Insights & Perspectives

Considered writing on the financial questions that matter.

Short essays on stewardship, governance, and the strategic finance decisions facing clubs, hospitality businesses, and growing companies.

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Refundable Membership Deposits Are Coming Due: What Your Club's Resignation List Really Owes

Clubs that sold 30-year refundable deposits in the 1990s are now watching them mature — into refund queues, member lawsuits, and a debt most balance sheets understate. How a board quantifies the obligation, and why a hot waitlist is the right moment to retire it.

September 20267 min read

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How to Read Your Club's Balance Sheet Before Approving a Renovation

Your club's fall balance sheet is the most flattering one of the year — and the one most boards use to approve a renovation. Here's how to strip out other people's money, read the equity trend, and find the deferred capital that never appears on the page.

September 20267 min read

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