2023 Accountancy Alumnus of the Year: Tim Gray

Tim Gray was 10 years old when his father passed away unexpectedly. His mother put herself through night school to become an elementary school teacher, then used her salary to put Gray and his brother William Thomas Gray (BBA ’60) through the University of Notre Dame.

At his Minneapolis office at Ryan Companies, the veteran CFO explained that he gives back to Notre Dame’s Mendoza College of Business to express his gratitude for her. “When my mom retired from teaching in northern Wisconsin, she worked as a volunteer at a free tax assistance program. As a result, I was very happy to fund the Vivian Harrington Notre Dame-Saint Mary’s Tax Assistance Program in her name,” he explained.

Tim Gray (BBA ‘64)

The impactful program trains accountancy students to provide free tax return preparation services to low-income families in the South Bend area under the direction of Ken Milani, a beloved accountancy professor at Mendoza.

At Notre Dame, Gray helped make ends meet by working in the laundry room and dining hall. He smiled. “Everyone there was so nice to me; we treated each other respectfully, creating a truly pleasant atmosphere.” As a leader, he took that experience to heart and has always tried to get to know and truly listen to everyone he interfaces with at work — even as Ryan has grown into a company with offices in 12 states.

Initially, Gray majored in accounting just to follow in his older brother’s footsteps. But once he started digging into the coursework, something just clicked. “I always enjoyed my accounting classes and my professors at Mendoza were excellent,” he said.

Many times throughout his career, he’s returned to accountancy professor Jim Dincolo’s advice that it’s more important to know how to look up a question than to be able to memorize the tax code — a lesson he’s shared with the hundreds of junior accountants he’s mentored during his 55-year tenure at Ryan Companies.

That job came through Mendoza connections, too.

Two years after graduation, Gray received an invitation from his roommate Jim Ryan (BBA ‘64), who had gone to work for his family’s commercial real estate construction company.

“Tim, we need an accountant,” Ryan told him bluntly.

After an interview with senior management, Gray relocated to Minnesota, working his way from controller to CFO and ultimately chairman of the board as the company’s revenue rose from $2 million per year in 1969 to a record $5 billion in 2021.

“It was easy for me to practice accounting because of my education at Notre Dame,” Gray said. He developed a reputation as a negotiator who put all his cards on the table when dealing with banks, contractors and clients. “I realized over and over again how important it is in business just to be honest.”

Sticking to his Catholic values has helped Gray steer Ryan Companies’ finances through three economic downturns over the years, too. “Because of our relationships, we were always able to go back to the banks for extensions. What was harder was dealing with the personal side of losing.”  His lifelong friend and colleague, Jim Ryan, passed away from cancer in 2009, and that loss has stayed with Gray ever since.

The CFO emeritus has served on the Accountancy Department Advisory Board for more than two decades and on Mendoza’s Business Advisory Council. He enjoys learning from the faculty and other members as much as he enjoys giving back.

Gray always tells other Mendoza alumni: “Never stop learning.”