The Legacy of Ralph Albert Thomas

THE LEGACY of

RALPH ALBERT THOMAS

THE LEGACY of RALPH

A message from Ralph

Dear NJCPA Members,

As I close out this chapter in my life — after 23 wonderful years as CEO — I’m reminded how much I think of the NJCPA community as family and how one doesn’t actually say goodbye to family, you keep them close and watch them prosper. So, it’s with this thought in mind that I am retiring from — but not leaving — the NJCPA.

Throughout my time as CEO, I can look back and be proud of so many accomplishments we worked on together — from tax challenges and leading the charge during the pandemic to adapting new digital technologies and having afternoon chats with local high school students.

As a profession, accounting has been tested many times, but it has been proven that if we work together, we can accomplish amazing things. I treasure the vast memories, laughs, challenges, easy wins and even the hard-fought losses we have experienced in the legislature and the business community in our great state of New Jersey.

It will continue to require a concerted effort to keep the accounting profession relevant and timely as well as open and welcoming to aspiring CPAs. We, including myself, all have more work to do. So, onto the next chapter!

Warmest Regards,

Ralph

CEO and Executive Director

Albert Thomas, CPA (DC), CGMA

ALBERT THOMAS

“Icon,” “Lifetime Leader,” “Number One on ‘Accounting Power 50’, “National Association of Black Accountants (NABA) Legend” and “Distinguished Citizen” are just some of the ways people have referred to Ralph Albert Thomas, CPA (DC), CGMA, for the 23 years he has been CEO and executive director of the New Jersey Society of CPAs. But Ralph is just as proud to be called colleague, advocate, mentor, diversity proponent, husband and father.

As Ralph approaches retirement on June 30, it’s easy to understand why he has come to be accepted in so many circles over the years. His characteristically friendly demeanor and welcoming personality enabled him to sit down equally with New Jersey lawmakers, leaders of New Jersey business organizations, heads of national and state accounting societies and managing partners as well as college boards and accounting students. Ralph’s name has come to be top of mind when journalists question challenges facing the accounting profession, legislators need a sounding board, academia reflect on the new CPA Exam and accounting professionals strive to improve diversity, equity and inclusion.

The Early Years

Staying connected was always important to Ralph — whether with family, friends or his various communities. When it came time to head off to college, he ended up turning down a full scholarship to the University of Texas since he realized he wouldn’t be able to return home to Washington, D.C., as often as he would like. His father, who had little more than an eighth-grade education, moved from Texas to D.C. in 1942 after he realized he would have better job prospects working for the Navy’s recreation department.

Top Left: Ralph with his parents, Joseph and Lucille

Top Right: Ralph in high school

Bottom: Ralph on the sidelines of a Lehigh University wrestling match

Ralph opted to stay close to D.C. for college and was enticed by the high-quality education and academia at Pennsylvaniabased Lehigh University. “Originally I wanted to be an engineer,” admitted Ralph, noting that after the first few days he spoke to the deans of the engineering and business schools, and after doing some career analysis, he discovered the business school was where he should begin his studies.

The high value his father, Joseph, and his mother, Lucille, placed on education was the main impetus for Ralph’s drive to obtain his B.S. and MBA from Lehigh and eventually his CPA, as well as for his sister becoming a teacher and his brother an engineer. Math was always a bright spot for Ralph, which made the decision to go into a math-related field an easy one. “We used to have these math tests and you would get a reward. I was really competitive. I was valedictorian of both my junior high school class and my high school class,” he said.

Lehigh proved to be the right decision as Ralph fit in well at the school and in its social life. “I was always a sports guy,” he admitted — he would have hoped to be a professional golfer if he didn’t go into accounting. Ralph settled for a spot on the golf team, watching basketball and a stint as a student trainer for the wrestling team.

THE LEGACY of RALPH ALBERT THOMAS

RALPH THOMAS CELEBRATING

Congratulations on an exemplary 23-year tenure as NJCPA CEO. We join with thousands from the New Jersey business and accounting community in saying thank you for your committment to and betterment of our society.

Warmest wishes for a fulfilling retirement.

