Industries

Turnover Consulting
Many private clubs are facing an upcoming turnover, where ownership is transferred from the developer/corporate owner to the members. Our Club Service Team has worked with many private clubs to make this transition an orderly and predictable process. Our procedures begin well before the turnover date to surface issues early and avoid last minute surprises. The following services are available for your use in preparing for a turnover: 

• Budgets and projections:  reviewtakes into consideration the club members’ need to forecast the club’soperations while remaining flexible to accommodate alternative coursesof action. 
• Business plan:  assistin the creation of a business plan for the club.  Considerationsinclude future policies and procedures, long range planning regardingphysical structure (changes in dining areas, lockers and other areas),and funding strategies. 
• Financial reporting:  reviewof the existing record keeping, chart of accounts and  informationpresented in the internally prepared financial statements, forsuitability to fulfill the future needs of the club. 
• Turnover audit:  auditexamination of the accounts and records as of the turnover date.  Theaudit validates the assets and liabilities transferred, searches forunrecorded liabilities and contingencies, identifies assets andestablishes account balances.  Review membership plan documents andmake recommendations.  Prepare interim financial statements if needed.   
• Tax compliance issues:  analysis of federal, state and local tax compliance, wage and hour, independent contractor and other employment issues. 
• Tax status:  evaluate the club’s tax status and make recommendations to the Board as appropriate. 
• Computer systems:  reviewof the club’s existing computer equipment, software and securityprocedures.  The review assesses the adequacy of the current systemsand security procedures and makes recommendations for needed changes,with cost estimates and time tables for implementation. 
• Inventory:  reviewof inventory procedures planned, coordination of physical counts andverification of physical inventories at the turnover date. 
• Accounting procedures:  intendedto increase internal controls and limit loss of assets.  Includesdetailed accounting procedures with job descriptions/duties, line ofcommand and staff evaluations. 
• Depreciation:  reviewthe information relative to property and equipment, assist in recordingthe entry to allocate the cost of real and personal property assetsamong its various components, and set up related depreciation schedules. 
• Personnel recruiting:  if requested, conduct search and placement activities for key club positions.

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