UHY Elects Rick David, Chief Operating Officer of US Member Firm as New Chairman

UHY, the international accounting and consultancy network, has appointed the Chief Operating Officer of US member firm UHY Advisors, Inc., Rick David, as the new chairman of UHY.

Rick started his career in the audit practice of one of the ‘Big Four,’ where he practiced for 30 years. He joined the UHY Board of Directors in October 2012 and currently serves as the treasurer of UHY.

As well as being a well-respected auditor and business adviser, Rick also has experience as an accountancy profession regulator and standard setter.

During his more than 40-years’ experience in the industry, Rick has worked with a wide range of clients from multinational corporations to smaller entrepreneurial enterprises. He also contributed to the accounting profession through his service on the Michigan State Board of Accountancy and the Professional Ethics Executive Committee of the American Institute of Certified Public Accountants (AICPA).

Rick comments: “Being chairman of one of the largest accounting and consultancy networks in the world presents a really exciting opportunity.”

“We are already seeing a large increase in cross-border work coming to the network and that is something that we intend to build on. More of our clients want our member firms to represent them globally and that is what this network facilitates.”

One of Rick’s key priorities during his time as chairman is to expand on the strong links between the member firms across the UHY network and will look to build on the increased flow in referral work between countries to enhance the knowledge shared between local offices. This includes expertise in many newer technological developments taking place in the industry.

Says Rick: “The growth in innovative new accounting practices, integrating AI and data analytics for example, are opening up a range of possibilities for the profession – to do work more efficiently and rigorously. These developments have the potential to lead to dramatic improvements in the audit process.”

“The UHY network gives member firms the opportunity to share knowledge of new developments with offices across the world. Utilising these links also allows us to develop the next generation of leaders in the industry.”

“With a more globalized and connected world than ever, the industry has to ‘think local, go global.’ The UHY network is a key vehicle to help us build relationships with clients and serve them by tapping into that wider bank of expertise across the world.”

Rick takes over as Chairman from Bernard Fay, managing partner at UHY Fay & Co, UHY’s Spanish member firm and one of the top 20 leading firms in Spain.

About UHY LLP
UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are US members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

About UHY, the network
Established in 1986 and based in London, UK, UHY is a leading network of independent audit, accounting, tax and consulting firms with offices in over 325 major business centres across more than 95 countries. Our staff members, over 7,850 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY press contact: Dominique Maeremans on +44 20 7767 2621 Email: d.maeremans@uhy.com.

UHY is a member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org.

UHY is an international association of independent accounting and consultancy firms, whose organizing body is Urbach Hacker Young International Limited, a UK company. Each member of UHY is a separate and independent firm. Services to clients are provided by the UHY member firms and not by Urbach Hacker Young International Limited. Neither Urbach Hacker Young International Limited nor any member of UHY has any liability for services provided by other members.

UHY Advisors CEO Tony Frabotta Receives Distinguished Service Award from MICPA

National Chairman and CEO of UHY Advisors, one of the country’s largest professional service firms, Anthony P. Frabotta was recognized with The Distinguished Service Award from the Michigan Association of Certified Public Accountants during their annual awards gala at Suburban Collection Showplace.

The Distinguished Service Award is presented to those who have made significant contributions to the accounting profession. Honorees have shown exceptional leadership and service, making a lasting impact in their industry and their communities.

“As a true advocate for the profession, Tony has mentored hundreds of young CPAs, both at the firm and on the campus of Wayne State”, said Guy Gordon, WJR radio host and the emcee for the night. “Beyond the profession, Tony is a strong supporter of Detroit and its surrounding communities through involvement in several area charities”

Frabotta began his career with the firm in 1974 and has held many leadership roles during his tenure. Even as he advanced through the ranks, he has never wavered in his belief of giving back to your community. To instill these same beliefs in his team, he helped establish UHY Cares, a nonprofit organization run exclusively by employees. Over the entirety of his 44 year career, Tony has been an inspiration to all those he encounters and an outstanding leader in the MICPA family.

Among other honorees receiving awards last night were Governor Rick Snyder who received the Distinguished Achievement Award and UHY Advisors Chris Peterson, who was recognized as the Outgoing Fraud Task Force Chair.

About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to publicly traded, privately owned and nonprofit organizations in a number of industry sectors. UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market.

UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit www.uhy-us.com.

All of the above entities are members of UHY International (“UHYI”), a worldwide network of independent professional services firms that provide audit, tax and advisory services around the globe. UHYI is ranked among the top international accountancy networks and a proud member in good standing of the Forum of Firms. Collectively, our US operating entities (UHY LLP and UHY Advisors) are the largest independent members of UHYI with significant participation, bringing the power of our international network to serve the individualized needs of our clients.

About MICPA
The Michigan Association of Certified Public Accountants is the leading statewide professional organization dedicated to promoting and enhancing the value of the CPA profession. Our more than 18,000 members work in business, education, government and public accounting. Established in 1901, MICPA members serve as trusted advisors for businesses and individuals while embracing the highest standards of professional and ethical performance. For more information, visit www.micpa.org.

UHY International Meeting Heads to Detroit – Largest Gathering of Leadership in Firm’s History

UHY Advisors and UHY LLP are proud to welcome members from UHY International, one of the largest global accounting and consultancy networks in the world, to the Motor City for the 2018 International Members Meeting at the Westin Book Cadillac Hotel in downtown Detroit. The meeting will be the largest gathering of UHY International partners in history with representatives from over 95 countries coming together to conduct business, gain education and experience the great comeback in Detroit.

“Antoine de la Mothe Cadillac discovered Detroit in 1701”, said Rick David, treasurer of UHY International and COO of the host firm, UHY Advisors at the most recent members meeting in Paris, France. “Now we invite our UHY International members to discover Detroit for themselves as the meeting moves from Paris to Detroit in 2018.”

Previous International Meetings have been held in: Brussels, London, Munich, Paris, and Singapore to name a few. Additionally, UHY Advisors will be concurrently hosting their National Leadership Conference.

“Combining our National Leadership Conference with the UHY International meeting in Detroit is a great opportunity for both our national and international partners” said Tony Frabotta, CEO of UHY Advisors. “Hosting these meetings together will allow everyone to experience the comeback of the Motor City first hand and build collaboration among our international colleagues”.

“We were very interested in coming to Detroit to experience their well-known renaissance first hand. Our members from around the world asked that we consider Detroit as the site of our annual meeting and we are grateful that our member firm in the US, UHY Advisors, accepted the role as host for our upcoming event” said Bernard Fay, chairman of UHY International. “With all of the buzz surrounding Detroit, this is the perfect time”.

Outside of business meetings, both domestic and international guests will get to experience Detroit staples like dinner at American Coney Island, and visits to Belle Isle, Detroit Institute of Arts, Henry Ford Museum and much more.

UHY International is the 16th largest international audit, accounting, tax and consultancy networks by fee income with offices in over 325 business centers across the world.

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About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to publicly traded, privately owned and nonprofit organizations in a number of industry sectors. UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market.

UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit www.uhy-us.com.

All of the above entities are members of UHY International (“UHYI”), a worldwide network of independent professional services firms that provide audit, tax and advisory services around the globe. UHYI is ranked among the top international accountancy networks and a proud member in good standing of the Forum of Firms. Collectively, our US operating entities (UHY LLP and UHY Advisors) are the largest independent members of UHYI with significant participation, bringing the power of our international network to serve the individualized needs of our clients.

Five Years After Bankruptcy: See How Detroit Is Transforming

When the city of Detroit filed its historic bankruptcy, the Detroit Regional Chamber was one of the first organizations to openly support the decision as the only realistic way to resolve the city’s systemic issues and become globally competitive again. Watch Chamber President and CEO Sandy Baruah’s 2013 interview about Detroit’s bankruptcy on CNBC.

“Bankruptcy is the bold step needed to finally address Detroit’s financial problems in a meaningful and sustainable way. While nobody welcomes the concept of bankruptcy, it is necessary to solve the long-term structural financial challenges of this historic city. This decision puts the city on a path to achieve its most essential function – providing Detroiters the services they deserve – and sets the stage for a growing, vibrant Detroit,” Baruah said at the time.

Today, the city is experiencing an unprecedented rebirth on the world stage. From a bustling restaurant scene and a growing tech entrepreneurial ecosystem to multimillion-dollar development downtown and growth in the city’s neighborhoods.

