CFMA in the News
Construction Financial Management & BKD Renew Principal Partner Agreement
December 15, 2017 - The Construction Financial Management Association (CFMA) and BKD have extended their Agreement naming BKD as CFMA’s Principal Partner for accounting and related services agreement for an additional three years. Continue reading.
Construction Financial Management Donates to Members Affected by Hurricanes Harvey & Irma
December 14, 2017 - For those Construction Financial Management Association (CFMA) members calling Texas and Florida home, CFMA has recently donated more than $20,000 in the wake of the effects of Hurricanes Harvey and Irma. Continue reading.
Construction Financial Management Association Release of Financial Benchmarking Survey Results Includes Record Number of Participant Data Submissions
September 22, 2017 - The Construction Financial Management Association (CFMA) announces the results of its 2017 Construction Financial Benchmarker Online Questionnaire. Continue reading.
Construction Financial Management Association Grows Number of Chapters in North America to 97
August 18, 2017 –The Construction Financial Management Association (CFMA) announced today the formation of two new chapters, bringing its total number of chapters across North America to 97. Continue reading.
Infintech Is Construction Financial Management Association’s Newest Affinity Program Partner
June 1, 2017 –The Construction Financial Management Association (CFMA) is proud to introduce its newest Affinity Program Partner, Infintech. Ranked as one of Inc. Magazine’s Fastest Growing Companies, Infintech specializes in business-to-business and construction payment processing. Continue reading.
Construction Financial Management Association Joins in Promotion of Safety Week 2017
May 2, 2017 - The Construction Financial Management Association (CFMA) joins companies across the U.S. in drawing attention to efforts to ensure workers’ safety and well-being on construction jobsites during National Safety Week, May 1-5, 2017. Continue reading.
CFMA President & CEO Shares Industry Insight
March 11, 2017 - Direct from CONEXPO-CON/AGG in Las Vegas, hear CFMA President & CEO, Stuart Binstock, discuss the association’s goals and initiatives with the ConTechTrio. Continue viewing.
Call-to-Action for Construction Industry Alliance for Suicide Prevention Member Organizations
December 5, 2016 – With more than 15 organizations pledging support, the Construction Industry Alliance for Suicide Prevention (the Alliance) initiated plans for broad-based communications during its inaugural teleconference and November call-to-action. In identifying opportunities to spread the word on this critical topic, Alliance members can shine the light on creating a zero suicide industry. Continue reading.
CFMA Presentation of The Release of a Report on an Analysis of Construction Projects with Federal Agencies and the Cause of Disputes
September 29, 2015 – The Construction Financial Management Association (CFMA) held a press conference in Washington, DC, to release the findings of their report, which examines the extent to which courts attribute fault to contractors as opposed to government agencies when disputes arise and are adjudicated. Public opinion often concludes that cost overruns and chronic delays are frequently the fault of construction firms. Continue reading.
Viewpoint Construction Software Continues with CFMA Principal Partner Program
March 26, 2015 – The Construction Financial Management Association (CFMA) and Viewpoint Construction Software have extended their agreement naming Viewpoint as CFMA’s Principal Partner for software technology solutions for an additional three years. Continue reading.
Associations Now Takes Note of CFMA’s 7,000 Member Milestone
January 13, 2015 – As a result of the CFMA’s press release on reaching our 7,000 member milestone, CFMA was approached by Associations Now to provide more background on how focusing on member value made this goal a reality. Continue reading.
CFMA’s 2014 Conference offers networking and valuable insight for financial professionals
July 9, 2014 – In 1982, nearly 100 construction financial professionals gathered at Caesar’s Palace in Atlantic City, N.J., for the first ever CFMA Conference, just one year after the organization was born. More than 30 years later, about 1,100 individuals from 47 states, four Canadian provinces and a handful of UK representatives met at Caesar’s Palace in Las Vegas June 7-11 for CFMA’s 2014 Annual Conference and Exhibition. Continue reading.
ICCIFP Achieves ANSI Accreditation for CCIFP® Designation
July 2, 2014 – Princeton, NJ – The Institute of Certified Construction Industry Financial Professionals (ICCIFP) announces achievement of accreditation from the American National Standards Institute (ANSI) for the Certified Construction Industry Financial Professional (CCIFP) designation. Continue reading.
