Smolin Lupin Director Joins Non-Profit Finance Committee
Smolin Lupin Director Karen McDermott, CPA, recently joined the finance committee of Advance Housing, a community housing development organization which provides supportive housing services throughout northern New Jersey.
"I'm excited to experience what it's like working on the other side," said McDermott, who specializes in leading engagement teams for accounting, audits and tax engagements for the real estate, nonprofit, and the manufacturing/distribution industries. "Their goal is to provide housing for individuals with mental health issues and to reduce and prevent homelessness."
Since opening in 1997, Advance Housing has developed multiple properties of affordable, lease-based housing. The organization has become instrumental in meeting the residential needs of consumers of mental health services, and has enabled consumers with various needs to live independently in their communities.
"A great deal of my client-base is real estate-related and I thought it would be a good fit in the sense that I'm familiar with non-profit and real estate," McDermott said. "I thought it would be a good opportunity both for Advance Housing and for me."
McDermott is a licensed Certified Public Accountant in New Jersey and New York, and has practiced public accounting since 1989. She joined Smolin Lupin in 2009 after working with national and regional accounting firms.
"Many non-profits don't have someone internally who is a CPA and don't need someone full-time at that skill level," McDermott said. "Having me on their committee is a great way for them to get the expertise without having someone on staff, and I will be advising them on how to meet compliance financial requirements."
Advance Housing functions as a consortium of providers and includes on its board representation from The Arc of Bergen and Passaic Counties, Care Plus, Comprehensive Behavioral Healthcare, Friendship House and Vantage Health System, as well as from consumers.
McDermott has provided attest, accounting, and tax functions for clients in the healthcare sector and, personal taxation sectors, and recipients of the Department of Housing and Urban Development Section 202 assisted loan program.
A graduate of Rutgers University with a B.S. in Zoology and Economics, McDermott received a Masters of Accountancy in Taxation from the Rutgers University School of Business. She has served as an adjunct professor at New York University's School of Continuing Professional Studies teaching "Principles of Accounting and Taxation of Real Estate."