Here are just some ways the city has transformed itself into a dynamic urban community in recent years:

1. Look at the Data:

  • Attracting Talent: The city’s population between the ages of 25 and 29 has seen the largest growth at 24 percent. Since 2013, millennials with a bachelor’s degree or higher in downtown grew by 91 percent.
  • Jobs: Detroit added nearly 12,000 jobs.
  • Unemployment: The unemployment rate for the city of Detroit for 2017 was 9.3 percent, down from 18.9 percent in 2013.
  • Office Space: Office vacancy rates for Detroit/the Pointes submarket is 8.1 percent, down 8.3 percent from a vacancy rate of 16.4 percent five years ago. Office vacancy rates in the Central Business District declined to 7.8 percent.

2. Follow the Investment: 

  • Large Projects: $5.6 billion in major investment in the past five years (2013-2017). This includes announced, planned, under construction and completed projects of $5 million and above. Milestone projects include: Beacon Park, the QLine Detroit, The District Detroit’s Little Caesars Arena, Ford Train Station, and the Hudson Site.
  • New Retail, Restaurants, Bar Openings: There are 1,105 new retail establishments and 540 new restaurants and bars with a founding date of 2010 and 2018. Source: DnB.
  • Major Businesses: Fifth Third Bank, Ally Financial and Microsoft all opened headquarters in downtown. Two of the largest automotive seat makers in the world and Lear Corp. moved operations into the city. ArcelorMittal, a global steel company, moved into the I-94 Industrial Corridor.

3. Explore the Human Impact:

  • Pathways to College: Detroit became the first major city to guarantee a tuition-free path to college through the Chamber’s Detroit Promise scholarship program.
  • Connections to the Workforce: 8,000 Detroit youth placed in jobs this summer through the Grow Detroit’s Young Talent internship program.
  • A Safer Detroit: Project Greenlight received national attention for its success in reducing crime with nearly 300 businesses participating to date.

4. Tally the Rankings:

  • Detroit selected for Forbes’ Opportunity Cities – September 2014
  • Detroit ranked “18th Most Walkable Large City in the United States” – April 2015
  • Detroit ranked “Best American City for Sports Travel” by Hotels.com – March 2015
  • Detroit designated “Talent Hub” by Lumina Foundation – May 2018

5. Read the National Headlines:

UHY Advisors Appoints Eight New Managing Directors, Two from Michigan Practice

UHY Advisors, Inc. (“UHY Advisors”), one of the nation’s leading professional services firms, announced the appointment of eight new managing directors: Thomas Bowen, Daniel Felstow, Amy Gallagher, Jeffrey Hare, Michael Kirby, Corey Massella, Bill Rausch and Warren Zafrin. Bowen and Felstow are both based in Michigan.

Additionally, UHY Advisors Michigan, Inc. promoted 56 other employees, including five principals: Marlene Beach, Alex Conti, Nichole Haviaras, Carolyn Johnson and Bob Kendall.

The firm’s Michigan practice is the fifth largest accounting firm in southeast Michigan with over 350 employees and celebrates its 50th anniversary this year.

Thomas Bowen is a managing director of UHY Advisors MI, Inc. and partner of UHY LLP. Mr. Bowen manages a team of professionals dedicated to providing high quality attest, tax and consulting services to a diverse client base in the manufacturing and distribution, real estate, construction and professional services industries. He works closely with business owners, CFOs and controllers in developing and implementing innovative business strategies to minimize risk, maximize profits, preserve wealth and reduce taxes. Mr. Bowen received his B.S. in Accounting Information Systems from Eastern Michigan University and is a licensed CPA in the state of Michigan. He has been with the firm and its predecessors since 1990.

Daniel Felstow is a managing director of UHY Advisors MI, Inc. and partner of UHY LLP. Mr. Felstow built his practice in the manufacturing and construction industries as well as co-leads the firm’s national auto dealership consulting group. He specializes in estate tax and business succession planning, tax strategies, financing assistance and mergers and acquisitions. Mr. Felstow received his B.S. in Accounting from Oakland University and is a licensed CPA in the state of Michigan. He is on the board of directors for the Sterling Heights Regional Chamber of Commerce and Industry and a member of the Kiwanis Club of Utica-Shelby Township. Mr. Felstow is the chairperson for the MICPA’s Automotive Dealers Task Force and actively involved in the Driving Force Auto Dealer Consulting Group, a national network of professional services firms that provide integrated tax, accounting and business consulting solutions to automotive dealers. He has been with the firm and its predecessors since 1988.


