The AICPA Governing Council voted October 25, 2005
to relocate select operations currently located in
Jersey City, N.J., and New York City to Durham, N.C.

The decision to relocate was the result of an extensive financial and location analysis conducted by AICPA management, with the assistance of objective consultants. “The relocation will position us for the next century of service to CPAs of this country,” said Barry Melancon,
AICPA president and CEO.

This initiative was driven largely by the continuing escalation of labor costs in the New York metropolitan area, as well as the existence of excess space in AICPA’s Jersey City location. The association plans to sublet its excess office space for the remaining term of its lease. The relocation is expected to provide the AICPA with an annuity savings of approximately $10-11 million per year over a 15-year period.

Approximately 400 job functions will be moved to North Carolina beginning August 2006. With few exceptions, the association’s New York and Washington, D.C. offices will not be impacted by this move.

Melancon states that a critical objective for the move is to mitigate any disruption to service to AICPA members during the transition period. “No other factor is as critical as maintaining effective ongoing membership service. For this reason we are planning a significant period of duplicate operations for impacted functions. In addition we have brought an experienced project management firm on
board to drive the highest quality of planning and execution of the move.”

“We recognize that change is not easy, and we will do everything possible for our members and for our staff to ensure a smooth transition,” said Melancon. The association will provide relocation assistance and a comprehensive separation package for those who do not remain with AICPA but who help the organization through the transition.

“We believe this is the right long-term decision for AICPA,” concluded Melancon. “The Raleigh-Durham area offers a premier labor market and significantly lower operating costs, as well as an exceptional quality of life for our staff.”

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