CFMA Has Record Attendance At Webinar On New Revenue Recognition Standard
June 26, 2014 – Princeton, NJ – The Construction Financial Management Association (CFMA) hosted a webinar attended by over 1,000 people on Tuesday, June 24th, which provided an update on the Revenue Recognition Standard recently published by the Financial Accounting Standards Board (FASB). Continue reading.
CFMA Adds Special Presentation at Annual Conference on Recently Released Revenue Recognition Standard
May 29, 2014 – The Construction Financial Management Association (CFMA) is pleased to announce that a special session will be held at their 2014 Annual Conference and Exhibition regarding the recently released Revenue Recognition standard. The conference, which is taking place June 7-11 in Las Vegas, NV, is bringing together the top experts in construction finance and boasts five days of learning and networking. Continue reading.
CFMA Announces New Media Partnership with Naylor, LLC.
May 1, 2014 – Naylor, LLC, the leading provider of print and online media solutions exclusively serving the association marketplace, and the Construction Financial Management Association (CFMA) are pleased to announce their new media partnership. Naylor, LLC will be coordinating advertising opportunities in CFMA Building Profits, cfma.org, and CFMA webinars as well as producing an all new CFMA Online Buyers’ Guide. Continue reading.
CFMA’s 2014 Conference to Bring Construction Finance Industry Leaders to Las Vegas
April 30, 2014 – Princeton, NJ – The Construction Financial Management Association (CFMA) is bringing together leaders in the construction finance industry June 7-11, 2014 at Caesars Palace in Las Vegas, Nevada for their 2014 Annual Conference & Exhibition. This 33rd annual conference will be attended by over 1,000 people and features thought leaders like CFMA’s Economic Advisor Anirban Basu and more than 50 sessions like the highly rated Contractor-by-Size Roundtables. Continue reading.
CFMA Welcomes New Officers for the 2014-2015 Fiscal Year
April 3, 2014 – Princeton, NJ – The Construction Financial Management Association (CFMA) is proud to announce the election of its officers for the 2014-2015 fiscal year. Among its 6,600 plus members, the officer role is the highest-ranking volunteer member position within the professional organization. Continue reading.
CFMA’s Financial Survey and Benchmarker Reveals Key Industry Indicators
January 27, 2014 – Princeton, NJ – The Construction Financial Management Association (CFMA) is pleased to announce the recent release of 2013 financial data results accessible through CFMA’s Financial Benchmarker site. This year, the findings revealed that a trend established in 2008 has been broken: Where the primary source of competition had been existing contractors pursuing growth, the largest source of competition reported in 2013 is foreign contractors (26%), followed by other union trades (22%), and open shop competition (16%). Continue reading.
CFMA Responds to Senate Finance Committee’s Discussion Draft to Reform Certain Business Provisions
January 17, 2014 – The Senate Committee on Finance Chairman’s discussion draft to reform certain business provisions addresses both rules relating to deductions for capital expenditures and accounting provisions. Al Clark, Chair of CFMA’s Tax & Legislative Affairs Committee, led the charge in providing CFMA’s in-depth response (pdf) to the discussion draft.
Sage and the Construction Financial Management Association Renew Partnership
January 15, 2014 – Sage North America, a provider of business management software and services to more than three million small and midsized businesses in Canada and the United States, and CFMA, an international professional nonprofit association focused on the educational needs of financial professionals in construction, today announced that Sage Construction and Real Estate will renew its partnership with the association to deliver quality, accessible, educational programs to CFMA members and to the construction industry overall. Continue reading.
Constructing Change: The Private Company Council’s Efforts Heat Up!
November 21, 2013 – On November 4, 2013, the Financial Accounting Standards Board (FASB) and Private Company Council (PCC) met at The Ohio State University to obtain feedback from constituents on the activities of the PCC. Constituents in attendance included preparers, auditors, and users and the feedback from all three groups was robust, with most in favor of the direction the PCC is going. Read more of this firsthand account report from CFMA member attendee, Mike Sobolewski.
