Co-Authored by Michelle A. Riklan, ACRW, CPRW, CEIC, CJSS, Phil Newman & Ray Cronin

The catalyst for this whitepaper was a discussion amongst the authors about the general state of financial management in private clubs, and in particular the industry's understanding of roles and responsibilities for the Head of Finance position. The authors chose to use the term Head of Finance intentionally in this report to override any confusion around other commonly used job titles such as Controller, Director of Finance, or Chief Financial Officer. Head of Finance refers to a staff member responsible for handling club finance and accounting matters.

The authors (Michelle Riklan, Career Strategist, Search & Consulting Executive for KK&W, Phil Newman, Managing Partner for RSM US LLP, and Ray Cronin, Founder and Chief Innovator for Club Benchmarking) are united in the belief that the Head of Finance role is currently undergoing a necessary and significant evolution, particularly in the member-owned segment of the club industry.

In member-owned clubs, volunteer leaders govern the club’s affairs with oversight of the club industry professionals who manage the club’s operations, including the Head of Finance (HOF). The treasurer — often a board member well versed in accounting and/or finance and very often a CPA or a CFO in their own career — has significant input and control over the HOF’s performance and performance assessments. Treasurer terms are typically three to five years and every turnover of that influential position significantly impacts the HOF’s ability to properly discharge their responsibilities.
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