Accounting Hall of Fame 1999 induction: Ray J Groves

Accounting Historians Journal, The, Jun 2000 by Beresford, Dennis R, Jensen, Daniel L, Groves, Ray J

His personal dedication to service on behalf of academe and the community at-large is reflected in his extensive record of volunteer leadership in organizations through membership on their boards and committees. A long-time supporter of higher education, he has served on the advisory councils and boards of many colleges and universities including his alma mater, The Ohio State University, the University of Pennsylvania's Wharton School and Center for Study of the Service Sector, the University of Chicago's Graduate School of Business, and Ursuline College. He currently serves as vice-chair of the Board of Directors of The Ohio State University Foundation. His many public service activities include councilman for the City of Lyndhurst, Ohio; chairman of the Board of Trustees of Leadership Cleveland; chairman of the Fishman-Davidson Centre for Study of the Service Sector; and membership on the boards of the Business Council of New York State, the Business Council for the United Nations, the New York State Public Policy Institute, and the Council on Foreign Affairs. He also serves as a managing director, executive committee member, and secretary-treasurer of the Metropolitan Opera Association.

His many honors and awards include the Gold Medal of the American Institute of Certified Public Accountants and countless awards from the colleges, universities, and professional and service organizations to which he has given so generously of his time and energy over the years.

Currently, he is chairman of Legg Mason Merchant Banking, Inc., a private equity fund, and serves on seven New York Stock Exchange company boards of directors. In addition to a deep interest in the opera, he enjoys hunting, golf, reading, and supporting his wife's interest in American and European antiques. He lives with his wife, Anne, in New York City and Connecticut; they have three sons, David, Philip, and Matthew. He is the 63rd member of the Accounting Hall of Fame, Ray John Groves.

RESPONSE

by

Ray J. Groves

Ernst & Young, retired, and Legg Mason Merchant Banking, Inc.

In accepting this honor, I wish first to thank Denny Beresford for his very generous comments. It has been a personal as well as a professional pleasure to have been associated with Denny for more than 25 years. I also wish to thank Professor Dan Jensen for his tireless commitment to maintaining the historical purpose and importance of the Accounting Hall of Fame.

There are so many people who have contributed to my education and career-academics, professional colleagues in my firm and in the profession, government officials, corporate officers, AICPA staff, and certainly my wonderful family. I wish to thank them all very much for their support over many years.

With your permission, I would like to devote the remainder of my comments to some thoughts on accounting education. In my opinion, accounting education is the foundation of all achievements in accounting-past, present, and especially the future. Ten years ago, the then "Big Eight" firms issued a White Paper on accounting education (which, Mike Cook, my fellow honoree today and I both signed). The White Paper led to the creation of the Accounting Education Change Commission and included a significant financial commitment to support the development of stimulating and relevant curricula. The foreword to the White Paper started with the following two sentences: