Stephen Carter is a 1990 graduate of the University of Indianapolis in Indianapolis, Indiana, where he earned a Bachelor of Science Degree in Accounting. Mr. Carter joined UMBAUGH in April 1996, after being employed for approximately six years with the State of Indiana. Mr. Carter started out as a field examiner for the Indiana State Board of Accounts, and then moved on to become Controller, and later Administrative Services Director, for the Indiana State Emergency Management Agency and Department of Fire and Building Services.

Currently Mr. Carter holds a license as a Certified Public Accountant in the State of Indiana, and is a member of the Indiana C.P.A. Society and the American Institute of Certified Public Accountants. He is a member of the American Waterworks Association, American Public Power Association, and Government Finance Officers Association. Since joining UMBAUGH, Mr. Carter has been involved in utility rate cases and has provided various financial advisory services for water, sewage, and electric utilities, including the preparation of cost of service studies. Mr. Carter has also assisted in providing accounting and financial advisory services for various governmental entities associated with the issuance of tax-exempt securities for the financing of construction projects and the refinancing of outstanding debt. He has also provided services related to annexation, budget, capital planning, and economic development.