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 Kevin P Foley & Matthew P O’Dell CPAs Matthew O’Dell and Kevin Foley with COMD LLP discussed how to detect signs of duplicity and the controls for detection of fraud and embezzlement in nonprofit organizations. The partners emphasize the importance of active...
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...
By Daniel T. Condon In the pursuit of club perfection, club leadership is not only interested in what other well-run clubs do but also in what would be described as “best practices.” Best practices encompass all club activities across the board. COMD founding Partner,...