By Daniel T Condon The single biggest expense at a club is payroll, consuming more than 50 percent of each operating income dollar spent. If a club cannot control its payroll and other related expenses, it will become extremely difficult to break even on the...
By Daniel T Condon Clubs strive to be the best that they can be in providing services to their members. In this pursuit of perfection, club leadership is generally interested in not only what other well-run clubs do, but also in what would be described as “best...
By Daniel T Condon How private clubs should structure financing for capital projects to ensure long-term financial health. Partner Daniel T. Condon emphasizes the importance of funding ongoing capital needs and large projects without threatening the club's financial...
By Daniel T Condon & Matthew P O’Dell Over the last decade, clubs that offer a traditional defined benefit plan have seen changes in both financial reporting standards as well as modification to pension laws governing the funding of such plans. Most notable...
By Daniel T Condon 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 segregation of duties. Crucial to an...
By Daniel T Condon Daniel T. Condon, a founding partner at COMD with extensive experience in private membership clubs, discusses the importance of internal controls and separation of duties in a club environment, even if the club does not handle cash and operates on a...
By Daniel Condon In an era of transparency, the question of how much of the board’s work should be shared with the membership becomes increasingly important. The board must carefully weigh the questions of transparency with confidentiality and member demands in...
By Daniel T Condon Most public companies and many large nonprofit organizations have an unlimited pool of potential candidates to fill open board positions. However, private clubs by their very nature are limited by their relatively small memberships. Key...
By Daniel Condon What is the fiduciary role of the audit committee in private clubs? 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...