CONSTRUCTION FINANCIAL MANAGEMENT ASSOCIATION … · · 2014-11-12CONSTRUCTION FINANCIAL...

CONSTRUCTION FINANCIAL MANAGEMENT ASSOCIATION

thank you to our generous sponsor

annual repor t

2010-2011

strategy

teamwork

competency

leadership

sharing

CFM A

2010-2011 CONSTRUCTION FINANCIAL MANAGEMENT ASSOCIATION ANNUAL REPORT

With CFMA, the

opportunities for personal growth are endless.

Make the connection.

I wish I had joined years ago –

thank you!Keith Worker, Harrisburg, PA

I’m a new CFMA member and

am thoroughly impressedwith the quality of the organization,

the spirit of its members,

and the resourcesit provides.

Les Sakamoto, Honolulu Chapter

As someone new to the industry, CFMA

has been an integral part of my

increased knowledge. And, I have formed

some of the best relationships

with people not only in my Chapter,

but also across the country.

Susan Annette Johnson, Valley of the Sun Chapter

“

”

“

”

“

”

2

Last June, I stood before you and asked each of you to share the value and share the experience of being a CFMA member. And you responded. I received more than 75 re-sponses from old and new members alike describing how special CFMA membership is to them and how beneficial it is to their companies. Some of the quotes I received are repro-duced throughout this report.

This past year was a challeng-ing one for both the industry and CFMA. It was a transition year for our Association and I am happy to report that your officers and HQ staff adjusted and responded well without any major disruption to offering our members the services they come to expect from CFMA membership. In fact, we rolled out our first ever e-learning course, “Revenue Recogni-tion for Contractors,” and began free monthly CPE-granting Webinars as a member benefit. We signed the first formal agreement with the ICCIFP. In the spirit of giving back, we held our first community service event; the execu-tive committee and HQ staff volunteered to help ENABLE, a non-profit group that assists individuals with disabilities and their families throughout Central New Jersey.

After 15 years in Jackson Hole, WY, we re-viewed the Spring Creek program and chose a new facilitator and new location in Scotts-dale, AZ. The initial reviews were extremely positive and we will return to Scottsdale this October.

We have a new CEO at the helm, Stuart Bin-stock. Stuart has more than 25 years of con-struction association experience and I am con-fident he has the vision to take our Association

to a new level in the coming years. Our longtime editor of CFMA Building Profits, Paula Wristen, retired in January 2011, after 20 years of making our award-winning magazine the source for our industry and profession.

CFMA sponsored two infor-mative Webinars on FASB’s proposed changes to revenue recognition that drew record attendance. The 2010 An-nual Financial Survey was sold for the first time in three segmented editions to attract customers in the Heavy/

Highway, Industrial & Nonresidential, and Specialty Trade segments.

Be assured that we are constantly striving to find more reasons that CFMA membership adds value, not costs, to you and your company.

We continued our Chapter Connections Pro-gram and your executive committee members made over 200 connections with your local chapter’s leadership. The Chapter Connec-tions Program is designed to get your local chapter concerns to the executive committee, made up of volunteer members like you, so two-way communication exists to quickly re-act to any changes in the industry.

There you have it – a summary of 2010-2011, a year in transition that we successfully navigat-ed and kept CFMA “The source and resource for construction financial excellence.”

Thank you for this awesome experience and opportunity to serve as your chairman this past year.

Value is in building

long-lasting

relationshipswith very intelligent

construction

financialmanagers.Fred Stremble,

Southern Ontario Chapter

melvin e. burges, ccifp, cfma chairman,2010-2011CFO, Harcon, Inc. [email protected] 678-636-0109,

Thank you for sharing in a successful year!

10 - 11chairman

3

The Construction Financial Management Asso-

ciation (CFMA) is the only non-profit organiza-

tion dedicated to serving financial professionals

in the construction industry. Established in 1981,

CFMA has nearly 7,000 members and 87 chapters

in major cities across the U.S. and Canada. CFMA

is the premier source of education and information

about financial management aspects unique to the

construction industry. CFMA meets the informa-

tion and networking needs of a broad spectrum of

financial managers: CFOs, treasurers, controllers,

and accountants. CFMA’s General Members rep-

resent all types of contractors, including general,

subcontractor, heavy/highway, and others.

