Cookies on HFTP Bytes

This site uses cookies to store information on your computer. Some are essential to make our site work; others help us give you the best possible user experience.
By using the site, you consent to the placement of these cookies. However, you can change your cookie settings at any time. Read our Privacy Notice to learn more.

I understand
  • Members Only: 2018 HFTP Compensation and Benefits Report

    By Tanya Venegas, MBA, MHM, CHIA. Results to the biannual survey conducted by Hospitality Financial and Technology Professionals (HFTP). Information includes data on compensation and benefits trends for finance and technology professionals in the club and lodging industries.

  • Countdown to Opportunity: The Club & Hotel Controllers Conference 2018

    Written By: Laura Resco, official event guest blogger for the HFTP Club and Hotel Controllers Conference 2018 - One of the most important jobs of a graduate student is to produce original research that furthers the existing knowledge within an industry.

  • Primary Club Metrics

    Survey results identify which metrics are most often used to determine performance. By Agnes DeFranco, Ed.D., CHAE; Tanya Venegas, MBA, MHM, CHIA; and Amanda Belarmino

  • Job Description Template: Club Accounting Positions

    The HFTP Americas Research Center has developed example job descriptions for club accounting positions. The process involved reviewing sample job descriptions, and compiling the information into standardized job descriptions.

Primary Club Metrics

HFTP · 5 June 2018
HFTP Research: Survey results identify which metrics are most often used to determine performance. By Agnes DeFranco, Ed.D., CHAE; Tanya Venegas, MBA, MHM, CHIA; and Amanda Belarmino

HFTP Club Technology Report Summary

HFTP · 6 May 2018
In 2017, HFTP commissioned in-depth research on the state of club technology, exploring use, purchasing practices and how much value clubs derive from their current technology. The study was done in two parts, and this is a summary of the research findings. By By Agnes DeFranco, Ed.D., CHAE and Cristian Morosan, Ph.D., CHTP, CHE. Produced by Hospitality Financial and Technology Professionals, details at www.hftp.org.

Leadership Illustrated

HFTP · 2 November 2016
By Derick Smith -- Association leaders Arlene Ramirez CHAE, CHE, CHIA, MBA and Jill Philmon, CCM, CCE pinpoint qualities important at the top. Philmon, president of the Club Managers Association of America (CMAA) and Ramirez, immediate past president of HFTP are exceptional leaders and there is no doubt that this shared trait has been a major asset to their respective associations. The Bottomline Fall 2016; Volume 31, Issue 3

2016 Private Club Software Satisfaction Survey Discussion

The Boothe Group ·17 August 2016
By Bill Boothe -- The goal of the Private Club Software Satisfaction Survey was to have participants rate current club management software -- assessing capabilities and customer service, plus. This survey was designed and administered by The Boothe Group, LLC (TBG) under the supervision of Bill Boothe, President. TBG provides independent technology advice and consulting to private clubs throughout North America, and has no affiliations with any of the club management or website software providers serving the private club industry.

Club Finance: Measuring Financial Sustainability

HFTP · 9 August 2016
Mainstream business practices provide needed perspective for the private club industry. By Teri Finan and Russ Conde

Employee, Independent Contractor or Both? - An analysis of tax law and precedent concludes that a club's golf professional may be treated as both

HFTP ·21 October 2015
By James J. Reilly, CPA, JD - A golf club hires a golf professional and pays the golf pro a salary. The club also, pursuant to an agreement, permits the golf pro to carry on a business for his/her profit on the property of the club. Is the golf pro an employee, independent contractor or both? The answer to the question is fact specific; we recommend that, if a club decides to treat its pro as an employee for certain activities and as an independent contractor for other activities, contracts should be carefully drafted to set forth the activities covered by the respective contract. Based on the following analysis of tax law and precedent, it is reasonable to conclude that golf and tennis professionals may serve as 1) an employee with respect to certain activities and 2) as an independent contractor with respect to other activities. This article guides you through common law factors to determine if a worker is an employee or an independent contractor. Bottom Line Vol 23, No 1; February/March 2008

A Look Back and a Look Ahead | By Lisa Funk, CHAE

HFTP ·21 October 2015
This year has brought numerous accomplishments for HFTP and put it in a position for more to come - Lisa Funk, CHAE - Funk discusses the past year and the celebration of two major milestones -- the 40th Anniversary of HITEC, the largest hospitality technology conference in the world and HFTP's 60th anniversary.

Designs for Capital Funding

HFTP ·20 October 2015
Club CFOs advise on financial dos and don'ts for planning capital projects - By Daniel Conti, CHAE, CAM; Chris Koepper, CPA; David Manglos - The backbone to any major design project is the financial planning; which can make or break the successful outcome of a project. We asked three experienced club CFOs to talk about the finance and budget process that works best when approaching and overseeing such changes at their clubs. Overall the consensus was strong financial planning. Here are the details from their experience. The Bottomline, Volume 29, Issue 3, Summer 2014

Clubs and Mobile Apps in the Year 2014 | Part I: Today's Technologies

HFTP · 8 October 2015
By Agnes DeFranco CHAE, Ed.D. and Cristian Morosan, Ph.D. - With over 500 percent growth in mobile device use over the past decade (Berkus, 2013), changes will inevitably extend to clubs. Therefore, it may be an opportune time to explore how the club industry is adapting to the use of mobile technologies and how club members use mobile devices in commercial contexts in clubs. In December 2013, after consulting with research and industry technology experts, a survey was administered to a general population panel in the U.S. via Qualtrics. A total of 737 responses were retained for analysis.The Bottomline, Vol 29, No 2, Spring 2014

Clubs and Mobile Apps in the Year 2014 | Part II: Making Inroads

HFTP · 8 October 2015
By Agnes DeFranco, CHAE, Ed.D. and Cristian Morosan, Ph.D. - The use of smartphones, tablets and apps is increasing in the club industry and the proper adoption of mobile commerce can bring a number of benefits to both clubs, and more importantly, the members (DeFranco and Morosan, 2014; Venegas, Howton and Abrams, 2011). Analysts have also predicted that the use of IT will increase, especially in the area of social networking (Gillis, 2010) and mobile technology (Boothe, 2012). However, before the "shot gun" approach is used to implement mobile commerce or m-commerce to everyone in all types of clubs, perhaps a quick look at which groups are using mobile apps more often than others would be beneficial. With a clearer understanding of the profile of these app users, the rollout of m-commerce can be more targeted and thus more effective. Therefore, seven specific areas or subgroup analyses are performed to gauge the potential of m-commerce in clubs: age of members, gender of members, income level of members, member spending level, education level of members, types of clubs and club membership size.The Bottomline, Vol 29, No 3, Summer 2014

Cash Bonuses for Club Executives: How Are They Determined?

HFTP · 8 October 2015
A study of club professionals shows what factors lead to incentive pay - By Raymond Schmidgall, Ph.D., CPA, CHAE and Agnes DeFranco Ed.D., CHAE - It is good practice to ascertain the factors clubs are using to determine their bonus structures. In particular, this article concentrates on the use of cash bonus as incentive pay and the factors determining the incentive pay percentages for four managerial positions: general manager, assistant general manager, controller and director of human resources. Through these results, executives and management in the club industry can benchmark their incentive practices and utilize the incentive information in determining the cash bonus option or other incentive structures in their clubs to reward performances and to influence and maximize future behavior. Hospitality educators can also use these results and integrate the findings into their curriculum for the future industry leaders.The Bottomline, Vol 29, No 1, Winter 2014

Collecting What is Due to Your Club

HFTP · 8 October 2015
A study reviews clubs' accounts receivable management practices - By Tanya Venegas, MBA, MHM - Club members make charges to their account and are billed at the end of the billing cycle. But accounts receivables or AR do not pay the bills, cash does. In that same study, McGladrey divided Florida into seven geographic regions and noted that on the average, 60 percent of AR are over 30 days old. And, for the category of AR that are 91+ days old, the seven regions reported a range of 6 to 24 percent; and we all know the difficulty of recovering bad debts that are over 90 days old (McGladrey, 2013). While there are plenty of technologies that can assist club executives to manage accounts receivables and their collections, these technologies also offer many other functionalities (Lipsitt, 2006) and whether they are used to their fullest in clubs is somewhat questionable.Therefore, in April 2015, the HFTP Americas Research Center surveyed club members of HFTP on their AR practices. The survey was distributed via e-mail to all club members of HFTP who had previously agreed to receive e-mail correspondence from HFTP. In total 3,896 survey invites were distributed, resulting in 180 responses. Overall, this provided a 5 percent response rate.The Bottomline, Vol 34, No 3, Summer 2015

