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n e w h a v e n b i z . c o m | D e c e m b e r 2 0 2 1 | n e w h a v e n B I Z 17 F O C U S : A c c o u n t i n g Yale's $7B capital campaign reflects shis in nonprofit fundraising focus students virtually guaranteed a job aer graduation — and sometimes before. "I know of a student that signed a full- time contract in their sophomore year to start a job two years later," she said. With an in- ternship program already in place, BHC&B also places a great emphasis on its company culture because as a smaller firm it can't always compete with big firms on salaries. Cole started at the firm right out of college and remembers connecting with the partners from day one. He carries that tradition on today, getting to know each employee and fostering a family-like community. By contrast, large accounting firms have the reputation of pitting new hires against one another for a limited num- ber of promotions, he said. "We don't do that here at all," Cole said. "People move up on their own merit. It is not cutthroat." e question is whether accounting firms can run leaner, particularly since a large portion of the current accounting profession is expected to retire in the next 15 years. On the one hand, technology has made filing a tax return much more efficient. Twenty years ago or more, new accounting grads would just enter data. Today, scanning technology has im- proved so there's no need to have people manually keying in numbers. However, that technology has also enabled tax laws to become more complex and therefore tax filings have become more time-consuming. "If the returns of today were still be- ing done by hand, we'd never be done," Cole said. Evolving with the times While accounting has a well-deserved reputation as being high-paying, it also has a reputation for long hours. But even that is changing as firms try to encourage college students to pick accounting over computer science or other STEM-related majors. "We're being extremely flexible with people's schedules," said Joseph Natarelli, office managing partner for New York- based Marcum LLP, which has Connecticut offices in New Haven, Hartford, West Hartford and Greenwich. In addition to adding flex time to the menu for accountants, Natarelli routinely holds employee focus groups to get direct feedback on what they'd like to see change. One of the changes Marcum has adopted is offering study time to employees who are planning to take their CPA exam. "We're really trying to think outside the box and make Marcum the most exciting place it can be," he said. Another example of out-of-box thinking at Marcum is the recent hire of a 100-percent remote employee who lives in Colorado. While the employee will work from home, Natarelli will manage him from Connecticut. "I never thought I'd see the day," Natarelli said of the new, remote employee. "It's different, but it's working." n Candice Deal Joseph Natarelli By Liese Klein I f you've got $42.3 billion in the bank, it can be a little tricky to ask your friends for more. But Yale University is finessing that issue in its new capital campaign, seeking an additional $7 billion in donations under the banner "For Humanity." "Simply put, I am guided by Yale's mission of 'improving the world today and for future generations,' " President Peter Salovey said at the campaign's kickoff event in October. "at mission demands that we not only create knowledge but harness it to improve lives." That high-minded rhetoric not only reflects the university's goals — it also reflects a shift in nonprofit fundraising in the wake of the worst of the COVID-19 pandemic, experts say. "Colleges are trying to reinvent themselves," said Mary Antonetti, partner and leader of nonprofit and social sector services in the New Haven office of Marcum LLP, a national accounting and advisory firm. Instead of focusing on campus buildings and programs, colleges are asking for help in addressing major social and scientific issues. "Donors want to feel that they're making a difference," Antonetti said. That shift is reflected in Yale's own take on its new capital campaign. "We are facing urgent, existential challenges, from climate change to global health crises. In this moment, Yale has the ability — and the respon- sibility — to address these and other challenges," said Josh Bekenstein, one of five alumni co-chairs of the campaign. Bigger picture appeal Traditionally, Yale presidents preside over one major capital campaign during their tenure. Salovey's predecessor, Rick Levin, banked $3.9 billion by 2011 for his "Yale Tomorrow" campaign, in addition to wrapping up his predecessors' campaign with $1.7 billion in 1997. is year's campaign theme is notable for its lack of the university's name in its title, reflecting the larger trend of focusing on global issues. "It's more of a mission-based thing," Antonetti said. At the same time, institutions like Yale have to take care to avoid being too "political" and turning off major donors. "A lot of people are trying to walk that line in a very polarized climate," she added. A focus on mission and a "solidarity approach" can be seen in many major higher education fundraising efforts nationwide this year, according to WealthEngine, an online provider of information about high-net-worth individuals. "In the wake of the pandemic, higher education fundraising has shied toward a less isolated, more progressive agenda," according to a WealthEngine blog post. "Rather than Continued on next page Quinnipiac University School of Business interim Dean Nelson U. Alino (left) with accounting students. PHOTO | CONTRIBUTED Yale President Peter Salovey recently kicked of the school's $7 billion capital campaign. PHOTO | CONTRIBUTED

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