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The Leading Resource for Education & Financial Information in Construction

By Stuart Binstock, President & CEO

In an issue dedicated to management and productivity, I wanted to touch on a few initiatives CFMA has recently undertaken to help keep your company on the leading edge of essential industry knowledge.

Financial Essentials for the Non-Financial Manager
In 2013, the Associated Builders and Contractors (ABC) asked CFMA to provide education and training on financial management at one of its national meetings. The outcome of that request was a series of courses developed and presented by Danny Parrish and Tony Stagliano that focused on teaching PMs and other non-financial members of the construction team about financial management issues.

After the successful delivery to ABC, CFMA created a similar course in support of our strategic goals – to provide value to CFMA member companies and to be recognized as the leading resource for education and financial information.

Our hope is that this new two-part online course, entitled “Financial Management Essentials for Non-Financial Managers and Construction Project Leaders,” will help CFMA members explain some of the key issues of financial management to their non-financial team members. Non-financial managers and project leaders will learn the financial management essentials necessary for a successful project, as well as critical skills including risk assessment, financial tracking, monitoring, communication, and adjustments required to remain compliant throughout the project life cycle – all while carefully balancing the budget and forecasting financials.

I encourage you and your staff to sign up for the online course scheduled for April 27-28. You can learn more about the course and purchase the on demand version at cfma.digitellinc.com/cfma/packages/26/view.

New Developments
We are also in the early developmental stages of two other initiatives with potentially significant implications for your company.

In January, we launched a new Peer Group Program. Borne out of the successful roundtable sessions held during CFMA’s Annual Conference in recent years, this program is designed to meet our members’ desire for those sessions to continue beyond the Conference. The new pilot program consists of eight peer groups; if successful, we will broaden the scope of this program in the future.

Another program in development is a package of educational resources with the goal of quickly bringing a new member with less than three years of experience in the construction industry up to speed about construction financial management. The program has great potential to meet the needs of financial professionals new to the construction industry. Stay tuned for more information about this exciting initiative.

Outgoing & Incoming CFMA Chairmen
I would like to thank the Outgoing Chairman, Brad Robinson, CCIFP, who has led the Association with boundless energy, enthusiasm, and great humor this past year. Brad’s speech at the Chairman’s Luncheon during the 2015 Annual Conference in Chicago is probably the finest speech I have ever heard from a volunteer leader; he is the consummate storyteller.

And, I would also like to welcome Ken Chiccotella, CCIFP, who becomes CFMA’s 2016-2017 Chairman on April 1. Ken brings a very different but equally committed perspective to the position of Chairman. Please join me in welcoming Ken, who looks forward to working with all of CFMA’s constituencies over the next year.


Copyright © 2016 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in CFMA Building Profits and is reprinted with permission. CFMA Building Profits is a member-only benefit;
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