NYSSCPA Members Volunteer to Assist WTC Victims

In an effort to help the victims of the World Trade Center tragedy of Sept. 11, the New York State Society of CPAs is spearheading a volunteer effort to provide business recovery advice and personal financial planning to those individuals and businesses directly affected by the attack.

The NYSSCPA has established a network of CPA members, many with years of experience as business advisors and personal financial planners, who are volunteering their time and expertise to the victims who have been directly affected by the terrorist attack that destroyed the WTC last month.

The NYSSCPA volunteer effort is reaching out to victims on two fronts: through a toll-free hotline and via a walk-up table staffed by member CPAs in lower Manhattan.

Originally set up as a Society information number, the toll-free (800) NYSSCPA number has been converted into the Society’s WTC victim assistance hotline. Businesses and individuals that have called the hotline are being advised by CPA volunteers, based on their needs and location.

CPAs taking these calls are providing free assistance to help the victims recover from the losses they have incurred as a result of the attack that destroyed both of the World Trade Center towers and left large areas of downtown Manhattan uninhabitable.

The Society has also set up a table at the Disaster Assistance Service Center at 110 Maiden Lane in lower Manhattan, where volunteer CPAs have been providing advice and assistance, face-to-face, to disaster victims. Located just blocks from ground zero, the center also includes representatives from the Small Business Administration and the Federal Emergency Management Agency.

The NYSSCPA volunteer table was set up so CPA volunteers could be within walking distance of those victims directly affected by the disaster.

The NYSSCPA undertook these efforts in addition to initiatives launched in September to help members, individuals and businesses recover in the aftermath of the attacks. In the days following Sept. 11, the NYSSCPA linked members who lost business space in the attacks with others willing to donate business space, and made small, no-interest loans available to members directly impacted by the attacks and in need of assistance. Check the NYSSCPA website under “WTC Disaster Information” for details.

In the aftermath of the attack, National Guard troops and New York City police officers are still regulating access to areas below 14th Street in Manhattan. Just blocks from ground zero, at the center of the devastation, barricades patrolled by armed guardsman still prevent pedestrians and sightseers from crossing Broadway.

Rubble and debris in ground zero remains piled two stories high. Many businesses have been forced to shut down or relocate as the cleanup effort continues. In terms of human cost, official estimates range up to 5,000 dead and missing.

The economic impact of the terrorist attack on New York and the nation is still unknown. Federal Reserve Chairman Alan Greenspan said after the Fed made two additional half-point interest rate cuts that it was still too early to determine how much harm the terrorist attacks will have on the U.S. economy.

Working with other state CPA societies, the NYSSCPA volunteer effort is developing training sessions to update member CPAs on the latest information on how the disaster may affect their clients.

The Society is also working with other organizations, including the New York City Partnership and Investment Fund and the New York City Economic Development Corp., in providing referrals and outreach for victims unsure of where to turn for help.

Some of the services offered through this cooperative effort include “bridge” loans and financing, short-term office space for displaced CPA firms and other businesses, temporary employment for displaced employees, and management information systems support for businesses that are reestablishing their computer infrastructure.

For more information on the volunteer effort contact David Cho at (212) 719-8356 or dcho@nysscpa.org or visit the Society website at www.nysscpa.org/index4.htm.