A Potpourri of Insights: Dive Into 2025 Club Summit Topics

"It is so great to collaborate with club colleagues dealing with the same issues I am and coming up with solutions together."  - Karen Tongberg, Controller at The Club at Carlton Woods

Organized by Hospitality Financial and Technology Professionals (HFTP®), the 2025 Club Summit saw a lively discussion on a range of topics, imparting valuable insights through an engaging Kahoot quiz. The sessions covered subjects ranging from utilizing technology and artificial intelligence (AI) in clubs to the implications of the Secure Act 2.0, showcasing the depth of knowledge among club finance professionals. Here are some key takeaways:

 401(k) Secure Act 2.0

Starting in 2025, the SECURE 2.0 Act introduces several significant changes to retirement plans. Most new 401(k) and 403(b) plans will be required to automatically enroll employees with contributions starting at 3-10% of their pay. The change is designed to make saving for retirement easier and more accessible. Additionally, part-time workers will gain greater access to retirement savings plans. Employees who work at least 500 hours per year for two consecutive years will become eligible to participate in their employer’s 401(k) plan. For older workers (age 60 to 63), catch-up contributions will increase significantly, allowing them to save an additional $10,000 or 50% more than the regular 2025 catch-up amount. In simple terms, the Secure Act 2.0 makes it easier for employees to save for retirement and for employers to support their staff's financial future. These provisions aim to broaden retirement savings opportunities for workers at all stages of their careers.

Like state escheat laws, the Department of Labor (DOL) must set up and manage a national online database where people can search for their lost retirement plans. Additionally, plan administrators must report annually on what happens to the balances of participants who have left the plan but are still entitled to benefits.

Risk Aversion in Investments

The discussion around investment risk aversion highlighted the importance of carefully evaluating risk in a club’s investment strategy. Controllers can assess risk by analyzing market conditions, economic indicators, and the club’s financial health. Also, maintaining separate bank accounts for operating funds and investment reserves can help streamline financial management, protect critical resources, and ensure investment decisions align with the club’s long-term goals. These strategies mitigate risk and support sustainable growth for the club.

BIRDIE Act

The proposed BIRDIE Act (Bolstering Intellectual Property Rights against Digital Infringement Enhancement) aims to extend copyright protections to golf course designs, similar to those provided to building architecture under the 1990 Architectural Works Copyright Protection Act. While architectural plans are already protected, the act would safeguard the finished course, addressing modern concerns like using designs in video games and simulators without approval. The act does not copyright individual features such as bunkers or water features, nor does it cover miniature golf courses. Though still under consideration, the bill reflects growing recognition of the value of creative work in both physical and digital spaces.

 AI Tools and Golf Technology

Advancements in golf technology are enhancing the member experience and operational efficiency. For example, GPS technology on golf carts provides controllers with valuable data on course usage and maintenance needs. There's a growing trend of adopting technology such as virtual golf simulators, which appeal to younger members. The group discussed how these simulators can be a significant member offering, especially in locations where the weather can limit year-round play. For example, when traditional golf play cannot happen, these technologies can be used for indoor tournament setups.

Participants also indicated some concerns about liability, such as management of the simulators and where best to locate them in clubs.  Other talks centered on the use of AI in applications like Excel and the use of email management to increase productivity.

Food and Beverage Trends

Food and beverage (F&B) trends are reshaping club offerings. One notable trend is the shift towards healthier and more sustainable plant-based menu options. Aligning with sustainability trends, clubs also adopt practices like reducing food waste and sourcing locally. Finance professionals face challenges in managing the costs associated with these changes while maintaining profitability.

Supply Chain and Procurement

Finally, the discussion on supply chain and procurement highlighted challenges and solutions for clubs. Changes in product pricing will likely affect clubs in the coming year, making cost efficiency in procurement crucial. Finance professionals can ensure cost efficiency by negotiating better terms with suppliers and leveraging bulk purchasing. Using technology can play a significant role in streamlining procurement processes, reducing costs, and improving efficiency. Additionally, encouraging the food and beverage team to know the options available and leveraging purchasing companies that offer bulk pricing to help research what is available and to maximize the use of these programs.

The opportunity for financial professionals to discuss multiple topics quickly and share their experiences was invaluable. Sessions like these make the Club Summit a must-attend event for any financial professional in the club industry. As Karen Tongberg, Controller at The Club at Carlton Woods, commented, "It is so great to be able to collaborate with club colleagues who are dealing with the same issues I am and coming up with solutions together."