The Detroit Athletic Club (DAC) has a long tradition of member service, not only to the greater Detroit community, but also to the club itself. This tradition stems from the club’s commitment to fostering a culture of service and promoting a legacy of leadership among
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
GOVERNANCE NOTEBOOK: PERSPECTIVES ON CLUB LEADERSHIP Editor’s Note: NCA’s Board Leadership Institute was created to focus on building governance resources to support highly effective club boards that are well prepared for their future. Institute initiatives will focus on knowledge building activities to expand both awareness of,
Q How can the club president do an effective job of reviewing the general manager’s performance? How do you measure success in the GM review? A General manager reviews are often a difficult process when conducted by board presidents, most of whom are successful executives but do
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
Refundable memberships can be important tools for club development and membership growth, particularly early in a club’s life cycle. By promising to repay prospective members some portion of their joining fees when they resign from membership, clubs are frequently able to command higher joining fees.
Board culture is one of those tenuous areas where it can be challenging to get everyone on the same page. Individual board members have their own specific ideas about how the club should be run, and often these ideas can come into conflict with each
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
There are lots of reasons to conduct a board performance assessment: regular and honest self-appraisal by board members can help to identify beneficial structural and procedural changes, develop new policies and modify existing ones, and foster “an atmosphere of freshness and openness” that leads to