LIBN highlights manager Marcy Greenfield’s work helping clients restructure their loans in a sour economy in her "Who’s Who: Women in Professional Services" profile.
Marcy Greenfield, CPA Berdon LLP
Marcy Greenfield, CPA is an audit manager in Berdon LLP's Jericho office where she is part of a key corps of professionals responsible for determining if a company's financial statements are in accord with the appropriate accounting rules and accurately present the company's financial situation. With more than a decade of experience in accounting, Greenfield specializes in advising clients across the real estate arena and in the distribution sector.
In auditing a business, Greenfield identifies areas and practices that may need improvement and offers management suggestions on ways the company can emerge in a stronger position. She also identifies areas of weakness within clients' internal controls systems - such as lack of segregation of duties and inefficient internal processes - and develops ways to minimize risks and streamline operations
A specialist in auditing 401(k) plans, Greenfield helps clients meet fiduciary obligations and comply with the regulatory requirements of the Internal Revenue Code, Employee Retirement Income Security Act, and Department of Labor. In this role, she tests to see that 401(k) contributions and distributions are in accordance with plan documents. With her broad expertise in this area, she provides 401(k) audit training to all levels at Berdon.
Extending her reach to the tax arena, Greenfield performs corporate tax planning services. With her understanding of the client's industry she identifies available tax breaks and tax savings opportunities and looks for ways to reduce exposure. She alerts clients to current and pending tax credits and advises on how to apply and qualify.
During the course of 2011, Berdon saw a financial challenge that some clients were facing and took it as an opportunity to lend a hand, Greenfield said.
"With the sour economy, it was getting tougher for some clients to meet the financial covenants in their loan agreements," she said. "At the same time banks were reluctant to ease their lending. This raised the specter of a violation of a covenant that could lead to the bank calling in the loan." Berdon helped clients identify restructuring or modification opportunities in their loan agreements such as adjusting the required ratios in a way that the client could more realistically meet, Greenfield said. "We analyzed income projections and EBITDA analysis to see where their ratios would be at the end of the year," she said. "Based on our testing of financial covenants, we advised some clients to seek waivers from their financial institutions. By guiding clients in taking immediate steps, we helped them address these issues before they reached a critical stage with their lenders."
To aid in the growth of Berdon's young recruits, Greenfield provides technical training to new staff in various accounting and auditing topics, among them auditing cash and fixed assets and preparing report folders.
Greenfield is a member of the New York State Society of Certified Public Accountants. She earned her bachelor's degree in accounting at City University of New York - Brooklyn College. She received her license as a certified public accountant in New York State in 2000.
Closely held businesses have been the heart of Berdon LLP's practice since 1917. Today, with more than 400 professionals at offices in Jericho and New York City, the company continues to bring its entrepreneurial approach and foresight tohelp family businesses - many with the company for generations - chart the most effective pathways ahead. Recognizing that no factor is independent of another, Berdan's advice takes into account business, family, and individual interests.