As the shockwave of COVID-19 swept the nation, state and local governments began to implement shutdowns in an effort to contain the virus.
What your Club needs to know about the New Tax Act and its possible implications on the bottom line of clubs.
The Internal Revenue Service is increasing its focus on good corporate governance for tax-exempt organizations, including tax-exempt social clubs.
In reviewing financing for proposed capital expenditure projects, clubs consider the following alternatives:
From a financial perspective, the cost of a bad hire can be considerable, from the amount of time and money spent on hiring the individual to the unnecessary disruption it […]
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 […]
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 […]
The Club’s tax-exemption is not at risk provided that the club acted within the applicable federal tax law. For this answer, we refer to S. Rept. No. 94-1318 (1976), […]
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 […]
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 […]
Clubs strive to have their operations at least break even each year, before depreciation, thus eliminating the necessity of end of year assessments to cover operating deficits. Club management must […]
Certified public accountants Matthew O’Dell and Kevin Foley with Condon O’Meara McGinty & Donnelly LLP recently led an NPCC workshop discussing how to detect signs of duplicity and the controls […]
Occasionally you may hear about fraud at another club. You may even hear a remark that fraud can not happen at our club because our club does not handle or […]
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 quest […]
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 […]
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 […]
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."