CFMA’s Associate Members provide valuable

services to the construction industry as public ac-

countants, bankers, sureties, insurance agents and

carriers, and other important service providers.

Associate Members have access to all of CFMA’s

educational products and industry information.

Founded by David Casey, CFMA began as an

informal gathering of construction financial ex-

ecutives and has since grown into a vital industry

participant. CFMA has testified, submitted com-

ments, and worked closely with industry coali-

tions on major industry tax issues. Through such

standing committees as Accounting & Reporting

and Tax & Legislative Affairs, CFMA continues to

provide its members with timely and critical infor-

mation and analyses on tax, accounting, and legal

issues that affect the construction industry.

purpose values futureCore PurposeTo develop and support construc-tion financial professionals.

Core ValuesIntegrity, Competency, Relationships/Friendships, Leadership, Professional/Personal Development, and Member Responsiveness.

Envisioned FutureTo be essential to the success and professional growth of construction financial professionals.

strategic goalsGoal A: Recognize the Value of CFMA MembershipOwners, business leaders, and indus-try affiliates will see the value of CFMA membership.

Goal B: Body of KnowledgeCFMA will be the recognized source and resource for industry knowl-edge, information, and professional best practices.

Goal C: National/Chapter PartnershipThe national/chapter partnership will consistently meet the evolving demands of members and the profession.

Goal D: Association Growth & DevelopmentCFMA will vigorously grow member-ship in response to the needs of the industry.

The Source & Resource for Construction Financial Excellence.Helping You Build Bigger Profits.

aboutcfma

4

who’swho

cfma’s o

rgan

ization

al structure 2010-2011

Acco

un

ting

& R

epo

rting

Billy Stockton, CCIFP 1st Year

Ch

apter R

esou

rceRebecca Fitzsim

mons 1st Year

Edu

cation

Therese Litton, CCIFP 2nd Year

IT Survey A

dviso

ry Gro

up

IT Co

un

cilBenjam

in Hofferm

an 1st Year

Tax & Leg

islative Aff

airsG

eorge Parrot, CCIFP 1st Year

Mem

bersh

ipG

ina Birkett 1st Year

Finan

ceErika U

rbani, CCIFP 1st Year

CFM

A B

oard

of D

irectors

CFM

A’s 2010-2011 Execu

tive Com

mittee

CFM

A’s 2010-2011 N

ation

al Offi

cers

CFM

A’s P

residen

t & C

EO

Stuart Binstock

Stand

ing

Co

mm

itteesA

pp

oin

ted C

om

mittees

Task Forces

Strategic P

lann

ing

Leadersh

ip D

evelop

men

tVickie Spotts, CCIFP 2nd Year

Investmen

t Su

bco

mm

ittee

Au

dit

Sub

com

mittee

5-Year Fo

recast

Finan

ce Patrick Cebelak, CCIFP

– Offi

cers– A

t-Large Directors

– One D

esignated Director from

Each Chapter– Prior Chairm

an

Ben M. Brahinsky, Colorado

Pat Cebelak, CCIFP, Lansing, MI

John Corcoran, VOS

Bert Guiberteau, SouthCentral Louisiana

Kevin Foley, CCIFP, PhiladelphiaM

andy Irvine, San Diego

Darrin L. Johnson, Colorado

Therese M. Litton, CCIFP, Puget Sound

Trema M

artin-Wilcox, M

aryland

George M

. Parrott, CCIFP, Middle Tennessee

Sonja A. Q

uaschnick, CCIFP, Dallas-Fort W

orthM

ichael Richard, Maine

Brad Robinson, CCIFP, CharlotteScott P. Rooney, Central VirginiaSteve C. Tenney, Iow