PRESENTATION: NATIONAL CLUB ASSOCIATION - Government Matters

HFTP · 1 June 2015
By Brad D. Steele, Vice President of Government Relations and General Counsel - "To defend, protect and advance the interests and well-being of private social and recreational clubs." HITEC 2015, Summer 2015

PRESENTATION: Legal and Liability Issues for Private Clubs

HFTP · 1 June 2015
By Michelle F. Tanzer, Gray-Robinson & Robyn Nordin Stowell, Esq. Stinson Leonard Street - Best Practices: Protect the Club and its Board members. HITEC 2015, Summer 2015

PRESENTATION: 4 Ways to Grow a Business, Any Business, Including Clubs

HFTP · 1 June 2015
By Mitchell L. Stump, CPA - HITEC 2015, Summer 2015

Clubs and Mobile Apps in the Year 2014 -- Part II: Making Inroads

HFTP · 1 July 2014
By Agnes DeFranco CHAE, Ed.D and Cristian Morosan, Ph.D. - The use of smartphones, tablets and apps is increasing in the club industry and the proper adoption of mobile commerce can bring a number of benefits to both clubs, and more importantly, the members (DeFranco and Morosan, 2014; Venegas, Howton and Abrams, 2011). Analysts have also predicted that the use of IT will increase, especially in the area of social networking (Gillis, 2010) and mobile technology (Boothe, 2012). However, before the "shot gun" approach is used to implement mobile commerce or m-commerce to everyone in all types of clubs, perhaps a quick look at which groups are using mobile apps more often than others would be beneficial. With a clearer understanding of the profile of these app users, the rollout of m-commerce can be more targeted and thus more effective. Therefore, seven specific areas or subgroup analyses are performed to gauge the potential of m-commerce in clubs: age of members, gender of members, income level of members, member spending level, education level of members, types of clubs and club membership size. The Bottomline, Volume 29, Issue 3, Summer 2014

Clubs and Mobile Apps in the Year 2014 -- Part I: Today's Technologies

HFTP · 1 April 2014
By Agnes DeFranco CHAE, Ed.D. and Cristian Morosan, Ph.D. - Technology is everywhere in today's society. Smartphones, tablets, Google glasses, smart watches, all make a regular computer look like a dinosaur. Social media, while helping many hospitality entities with guests sharing glowing comments and experiences of their meals or stays, is also hurting other entities when complaints are posted on the Internet for the entire world to see. All these change the landscape of how business is being conducted. The world is moving at a fast pace to add mobile commerce (m-commerce) to digital commerce (d-commerce) and e-commerce. The Bottomline, Volume 29, Issue 2, Spring 2014

A Look at HFTP Student Chapters - Key factors differentiating student chapters from professional chapters; Profile of the HFTP UNLV Chapter

HFTP ·11 November 2013
By Justin Baillon -- Student chapters are similar to professional chapters, yet they require a slightly different type of love and care. This article reviews some of the key points that differentiate student chapters from professional chapters. Taillon has 13 years of HFTP involvement in student chapters as an undergraduate student, graduate student and is currently a professor at the School of Hospitality & Tourism Management at the University of Guelph in Toronto, Ont. Bottom Line Vol 28, No4; Fall 2013

Labor Management and Productivity Strategies

HFTP ·11 November 2013
Build a Picture of Your Property's Activity Patterns to Schedule to DemandBy Mike FlintThere have been hundreds of articles on labor management in our industry, and there are as many solutions to the question of how it is best managed. It's fairly safe to say that labor is the greatest expense in hospitality, and upward pressure on labor seems to be out-pacing our ADR and average checks. What we can't forget is that our people, our culture and the personal interactions with our guests leave lasting impressions that make us truly successful. The objective of labor management is to get the right people in front of the right customers at the right time. While this sounds simple, it remains our biggest challenge concerning minimizing costs and maximizing guest loyalty. This article answers the question, what goes wrong? Bottom Line Vol 28, No4; Fall 2013

So You Won the Lotto, Now What? Preparing Operations for Unpredictable Changes.

