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Tag: Condon-O’Meara-McGinty-Donnelly

How are capital improvements being financed?

THERE IS NO QUESTION, clubs continue to spend money on capital projects at record rates. Country clubs are spending almost 36 percent more than they were eight years ago, but that was also a result of clubs curbing spending after The Great Recession of 2008. Today,

What are Good Governance Policies for Private, Tax-Exempt Clubs?

The Internal Revenue Service (IRS) is increasing its focus on good corporate governance for tax-exempt organizations, including tax-exempt social clubs. As of 2008, Part VI of Form 990 requests information regarding an organization’s governing body and management (Section A), policies (Section B) and disclosure (Section

Financing Capital Expenditures

In reviewing financing for proposed capital expenditure projects, clubs consider the following alternatives: Finance from operations. Those fortunate clubs that have funds available from operations for capital expenditure projects can use this most favorable option. Usually, this is not the case. Assess the membership. The

Cyber Security Best Practices

Q: What are best practices that both the club Audit/Finance Committee and club employees should follow to make sure internal controls are protecting against cyber attacks? A: It almost seems commonplace when reading or listening to the news that some major corporation has fallen victim

How should club management respond to an audit

Q: What are the most common issues addressed in the management letter following a club audit? How should management respond? A: Club operations have garnered increased attention from club boards during the recent economic downtown. Pressure to cut costs inevitably results in internal controls suffering—specifically