ICCIFP Names E. Christopher Zaucha, CCIFP as Executive Director
November 13, 2013 – Princeton, NJ – The Institute of Certified Construction Industry Financial Professionals (ICCIFP) is pleased to announce that E. Christopher Zaucha, CCIFP, has been named as Executive Director. Continue reading.
CFMA's CONFINDEX Survey Indicates Construction CFO Confidence Is Getting Lower
October 2, 2013 – The Construction Financial Management Association’s Quarterly CONFINDEX™ Survey, sponsored by Viewpoint, dropped in September to 127, from 128 in June, showing construction CFO confidence is declining. Continue reading.
CFMA Reorganizes Headquarters’ Structure for Optimal Delivery of Member Value
September 12, 2013 – The Construction Financial Management Association (CFMA) announced a major reorganization of their headquarters’ staff structure. As of September 3, 2013, Brian Summers took on the new position of Vice President of Content Management and Education, Erica O’Grady became CFMA’s Vice President of Operations, and Rob Rubin became the Vice President of Finance and Administration. Continue reading.
CFMA Responds to FASB/PCC’s Invitation to Comment, Private Company Decision-Making Framework
On June 19, CFMA submitted to FASB/PCC our response to the Invitation to Comment, Private Company Decision-Making Framework. Read more about the Invitation to Comment and view CFMA’ s response letter.
Maxwell Systems’ Lehman to Present on Mobile Tech at CFMA
June 4, 2013 - Maxwell Systems, a leading provider of construction management software solutions, expert services, and best practices, will have a significant presence at the CFMA 2013 Annual Conference & Exhibition in San Diego. The company’s vice president of Product Management, Dan Lehman, will be giving an educational presentation titled "Technology Connects Office and Field for Improved Collaboration and Profit" on June 25 from 2:00 - 3:40 p.m. Continue reading.
The Construction Financial Management Association Welcomes Newly Elected Officers for the 2013-2014 Fiscal Year
April 3, 2013 - The Construction Financial Management Association (CFMA) is proud to announce the election of its officers for the 2013-2014 fiscal year. Continue reading.
Sage & CFMA Renew Partnership Agreement Supporting Industry Education
April 2, 2013 - Sage North America and CFMA announced that Sage Construction and Real Estate will renew its partnership with CFMA to deliver quality educational programs to CFMA members and the construction industry overall. Continue reading.
CFMA Responds to AICPA’s Invitation to Comment on Its Proposed Financial Reporting Framework (FRF) for Small- and Medium-Sized Entities (SMEs)
According to AICPA, the FRF for SMEs is a self-contained, special purpose framework intended for use by SMEs in preparing their financial statements. The FRF for SMEs draws upon a blend of traditional methods of accounting and accrual income tax accounting. The FRF for SMEs is a cost-beneficial solution for management, owners, and others who require financial statements that are prepared in a consistent and reliable manner in accordance with a framework that has undergone public comment and professional scrutiny. The accounting principles comprising the FRF for SMEs are intended to be the most appropriate for the preparation of SME financial statements based on the needs of the financial statement users and cost-benefit considerations. CFMA’s thoughts on the subject are elaborated upon in the Comment Letter submitted on January 30.
CFMA Raises $10,000 to Donate to the Hurricane Sandy NJ Relief Fund
Princeton, NJ – January 7, 2013 – The Construction Financial Management Association (CFMA), a national non-profit professional association headquartered in Princeton, NJ, is pleased to announce that it raised $10,000 to donate to the Hurricane Sandy NJ Relief Fund. After Hurricane Sandy devastated the North East coast, CFMA created a fund of its own and began collecting money to donate to those affected by the disaster. CFMA also reached out to its 89 chapters across the U.S. and Canada to help with donations. Read More.
CFMA Responds to FASB’s Invitation to Comment on Its Discussion Paper, Disclosure Framework
According to FASB, the objective and primary focus of this project is to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of each entity’s financial statements. Although reducing the volume of notes to financial statements is not the primary focus, the Board hopes that a sharper focus on important information will result in reduced volume in most cases. CFMA’s thoughts on the subject are elaborated upon in the Comment Letter submitted on November 30.
