The Club Managers Association of America (CMAA) recently published a finance manual in collaboration with Hospitality Financial and Technical Professionals (HFTP).
Understanding Club Finances, a 340-page print manual, features 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 the concepts addressed in the text. While steering clear of financial and accounting jargon, the resource covers internal controls, cash flow statements, budgeting and profit planning, operating costs, audits, labor expenses, tax issues and more.
“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.”
Understanding Club Finances is this year’s signature item for Premier Club Services subscribers. 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.