Another favorable influence at Lehigh was Jack Keith, a Lehigh economics professor who mapped out what he thought Ralph’s career path should be. As Ralph, who later became the professor’s assistant, explained, “My professor said, ‘this is what your career should look like. Go on to pass the CPA Exam, work for one of the large firms and at the end of the day, ultimately, I see you running a company.’”

Top:

Ralph, NJCPA leaders and staff at the ringing of the bell at the New York Stock Exchange in 2006

Bottom:

2009/10 NJCPA President Robert Traphagen presented the first NJCPA merit coin to Ralph

To that comment, Ralph simply laughed. “But ultimately, everything he said came true,” admitted Ralph. “I worked at Price Waterhouse (which later became PricewaterhouseCoopers or now more commonly PwC) before they merged, then their client, Potomac Electric Power Company,” he explained. “I did some good work there and at American Bell and AT&T, but I still wanted to do more. That’s why I took a job at Citibank in their leveraged buyout group on their due diligence team. We would audit companies in preparation for their buyouts,” he said. Ralph, who worked at Citibank for about 13 years, was vice president and region audit head in their mergers and acquisitions and structured finance group.

The Path to CEO

When the opportunity arose to become CEO at the NJCPA, Ralph didn’t take that prospect lightly. He was already commonly known in the NJCPA community as a go-getter and someone with not only fresh ideas but the energy and wherewithal to get things done — exactly what the NJCPA could use as a CEO. Ralph had been a member of the NJCPA since 1985, was a Trustee and Treasurer. He was considered at that time to be a natural fit for CEO, particularly to Don Richards, a former NJCPA president and now retired partner at EY as well as husband to the NJCPA executive director at the time, Merryl Richards. Don noted when first meeting Ralph that even his name stood out. As Don explained, “Wow, that’s a big name, and why not just Ralph Thomas?

Well, we all came to know his full name is the character of the man — true to his roots, his faith, his family, his education and profession, and true to his friends, who are to be found far and wide.”

Don further explained, “Ralph’s professionalism and leadership skills were clear as day, and on top of that, he was fun, and it was great to work on any and all projects and programs with him.” As he noted, Ralph was exactly the right person to lead the NJCPA. “As time went on, the Society had celebrated 100 years, with strong effective leadership of many great people over those many years. It was again time for an era of new leadership, and after extensive consideration by a search committee and the Board of Trustees, it was once again clear as day, the new leader should be Ralph Albert Thomas.”

Ralph with Convention keynote speaker Frank Abagnale (“Catch Me If You Can”) in 2010

THE LEGACY of RALPH ALBERT THOMAS

Congratulations!

Congratulations Ralph Albert Thomas, CPA (DC), CGMA on the outstanding achievements you’ve accomplished during your 23 years of service as the CEO of NJCPA.

Leaders are people who achieve the unexpected and have the vision and integrity to create an impact that matters in their organizations and their communities and you’ve done just that.

© 2022

Frazer, Evangelista & Company, LLC congratulates Ralph Albert Thomas on 23 years of service to the NJCPA.

Best wishes in any and all future endeavours. Thank you for enhancing our profession and all of your support throughout the years.

Ralph, Marylee and team

www.frazerevangelista.com

Ralph wanted to become CEO, but he asked Don to run the concept by various past presidents and other NJCPA leaders to make sure he would be accepted. He also checked in on the valued opinion of Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs (AICPA), who convinced Ralph it was also the right time for much-needed diversity in the profession. As Ralph explained, “Barry said, ‘You won’t get those stock options you were getting at Citibank, but we’re trying to get more people of color interested in the profession. You would be a great role model.’”

Looking back, Melancon, who worked with Ralph on various committees and boards through his early involvement at the AICPA, noted, “To say Ralph will be missed is a tremendous understatement on his overall impact.” To Melancon, Ralph was “a leader on the profession’s national diversity efforts and quality enhancement activities and has remained committed to impact higher education for future CPAs. He has embraced a dynamic vision for the profession and individual CPAs.”

