Executive Officers Reports | Department Reports
Allan Lum, CCM
Secretary-Treasurer
I present to you the financial reports for the fiscal year ending October 31, 2008. These financial reports represent the consolidated financials of CMAA, 1733 LLC, a newly organized partnership, and PCS a separate 501 (c) 6 providing programs and services to CMAA members and their clubs.
The consolidated revenue for the fiscal year ending October 31, 2008, is $263,402 before non operating expenses. CMAA maintains only one mortgage for the building and maintains a line of credit if needed. As of October 31, 2008, the line of credit has a zero balance. All depreciation is fully funded by CMAA.
The Golf Industry Show held in Orlando and CMAA’s second year of participation as a partner in the show with the Golf Course Superintendents and the National Golf Owners Association, was a great success financially. CMAA had over a 30% increase in net revenue from Fiscal Year 2007. The CMAA member dues ratio to gross revenue is 38% for the fiscal year ending October 31, 2008, and slightly lower than in fiscal year 2007 which was about 40%. CMAA staff and board are committed to keeping the member dues as a percentage of the total revenue well below 50% dependency. Membership user fees and member participation are essential to the success of the association. CMAA’s ability to provide quality member programs is based upon active member participation.
The Corporate Advantage Program (CAP) was implemented less than two years ago to allow the club industry corporate community the opportunity to participate in providing cost effective professional development programs to CMAA members. Today we have nine companies that have made a commitment to the club industry with financial support totaling over $2,000,000. These commitments extend over a five year period.
In early 2008, CMAA chose to refinance the headquarters building in Alexandria, Va. CMAA’s only indebtedness is this $2,000,000 mortgage. The fixed rate of 5.78% for ten years represents the terms of the mortgage debt. In May 2008, CMAA 1733 LLC was established as a holding entity for the sole purpose of managing the property of 1733 King Street. The company is a partnership among CMAA, PCS and The Club Foundation with CMAA being the managing partner. CMAA 1733 LLC is consolidated into CMAA for purposes of financial reporting.
Thank you for the privilege to serve as your National Treasurer for 2008. A big MAHALO to the National Staff and in particular, Margaret Meleney, Chief Financial Officer for all her dedication and hard work in keeping our Association fiscally sound.
Independent Auditors Report (.pdf)
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| Gross Revenue vs Dues Revenue Fiscal Year 1991 through 2008 |
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Operating Revenue By Source Fiscal Year 2007
| Operating Revenue by Source Fiscal Year 2008
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Operating Expense By Activity Fiscal Year 2007
| Operating Expense by Activity Fiscal Year 2008
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