February 24, 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 – CMAA members, $125; nonmembers, $160.
About CMAA -The Club Managers Association of America – located in Alexandria, Virginia, and established in 1927 – is the professional Association for managers of membership clubs. CMAA has close to 7,000 members across all classifications. Manager members run more than 3,000 country, golf, city, athletic, faculty, yacht, town and military clubs. The objectives of the Association are to promote and advance friendly relations among persons connected with the management of clubs and other associations of similar character; to encourage the education and advancement of its members; and to assist club officers and members, through their managers, to secure the utmost in efficient and successful operations.
About HFTP – Hospitality Financial and Technical Professionals – located in Austin, Texas, and Maastricht, The Netherlands, and founded in 1952 – is the global professional association for financial and technology personnel working in hotels, clubs and other hospitality-related businesses. HFTP provides first-class educational opportunities, research and publications to more than 4,800 members. HFTP hosts the premiere hospitality technology conference, HITEC. HFTP also awards the only hospitality-specific certifications for accounting and technology – the Certified Hospitality Accountant Executive (CHAE) and the Certified Hospitality Technology Professional (CHTP) designations.
Contact:
Gerry Romano, CAE, CMAA Senior Director of Communications, 703.739.9500
Eliza R. Selig, HFTP Director of Communications, 512.249.5333