First Order of Business: Engaging Young Professionals

Under Ralph’s leadership, the NJCPA scholarship program, which has surpassed $7 million in distributions to students since its inception in the 1960s, was expanded to help increase the number of minorities and women who enter the accounting profession. Recognizing that aspiring CPAs need to be made aware of the many rewards and perks of a CPA, he led the charge in engaging with these groups. From attending scholarship awards dinners to speaking with professors and members about curriculum changes and job opportunities, Ralph was always front and center with the next generation of CPAs.

Ralph himself was decidedly on board with running the NJCPA, though Citibank was not keen on losing him. According to Ralph, upon informing them of his intentions to leave, he vividly recalls his immediate boss saying, “We need you to stay. Why do you want to go to a nonprofit?” At that time, Ralph headed up the largest segment of the due diligence unit and had a big bonus on tap, but he replied, “I always wanted to run an organization.”

Effective Nov. 29, 1999, Ralph became CEO of the NJCPA — one of the most important choices of his career. At the helm, he wasted no time in getting to work on many initiatives but focused his efforts on three very important orders of business: in forming and connecting with the next generation of CPAs; improving the accessibility of people of color, women and other minorities to the profession; and advocating for New Jersey CPAs in the business community and state and local government.

“Academia takes such a long time to change curriculum. We need to have a collaborative effort between all the various communities to effect real change,” admitted Ralph. He supported many internship programs for students to garner first-hand knowledge of accounting jobs but also from his own experiences. Having had one of the first paid internships in the profession himself years ago, Ralph acknowledges how companies can, and should, assist students along their path to becoming a CPA.

Several NJCPA programs under his tutelage were enhanced, such as Deloitte Foundation’s NJCPA Scholars Award, the introduction of sophomore awards to attract interest from students attending two-year colleges, and other awards in conjunction with the AICPA and the Northern New Jersey Chapter of NABA.

Top Left: Ralph and his “Dancing with the CPA Stars” partner at the 2011 NJCPA Convention

Bottom Left: Ralph with Senator Corey Booker in 2014

Top Right: Ralph with Congressman Josh Gottheimer

Bottom Right: Ralph with 2021 New Jersey gubernatorial candidate Jack Ciattarelli

THE LEGACY of RALPH ALBERT THOMAS

Growing with purpose

Ellen McSherry, former NJCPA chief operating officer and a colleague of Ralph’s for more than 20 years, summed up Ralph’s devotion to students and the accounting profession as “second to none.” But, she added, “equally impressive, to me, is his commitment to helping people. No matter how busy he was he always put work aside to talk and guide. He helped so many people — students, fellow CPAs, staff, friends, business associates and lawmakers. Ralph left his mark on more people than anyone could imagine.”

Sitting on the boards of numerous colleges, including the Accounting Advisory Boards for Lehigh University, Rutgers University, Seton Hall University, Montclair State University and Rider University, Ralph is the epitome of what alumni should strive to be. He is also Trustee Emeritus of

Lehigh University, a member of its Audit Committee and is on its Diversity Committee.

Second Order of Business: Engaging DEI

Improving diversity, equity and inclusion (DEI) in the accounting profession has been a significant objective for Ralph ever since arriving at the NJCPA and with his growing commitment to the AICPA where he was appointed to the inaugural AICPA National Commission on Diversity and Inclusion. Throughout the years, this DEI initiative grew stronger. Under Ralph’s leadership, the NJCPA has broken down several barriers

Commerce and Industry Association of New Jersey congratulates Ralph Albert Thomas on 23 years of service to the NJCPA.

Ralph, you have been a true professional and great advocate for your members. You will be missed! Good luck in your retirement.

Ellen McSherry and Ralph at an Executive Women of New Jersey awards banquet

THE LEGACY of RALPH ALBERT THOMAS

at community colleges and with underprivileged youth to help them consider accounting careers.