aLisa A

. Vandergriff, Last FrontierM

arj Weber, CCIFP, Valley of the Sun

Melvin E. BurgEs, CCIFP, Chairm

an, Georgia

Joseph Burkett, CCIFP, Vice Chairman, M

assachusettsErika R. U

rbani, CCIFP, Treasurer, Orange County

David Bradbury, Secretary, Central PA

Jason Henley, CCIFP, Im

mediate Past Chairm

an, Middle Tennessee

Ch

apter Fo

rmatio

n

Co

nferen

ce Plan

nin

g

Shane Hall 2nd Year

Ad

vertising

Stand

ards

Todd Taggart, CCIFP 2nd Year

CEO

SearchPat M

onea, CCIFP

Web

site Red

esign

Kevin Foley, CCIFP

Aw

ards

John Corcoran

Pricin

g Po

licy Patrick Cebelak, CCIFP

5

chapter resources & servicesChapter Resources

• CFMA at Spring Creek – The Annual Retreat for Incoming

Chapter Presidents

• CFMA Logo Merchandise

• Chapter Operations Handbook

• Chapter Succession Planning

• Chap Chats Bimonthly E-Newsletter

• Chapter Summit

• Chapter Recognition Program Awards Breakfast

• Great Chapter! Workshops

• Chapter Best Practices

• Most Successful Meeting Topics

• CFMA Logos for Chapter Use

• Strategic Planning Tools

• CFMA’s Connection Program

• Chapter Website Hosting

• Chapter Event Registration

Chapter Services• Graphic Design, Editorial Services, Hotel Negotiations,

and Administrative Support

conference planning• CFMA’s Annual Conference & Exhibition

• Special Meeting Events

• Annual AGC/CFMA Construction Financial

Management Conference

educationPublications

• “The Book” – Financial Management &

Accounting for the Construction Industry

(2-volume desk reference)

• Traditional Job Cost Accounting (textbook)

• CFMA’s Study Guide for the

CCIFP Exam with CD-ROM

KnowledgeNOW Group LIVEChapter-Offered Programs/Courses

• The Basics of Construction Accounting Workshop

• Bankruptcy

• Accounting & Reporting

• Cash Management & Advanced Cash Management

• Construction Taxation, Parts 1 & 2

• Contracts 101

• Emergency Management Planning

• Fundamentals of Ethics

• Project Management

• Risk Management

• Treasury Management

CCIFP/Body of Knowledge • CCIFP® Overview Seminar

KnowledgeNOW E-Learning and Online Self-Study Courses

• Revenue Recognition

• CA101 – Core Accounting Concepts

• CA102 – Practical Accounting Applications

• Construction Accounting Refresher

KnowledgeNOW Webinars and Other Services• CPE Credit Process

• Instructor/Presenter Training

leadership development• CFMA’s Leadership Success Series Workshops

• CFMA’s National Mentoring Program

membership• The Source Online

• Talking Heavy – E-Newsletter

• Connection Café

• Affinity Programs (Enterprise Fleet, ConsensusDocs,

PartnerShip, Comdata, Fastracs, CDS)

• Guide for Membership Chairs

• Membership Builder Software & Training

• Career Center

publications• CFMA Member Spotlight – Monthly E-Newsletter

• CFMA Building Profits

• CFMA BP Online

tax & legislative affairs

• Tax & Legislative Critical Issues

• Lien Law Online (Subscription)

construction industry research & analysis• CFMA’s Construction Industry Annual Financial Survey

with Benchmarking Builder CD-ROM

• CFMA’s Information Technology Surveyfor the Construction Industry

• Software Usage Information Forum

• CONFINDEX® – Confidence Survey of Construction CFOs

How CFMA helps our members and their companies build bigger profits.

products &services

6

Strategic Goal Highlights

20102011

Goal A: Recognize the Value of CFMA MembershipOwners, business leaders, and industry affiliates will see the value of CFMA membership.

• Heightened awareness of proposed FASB Revenue Recognition changes and their impact on

the construction industry by: • Producing two successful Webinars with record attendance by members

• Raising awareness of issue with ENR in an article highlighting the

proposed FASB revenue recognition changes and their impact on the industry

• Jointly sponsoring a Webinar with Associated Builders & Contractors (ABC)

• Production of testimonial “Share the Value. Share the Experience.” video promoting conference

and membership on YouTube.

• Placement of article on the importance of benchmarking in Construction Business Owner

promoting CFMA and the Annual Financial Survey.

• Signed Anirban Basu as CFMA’s Economic Consultant who comments on CFMA’s quarterly

CONFINDEX® reading and provides economic updates at our Conference, Webinars, and

chapter events.

