Peer Group Program 2020-21 Frequently Asked Questions
What is the CFMA Peer Group Program?
CFMA established the Peer Group program for members seeking to improve their companies through information sharing and feedback with their fellow construction financial managers in non-competing regions and markets.
CFMA offers participation in its Peer Group Program to all General members. Associate members will not be considered for the program. As a participant, you agree to make an on-going commitment as a Peer Group member.
Each Peer Group is professionally facilitated and will meet once a month by teleconference, as well as one in-person meeting.
Peer Groups will discuss, among other topics, the following: industry best practices, labor trends, staffing/recruiting, competition, market dynamics, economic trends and technology.
Ideally, member companies will work together transparently to help each other achieve new business success and to learn from one another. Where one company might struggle, another might thrive. Individuals will walk away from these meetings with action items to help resolve issues affecting their particular business, and they will report progress of change in future meetings.
How are the Peer Groups formed?
All potential Peer Group participants are required to complete the online application by Feb. 22, 2020, in order to be considered for inclusion in a Peer Group. Submitting an application does not guarantee placement into a Peer Group. You will be notified on or before March 31, 2020, if you have been successfully matched/placed in a Peer Group.
The data collected via this application will be used by CFMA staff and/or its contracted facilitator solely to aid in the establishment of effective Peer Groups and will be kept confidential, and will not be shared without the consent of the information provider.
What is the general structure of a Peer Group?
- Members: Up to 10 individuals from geographically diverse, non-competing companies.
- In-Person Meeting: At least once per year (1.5 days). Each person is responsible for the cost of transportation, lodging, meals and incidentals.
- Teleconferences: Once per month (might be less frequent based on each group’s needs).
- Facilitation: All groups will receive an introductory agenda and are assigned a facilitator from BKD LLP.
- Administrative Support: All groups will have CFMA-provided administrative support (scheduling, conference calls, communications, in-person meeting logistics support, Doodle polls, agreement tracking, etc.).
What are the individual participant requirements?
All Peer Group members are required to sign and adhere to a confidentiality/non-disclosure/anti-trust agreement in order to ensure that proprietary company information remains strictly confidential and exclusive to group activity.
In addition, all Peer Group participants must be members of CFMA in good standing.
Peer Group participants agree to complete brief, periodic feedback surveys. The results will help CFMA make necessary improvements to the program.
What are the group requirements?
Each group should have a volunteer Administrative Leader(s), who shall be responsible for coordinating the following with support of CFMA HQ staff and/or the facilitator:
- Managing logistics of the in-person 1½ day meeting
- Scheduling the teleconferences
- Communicating with facilitators
When are Peer Group meetings held?
All teleconference and in-person meetings will be professionally facilitated by a representative from the National Construction & Real Estate Group of BKD, LLP.
The dates/location of the teleconferences and in-person meetings will be determined by consensus of participants and not by CFMA or BKD.
What kind of support does CFMA provide?
Dedicated CFMA staff support is able to assist the Peer Groups with calendaring, scheduling, recording of calls, tracking agreements, payments and in-person meeting logistics.
Please contact Mike Elek, CFMA Peer Group administrative support staff, at firstname.lastname@example.org or 609-945-2412 with any questions.
What do the fees cover?
Payment in full is due no later than April 1, 2020. A non-refundable $700 fee is assessed per Peer Group member and includes:
- Agenda development
- Teleconference meeting facilitation
- In-person meeting facilitation and facilitator-related expenses
- Administrative support of the Peer Groups
- Program monitoring and feedback
- CPE credit for the in-person meeting
I’m interested. How do I apply for a Peer Group?
An online application for Peer Group participation is a mandatory part of the matching process and should take no more than 10 minutes to complete. The application must be completed online no later than Feb. 22, 2020. You must agree to the terms of the program, or your application will not be accepted.
Participants will be notified of Peer Group placement/matches before March 31, 2020.
Who do I contact if I still have questions?
Please contact Mike Elek at email@example.com 609-945-2412 if you have questions about the program that are not covered in this FAQ.