PATRICK B. ARMKNECHT CPA, CITP
CONTACT
Patrick has more than 28 years of experience helping clients optimize processes and leverage technology to solve problems. He has direct experience with digital transformation, process automation, project management, corporate accounting, internal audit, software selection and implementation. He has served clients in the professional services, manufacturing, distribution, not-for-profit and hospitality industries.
Patrick’s responsibilities include oversight of the firm’s Business Process Automation, Data Analytics, Digital Transformation, Software Solutions and IT Consulting Services. In this capacity, he’s required to stay abreast of the latest advancements in technology, digital trends and best practices to help identify and deliver value added solutions to clients.
Patrick’s responsibilities require significant planning and administrative skills, in addition to a thorough knowledge of specific financial, technological and operating concerns of the entities served.
Education
B.S. – Business Administraton, emphasis Accounting, West Virginia University
Professional and Community Involvement
Member—American and Pennsylvania Institutes of Certified Public Accountants
Member—Schneider Downs Not-For-Profit Services Industry Group
Member—Butler Country Club, Finance Committee
Rebuilding Together Pittsburgh, Past Treasurer
Member—ISACA (Information Systems Audit and Control Association)
SHARE
What was the best advice you’ve ever received?
Never be afraid to fail.
If you could go back in time, what advice would you give your college self?
Enjoy the present. The future will be here soon enough.
What is the best or most interesting thing about your career?
Technology is always changing – most of the time for the better.
What was your first job?
I was a paperboy.
Do you have a “motto?”
Do the right thing. Every time.
Do you have advice for young professionals?
Find your passion and pursue it. You spend too much of your life working not to enjoy what you do.
Our Thoughts On
Our Thoughts On
PA Computer Services Guidance
FEATURED
Big Problem: A Not-for-profit Client Out Of 401(k) Compliance.
Big Thinking: Allowing More Contributions By Highly Paid Employees.
Shareholder JASON LUMPKIN serves as a Practice Unit Leader for SDAdvantage Retirement Solutions. He has more than 17 years of qualified retirement plan experience, primarily serving middle market, closely held businesses. His background includes plan design, documentation reporting, participant education, and ongoing administration for defined contribution plans, including employee stock ownership plans.
While working with one of our non profit clients, Jason’s team discovered that the organization was failing non-discrimination testing due to poor 401(k) participation among its employees. To address the issue, we recommended the implementation of a second retirement plan, a 403(b) plan, that would cover only the highly paid employees, allowing them to contribute the maximum amounts without concern for the limits imposed by the 401(k) plan’s non-discrimination testing.
“These top employees were no longer constrained by the limits of the 401(k) plan testing results,” Jason said. “Plus, the organization no longer had to be concerned about the non-discrimination test. We also avoided implementing a “safe harbor” design in the 401(k) plan, which can result in costly employer contributions and vesting provisions that favor short-term employees.”
Schneider Downs provides Big Thinking and Personal focus in delivering a variety of services for large and small businesses, both publicly and privately held, as well as nonprofit organizations, government entities and more. Through our commitment to thought leadership and knowledge management, we deliver the solutions our clients need with a personal commitment to service.
Have a question? Ask us!
We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.