Goal B: Body of KnowledgeCFMA will be the recognized source and resource for industry knowledge, information, and professional best practices.

• Launched educational products brand KnowledgeNOW for chapter courses (Group Live),

Webinars, and E-Learning courses.

• Launched first KnowledgeNOW E-Learning course “Revenue Recognition for Contractors”

in March 2011.

• Introduced new courses Bankruptcy and Contracts 101 in June 2010.

• Introduced three new KnowledgeNOW Group Live courses for chapter use: Bankruptcy,

Contracts 101, and Fundamentals of Ethics in Construction.

• Implemented monthly CPE-granting Webinars as a member benefit in August 2010.

• Updated revision of “The Book” available for sale in February 2011.

Goal C: National/Chapter PartnershipThe national/chapter partnership will consistently meet the evolving demands of members and the profession.

• Held the 17th annual Spring Creek retreat for Chapter Leaders in Scottsdale, AZ.

• Expanded Chapter Connections Program and introduced database management program

to facilitate tracking of Executive Committee members’ more than 200 contacts with chapter

leaders.

• Eight new future leadership mentors and mentoring clients began the program in March.

• Best Practices topics and suggestions to chapter leaders.

Goal D: Association Growth & DevelopmentCFMA will vigorously grow membership in response to the needs of the industry.

• Achieved a 83.2% retention rate.

• Implemented bylaw changes to provide for new membership categories.

• Implemented Membership Builder software and training video to chapter

membership chairs and leaders.

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7

manitobaalberta

britishcolumbia

nova scotia

cfma at a glance 1 California

2 Texas

3 Pennsylvania

4 Ohio

5 Arizona

6 New York

7 Michigan

8 Florida

9 Washington

10 Illinois

more than

49%of all CFMA members live in

10 states

44%of members live

west of the mississippi

56%of members live east of the mississippi includes canadian members

live in

25states

85%

of CFMA members

where we live

• = CFMA chapter

8

2 442 associate members

38% of all members

33%sub-contractor

39%generalcontractor

11% otherindustryclassi�cation

11%heavy & highway

6%constructionmanagment

16%insuranceagency/carrier

39%publicaccounting

19%other

10%surety6%

law

5%software

5%banking

4 1 38 general members

62% of all members

who we are

As of December 31, 2010

average length of membership

7.8 years

72% men

28% women

9

Num

ber o

f Res

pond

ents

Survey Respondent History

2006 2007 2008

776

622590 572

756

333

733 708

514

687

808

489

2009

TOTAL Respondents

CFMA MEMBER Respondents

REPEAT Respondents

Num

ber o

f Sal

es in

Uni

ts

Financial Survey Sales*

2006 2007 2008

547

423

101124

560

459

*2010 product year began in January 2011. *Sales are through April 25, 2011. *Does not include participant sales. *Includes all editions/all segments.

2009

65

583

192

391

2010

2010*

TOTAL Sales

MEMBER Sales

NON-MEMBER Sales

353

122

231

619

468

632

431

366

75 McGraw Hill Economic Activity Index Base

annual financial survey

participation trends

For the first time, the Financial Survey was sold as 3 segmented editions for Heavy & Highway, Industrial & Nonresidential, and Specialty Trade.

industryresearch

160

130

100

70

Num

ber o

f Sal

es in

Uni

ts

McGraw Hill Construction Economic Activity Index(Refer to Page 15 for a complete description of the Activity Index)

2006 2007 2008 2010**

TOTAL Sales

MEMBER Sales

NON-MEMBER Sales

547

423

124

560

459

101

65

192

122

366

248231

431 440

353

annual financial survey

sales trends

*2009 Sales data from December 1, 2009-December 31, 2010.

**2010 product sales began January 2011. Sales data through April 25, 2011. Does not include participant sales. Includes all editions/all segments.

2009*

550

450

350

250

150

50

10

2002 2004 2006

317

211

76

38

303

210195

40

279

2008*

*2008 Edition sales data runs from January 2008 – March 31, 2010.*2010 Edition sales data runs from April 1, 2010 – April 25, 2011.

