See Your Club's Financial Statements Through the Eyes of Your Banker
Recorded On: 07/25/2013
Remember the good old days when you simply mailed a copy of your yearend financials to your bank and that was it? Now, with reduced membership levels resulting in bottom line losses and balance sheet deterioration, banks are more concerned. This webinar will give you insight into the approach, concerns and regulatory issues with which your banker has to deal. Learn how to communicate with your commercial lender, provide necessary information and strengthen the relationship between your club and your bank.
This presentation will include:
- Understanding the various loan covenants in your lending documents
- How to request a waiver of a covenant
- Difference between audited and reviewed financial statements
- Key financial ratios banks focus on
Batchelor Frechette McCrory Michael & Co.
Ned McCrory is a CPA and the managing partner at Batchelor Frechette McCrory Michael and Company in Providence R.I. He is also the head of the firm’s Private Club Practice Group. For more than 25 years, McCrory has been involved in the private club industry, and speaks at national and regional CMAA and HFTP (Club Controllers) conferences. He has written articles for HFTP’s magazine, The Bottom Line.
McCrory served on the board and executive committee of Wannamoisett Country Club as secretary and treasurer for the past six years and is the current president of the New England Chapter of HFTP.