Dr. Henry Odi, deputy vice president for equity and community, associate provost for academic diversity and an adjunct professor at Lehigh University, praised Ralph’s focus on DEI. “As a result of his unwavering commitment to diversity and inclusion, Ralph accepted the challenge of chairing the Diversity and Inclusion (D&I) Committee, the first committee of its kind in the history of the Board of Trustees of Lehigh University.” He added, “In fact, he was a trailblazer for Board of Trustees committees at colleges and universities across the country during a period in U.S. higher education history when diversity and inclusion were not embraced at the important governing body level.” Odi noted that Ralph’s impact

as a leader and positive role model went far beyond his role as CEO of NJCPA and his Lehigh Board of Trustees role due to his mentoring and ability to provide guidance to hundreds of undergraduate students of color across the country who are now corporate professionals in the fields of accounting, finance and management.

Similarly, Mark P. Holtzman, CPA, Ph.D., associate professor and chair of the accounting and taxation department at the Stillman School of Business at Seton Hall University, appreciated Ralph’s dedication to Seton Hall students and his DEI initiatives. He explained, “I feel so privileged to have worked with Ralph and benefited from his participation in the Accounting Advisory Board at Seton Hall University.” Holtzman added, “His hard work, thoughtful ideas, connections in the profession and

Ralph with NJCPA past presidents (l to r) Robert Traphagen, Paul Stahlin, Ken Moore and James Blake in 2009

with industry, and his efforts in improving diversity together create a long-lasting legacy that will benefit our students in the future.”

Aside from his own experiences in this area, Ralph also had good mentors. Ralph’s choice of Carolyn L. Smith, CPA, a retired audit manager at Coopers and Lybrand (PricewaterhouseCoopers), 1977-79 president of NABA, former treasurer of the District of Columbia and the first AfricanAmerican woman in Washington, D.C., to pass the CPA Exam, could be considered one of the best around. Ralph followed Carolyn’s advice on many occasions.

“Carolyn was a key reason I became a CPA and sought out leadership roles. She has taught me many valuable lessons, such as never give up, be straightforward in everything you do, lead by example

and encourage others to do the same,” Ralph said.

Having gotten involved with NABA soon after becoming a CPA, then as a former national and chapter president, and later receiving lifetime member status, Ralph influenced many along the way. “There is still a shortage of people of color in accounting as CPAs, but I had the opportunity to change some of that dynamic,” he said, admitting there’s still much more work to do.

Guylaine Saint Juste, current president and CEO of NABA, noted that part of Ralph’s success as a DEI influencer is that he, “…models integrity, wit and a generosity of spirit that both inspire and challenge us to become the best version of self.” She added that as a lifetime member of NABA, “Ralph’s commitment to

equitable representation at all levels of the accounting profession includes his tireless and selfless service to both organizations and leaders.”

Ralph is planning on furthering his commitment to NABA after retirement since he will be serving as the inaugural chair of the NABA, Inc. Foundation. As Saint Juste explained, “It’s proof positive that Ralph has yet so much more to share, teach and ‘lift as he climbs.’”

Third Order of Business:

Advocating for Change

Ralph’s roots in advocating for CPAs and the accounting profession grow deep. To Ralph, it is a sense of accomplishment when organizations call on him and the NJCPA to ask, “What does your organization think?” Having that “seat at the table” is important to Ralph. And, aside from just being heard, he’s proud to back those sentiments up with data taken from member surveys and polls.

While first at the NJCPA, he supported many initiatives that helped improve CPA firm operations and client relations. As CEO, Ralph oversaw the advocacy efforts of the NJCPA, which included

many legislative/regulatory victories such as the following:

y Successfully advocating to get a provision removed from a medical malpractice bill that would have placed an annual $50 surcharge on the CPA license fee. (2003)

y Governor Jon Corzine signing “mobility” legislation allowing CPAs licensed in other states to practice public accountancy in New Jersey without having to register here. (2008)

y “Single sales factor” legislation being enacted. (2008)

y Governor Corzine signing a bill extending the net operating losses

(NOL) carryforward period, which eased the tax burden on businesses by allowing them to carry NOLs forward for up to 20 years and mirroring federal tax code. (2009)

y Governor Corzine signing an NJCPAsupported financial literacy bill that established a three-year program to provide financial literacy instruction for high school seniors in six public school districts. (2009)

y Beating back the legislative initiative to adopt a sales tax on professional services. (2009)

y Governor Christie signing legislation to phase out New Jersey’s estate tax. (2016)

Congratulations to NJCPA on 125 years of support to the industry and our best wishes to Ralph

Albert Thomas

for his 23 years of impressive leadership!

