United States

New industry financial reporting standards released


The Uniform System of Financial Reporting for Clubs (USFRC) – Seventh Edition has been released. This publication offers guidance on how to prepare financial statements and assess the financial standing of a club.

The USFRC is produced together by the Club Managers Association of America (CMAA) and Hospitality Financial & Technology Professionals (HFTP) with the input of select members and other professionals who serve the industry.

The McGladrey team of club professionals welcomes this new edition and is proud to recognize the contributions of Tammy Tassitano, CPA and Philip Newman, CPA, CIA, (partners in McGladrey's private club services team), who served on the official revision committee.

"Having also been involved in the writing of the sixth edition, it was an honor to be asked to participate in the latest revisions of the USFRC," said Newman. "In an era of increased demand for transparency and scrutiny of all business, the club industry is no exception. It was clear throughout this project that everyone involved appreciates the importance of standardized reporting."

"That sentiment is evidenced by the inclusion of new categories of clubs referenced in the guidelines," added Tassitano. "For example, common interest realty associations, or CIRAs as they're better known, are addressed for the first time in this edition. This is significant for many involved in the industry as we see through the large number of CIRA clubs we are fortunate enough to serve as clients."

For a more complete overview of the project, read The Newly Expanded USFRC from The Bottomline, an HFTP publication.

To purchase the latest edition of the USFRC, visit the CMAA marketplace online.