ESOP Conversion Success Achieved for ITAMCO with Expert Guidance

Government Contracting Advisory Facilitates Smooth Transition and GAAP Compliance

Indiana Tool & Manufacturing Co. (ITAMCO), a manufacturing and technology company headquartered in Indiana, faced due diligence and accounting compliance challenges during its Employee Stock Ownership Plan (ESOP) conversion process.

ITAMCO began its ESOP conversion process but quickly encountered obstacles related to due diligence and accounting compliance. They needed a partner with specialized expertise to navigate these complexities.

Solutions & Impact

SN’s Government Contracting Advisory team provided comprehensive support to ITAMCO, including:

• Analysis of financial statements.
• Development of a strategy for GAAP compliance.
• Full balance sheet reconciliation.
• Implementation of applicable GAAP standards.
• Support for Quality of Earnings engagement.

This 12-month project enabled ITAMCO to complete its ESOP conversion successfully.

Testimonial

“Robert Jones and the SN team provided resources and subject matter expertise to facilitate a smooth and timely transition.” — Gary Neidig, President, ITAMCO

Related Services

Government Contracting Advisory, Audits, Reviews & Compilations