232

110

48

2010**

111

29

66

Num

ber o

f Res

pond

ents


2005 2006 2007 2008

776

622660

640590 572

756

333

733 708

514

687

808

475 489

2009

TOTAL Respondents


REPEAT Respondents

2010

MEMBERPurchases

NON-MEMBER Purchases

RESPONDENT Purchases

IT survey sales by unit

}THE CONFINDEX™ NUMBER

( + )

( – )

SUB-INDICES WITHIN THE CURRENT CONFINDEX™ (3/11)

MAR10

101 108 106

SEPT10

JUN10

117 131

DEC10

MAR11

100

march 2010 – march 2011

confindex rating confindex™

ENRENREngineeringNews-Record

as published in

IT Survey is a biannual product. Current edition released in March 2010. Next edition due March 2012.

industryresearch

CONFINDEX® is the only confidence index of construction industry CFOs

*2008 Edition sales data runs from January 2008 – March 31, 2010.

**2010 Edition sales data runs from April 1, 2010 – April 25, 2011.

11

orlandojune 23 - 27

2012

chicagojune 27 - july 1

2015

las vegasjune 7 - 11

2014

san diego june 22 - 26

2013

2012-2015

future conference & exhibition sites

2006-2011

conference attendance & economic activity

CFMA’S 2010 Annual Conference & Exhibition held in Kona, HI. 87% of attendees ranked it as “exceeded expectations.”conference

900

800

700

600

500

400

300

160

130

100

70

Num

ber o

f Att

ende

es

147

631

125

715

117

701

98

512

98

370

18

44

480

2006LAS VEGAS

2007PHOENIX

2008ORLANDO

2009LAS VEGAS

2010HAWAII

2011DALLAS

as of 5/6/11

McGraw Hill Construction Economic Activity Index(Refer to Page 15 for a complete description of the Activity Index)

MEMBERFull

NON-MEMBERFull

12

“The Book” Royalties

FY06“The Book” Royalties

FY07 FY08 FY09 FY10

$42,322

$61,786

$50,522

$48,381

$33,030

0

5

10

15

20

25

Number of Chapter Workshops

The Basics of Construction Accounting Specialized Knowledge Modules

10

13

19

14

20

18 1618

FY04 FY05 FY06 FY07 FY08

11

CCIFP Overview Seminar

10

13

17

14

FY11

$38,495

2 new courses introduced at CFMA’s 2010 Annual Conference in Hawaii: Bankruptcy & Contracts 101. education

royalties

“the book”

600

500

400

300

200

100

0

Num

ber o

f Uni

ts

McGraw Hill Construction Economic Activity Index (in gray, shaded area)(Refer to Page 15 for a complete description of the Activity Index)

160

130

100

70

FY07 FY08 FY09 FY10 FY11

BASICS

CCIFPOVERVIEW

CASHMANAGEMENT

RISKMANAGEMENT

TREASURYMANAGEMENT

5 years

course workbook unit sales

education workbooks sold

CCIFPOVERVIEW

BASICS TREASURYMANAGEMENT

CASHMANAGEMENT

RISKMANAGEMENT

277 126 40 35 2813 13 13

ACCOUNTING &

REPORTING

EMERGENCYPLANNINGMANAGEMENT

PROJECTMANAGEMENT

PIE CHART 1

PIE CHART 2

50.8% ccifp overview

23.1% basics

7.3%

6.4% 5.1%

7.2% accounting & reporting,

emergency management planning,& project management


36.2% basics

16.9% cash management

1.7% accounting &

reporting

2.8% emergency

managementplanning

4.3%project management

7.9% risk management

5.8%treasury

management 2.7% tax

treasury management

cash management

risk management

}

FY10education workbooks sold

CCIFPOVERVIEW

BASICS TREASURYMANAGEMENT

CASHMANAGEMENT

RISKMANAGEMENT

277 126 40 35 2813 13 13

ACCOUNTING &

REPORTING

EMERGENCYPLANNINGMANAGEMENT

PROJECTMANAGEMENT

PIE CHART 1

PIE CHART 2


23.1% basics

7.3%

6.4% 5.1%

7.2% accounting & reporting,

emergency management planning,& project management


36.2% basics

16.9% cash management

1.7% accounting &

reporting

2.8% emergency

managementplanning

4.3%project management

7.9% risk management

5.8%treasury

management 2.7% tax

treasury management

cash management

risk management

}

FY11

chapter sponsored

course workbook unit sales

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Num

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Total Members for Last 5 Years, as of December 31, 2010

