Due to CFMA’s demonstrated financial strength, we were able to emerge from a loss year with net assets of $5,416,207 and working capital of $4,625,686. Our balance sheet and key ratios remain strong, which will allow us to continue our commitment to increase value for our members. In alignment with our strategic goals to Develop Members & Stakeholders, Innovate, and Strengthen CFMA, we budgeted for new technology, innovative education offerings, and continued chapter support in FYE 2023.

FYE 2023 Financial Results

While we had positive budget variances in education and conference planning, increased printing costs for CFMA Building Profits and fees related to CFMA’s President & CEO transition created negative variances. FYE 2023 ended with a change in net assets related to operating activities of ($294,962) as compared to the budgeted amount of ($379,371). A loss due to the technology direction change of $172,766 and a net unrealized loss on investments of $463,797, which is never included in the budget, caused the overall change in net assets for FYE 2023 to be ($931,525).

Looking Ahead

We are excited about CFMA’s future direction. The change in direction on our technology initiative will provide for more specialized expertise in association applications at a lower overall cost.

The technology initiative will serve members and staff well, increasing efficiencies and ease of use. Creating one login, connecting education and Certification, eliminating duplication of staff efforts, centralizing the database, providing more informed data-driven decisions, and allowing integration with future products and services are just a few of the benefits that will be realized.

We are continuing to incentivize chapters for promoting our strategic plan initiatives of diversity, equity, and inclusion; suicide prevention; and Certification. And integrating the Certified Construction Industry Financial Professional (CCIFP) designation into everything CFMA does provides overall synergy and improved professional recognition.

Education initiatives continue to progress with a new Certificate Program, more on-demand options, and nanolearning leading the way.

While the market is uncertain, we are optimistic about the upcoming performance of the investment account. Since we do not rely on the investment account for operating cash flow, our investment policy directs the investments in terms of our long-term needs.

Appreciation & Gratitude

CFMA’s success is made possible through the generous support of our Associate Members who contribute their knowledge, time, and sponsorship dollars to our organization. We can’t thank them enough! A special thanks to our Principal Partners — FORVIS and Trimble Viewpoint.

Thanks also to our wonderful volunteers who contribute on so many levels. The Finance Committee as well as the Investment and Audit Subcommittees have been extremely helpful in providing advice and oversight of CFMA’s finances. CFMA’s 2021-22 Treasurer, Kevin Foley, has been an invaluable resource during the year. The 2023-24 Treasurer, Jennifer Murphy, has embraced her new role and provides excellent leadership for CFMA’s finances. Stacey Scholl, CFMA’s Director of Finance, works diligently to provide accurate and relevant information to staff and CFMA Officers in a prompt and professional manner.

Thank you for the opportunity to contribute to CFMA’s success while working with such an amazing group of leaders! 

Copyright © 2023 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in July/August 2023 CFMA Building Profits magazine.