About UHY Advisors
UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market. UHY LLP, a licensed CPA firm, provides audit and other attest services to publicly traded, privately owned and nonprofit organizations in a number of industry sectors. UHY Advisors, operating in an alternative practice structure with UHY LLP, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit www.uhy-us.com.

All of the above entities are members of Urbach Hacker Young International Limited (“UHYI”), a worldwide network of independent professional services firms that provide audit, tax and advisory services around the globe. UHYI is ranked among the top international accountancy networks and a proud member in good standing of the Forum of Firms. Collectively, the US operating entities (UHY Advisors and UHY LLP) are the largest independent members of UHYI with significant participation, bringing the power of the international network to serve the individualized needs of US clients.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY Advisors, Inc. and UHY LLP are US members of UHYI, a UK company, and form part of the international UHYI network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHYI international network. Any services described herein are provided by UHY Advisors, Inc. and/or UHY LLP (as the case may be) and not by UHYI or any other member firm of UHYI. Neither UHYI nor any member of UHYI has any liability for services provided by other members.

Growth in Bank Lending to US Businesses Since the Credit Crunch just Over Half World Average, Hampering Return to Economic Growth

Bank lending to the private sector in the US is just 14 percent higher in the last year than it was before the financial crisis – compared to a global average of 24 percent – hampering the return to economic growth, reveals a new study by UHY, the international accounting and consultancy network.

According to UHY, in 2016 a total of $9.6 trillion was lent to businesses in the US – down from $8.4 trillion in 2008.

By contrast, on average across all the 24 countries studied around the world, private sector bank lending increased by 24 percent over the same period in absolute terms.

European economies generally are among the worst affected. Private sector bank lending was on average 25 percent lower last year than pre-credit crunch across the European countries studied, with a total of $12.2 trillion lent to those businesses in 2016 – down from $16.3 trillion in 2008.

UHY says that countries like Spain and Ireland which were hardest hit by the banking crisis are seeing the slowest recovery in private sector credit.

Bank lending to the private sector in Ireland is 69 percent below 2008 levels ($148 billion in 2016, down from $475 billion), while in Spain, it is 51 percent lower ($1.3 trillion down from $2.7 trillion).

Even in Germany, widely seen as the economic powerhouse of Europe, there was a 21 percent decrease, falling to $2.6 trillion last year from $3.3 trillion in 2008.

Eric Hananel, of UHY’s US member firm UHY Advisors, comments: “Almost a decade on from the global financial crisis, many US small and medium-sized businesses are still suffering from a shortage of credit.”

“As regulators have forced banks to shore up their balance sheets and reduce risk, many SMEs have found their access to lending severely curtailed. While some larger companies may have been able to get around this by accessing the bond market, smaller businesses are unlikely to have that option.”

“Without the capital expenditure they need to fund investment, businesses will struggle to capitalise on growth opportunities or drive innovation, ultimately risking losing ground to global competitors.”

“The US Government is increasingly looking to boost lending. As an incentive to accelerate business growth, as well as incrementally increase the amount of business borrowing, current efforts are underway to adjust the Foreign Tax Scheme to allow for the repatriation of foreign cash balances back to the US.”

G7 economies lag well behind BRICs
UHY adds that the G7 group of leading world economies is also lagging behind – while BRICs economies power ahead. On average, the G7 saw a 1 percent decrease in real terms over the period, whereas BRICs (Brazil, Russia, India, China) enjoyed an average increase of 209 percent.

China topped the UHY table, with bank lending to the private sector jumping 270 percent between 2008 and 2016.

Eric Hananel says, “It’s debateable whether the appetite to lend to BRICs and other emerging economies is sustainable, as debt levels increase while economic growth slows in countries like China. Scrutiny of companies’ ability to service their borrowing will be increasingly intense.”

“What’s more, if interest rates – particularly in the US – were to rise that could put the brakes on lending to both developed and emerging economies, as companies think twice about taking on more expensive borrowing.”