2006

General Members Associate Members Total

2007 2008 2009

Num

ber o

f Res

pond

ents


2005 2006 2007 2008

776

622660

640590 572

756

333

733 708

514

687

808

475 489

2009

TOTAL Respondents


REPEAT Respondents

GENERALMembers

ASSOCIATE Members

TOTALMembers

Num

ber o

f Mem

bers

2010

4,29

52,

377

6,67

2

4,50

82,

344

6,85

2

4,40

5

6,70

22,2

97

4,38

82,

372

6,76

0

4138

2442

6,58

0

2007 2008 2009 2010 2011

Rete

ntio

n %

8183.28281.582.6

PR

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D

64.4% 64.3% 65.5% 64.9% 62.9% PERCENT OF GENERAL MEMBERS

Num

ber o

f Mem

bers

Total Members for Last 5 Years, as of December 31, 2010

2006

General Members Associate Members Total

2007 2008 2009

Num

ber o

f Res

pond

ents


2005 2006 2007 2008

776

622660

640590 572

756

333

733 708

514

687

808

475 489

2009

TOTAL Respondents


REPEAT Respondents

GENERALMembers

ASSOCIATE Members

TOTALMembers

Num

ber o

f Mem

bers

2010

4,29

52,

377

6,67

2

4,50

82,

344

6,85

2

4,40

5

6,70

22,2

97

4,38

82,

372

6,76

0

4138

2442

6,58

0

2007 2008 2009 2010 2011

Rete

ntio

n %

8183.28281.582.6

PR

OJE

CTE

D64.4% 64.3% 65.5% 64.9% 62.9% PERCENT OF GENERAL MEMBERS

21.2%6-10 years

14.7%11-15 years

9.2%16-20 years 8.3%

more than 20 years

10.6%1 year

11.2%2 years

8.8%3 years7.3%

5 years 8.7%4 years

FY 2011

membership by tenure

membership

total members

for last 5 calendar years

member retention rate

for last 5 fiscal years

} critical member

retention years

15

Membership trends and construction industry economic activity index.membership

16

number of

chapters by member size

sizes of chapters

24 17 21 13 12

SMALLChapters

<40 Members

MEDIUM Chapters

41-55 Members

MEDIUM/LARGEChapters

56-90 Members

LARGEChapters

91-120 Members

EXTRA LARGEChapters

>121 Members

Atlanta, GA

Boston, MA

Chicago, IL

Dallas/Ft. Worth, TX

Denver, CO

Houston, TX

Minneapolis/St. Paul, MN

Philadelphia, PA

Sacramento, CA

San Francisco, CA

Seattle, WA

Valley of the Sun, Phoenix, AZ

Albany, NY

Allentown, PA

Big Sky, Billings, MT

Birmingham, AL

Chattanooga, TN

Colorado Springs, CO

Davenport, IA

Eugene, OR

Farmingdale, NY

Ft. Wayne, IN

Jackson, MS

Jacksonville, FL

Kalamazoo, MI

Knoxville, TN

Lansing, MI

Lexington, KY

Northwest Bellingham, WA

Reno, NV

Salt Lake City, UT

Spokane, WA

Syracuse, NY

Toronto, ON

Wichita, KS

Wilmington, DE

Charlotte, NC

Detroit, MI

Grand Rapids, MI

Greensboro, NC

Indianapolis, IN

Orange County Irvine, CA

Kansas City, MO

New Jersey

Portland, OR

San Antonio, TX

San Diego, CA

St. Louis, MO

Washington, DC

Albuquerque, NM

Baltimore, MD

Baton Rouge, LA

Central VirginiaRichmond, VA

Cincinnati, OH

Columbus, OH

Des Moines, IA

Fairfield, ME

Lancaster, PA

Madison, WI

Miami, FL

Milwaukee, WI

Nashville, TN

New Orleans, LA

New York City, NY

Orlando, FL

Pittsburgh, PA

Rochester, NY

Silicon Valley, San Jose, CA

Tampa, FL

Triangle, Raleigh Durham, NC

Anchorage, AK

Austin, TX

Buffalo, NY

Cleveland, OH

Dayton, OH

Evansville, IN

Green Bay, WI

Greenville, SC

Hartford, CT

Honolulu, HI

Las Vegas, NV

Los Angeles, CA

Louisville, KY

Omaha, NE

Sioux Falls, SD

Tacoma, WA

Toledo, OH Participated in Spring Creek 2010 in Scottsdale, AZ.