HFTP · 1 July 2013
How technology, a formal review process and outsourcing can help maintain order. By Arlene Ramirez, CHE, CHAE. Having a culture where established policies and procedures are practiced and used as part of daily operations and employee training will help mitigate negative impacts on the business from staffing changes. This article will focus on basics that the finance area should address and the effect that technology, a formal review process and outsourcing can have in helping maintain order. Bottom Line Vol 28, No3; Summer 2013.

Effects of Pursuing Outside Revenue Sources - Or does your club's actions emulate its mission?

HFTP · 1 July 2013
By Mitchell L. Stump, CPA. This article is the second in a three part series that examines the impact of outside revenue sources on clubs from three perspectives: consultant, tax expert and legal. The first article in the series was on page 24 in the Spring 2013 issue of The Bottomline. Bottom Line Vol 28, No3; Summer 2013.

Effects of Pursuing Outside Revenue Sources - Or does your club's actions emulate its mission?

HFTP · 1 April 2013
Part I of III: Consultant's Perspective. By Jeff Sackman, CPA. This article is the first in a three-part series that examines the impact of outside revenue sources on clubs from three perspectives: consultant, tax expert and legal. Read the description of your club's mission and it most likely includes a statement similar to this: "To serve the recreational and social needs of its members and guests." Yet, some clubs in today's environment seem to be focused on serving the needs of the general public...this article answers the question, why? Bottom Line Vol 28, No2; Spring 2013.

Financial Ratios for the Club Industry - Update: Survey results offer an industry-wide snapshot of 2011 data

HFTP · 1 April 2013
By Agnes DeFranco, Ed.D., CHAE and Raymond S. Schmidgall, Ph.D., CPA. The Club Managers Association of America, the National Club Association, and private firms such as McGladrey & Pullen, LLP and Pannell Kerr Foster (PKF) have all published very useful annual operating statistics (DeFranco and Schmidgall, 2007). Their publications all concentrate on operations data and not much on the balance sheet (Schmidgall and DeFranco, 2005b). Balance sheet statistics are important because they provide the extra level of detail about cash flows, ability to pay bills and loans, and management effectiveness. Since 2003, a selected number of financial ratios have been reported. This article is a continuation of this longitudinal study and presents the median of 24 selected financial ratios, and also the ratios of the top 20 percent performers and the low 20 percent performers as ranked by their return on assets (ROA). Nine hundred and sixty members of HFTP who were associated with the club industry were sent the survey and 80 usable responses were returned. Bottom Line Vol 28, No2; Spring 2013.

2012 HFTP Compensation and Benefits Survey Report

HFTP · 1 December 2012
By Tanya Venegas. The HFTP Compensation and Benefits Survey was developed to not only determine salaries and benefits, but also to devise a profile of accounting/finance and technology professionals in the hospitality industry. The information in this survey is intended for several purposes including salary comparisons, budgeting processes, staffing guidelines, contract negotiation and benefits standards. Bottom Line Vol 28, No1; Winter 2013.

Private Clubs: To Be or Not to Be a Business - What it means to run a private club like a business ?

HFTP ·21 November 2012
By Philip Newman, CPA, and Robert Salmore, CPA - The mission of a profit driven enterprise is simple: to produce as many or as much as the market demands, at the quantity to satisfy that demand and at the lowest possible cost of production, in the effort to sell at the highest price accepted by the market. Perfecting this process will inevitably lead to profits and a return for the owners, or shareholders, of the business. While many facets make this business model more complex in implementation, the basic tenet is simple. Drive revenue up, drive cost down and put the difference into the pockets of shareholders, perhaps after setting aside some capital to reinvest to improve the means of production (i.e. capital maintenance). This article applies the business approach in the private club world. Volume 27, Number 5, October/November 2012

Newletter

Thank you for subscribing. Your email address has been added to our mailing list.
Close
To subscribe to the Club Bytes Newsletter please enter your email address below.
An error occured, please check your input and try again.
CancelSubscribe