Financial and operating trends in private clubs
WHITE PAPER | July 09, 2020
Authored by RSM US LLP
The 2020-21 Trends in Private Clubs marks the 46th year of production for this annual report highlighting operating and financial trends of more than 200 clubs throughout Florida—the state with the highest concentration of private clubs.
This report is a nonsolicited statistical review comprised of data compiled from the latest annual reports of private clubs and associations audited by RSM US LLP. This methodology speaks to the integrity of the data and reliability of our findings.
This year is unique as most clubs have been wrestling with issues that were inconceivable prior to the outbreak of COVID-19. Although the recession of 2008 could provide some examples of how clubs reacted to a financial crisis the current environment has no precedent.
While all clubs faced similar broad problems, some were able to respond in a much more effective manner. There are three consistent factors we encountered which provide the tactical building blocks to get clubs through, and ready for the other side of, this crisis:
- Be able to rely on your advisors
- In-house financial firepower
- Agility of governance
We highlight these factors in our new report and share industry benchmarks providing clubs the ability to compare their situations with other similar organizations. At the same time, clubs are reminded that performance relative to neighboring properties is less telling than performance relative to their individual operating budgets.
To explore these and many other financial and operational trends in the industry, download the complete 2020-21 Trends in Private Clubs report.
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This article was written by RSM US LLP and originally appeared on Jul 09, 2020.
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