CMAA and HFTP Announce New Resource, Understanding Club Finances
FEBRUARY 25, 2009 - The Club Managers Association of America (CMAA) has published a resource developed in collaboration with Hospitality Financial and Technical Professionals (HFTP). Understanding Club Finances, a 340-page print manual, features the information and tools required to fully comprehend all financial aspects of clubs.
It uses real-life scenarios and examples from the club and hospitality industries to illustrate clearly the concepts addressed in the text. Steering clear of financial and accounting jargon to facilitate use by nonfinancial staff, the resource covers internal controls, cash flow statements, budgeting and profit planning, operating costs, audits, labor expenses, tax issues and more. Understanding Club Finances was written by a group of leaders in the club finance field and was reviewed by an HFTP task force.
"As the role of club management staff has evolved, managers are expected to provide information and realistic evaluations of club finances to board and committee members as well as to other staff," notes CMAA Chief Executive Officer Jim Singerling, CCM, CEC. "This new resource offers tremendous assistance to managers in understanding the big picture as well as the details of club finances. CMAA was fortunate to have HFTP as a partner in development of the publication."
"Since HFTP has the resources to offer club managers expert information on finances, it was only natural for us to join in putting together a publication of this type," says task force member Tom Smith, CHAE, chief financial officer for the Ozaukee Country Club and HFTP global treasurer. "We know that Understanding Club Finances will be a valuable resource for years to come."
Understanding Club Finances is this year's signature item for Premier Club Services subscribers. CMAA's PCS subscription service provides a large collection of innovative, club-specific resources for enhancing and maintaining all facility operations. Although Understanding Club Finances is part of the PCS package, the publication can be purchased individually from the CMAA Bookmart.
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