Amount of Bank lending to the private sector in USD

Country Bank lending to the private sector 2008 ($ billions) Bank lending to the private sector 2016 ($ billions) % Change from 2008-2016
China $4,570 $16,890 270.0%
BRIC $6,460 $19,940 208.9%
India $590 $1,100 97.7%
Brazil $690 $1,180 71.1%
Malaysia $240 $390 65.0%
Argentina $40 $60 54.9%
Canada $70 $1,710 45.5%
Mexico $120 $180 44.8%
Israel $140 $200 43.6%
Australia $1,250 $1,790 42.5%
New Zealand $200 $270 37.6%
World $39,520 $51,360 23.9%
Poland $220 $250 14.8%
Russia $610 $700 14.6%
US $8,380 $9,560 14.0%
Japan $5,240 $5,240 0.2%
G7 $25,540 $25,280 -1.0%
France $2,570 $2,300 -10.6%
Belgium $340 $290 -14.0%
Netherlands $1,060 $860 -19.2%
UK $2,870 $2,290 -20.3%
Italy $1,970 $1,560 -21.0%
Germany $3,330 $2,620 -21.4%
Denmark $670 $520 -21.6%
Europe $16,280 $12,220 -24.9%
Romania $70 $50 -26.3%
Spain $2,710 $1,340 -50.6%
Ireland $480 $150 -68.9%

Bank lending to the private sector as a percentage of GDP

Country % Change from 2008-2016
China 50.5%
Brazil 46.2%
Canada 45.1%
Russia 40.9%
BRIC 38.9%
Mexico 31.8%
Malaysia 30.2%
Poland 28.1%
Australia 14.7%
India 9.9%
Argentina 9.3%
France 8.8%
Japan 6.8%
Italy 4.8%
New Zealand 0.7%
Netherlands 0.2%
Belgium -1.6%
Israel -1.9%
World -3.5%
Denmark -7.5%
US -8.8%
UK -10.3%
Germany -12.1%
G7 -14.6%
Europe -16.9%
Romania -23.7%
Spain -32.5%
Ireland -69.1%


About UHY LLP
UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are US members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

About UHY, the network
Established in 1986 and based in London, UK, UHY is a network of independent audit, accounting, tax and consulting firms with offices in over 296 major business centers across more than 90 countries. Our staff members, over 7,660 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY press contact: Dominique Maeremans on +44 20 7767 2621 Email: d.maeremans@uhy.com.

UHY is a full member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org.

UHY is an international association of independent accounting and consultancy firms, whose organizing body is Urbach Hacker Young International Limited, a UK company. Each member of UHY is a separate and independent firm. Services to clients are provided by the UHY member firms and not by Urbach Hacker Young International Limited. Neither Urbach Hacker Young International Limited nor any member of UHY has any liability for services provided by other members.

New Investment Map Developed as Key Business Attraction Tool

Destination Detroit recently released its Downtown Detroit Investment Map, a new tool for business attraction partners who travel the country and globe to tell Detroit’s comeback story to potential investors. The innovative tool tracks nearly all investments of $5 million or more in downtown Detroit that are planned, active or completed since 2006.

The map categorizes the more than 230 projects in nine areas including: arts/entertainment/retail, education, hotel, industrial, medical, office, park streetscape, public infrastructure and residential. In one central location, users can access the map as a resource to get full details of each project including: investment type of investment (new construction, renovation, expansion, etc.), status of project or completion date and location, and other contact information. View the map here.

UHY LLP CPAs Expand Michigan Footprint with Ann Arbor Office

UHY LLP, certified public accountants, with 380 employees in Oakland and Macomb counties, is opening its fourth Michigan office in Ann Arbor. UHY’s first Washtenaw County office will be open for business in a newly renovated suite on East Eisenhower Parkway just minutes away from University of Michigan’s main campus and the Big House.

“Being in Ann Arbor will help us recruit and retain top young talent which will ultimately lead to sustainable growth for our firm for years to come”, said Tom Callan CEO of UHY Advisors MI, Inc. and managing partner of UHY LLP. “The move comes three years after opening our Detroit office and on the heels of the Michigan practice’s 50th anniversary (in 2018), marking another milestone in the development of our firm”.

Jerry Grady, office managing partner of the new Ann Arbor office adds: “We’ve been wanting to do this for quite a while. The time is right, our location is ideal, and our whole team is excited for this new venture. Having a presence in Ann Arbor will allow us to enhance our service capabilities even further and better serve our clients in surrounding areas like Brighton, Chelsea, Dexter, Howell, Jackson, Kalamazoo, Lansing, Saline and Toledo.”

