The American Institute of CPAs will ask its Governing Council to consider relocating more than 400 of the trade association's employees from their Jersey City, N.J., offices to Durham, N.C. Relocation could begin as soon as August 2006, and would be completed by the middle of 2007.AICPA executives said that the move would come with a first-year loss of about $49 million, but should provide the AICPA with a net present-value savings of approximately $100 million over the next 15 years. The AICPA Board has already secured a loan commitment to cover costs for the first year, which is expected to be paid back within five years.
The move would not affect any of the AICPA's other offices, including its headquarters in New York City, or its presence in Washington, and must be approved by a simple majority of the AICPA Council members in a vote scheduled for Oct. 25. The destination for the jobs will be revealed the day before, but cannot be disclosed earlier due to negotiations with state officials.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access