Leaders from 34 chapters attended.

30.2%extra large

19.6%large

23.3%medium/large

12.5%medium

4.9%una�liated

9.5%small

where members are by chapter affiliation

chapterresources

alphabetical order by chapter location name

17

CFMA

CFMA

THE MAGAZINE FOR CONSTRUCTION FINANCIAL PROFESSIONALS

CFMA

CFMA


CFMA

CFMA


CFMA


CFMA


white

CFMA May/June 2010 July/August 2010 September/October 2010

November/December 2010 January/February 2011 March/April 2011

Under Paula Wristen’s leadership, CFMA Building Profits won its eleventh APEX Award and eighth Communicator Award in 2010.publications

Paula A. Wristen, Editor-in-Chief of CFMA Building Profits, retired in

January 2011. Paula dedicated nearly 20 years to providing CFMA

members with top-quality, timely, relevant, and useful articles in

each issue she produced. Her high standards of excellence will

continue under the direction of Kristy Domboski,

Managing Editor, and the Publications

team. Kristy joined CFMA in 2004 as

Editorial Assistant, becoming Assis-

tant Editor in 2008.

CFMA’s Newsletter

in 1983

I have been a member of CFMA for less

than a year and already I have come to look

forward to receiving CFMA Building Profits.

Usually when I pick up a magazine I don’t

expect to be interested in every single ar-

ticle – even in my most favorite publication.

[My boss and I] continue to be impressed at

the valuable, timely, and relevant informa-

tion presented in each issue. Thank you for

continuing to enlighten and impress.

Kelly Boggess, General MemberGreater Detroit Chapter

financialstatements

FY11

19

fiscal year ended 3/31/2011

57.8%

22.6%

6.9%

3.7%9.0%

publications

membership dues

conference registration,sponsorship & exhibitor fees

financial survey

other it survey, career center, chapter support, education sales, webinars, etc.

sources ofrevenue

20

43.2%

20.2%

12.7%

6.1%

9.0%

fiscal year ended 3/31/2011

membership

general & administrative

conference planning

chapter resources

4.7%4.1%education

publications

centers ofexpenses

other accounting & reporting, technology,

tax & legislative, leadership

21 Construction Financial Management Association

Financial Statements (Audited) Year Ended March 31

Statement of Financial Position 2011Current Assets:

Cash and Cash Equivalents $ 2,687,640Certificates of Deposit 249,484Investment, at fair value 1,373,040Accounts Receivable, less allowance for doubtful accounts of $15,000 44,495Prepaid Expenses 55,998Other Current Assets 82,502 Total Current Assets 4,493,159

Deposits 68,000Furniture, Equipment & Software, Net 303,102 Total $ 4,864,261

Liabilities and Net Assets:Current Liabilities:

Accounts Payable and Accrued Expenses $ 167,544Due Chapters 92,476Deferred Conference Revenue 1,032,349Deferred Membership Dues 1,874,567Due Affiliate 20,630 Total Current Liabilities 3,187,566

Deferred Rent 209,029 Total Liabilities 3,396,595

Net Assets, Unrestricted:Undesignated 217,666Designated for Operations 1,250,000 Total Net Assets 1,467,666 Total $ 4,864,261

Statement of ActivitiesRevenue & Other Support:

Membership Dues and Formation $ 2,390,026Chapter Support 95,461Conferences 932,891Education 119,150Publications 285,350Accounting and Reporting 153,109Technology 19,275Tax and Legislation 480Dividends and Interest 34,355 Total 4,030,097Realized and Unrealized Gains on Investments 103,916 Total Revenue and Other Support 4,134,013

Expenses:Member Program Services:

