Dauby O'Connor & Zaleski

What Dauby O'Connor & Zaleski does

Dauby O'Connor & Zaleski, LLC (DOZ) is a privately held public accounting firm founded in 1987 by Steve Dauby and Sean O'Connor in Indianapolis, Indiana, with Ted Zaleski joining in 1988 to form the current entity. The firm specializes exclusively in affordable housing and community development, providing audit, tax, and consulting services to developers, owners, operators, syndicators, and investors of LIHTC-financed, HUD-assisted, USDA Rural Development, and tax-exempt affordable housing properties. DOZ performs over 4,100 audits and prepares over 6,000 federal and state tax returns annually for multifamily housing-related entities across all 50 states, supported by 300+ professionals including CPAs, JDs, and MBAs, with offices in Carmel, Indiana (headquarters) and Austin, Texas.

The firm's core service offerings comprise three integrated lines: (1) Audit + Accounting services spanning LIHTC audits, HUD audits, syndicated fund audits, Rural Development audits, and construction/development/management company audits; (2) Tax preparation and compliance for partnerships, corporations, exempt organizations (Form 990), and multi-state filings; and (3) Consulting services including pre-development underwriting, acquisition due diligence, development capitalization, cost certifications, disposition analysis, and re-syndication analysis, packaged through the DOZ Development+ engagement structure. DOZ does not develop proprietary technology products; the firm relies on standard accounting software, audit tools, and industry-specific platforms to deliver professional services.

DOZ operates a B2B professional services model with quote-based, engagement-scoped pricing. Revenue is generated entirely through professional fees for audit, tax, and consulting work delivered by W-2 employees, not through resellers or licensing. The firm acquires clients through industry reputation, referrals from syndicators, lenders, and state housing finance agencies, conference participation, and direct outreach via its website (which includes a "Request a Bid" function). Heather Perry serves as Managing Member and CEO under a founder-led, member-owned structure with no disclosed institutional investors or private equity backing. The firm maintains memberships in major industry associations including AHTCC, NAHMA, NCSHA, NASLEF, and CARH, and has been named an Indianapolis Top Workplace for nine consecutive years (2016-2024).

Name

Dauby O'Connor & Zaleski

Legal name

Dauby O'Connor & Zaleski, LLC

Website

https://dozllc.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

251–500 employees

Short description

Dauby O'Connor & Zaleski (DOZ) is a privately held CPA firm founded in 1987 that specializes exclusively in affordable housing and community development, providing audit, tax, and consulting services to LIHTC, HUD, and Rural Development entities across all 50 states from offices in Carmel, IN and Austin, TX with 300+ professionals.

Ownership category

akta.pro rank

Product category

Affordable Housing Accounting Services

NAICS

Offices of Certified Public Accountants (541211), Tax Preparation Services (541213), Accounting, Tax Preparation, Bookkeeping, and Payroll Services (5412)

akta.pro primary industry

Transfer Pricing & International Tax Services (BPAHABAI)

Keywords

• Affordable housing accounting
• LIHTC audit services
• HUD audit compliance
• Multifamily tax preparation
• Community development consulting

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Audit and Attest Services: Annual audit services for affordable housing entities including LIHTC audits, HUD audits, syndicated fund audits, Rural Development audits, construction company audits, long-term care audits, management company audits, and development company audits. DOZ performs over 4,100 audits annually.
2. Tax Preparation and Compliance Services: Annual federal and state tax return preparation for multifamily housing-related entities. Prepares over 6,000 tax returns annually including LIHTC partnership returns, corporate returns, not-for-profit Form 990 returns, and multi-state filings.
3. Consulting and Advisory Services: Advisory services including pre-development consulting, underwriting, acquisition due diligence, development capitalization, cost certifications, disposition analysis, and re-syndication analysis. DOZ Development+ is a custom all-inclusive engagement structure for development projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

DOZ provides professional audit, tax, and consulting services exclusively to affordable housing and community development entities. The firm performs over 4,100 audits annually and prepares more than 6,000 federal and state tax returns each year for LIHTC properties, HUD-assisted projects, USDA Rural Development entities, not-for-profit organizations, and syndicated funds. Services cover the full project lifecycle from pre-development underwriting through disposition and re-syndication, with specialization in IRC Section 42, HUD Consolidated Audit Guide, and Rural Development program compliance.

