Maximizing Value to CFMA Stakeholders
By Samantha M. Hutchison, CCIFP, 2015-16 Treasurer
Thanks to the dedication and hard work of the many CFMA volunteers and HQ staff, FYE 2016 ended with a surplus of $73,776 and saw several successes.
With thoughtful planning and due diligence from FYE 2015 Treasurer Ken Chiccotella as well as input from HQ staff, FYE 2016 began with a deficit budget of $152,341.
The Support, Training, and Resources (STAR) Program continued for a second year. In total, 70 chapters received almost $213,000, which funded programs and services to strengthen chapters and create valuable member experiences.
For the first time, CFMA at Spring Creek was fully subsidized and included a stipend for travel expenses. More than 60 chapter leaders attended two sold-out sessions – that’s two-thirds of CFMA chapters that benefited from such takeaways as leadership skills, networking, and information-sharing.
Our focus on education and content strategy continued with two new courses online: “Work in Process: A Deep Dive and Advanced Perspective of WIP” and “Financial Management Essentials for Non-Financial Managers and Construction Project Leaders.” Additionally, the Construction Financial Manager’s Guide to State Tax Laws was released and exceeded sales goals. We also launched a pilot program, CFMA Peer Groups.
Membership continued its an trend and exceeded the 7,500 member mark! And, CFMA’s 2015 Annual Conference & Exhibition in Chicago saw record-breaking attendance, with more than 825 full Conference registrants and over 1,200 total attendees.
Our reserve fund experienced the negative effects of stock market volatility beginning in August. With the guidance of our fund managers, the Investment Subcommittee ensured alignment with CFMA’s investment policy. The reserve fund ended the year down 6%, but still at a healthy level of $2,279,000. Our balance sheet remains strong with almost $7.3 million in assets and $3.2 million in working capital.
The Road Ahead
The FYE 2017 budget reflects investments aligned with our Strategic Goals of Member Value, Companies, Chapter Relations, and External Relations. We will again waive registration fees and provide a travel stipend for chapter leaders to attend Spring Creek. The STAR Program will also continue for a third year.
In addition, the FYE 2017 budget includes funds for the development of a CFM Leadership course and the updating of the CCIFP Overview Seminar and Project Management courses. A CPE day is scheduled later in 2016, and the CFM Academy – a program designed for professionals in the first three years of their career – is in development. These initiatives will be accomplished without increasing member dues.
The programs and benefits CFMA provides would not be possible without the support and investments of our Affinity, Educational, and Principal Partners. Their continued commitment and partnerships are a key component of our success!
That’s a Wrap!
I would like to thank Rob Rubin, CFMA’s Vice President of Finance & Administration, for all of his hard work stewarding CFMA’s finances. And, it goes without saying that the HQ staff as well as the dedicated and passionate volunteers on the various finance-related committees are the reason we continue to be successful, grow in our strategic efforts, and “build it forward” for our members.
I thank you for the opportunity to serve as Treasurer this past year and am excited for a year of continued accomplishments, successes, and service to our chapters and members, their companies, and the industry.
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; join CFMA to receive the magazine.
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