Certified Fraud Examiners. He earned his Bachelor’s degree from Washington & Lee University and joined the firm in 2005 as a Senior Accountant after beginning his career in Assurance and Business Advisory Services at PriceWaterhouseCoopers.
Frank is also a member of the Board of Directors and Treasurer of the Steel Yard in Providence, Rhode Island.
Heather J. Prew, CPA, MST
hprew@disantopriest.com
Heather J. Prew is a Principal at DiSanto, Priest & Co. She has close to 15 years of experience in public accounting, specializing in audit and financial services for employee benefit plans as well as Housing and Urban Development audits. She also concentrates in tax and financial reporting services for privately-held businesses and high net worth individuals.
Heather graduated magna cum laude from Bridgewater State College with a Bachelor of Science degree in Accounting and continued her education at Bryant University, where she received a Master of Science in Taxation degree.
Heather is a member of the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants.
Katie McIntosh, MST
Katie McIntosh is a manager at DiSanto, Priest, & Co. and has over 9 years of experience in tax planning, individual and corporate tax compliance and financial statement services.
Katie earned a Bachelor’s degree in Business Administration with a concentration in Accounting from Bryant University. Katie also earned a Master’s of Science in Taxation degree from Bryant University.
Katie is a member of the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants (RISCPA). Katie currently serves as the vice president of Bentley Foundation, a charitable organization that provides support within the community.
Melissa McKanna, CPA, MST
Melissa McKanna is a Manager at DiSanto, Priest, & Co. in the Tax Department. She has several years of experience in tax compliance and consulting for a wide variety of industries. Melissa began her career in public accounting with PwC in Boston.
Melissa earned a Bachelor’s degree in Business Administration with a concentration in Accounting from Bryant University. Melissa also earned a Master’s in Taxation degree from Northeastern University.
Melissa is a member of the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants (RISCPA). Melissa currently serves as an active member of the RISCPA’s Federal & State Tax Committee.
John J. Rainone, CPA, MBA
John J. Rainone is a Manager at DiSanto, Priest & Co. in the Accounting and Audit Department. He specializes in audits of for-profit organizations and attest services for privately held businesses. In addition, he also concentrates in tax and financial reporting services for privately-held businesses and individuals.
John received his undergraduate degree from Assumption College with a concentration in accounting and continued his education at Johnson & Wales University, where he received a Masters of Business Administration degree.
John is a member of the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants (RISCPA). He is also an associate member of the Construction Financial Management Association. John currently serves on the Warwick Boys and Girls Club board of directors and is an active member of RISCPA’s Rhode Island Young Accountant Network.
Jessica L. Corvese, CPA
Jessica L. Corvese is a Senior Accountant at DiSanto, Priest, & Co. in the Tax Department. She has several years of experience in corporate taxes, individual taxes and tax planning and compliance. Jessica began her career in public accounting with a Providence-based CPA firm and has experience with high net worth individuals and closely held companies.
Jessica earned a Bachelor’s degree in Accounting from Johnson & Wales University. Jessica is currently pursuing a Master of Science in Taxation degree from Bryant University.
Jessica is a member of the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants (RISCPA).
Ian J. Parenteau, CPA, MPAc
Ian J. Parenteau is a Senior Accountant at DiSanto, Priest, & Co. in the Accounting and Auditing Department. He has several years of experience in auditing manufacturers, professional service organizations, fraud cases, and internal controls. Ian began his career in public accounting with E&Y in Providence and has experience in both documenting and testing internal controls over the financial reporting fuction.
Ian earned a Bachelor’s degree in Business Administration with a concentration in Accounting from Bryant University. Ian also earned a Master’s in Professional Accountancy degree from Bryant University.
Ian is a member of the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants (RISCPA). Ian currently serves as an active member of the RISCPA’s Rhode Island Young Accountant Network.
Benjamin Silva, CPA, CMA
bsilva@disantopriest.com
Benjamin Silva is a Senior Accountant at DiSanto, Priest, & Co. in the Tax Department. He has several years of experience with tax planning and compliance for privately-held businesses and high net worth individuals. Ben was awarded the Nicholas Picchione Gold Award for achieving Rhode Island’s highest score on the CPA exam during the 2011 exam offering.
Ben earned a Bachelor’s degree in Accounting from Rhode Island College. Ben also earned a Master of Professional Accountancy degree from Bryant University and is currently enrolled in the Master of Science in Taxation program at Bryant University.
Ben is a member of the American Institute of Certified Public Accountants, the Rhode Island Society of Certified Public Accountants (RISCPA), and the IMA (The Association of Accountants and Financial Professionals in Business). Ben currently serves as the president of the Providence Chapter of the IMA.
Much Needed Capital to be Available to Small and Minority Businesses for Providence Urban Economic Development
PROVIDENCE, RI – The Rhode Island Black Business Association (RIBBA) announces a partnership with Freedom National Bank (FNB) of Greenville to make business loans available to small and minority businesses in the Providence urban core. RIBBA was approved for $200,000 in funding last month from the Providence Community Development Block Grant program (CDBG) to offer collateral support for loans to area businesses.
Businesses located on three commercial corridors in Providence – Broad Street, Cranston Street and Elmwood Avenue will be eligible for up to 30% cash collateral from RIBBA in support of commercial loans from Freedom National Bank up to $50,000 for business development and expansion. FNB has allocated an aggregate Commitment Amount: Up to $750,000 for small business lending.
“Freedom’s Small Business Loan Department is specifically structured to provide banking services to small businesses”, said Tony Botelho, President, Freedom National Bank. “We understand that small businesses in the urban core have financing and capital needs that don’t fit the corporate model and we’re pleased to partner with RIBBA on this program.”
RIBBA’S president, Lisa Ranglin, declared, “Minority and small businesses in the urban core have generally found it difficult to access commercial loans. RIBBA’s partnership with Freedom National Bank is exciting and will enable small and minority businesses in the Providence urban core to access the capital needed to grow and thrive in place. And, we at RIBBA are very pleased that Mayor Elorza recognized and supported our position that fostering economic inclusion for small and minority businesses is key to leveraging urban core business enterprises, helping them to grow their bottom line so they can scale up and create permanent, full time jobs within the community at good wages.”
The RIBBA Urban Economic Development program is expected to open in late September.
In addition, RIBBA’s new office Grand Opening celebration is scheduled for Tuesday, September 15, 2015. The public is invited to attend the Ribbon-Cutting at 6:15pm. Address: 3 Regency Plaza, Suite 3, Providence RI 02903.