“Ann Arbor is a great choice for our firm,” said Tony Frabotta, CEO of UHY Advisors, Inc., the fourth largest firm in the Great Lakes region. “The opening of the Ann Arbor office carries the tradition of continued growth and will be the fourth office in the country opened this year.”


About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to publicly traded, privately owned and nonprofit organizations in a number of industry sectors. UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market.

UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit www.uhy-us.com.

All of the above entities are members of UHY International (“UHYI”), a worldwide network of independent professional services firms that provide audit, tax and advisory services around the globe. UHYI is ranked among the top international accountancy networks and a proud member in good standing of the Forum of Firms. Collectively, our US operating entities (UHY LLP and UHY Advisors) are the largest independent members of UHYI with significant participation, bringing the power of our international network to serve the individualized needs of our clients.

Forward Detroit Quarterly Results

April–June 2017

The Detroit Regional Chamber’s Forward Detroit strategy programs and initiatives reported the following results for the April to June 2017 quarter.

The Detroit Regional Chamber’s Business Attraction team worked with the Michigan Economic Development Corp., Oakland County and city of Troy to close a deal to bring the North American headquarters for Dutch automotive engineering service firm, VDL Steelweld to the region. The company leased a 50,000 square foot facility in Oakland County, investing $1.22 million in the region and adding 43 new jobs that pay an average of more than $100,000 annually.

Learn more about the Chamber’s Business Attraction efforts. 

 
MICHauto, an initiative of the Chamber, held a Legislative Supplier Fair and Reception and its annual Auto on the Island programming in May at the Mackinac Policy Conference. The fourth annual Supplier Fair and Reception connected more than a dozen suppliers with lawmakers to continue the discussion on the economic impact of suppliers across the state.

Continuing to bring the industry to the forefront of conversations, MICHauto hosted 35 industry CEOs on Mackinac Island for Auto on the Island. The challenges, opportunities, threats and weaknesses facing the automotive and mobility industry were discussed among the CEOs present as well as in a discussion with Gov. Rick Snyder and Mayor Mike Duggan. Automotive stakeholders also participated in an automotive roundtable discussion that focused on human capital in the digital age.

Learn more about MICHauto.

 In spring 2017, the Detroit Drives Degrees (D3) team launched two surveys to increase the Detroit region’s population by putting a greater focus on retaining existing residents and attracting new ones. The surveys resulted in 500 responses that will be used to further build out D3’s talent attraction and retention strategies.

To further communicate D3’s work in talent to a broader audience, Sarah Craft, program manager, sat on a panel for the Detroit Regional Relocation Council Quarterly Business Meeting, where she informed 50 national relocation professionals on Detroit’s assets and appeal. Additional panelists included: University Moving Storage’s Ben Cross; Center City Properties’ Michael Martorelli; Quicken Loans’ Dan Ngoyi; and Hall & Hunter’s Amy Zimmer.

At the May D3 Leadership Council meeting, the team brought together education experts from Cleveland to talk to the Council’s representatives in higher education, business, government, philanthropy and the nonprofit sector about a national model proven to improve student success. The goal of the discussion was to understand how Cleveland has successfully increased its educational attainment rate and how a similar model can be implemented in Detroit.

Learn more about Detroit Drives Degrees.

Read more about what the Forward Detroit initiatives accomplished:

Michigan’s Mobility Assets Key Topic of Netherlands Delegation Visit to Detroit

Detroit’s Tech, Automotive Leadership Takes Spotlight During Israel Mission Trip

MICHauto Roundtable: Technology Innovation Will Augment Workforce Transformation

Economic Impact of State’s Auto Suppliers Key Topic at Annual MICHauto Legislative Reception

W.K. Kellogg Foundation Awards $3.5 Million Grant to Detroit Promise to Help Students Pursue Higher Education

Detroit Drives Degrees Gleans Lessons from Higher Education Compact of Greater Cleveland to Increase Local Graduation Rates

Help Detroit Drives Degrees Attract and Retain Talent in Southeast Michigan

MICHauto Supports Student Entrepreneurs in Lear Open Innovation Challenge

US Consumers Pay Customs Duties One Third of Global Average, Finds UHY Study

Consumers in the US benefit from customs duty rates of nearly a third lower than the global average, saving them significant amounts of money, according to a new study by UHY, the international accounting and consultancy network.

