The Club Managers Association of America (CMAA) has published a new resource, Understanding Club Finances, that it developed in collaboration with the Hospitality Financial and Technical Professionals (HFTP). The 340-page print manual 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.”
Understanding Club Finances can be purchased from the CMAA Bookmart at a cost of $125 to CMAA members and $160 to nonmembers.
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