CFMA Selects Viewpoint Construction Software as First Principal Partner
The Construction Financial Management Association (CFMA) has selected Viewpoint Construction Software ® as a Principal Partner for a three-year term. This partnership provides CFMA and its members and chapters with a partner that will offer objective insight and direction on technology solutions, regardless of the provider, while giving Viewpoint a grassroots-level insight into the technology needs of construction organizations, specifically those related to finance, accounting, and project management – the areas for which construction financial professionals are primarily responsible. Read More.
CFMA Announces Partnership with AEMP to Benefit the Education of Their Members
The Construction Financial Managements Association (CFMA) is excited to announce their partnership with the Association of Equipment Management Professionals (AEMP), the goal of which is to develop an ongoing relationship in the area of education and the training of their respective members. As recognized leaders in the construction industry, CFMA and AEMP strive to deliver to their members’ continuing education to maintain high skill levels, and seek to share that expertise with one another. Read More.
CFMA’S Response to FASB’s Invitation to Comment, Private Company Decision-Making Framework—A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies
The FASB and the Private Company Council’s ultimate objective of this project is to develop a decision-making framework to use in determining whether, and in what circumstances, to adjust recognition, measurement, disclosure, presentation/display, effective date, or transition requirements for private companies. CFMA provided an in-depth response on October 26 to the invitation to comment.
CFMA Adds Input to FASB Discussion on Variable Consideration
In an unexpected twist during a recent FASB meeting addressing the topic of variable consideration, consensus among board members seemed to coalesce around the idea that variable consideration should be excluded from recognition altogether until it is virtually certain of being received. CFMA took the opportunity to clarify our position on the topic with this letter.
Contractor CFO Confidence Falls 6.5% from July through September
According to the Construction Financial Management Association’s third-quarter 2012 Confindex survey, the overall construction Confidence Index is down 6.5%. Read More.
CFMA Responds to FASB’s ASU Topic 825
On September 24, CFMA submitted to FASB our response to FASB’s Proposed Accounting Standards Update– Financial Instruments (Topic 825): Disclosures about Liquidity Risk and Interest Rate Risk. Read more about the proposed standards update and view CFMA’ s response letter.
NECA & CFMA Announce Financial Survey and Benchmarker Partnership
The Construction Financial Management Association (CFMA) and the National Electrical Contractors Association (NECA) announced their joint efforts on the NECA Financial Survey for Electrical Contractors and online benchmarking results, built upon CFMA’s proprietary Construction Financial Benchmarker and Financial Survey tools. Read more (pdf).
CFMA’s Executive Committee Endorses the Security in Bonding Act of 2011
CFMA joined 10 other industry associations including ABC, AGC, ASA, and NASBP to promote passage of the Security in Bonding Act of 2011, now before Congress. This legislation provides a means to assure the integrity of surety bonds on federal contracts when issued by individuals using a pledge of assets. Read more (pdf).
Emerging Issues Committee to Respond to FASB Exposure Draft on Financial Instruments
Four members of CFMA’s Emerging Issues Committee – Tony Hakes, Waylon Jones, Jeff Krall, and William Patt – along with Committee Chairman Jerry Henderson comprise a working sub-group to address FASB’s Proposed Accounting Standards Update – Financial Instruments (Topic 825): Disclosures about Liquidity Risk and Interest Rate Risk, with comments due by September 25. Read more about the proposed update here (pdf).
CFMA Nominates William Patt to Serve on FAF Private Company Council
More details here.
ABC & CFMA to Produce IT Survey
On April 17, Associated Builders & Contractors (ABC) and CFMA announced an agreement to produce and market CFMA’s 2012 Information Technology Survey for the Construction Industry. The Questionnaire for CFMA’s 2012 IT Survey will be released in June, with the Survey’s release scheduled for September.
FASB Revenue Recognition Update
CFMA submitted a response to FASB’s Proposed Accounting Standards Update (Revised) Exposure Draft regarding Revenue Recognition (Topic 605) on March 13. Read a summary of CFMA’s comments. Read the full CFMA response letter (pdf). View all comments sent to FASB about Revenue Recognition.
CFMA Responds to FAF Proposal
CFMA has asked Financial Accounting Foundation (FAF) to slow its implementation plan to create a Private Company Standards Improvement Council (PCSIC) without further addressing other concerns. Read CFMA’s response. Read Construction Advisor Today’s article on CFMA’s response. Read more about the FAF proposal