HFTP News
November 8, 20237 min read

A Year in Review: HFTP 2023 Annual Business Meeting Minutes

Foster Presents President's Report during 2023 Annual Business Meeting — Photo by HFTP

HFTP Global President Neil Foster, CHTP, MBA welcomed the HFTP members in attendance and called the Annual Business Meeting to order on October 18. 2023 at 12:00 p.m. Eastern Time (ET). Foster introduced the 2022-2023 Executive Committee and Board of Directors; he also thanked the Officers and Directors for their service as Board Members and for their unwavering support and dedication to HFTP. 

Foster thanked Directors Andrew Buwalda, Eileen Sarris and Art Burger for their service during their four years on the Global Board of Directors. These three will retire at the end of October 2023. Foster also thanked Immediate Past President Mark Pate Sr., CHTP, CHAE, MBA for his dedication to HFTP during his years serving on the Executive Committee and Board of Directors. Pate will retire from the Executive Committee at the end of October 2023.

HFTP Global Secretary Jim Bina, CHAE+, CHTP+ announced the Minutes from the 2022 Annual Business Meeting. The 2022 Annual Business Meeting was held on September 14, 2022, and the minutes are posted on the HFTP News site. Bina called for a motion to approve the minutes of the 2022 Annual Business Meeting.

The 2022 Annual Business Meeting Minutes were approved as presented.

Treasurer’s Report

HFTP Global Treasurer Justin Taillon, MBA, Ph.D., CHTP delivered the Treasurer’s Report for the fiscal year. Taillon noted the successful events throughout the year: HFTP has hosted Club Summit in Denver, Colorado, HITEC Dubai, HITEC Toronto, and two Entrepreneur 20X competitions at HITECs Dubai and Toronto. HFTP has also provided the convenient virtual educational opportunities offered to members via the HFTP website. HFTP membership remains active with specialty leadership programs, including the nine-month Leadership Excellence Series and this week’s Emerging Leaders Program.

For HFTP’s fiscal year that will end on October 31, 2023, Taillon informed attendees that HFTP anticipates Operational Revenues of approximately $6.9 million and Operational Expenses of approximately $6.7 million. Continuing, Taillon shared HFTP’s realized gain of $2,000 and unrealized gain on investments of $697,000 combined with operations gives HFTP a Net Revenue of approximately $950,000 for the next year.

For the upcoming year, HFTP will invest in two capital projects: the publication of the 12th edition of the Uniform System of Accounts for the Lodging Industry (USALI) and a redesign of the association’s website.

Taillon 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. For 2024, HFTP expects a net revenue just above break-even, with an estimated $8 million in revenue and $8 million in expenses.

Strategic Plan

HFTP Global Vice President Stephanie Anderson, CHAE, CPA, CGMA delivered the Strategic Plan for the fiscal year. Anderson noted that the HFTP Board of Global Directors continues to look at the services and resources it provides and determines how it can maintain or build on them to serve the needs of today’s hospitality environment.

Anderson announced the new initiatives that HFTP will pursue next year. HFTP will return to Europe with the inaugural HFTP Digital Horizons 360 Symposium on February 20-21 in Palma de Mallorca, Spain. This is an invitation-only event for European hospitality technology leaders. The Club Summit will take place on March 25-26 in Savannah, Georgia. HFTP will host HITEC Dubai on June 4-5 at the Hotel Show Dubai and HITEC North American in Charlotte, North Carolina on June 24-27. In conjunction with both HITEC Dubai and Toronto is the start-up hospitality technology pitch competition Entrepreneur 20X. HFTP has added a third competition in 2024, with a European E20X co-located with the Digital Horizons 360 Symposium. Anderson also noted the dates for the HFTP 2024 Annual Convention on October 23-24 at the Mohegan Sun Resort and Casino in Connecticut. The Mid-South Atlantic Regional Conference will take place on February 19-21 in Pinehurst, North Carolina. HFTP will also continue their strong online education program with topics in technology and finance, hotel and club, HR and legal issues.

Anderson announced exciting updates for HFTP’s new website that will include a fresh and modern interface that is intuitive to navigate. The website will include automated features to support its functionality and will be a centralized platform for HFTP membership. Some additional highlights to the website include single sign-on to the HFTP portal, one news feed with HFTP news and blogs, combined with industry news, HFTP exchange, and individual chapter information pages.

Anderson announced two new HFTP Academy certificates: the Certificate in Hospitality Applied Finance (CHAF), and the Certificate in Hospitality Applied Technology (CHAT). These introductory certificates are meant to replace the CHAE/CHTP student exams and are geared towards students and those new to the hospitality industry as a gateway to the CHAE/CHTP certification.

As mentioned earlier, HFTP is planning to release the revised edition of the USALI in 2024. The Global Finance Committee (GFC) has been working hard and is planning to release the 12th revised edition of the USALI in early 2024. Anderson reminded the membership of the HFTP Bi-Annual Compensation and Benefits Survey and Report. This valuable research has tracked data from the hospitality finance and technology sector since 1989 and continues to be an esteemed benefit for HFTP members. Anderson ended her report by mentioning the best way to keep up with all the HFTP happenings by visiting the HFTP News site, as well as the HFTP Connect blog.

President’s Report

HFTP Global President Neil Foster, CHTP, MBA reflected on his experience over the past year, including his visits to HFTP chapter, regional and global events, and the events of various HFTP allied organizations. He commended the work of the HFTP network of volunteers and leaders. At the conclusion, he recognized Alan Young with the 2023 President’s Award.

CEO Report

HFTP Global Chief Executive Officer Frank Wolfe, CAE thanked the membership for their support this year. Wolfe also thanked the staff for their hard work, and for the opportunity to serve in the role of CEO. Wolfe recognized HFTP President Neil Foster for his hard work and unwavering support to HFTP. Wolfe shared his excitement for the upcoming year and new events like Digital Horizons 360 Symposium. To end his report, Wolfe encouraged HFTP members to volunteer to serve the association by applying to serve on a HFTP Advisory Council or Committee.

HFTP Global Immediate Past President Mark Pate Sr., CHAE, CHTP, MBA announced the ballot with the 2023-2024 Slate of Directors as Robert Mandelbaum, Asif Ehsan, HAHA, Shannon McCallum and Tariq Valani. Pate also elected the Executive Committee: President Stephanie Anderson, Vice President Justin Taillon, Treasurer James Bina, Secretary Andrew Buwalda, Executive Advisor Prakash Shukla, and Immediate Past President Neil Foster. The 2024 Board of Directors were installed at the HFTP Annual Business Dinner on October 18, 2023.

Adjourn

There being no further business, a motion was made, seconded, and carried to adjourn the Annual Business meeting at 1:30 p. m. ET.

HFTP

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