construction financial management association … · · 2014-11-12construction financial...
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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.
ENRENREngineeringNews-Record
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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
Survey Respondent History
2005 2006 2007 2008
776
622660
640590 572
756
333
733 708
514
687
808
475 489
2009
TOTAL Respondents
CFMA MEMBER 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
21.9% ccifp overview
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
50.8% ccifp overview
23.1% basics
7.3%
6.4% 5.1%
7.2% accounting & reporting,
emergency management planning,& project management
21.9% ccifp overview
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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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
Survey Respondent History
2005 2006 2007 2008
776
622660
640590 572
756
333
733 708
514
687
808
475 489
2009
TOTAL Respondents
CFMA MEMBER 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
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
Survey Respondent History
2005 2006 2007 2008
776
622660
640590 572
756
333
733 708
514
687
808
475 489
2009
TOTAL Respondents
CFMA MEMBER 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
THE MAGAZINE FOR CONSTRUCTION FINANCIAL PROFESSIONALS
CFMA
CFMA
THE MAGAZINE FOR CONSTRUCTION FINANCIAL PROFESSIONALS
CFMA
THE MAGAZINE FOR CONSTRUCTION FINANCIAL PROFESSIONALS
CFMA
THE MAGAZINE FOR CONSTRUCTION FINANCIAL PROFESSIONALS
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
KnowledgeNOW Webinars
CFMA’s Construction Industry Annual Financial Survey
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 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
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
KnowledgeNOW Webinars
CFMA’s Construction Industry Annual Financial Survey
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 Retreat for Incoming Chapter Presidents
“ ”thank you for sharing
20102011annual report
thank you to our generous sponsor