UHY found that customs duties in the US are, on average, just 1.3% of the total value of imported goods. The global average is 1.8 percent of the total value of imported goods*.

This means that consumers in the US typically pay comparatively lower prices for goods than consumers in many other parts of the world – including many emerging economies – where costs are pushed up by higher import taxes.

UHY studied customs duties levied by 22 major economies around the world as a percentage of the total value of their imports, as a simple indicator of the impact of a country’s trade barriers.

UHY points out that many regional trade blocs – and in particular NAFTA and the EU – help to keep import tariffs low. Other multi-lateral trade agreements are also under pressure.

For example, the US has signalled it wants to renegotiate the North American Free Trade Agreement (NAFTA) and has abandoned the Trans Pacific Partnership (TPP), throwing the future of both into doubt.

Eric Hananel, of UHY’s US member firm UHY Advisors, comments: “The US’s consumers are enjoying comparatively low goods costs thanks to a light customs duty burden – something the government should be keen to protect.”

“That can be increasingly challenging as globalization comes up against growing protectionism on the part of some other global economies.”

“Maintaining lower import tariffs could actually protect home-grown industries, by adding extra impetus to efforts to stimulate competitiveness and drive innovation. By contrast higher tariffs can significantly distort economies.”

Hananel adds: “Free Trade Agreements are becoming an increasing critical – as well as contentious – policy area.”

“As protectionist moves on the part of some governments are putting some Free Trade Agreements under review, other countries are embracing them with as much enthusiasm as ever, if not more.”

The US is party to 14 reciprocal free trade agreements with 20 countries including Australia, Israel, and South Korea. Additionally, the US has over 250 Foreign-Trade Zones (FTZ) which are equivalent to international free-trade zones, and they are located in all 50 states. Items transported to these zones are exempt from customs duties and can be stored, assembled, used in manufacturing or assembly.

In the US, where protectionism has been rising up the political agenda, raising the possibility that higher import duties may be levied, customs duties are currently worth just 1.3% of the value of imported goods. This compares to 1.8% in China.

Eric Hananel continues: “President Trump is a strong advocate of protectionism and made international trade agreements an election campaign issue. He has softened his stance on NAFTA and has indicated that he will look to renegotiate the deal instead of outright withdrawal.”

In the UK, where Brexit is also creating uncertainty over the future of UK trade deals, customs duties are currently just 0.5% of the value of imports.

European countries generally impose comparatively low rates – the European average is 0.4% – so British consumers could be at a significant disadvantage if the UK fails to keep duties at a similar level on leaving the EU.

Bangladesh has the highest customs duties as a proportion of total imports of any country in the study at 12.1%.

Amount of customs duties collected as a percentage of the value of total imports

Country Customs duties
collected (USD billion) Value of
total imports
(USD billion) Customs duties
collected as %
of total imports
Bangladesh $5.48 $45.33 12.1%
Israel $0.79 $8.29 9.5%
Mexico $35.49 $427.63 8.3%
The Philippines $7.40 $90.12 8.2%
Brazil $18.59 $243.12 7.6%
Pakistan $3.33 $47.53 7.0%
India $32.58 $491.88 6.6%
Russia $8.48 $182.40** 4.7%
Argentina $2.67 $75.02 3.6%
BRICs $24.19 $740.51 3.3%
Nigeria $2.25 $73.46 3.1%
China $37.11 $2,044.65 1.8%
World $10.13 $562.97 1.8%
United States $34.98 $2,761.52 1.3%
Japan $9.50 $803.57 1.2%
G7 $8.92 $1,072.41 0.8%
Canada $4.11 $528.09 0.8%
Netherlands $3.39 $537.84 0.6%
Spain $1.92 $366.62 0.5%
Croatia $0.12 $23.00 0.5%
Italy $2.37 $491.40 0.5%
United Kingdom $3.86 $836.19 0.5%
Europe $2.50 $570.34 0.4%
Germany $5.47 $1,316.88 0.4%
Poland $0.73 $221.54 0.3%
France $2.13 $769.22 0.3%

*Based on World Bank data – 2015, most recent available year
**Russian Federation Federal Statistics Service, 2015

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