President Mark Pate Sr., CHTP, CHAE, MBA, welcomed the HFTP members in attendance and called the Annual Business Meeting to order on September 14, 2022, at 12:30 p.m. Central Time.
Pate introduced the 2021-2022 Executive Committee and Board of Directors and thanked the Officers and Directors for the extension of their term as Board Members and for their unwavering support and dedication to HFTP.
Pate thanked Directors Toni Bau, Carson Booth, Jill Burnett and Mark Fancourt for their service during their four years on the Global Board of Directors. These four will retire at the end of October 2022.
Pate also thanked Immediate Past President Michael Levie, CHTP for his dedication to HFTP during his years serving on the Executive Committee and Board of Directors. Levie has served as Immediate Past President for the last two years and will retire at the end of October 2022.
Secretary Justin Taillon, MBA, PhD, CHTP announced the Minutes from the 2021 Annual Business Meeting. The 2021 Annual Business Meeting was virtually broadcast on October 20, 2021 and posted on the HFTP News site. Taillon called for a motion to approve the minutes of the 2021 Annual Business Meeting.
The 2021 Annual Convention Meeting Minutes were approved as presented.
Treasurer Stephanie Anderson, CHAE, CPA, CGMA delivered the Treasurer’s Report for the fiscal year. Anderson noted that this year has been a positive return to association activity with HFTP being able to hold several successful events including the Club Summit in March, HITEC Dubai in May and HITEC Orlando in June. This year, HFTP celebrated HITEC’s 50th anniversary with over 6,100 attendees and HITEC 2023 Exhibit Hall spaces are largely reserved in Toronto.
For HFTP’s fiscal year ending on October 31, 2022, Anderson reported that HFTP anticipates Operational Revenues of approximately $6.56 million and Operational Expenses of approximately $5.62 million. Continuing, Anderson shared HFTP’s realized gain of $3,000 and unrealized loss on investments of $530,000 combined with PPP forgiveness gives HFTP a Net Expense of approximately $885,000 for the year.
In the coming year, HFTP will invest in two capital projects: the publication of the 12th revised edition of the Uniform System of Accounts for the Lodging Industry (USALI) and a redesign of association websites.
Anderson also informed members that HFTP will remain cautious with a conservative budget over the next year, guided by our association’s core purpose and ensuring that crucial membership services continue to be provided. The budget is expected to be completed in late October and have a net revenue just above break-even.
Vice President Neil Foster, CHTP, MBA delivered the Strategic Plan for the fiscal year. Foster noted that the HFTP Global Board of Directors continues to look at services and resources that the association provides and determines how they can maintain or build on them to serve the needs of today’s hospitality environment.
Foster announced the new initiatives that HFTP will pursue next year. Premier conferences for 2023 will be an in-person Leadership Excellence Series event with limited space and an applicant screening process for attendance, the Club Summit on March 27-28 in Denver, HITEC Dubai co-located at The Hotel Show and co-produced with DMG Events at the end of May, HITEC North America in Toronto on June 26-29, and Entrepreneur 20X held in conjunction with both HITEC Dubai and Toronto. He also announced two HFTP chapter conferences hosted by the Mid-South Atlantic and Florida regionals and reminded those gathered about HFTP’s strong virtual education programs held at no cost to attendees. HFTP continues to remain involved in Europe with frequent virtual hangouts and in-person membership events, including the CIO/CFO Event held in London last May.
Foster reported an additional update of the association’s online presence: beginning the process of creating three unique websites to improve the delivery of association services for the USALI, HFTP itself and HITEC. He also announced new HFTP Academy certificate offerings including the Certificate in Hospitality Applied Finance (CHAF) and Certificate in Hospitality Applied Technology (CHAT). These certifications will replace the student CHAE/CHTP exams and are geared toward students and those new to the hospitality industry as a gateway to the CHAE/CHTP certification.
As reported in the Treasurer’s Report, HFTP is planning to release the 12th revised edition of the USALI in 2023. Foster noted that the Global Finance Committee has been working hard and reiterated the association’s plan to release the 12th edition in the next year. Foster ended his report by mentioning that the best way to keep up with all HFTP happenings is by visiting the HFTP News site and HFTP Connect blog.
Chief Executive Officer Frank Wolfe, CAE, FIH thanked everyone for their support throughout the pandemic and specifically thanked HFTP staff for their hard work as well as the privilege to serve as the association’s CEO. Wolfe recognized the Global Past Presidents for their hard work and unwavering support of HFTP and shared his excitement for the upcoming year’s new events and opportunities. He thanked the members of the incoming Executive Committee and ended his report by encouraging HFTP members to volunteer to serve by applying for a role on an HFTP Advisory Committee or Council of their choice.
President Mark Pate Sr., CHAE, CHTP, MBA started his report by expressing his pride in holding the role of HFTP Global President and thanked the Global Board of Directors for their time and experience. He also thanked the current Executive Committee members, those who served on the Committee when he first joined and HFTP CEO Frank Wolfe for their leadership and support. Pate talked about how his role was affected by the COVID-19 pandemic and serving as President for the first-ever virtual HITEC, becoming President during a time of unknowns and finishing his term during the return of in-person events. Pate finished his report highlighting the success of HITEC Orlando and thanked other hospitality associations for their support.
Justin Taillon announced the 2022-2023 Slate of Directors ballot as Director Katerina Berezina, PhD, CHTP, CRME, CHIA and Director Mohammed Al Qassim. At this time, Taillon also elected the Executive Committee: President Neil Foster, Vice President Stephanie Anderson, Treasurer Justin Taillon, Secretary James Bina, Immediate Past President Mark Pate and Executive Advisor Prakash Shukla. The 2023 Board of Directors will be installed at the HFTP Annual Tribute to Success Dinner on September 15, 2022.
There being no further business, a motion was made, seconded and carried to adjourn the meeting at 12:46 PM.
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