Membership and Formation 366,368Chapter Support 245,133Conferences 816,234Education 164,957Publications 513,676Accounting and Reporting 124,729Technology 1,155Tax and Legislation 244Leadership 65,791

Support Services: Management and General 1,411,336Executive and Planning 141,597Marketing 176,078Certification 106,758Less Reimbursement from Affiliate (85,000) Total 4,049,056

Change in Unrestricted Net Assets Before Deconsolidation of Institute of Certified Construction Industry Financial Professionals, Inc. 84,957

Net Assets, Beginning of Year 1,433,318Deconsolidation of Institute ofCertified Construction Industry Financial Professionals, Inc. (50,609)

Net Assets, End of Year $ 1,467,666

“It was due to a long friendship between two CFMA members that ultimately

resulted in the merging of our two companies – one in Las Vegas, NV and the

other in Houston, TX.” Steve Lords, Las Vegas Chapter “From Chapter level to

National, CFMA has been an incredible bene�t, both professionally and personally.

I can’t think of a better recommendation to others in our industry to learn,

grow, and make life-long friends.” Lisa Vandergri�, Last Frontier Chapter “United,

we can accomplish what seems next to impossible. The delivery of the two

new mini-conferences and signi�cant progress on the e-learning courses

would not have been possible without the incredible teamwork of HQ,

Committee members, and other volunteers.” Therese Litton, Puget Sound

Chapter “Value is in building long-lasting relationships with very intelligent

construction �nancial managers.” Fred Stremble, Southern Ontario Chapter

“Each year, making new friends and connecting with old ones keeps bringing

me back.” Gretchen Kelly, Twin Cities Chapter “The value of CFMA is bound only

by one’s investment in the Chapters and National. I have jumped in and given my Chapter and National all that I can through

volunteering. I have been paid back in so many ways. The connections, professional

contacts, and friends made have made my contributions worthwhile. I can

only hope to continue to pay back the association that has given me so much.”

Patrick Cebelak, Lansing Chapter

KnowledgeNOW Webinars

CFMA’s Annual Conference & Exhibition

“The Book” – Financial Management & Accounting for the Construction Industry

E-Learning

CFMA Building Pro�ts

CFMA BP Online

CFMA’s Information Technology Survey for the Construction Industry

CONFINDEX® – Con�dence Survey of Construction CFOs

CCIFP® Overview Seminar

CFMA at Spring Creek – The Annual Retreatfor Incoming Chapter Presidents


CFMA’s Construction Industry Annual Financial Survey



E-Learning


CFMA BP Online




CFMA at Spring Creek – The Annual Retreat for Incoming Chapter Presidents

“It was due to a long friendship between two CFMA members that ultimately

resulted in the merging of our two companies – one in Las Vegas, NV and the

other in Houston, TX.” Steve Lords, Las Vegas Chapter “From Chapter level to

National, CFMA has been an incredible bene�t, both professionally and personally.

I can’t think of a better recommendation to others in our industry to learn,

grow, and make life-long friends.” Lisa Vandergri�, Last Frontier Chapter “United,

we can accomplish what seems next to impossible. The delivery of the two

new mini-conferences and signi�cant progress on the e-learning courses

would not have been possible without the incredible teamwork of HQ,

Committee members, and other volunteers.” Therese Litton, Puget Sound

Chapter “Value is in building long-lasting relationships with very intelligent

construction �nancial managers.” Fred Stremble, Southern Ontario Chapter

“Each year, making new friends and connecting with old ones keeps bringing

me back.” Gretchen Kelly, Twin Cities Chapter “The value of CFMA is bound only

by one’s investment in the Chapters and National. I have jumped in and given my Chapter and National all that I can through

volunteering. I have been paid back in so many ways. The connections, professional

contacts, and friends made have made my contributions worthwhile. I can

only hope to continue to pay back the association that has given me so much.”

Patrick Cebelak, Lansing Chapter




E-Learning


CFMA BP Online




CFMA at Spring Creek – The Annual Retreatfor Incoming Chapter Presidents


CFMA’s Construction Industry Annual Financial Survey



E-Learning


CFMA BP Online




CFMA at Spring Creek – The Annual Retreat for Incoming Chapter Presidents

“ ”thank you for sharing

20102011annual report

thank you to our generous sponsor

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