Paychex is proud of our ongoing connection as an NJCPA Premier Partner.

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y Governor Murphy signing the New Jersey Pass-Through Business Alternative Income Tax Act (BAIT) (2020) and subsequently signing important amendments (2022). The NJCPA received the Power of A Silver Award from the American Society of Association Executives for its role in passage of the New Jersey BAIT.

Ralph has continuously helped to improve the business climate in New Jersey and has been sought by lawmakers. “Ralph has been a trusted leader and advocate in New Jersey as we’ve worked to provide greater economic opportunity for businesses and residents across our state,” said Assembly Speaker Craig J. Coughlin. “His knowledge and all-around professionalism make him a standout, and it was with great

pleasure that I appointed him to the New Jersey Sales and Use Tax Commission in 2018. It has been a privilege to work together, in all his capacities.”

Ralph also served on former New Jersey Senate President Steve Sweeney’s bipartisan Economic and Fiscal Policy Working Group, which authored the “Path to Progress Report,” a series of reforms to assist New Jersey’s economic recovery.

“During his 23 years at the helm of the New Jersey Society of Certified Public Accountants, Ralph Thomas has played a pivotal role in advising legislators, governors and business leaders on a wide range of complex fiscal issues. When Congress slashed the deduction for state and local taxes (SALT), Ralph led the CPAs’ twoyear campaign to get the state to enact an innovative corporate tax workaround that

is saving New Jersey business owners hundreds of millions of dollars a year on their federal income taxes,” said former New Jersey Senate President Steve Sweeney, who is currently the advisory board chair of the Steve Sweeney Center for Public Policy at Rowan University. “Ralph continues to provide expert advice as a member of the Sweeney Center’s Multi-Year Budget Workgroup. His career embodies the best traits

THE LEGACY of RALPH ALBERT THOMAS

Ralph interviewing then Senate President Steve Sweeney in 2018

of professional expertise, civic involvement and nonprofit leadership. I have been proud to count him as a friend and an adviser,” he added.

Ralph is also a member of the New Jersey Chamber of Commerce Board of Directors, New Jersey Chamber of Commerce Cornerstone Initiative and the Commerce & Industry Association of New Jersey Board of Directors.

According to Thomas Bracken, president and CEO of the New Jersey Chamber of Commerce, Ralph has been one of the most staunch and tenacious proponents of improving the business environment in the state over the last several decades. “There has not been one major economic initiative that the State Chamber has led, and there have been many, that didn’t include the NJCPA and Ralph Thomas,” he

said. “Any successes we had were absolutely benefited by Ralph being part of the team. Individuals with the stature of Ralph Thomas are few and far between and, when you add in his willingness to always engage, you have a very special person. He will be greatly missed by the accounting industry, the business community and me personally. You hate to lose ‘go to’ allies because they are few in number.”

Others praised Ralph’s ability to collaborate effectively on various business issues. Calling Ralph a highly respected advocate and voice on complex tax issues, Michele N. Siekerka, Esq., president and CEO of the New Jersey Business & Industry Association (NJBIA), cited his work on eliminating the estate tax in New Jersey, knowing that this was one issue (among many) driving individuals and affluence out of our great

state in retirement. “Ralph was steadfast in reminding our policymakers that as fiduciaries, accountants must advise their clients to seek tax benefits that meet their needs and with regard to estate tax, it meant advising clients of their options to move to more tax friendly states in order to protect their assets,” she said.

Michele Siekerka and Ralph with TV host Steve Adubato

NJBIA thanks Ralph for his tireless efforts, sage advice, and advocacy on behalf of our New Jersey business community.

Wishing you the very best in retirement.

Congratulations on 23 years of outstanding service to the NJCPA and the accounting profession.

WilkinGuttenplan thanks you for your outstanding contribution and countless efforts to support initiatives involving the next generation of accountants and exceptional leadership in DEI.