Product overview

DOZ is a public accounting firm that offers a unified suite of professional services for the affordable housing and community development industries. The firm's core offerings consist of Audit + Accounting Services (performing over 4,100 audits annually), Tax Services (preparing over 6,000 tax returns annually), and Consulting Services. The firm also offers DOZ Development+, a specialized all-inclusive engagement structure that guides developments from pre-development through capitalization. These services are designed to work together to serve clients throughout the entire lifecycle of affordable housing projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Audit + Accounting Services Annual audit and attest engagements for LIHTC entities, HUD-assisted projects, syndicated funds, USDA Rural Development entities, construction companies, long-term care facilities, management companies, and development companies in the affordable housing and community development sector.
• Tax Services Federal and state tax return preparation and compliance services for over 6,000 multifamily housing-related entities annually, including LIHTC partnership returns, corporate returns, not-for-profit Form 990 returns, and multi-state filings in 20+ and up to 40+ states.
• Consulting Services Advisory and consulting services for affordable housing developments covering pre-development, conversion and operations, development, and disposition or re-syndication phases. Engagements include pre-development consulting, underwriting, acquisition due diligence, development capitalization, cost certifications, disposition analysis, and re-syndication analysis.
• DOZ Development+ A custom all-inclusive engagement structure for affordable housing development projects providing comprehensive project oversight from pre-development through property capitalization, bundling technical review, agreed-upon procedures, 10% certification, 50% calculation, 95/5 calculation, 8609 review, and developer experience letter services into a single coordinated offering.

Quantifiable outcome

• DOZ performs over 4,100 audits annually for affordable housing entities across all 50 states
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor and core.

• AHTCC (Affordable Housing Tax Credit Coalition)minorOthersIndustry membership organization focused on the Low Income Housing Tax Credit program. DOZ maintains membership and participates in coalition activities.
• CARH (Council of Affordable and Rural Housing)minorOthersNational membership organization serving affordable and rural housing managers. DOZ maintains membership to stay connected with industry developments.
• NAHMA (National Affordable Housing Management Association)minorOthersNational organization representing multifamily housing managers and owners. DOZ maintains membership and attends conferences.
• NCSHA (National Council of State Housing Agencies)minorOthersNational membership organization for state housing finance agencies. DOZ professionals speak at NCSHA conferences on HUD and LIHTC matters.
• NASLEF (National Association of State and Local Equity Funds)minorOthersOrganization serving LIHTC equity funds and investors. DOZ maintains membership and participates in conferences.
• AICPA (American Institute of Certified Public Accountants)minorOthersNational professional organization for CPAs. DOZ professionals maintain memberships and participate in continuing professional education.
• INCPA (Indiana CPA Society)minorOthersState professional organization for CPAs in Indiana. DOZ professionals maintain memberships and participate in local continuing education.
• State Housing Finance Agencies (Various)coreOthersDOZ works extensively with state housing finance agencies across all 50 states for cost certifications, compliance requirements, and regulatory guidance. These relationships are fundamental to their LIHTC service delivery.

Scale indicators9 records

Recent moves1 record

Expansion highlights5 records

Broad incumbents

• Wipfli LLP: Top-20 U.S. CPA firm with growing affordable housing and real estate practices. Competes with DOZ for LIHTC audits and tax engagements, particularly among smaller developers and non-profit housing entities.
• Plante Moran: Largest U.S. middle-market CPA firm with a real estate and affordable housing practice. Midwestern footprint makes Plante Moran a direct competitor for DOZ's Indiana/Midwest LIHTC engagements and a key talent competitor.
• Deloitte LLP: Big 4 firm with a tax-credit and affordable housing practice that competes for large LIHTC fund, REIT, and developer engagements. DOZ consulting & tax member Nancy Morton previously worked at Deloitte.
• BDO USA: Top-10 U.S. CPA firm with an affordable housing practice serving syndicated funds and developers. Competes with DOZ on mid- and large-sized LIHTC fund audits and tax engagements.
• KPMG LLP: Big 4 firm with a dedicated affordable housing and tax credit practice serving large LIHTC syndicators, REITs, and developers. Represents a broad incumbent that DOZ competes against at the largest fund and corporate engagements.
• PricewaterhouseCoopers LLP (PwC): Big 4 firm with a real estate practice serving LIHTC syndicators and developers. Multiple DOZ principals (Greg Chester, Jessica Cooper, Greg Wasiak) are PwC alumni, evidencing direct talent and competitive overlap.
• Forvis (formerly BKD + Dixon Hughes Goodman): Top-10 U.S. CPA firm formed via the BKD/DHG merger with a real estate and affordable housing practice. Competes with DOZ for affordable housing audits and tax work in overlapping Midwest and Southeast geographies.
• Ernst & Young LLP (EY): Big 4 firm with a real estate and affordable housing tax practice serving LIHTC investors and large developers. DOZ leadership includes multiple EY alumni (e.g., Jacob Buehler, Greg Wasiak), reflecting direct talent flow between the firms.

Direct peers

• Novogradac & Company LLP: The largest U.S. accounting firm exclusively focused on LIHTC, affordable housing, and community development. Direct competitor across audit, tax, and consulting for the same affordable-housing client base as DOZ, including syndicated funds, property owners, and state housing finance agencies.
• CohnReznick LLP: Top-20 U.S. CPA firm with one of the largest affordable housing and LIHTC practices (built in part via the Reznick Group merger). Competes with DOZ for syndicated fund audits, HUD engagements, and large affordable-housing developer relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dozllc
• Xx.com/dozcpa
• Facebookfacebook.com/dozllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

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