Philanthropy in the United States, which exists in many forms, has seen substantial growth since the 1980s. Guidestar lists more than one million foundations on its website. Even with the recession, Americans continue to contribute in record numbers to charitable organizations. Baby Boomers contribute a bigger share of
The industry debate over how much a club should budget to maintain its golf course seems never-ending, and that’s understandable. The course consumes a significant portion of the cash required to run a club and it is also one of the most visible and member-impacting
In any business, strategic leadership demands consideration of one essential question: How can we deliver value to our customers in a way that fulfills our financial objectives? The answer to that question shapes the company’s business model. In most cases, it’s fairly simple—a company creates
Q What is the fiduciary role of the audit committee in a private clubs? A It is the audit committee’s job to assist the club’s board in fulfilling its oversight responsibilities by monitoring the integrity of the club’s financial accounting processes and systems of internal controls regarding
Q How important are separation of duties and strong internal controls in a club environment that does not handle cash and runs on a limited budget? A Occasionally you may hear about fraud at another club. You may even hear a remark that fraud can- not happen
Q How important are separation of duties and strong internal controls in a club environment that does not handle cash and runs on a limited budget? A Occasionally you may hear about fraud at another club. You may even hear a remark that fraud cannot happen at
With the holiday season underway, many clubs may be planning on giving gifts to their employees. Clubs should keep in mind the Internal Revenue Service (IRS) rules regarding gifts to employees. A club’s method of gift-giving usually determines whether or not holiday gifts will be
Private clubs are mission driven—serving members is the primary goal. Accordingly, club operations and expenditures are directly tied to the club mission. A former CFO of a nonprofit organization succinctly articulated the link between financial resources and a club’s mission, “People who are in financial
The private club industry is likely to see more 941/940 audits by the Internal Revenue Service (IRS). The IRS has recently trained agents who are specialized in 990/990T tax return audits on 941/940 audits. While no reason was given for this shift, the additional income
As the economy rebounds, clubs are moving into an area of distinct opportunity, and, for the first time in a long time, some are getting the sense that better days are ahead for the industry. NCA’s most recent planning survey focused on the impact the