Carrie R. Schoffman
About Carrie R. Schoffman
Carrie R. Schoffman (age 52) was appointed independent director of TEAF effective July 15, 2025, and named Chair of the Audit and Valuation Committee for both TEAF and TYG. She is a Certified Public Accountant (since 1997) with prior roles spanning public accounting, SEC staff, fund compliance/finance leadership, and tax advisory; she operates CPA Concierge Services, LLC (since 2020). She was appointed to serve the remainder of the Class II director term through the 2027 annual meeting; the company disclosed no related-party transactions or selection arrangements tied to her appointment .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CPA Concierge Services, LLC | Founder/Principal (boutique tax and accounting firm) | 2020–present | Tax/accounting leadership |
| Bree Beers & Associates, PC | Tax Accountant | 2017–2020 | Individual/business tax advisory |
| ICON Funds | Chief Compliance Officer; Principal Financial Officer; Treasurer | 2004–2017 | Compliance oversight; fund finance/treasury |
| ICON Advisers, Inc. | Chief Compliance Officer; Senior Vice President | 2004–2017 | Adviser-level compliance; senior leadership |
| U.S. Securities and Exchange Commission | Staff Accountant | 2003–2004 | Regulatory/accounting experience |
| PricewaterhouseCoopers LLP | Senior Associate/Associate; Experienced Manager | 1996–2003 | Audit/assurance; progressed to experienced manager |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tortoise Capital Series Trust | Independent Trustee; Chair of Audit Committee | Current | Audit chair; governance/financial reporting oversight |
| 83 Investment Group Income Fund | Independent Trustee | Current | Board oversight |
| Beacon Pointe Multi-Alternative Fund | Independent Trustee | Current | Board oversight |
| Booster Income Opportunities Fund | Independent Trustee | Current | Board oversight |
| Private Debt & Income Fund | Independent Trustee | Current | Board oversight |
Board Governance
- Committee assignments: Appointed Chair of the Audit and Valuation Committee effective July 15, 2025; will be compensated per 2025 director compensation schedule .
- Board structure: TEAF maintains a classified board; the board chose not to declassify in 2025 following shareholder engagement after a 2024 precatory proposal .
- Leadership: Conrad S. Ciccotello serves as Lead Independent Director and chairs executive sessions of independent directors; independent directors meet regularly outside management and are advised by independent counsel .
- Committee charters: Audit and Valuation, Nominating and Governance, and Compliance committees operate under written charters available via the adviser’s website and are composed of independent directors .
- Attendance: In fiscal 2024, all directors attended at least 75% of board and applicable committee meetings; Ms. Schoffman joined in July 2025, so her attendance data is not yet disclosed .
| TEAF Board Activity | FY 2024 Count |
|---|---|
| Board Meetings | 7 |
| Executive Committee | 0 |
| Audit & Valuation Committee | 5 |
| Nominating & Governance Committee | 2 |
| Compliance Committee | 2 |
Fixed Compensation
- Ms. Schoffman will be paid per the 2025 director schedule and meeting fees (cash-based; TEAF-specific amounts below) .
| Component | TEAF Amount |
|---|---|
| Annual Board Retainer ($) | 20,000 |
| Lead Independent Director Retainer ($) | 2,500 (if applicable) |
| Audit & Valuation Committee Chair Retainer ($) | 2,500 |
| Other Committee Chair Retainer ($) | 2,500 (if applicable) |
| Board Meeting Fee (in-person) ($) | 1,000 |
| Board Meeting Fee (telephonic) ($) | 500 |
| Committee Meeting Fee (in-person or telephonic) ($) | 500 |
| Expense Reimbursement | Yes (reasonable meeting-related expenses) |
In fiscal 2024, independent director aggregate cash compensation from TEAF ranged from $20,200–$21,800 among incumbents (pre-appointment), illustrating the cash-only structure; no pensions or deferrals were provided .
Performance Compensation
- No equity grants, options, or performance-linked compensation for TEAF directors are disclosed; director pay is cash retainers and meeting fees only .
Other Directorships & Interlocks
- TEAF adviser interlock: Ms. Schoffman is Audit Chair and Trustee of Tortoise Capital Series Trust, another vehicle advised within the same fund complex (heightened familiarity with adviser operations; potential perceived conflict mitigated by independent status and absence of related-party transactions) .
- Broader fund governance network: Independent trustee roles at four additional publicly traded investment companies (cross-board exposure benefits audit proficiency; monitor for potential “overboarding” risk) .
- Related-party/Item 404: Company disclosed she has no direct or indirect material interest in transactions requiring Item 404(a) disclosure at appointment .
Expertise & Qualifications
- Credentials: Certified Public Accountant since 1997; member of Colorado Society of CPAs and AICPA .
- Regulatory experience: Former SEC Staff Accountant .
- Compliance/finance leadership: Former CCO, PFO, Treasurer at ICON Funds; CCO/SVP at ICON Advisers (robust fund governance/controls background) .
- Audit leadership: Current Audit Committee Chair at Tortoise Capital Series Trust; appointed Audit & Valuation Committee Chair at TEAF .
- Operating breadth: Public accounting (PwC), tax advisory, adviser/fund compliance and finance .
Equity Ownership
- TEAF share ownership for Ms. Schoffman was not disclosed at the time of her appointment; May 31, 2025 security ownership tables predate her joining the board .
Governance Assessment
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Strengths
- Independent appointment with explicit absence of related-party transactions and selection arrangements; audit chair role at TEAF reinforces financial oversight .
- Deep CPA, SEC, and fund compliance/finance background aligned to Audit & Valuation Committee leadership needs .
- TEAF’s governance infrastructure includes a Lead Independent Director, independent committees, executive sessions, and independent counsel support .
-
Watch items / potential red flags
- Multi-board commitments across several investment companies could present bandwidth/overboarding concerns; ongoing monitoring of attendance and engagement advisable (no attendance data yet for Ms. Schoffman) .
- TEAF’s board remains classified despite a 2024 precatory vote for declassification; activism continues to be a governance context factor (Saba holds 11.48% of TEAF common) .
- Auditor transition: TEAF moved from EY to Tait, Weller & Baker LLP in 2025; as Audit Chair, Ms. Schoffman will oversee continuity and independence confirmations (no disagreements reported; prior TYG material weakness remediated in 2023) .
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Overall implication
- Her appointment strengthens audit oversight and independence signals, given credentials and current audit chair role elsewhere in the complex. Key monitoring items are time commitments across boards, future ownership alignment (if disclosed), and stewardship amid shareholder activism and board classification structure .