1. CHAE
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2. Part IV. General
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3. 4.1 general
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4. 4.1 general Characteristics of the hospitality industry
Importance of hiring right associates – reference checks
Compensation
Tips versus service charges
Linking pay to performance
Turnover
Turnover defined
Reasons for turnover
Cost of turnover/replacement
Effects of turnover
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5. 4.1 general Financial Statement Items
Assets - Resource with economic value
Property and Equipment
Consistency Principle
Depreciation
Cost Basis
Prepaid Expenses
Recognition
Liabilities – Amounts owed
Assets = Liabilities + Owner’s Equity
Otherwise know as the accounting equation
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6. 4.1 general
The Income Statement (Profit and Loss, Statement of Activities)
Matching principle
Fixed expenses vs. variable expenses
Leases fixed or variable
Indifference point
Breakeven point
Contribution margin
Cash Flow Statement
Direct method
Indirect method
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7. 4.1 general Section 4.1 Source
Hospitality Industry Managerial Accounting 7th Edition
Managing Hospitality Human Resources 5th Edition
Uniform System for Financial Reporting for Clubs 7th Edition
Section 4.1 Full Websites
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8. 4.2 chae information
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9. 4.2 chae information
HFTP defines the hospitality industry as the activity of providing lodging, food and beverage, and recreational services
This includes but not limited to
Hotel and motels
Clubs
Resorts
Casinos
Restaurants
Recreation facilities
Tourism
Cruise lines
Community associations, and
Theme parks
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10. 4.2 chae information Objectives and Governance of CHAE
To provide professional recognition to o provide professional recognition to hospitality finance professionals who have acquired the educational proficiencies and practical experience that signify successful career progression
To encourage the education and advancement of HFTP and allied hospitality related association members
To cultivate professional cooperation among individuals within the hospitality industry
The HFTP Certification Advisory Council govern all examination content independently of the HFTP Executive Committee, Board of Directors, and Certification Administrator
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11. 4.2 chae information Use of the CHAE Designation
The title of Certified Hospitality Accountant Executive, designated as CHAE, has been selected for the HFTP Certification Program to avoid conflict and/or confusion with the CHA designation in use by the American Hotel & Lodging Association
The use of the title or designation CHAE is limited to those who have successfully passed the written CHAE Certification Examination and maintained their CHAE status in accordance with Section 8. Maintenance
The use of the title or designation CHAE may not be used in promotion or advertising efforts.
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12. 4.2 chae information CHAE Application Procedure
Applications for the CHAE Certification Examination must be filed with the Certification Administrator at least ten (10) days prior to the examination date
Applications are to be filed at the global office on the forms prescribed in Section 7. Forms. Supporting evidence of qualification and the administrative fee must accompany the application
Applications will be considered filed when all required supporting documents and fees have been received
Applicants may defer the examination to a later date by notifying the Certification Administrator in writing at least two (2) weeks prior to the examination date
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13. 4.2 chae information CHAE Application Two letters of recommendation
Vouching for the applicant’s character and his/her suitability for the CHAE designation
Experience
Submit a certificate of experience by each employer
Evidence of qualification
Accredited college or university
HFTP supported workshops or educational seminar
Non HFTP seminars or workshops
Need to earn 100 points as detailed in the next slide
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14. 4.2 chae information CHAE Qualification Requirements - Education
Minimum 40, maximum 50
College degree – 30 for associate, 40 for bachelors, 50 for graduate degree from an accredited college or university
Valid and current CPA, CMA or CIA designation certificate – 50
College credit – 8 per college accounting or finance course
HFTP supported workshop of educational seminars – 1 for each CPE credit
Non HFTP workshops or seminar workshops – 1 for every 50 minutes of lecture or instruction if approved by Certification Administrator. The seminar must be accounting and/or hospitality related
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15. 4.2 chae information CHAE Qualification Requirements - Experience
Minimum 40, maximum 50
Controller, treasurer, director of accounting, chartered accountant or similar position with overall responsibility of the accounting and/or finance functions – 30
Public accountant specializing in the hospitality industry or college professors instructing hospitality accounting – 30
Supervisory or senior accounting personnel reporting directly to top level financial management – 25
Junior accountants – 10
Experience points may be earned for fractional years after one year of continuous employment with each employer
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16. 4.2 chae information CHAE Qualification Requirements - Membership
HFTP membership – no minimum, maximum 20
10 for each year of HFTP membership
** Note: Not all examination questions are necessarily based on the contents of the study material. The candidate’s experience in the industry and education may be the basis for some questions. The exam is available online only.
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17. 4.2 chae information Conditional Credit
A candidate who passes one or more segments shall receive conditional credits for those segments
The candidate must be re-examined, and successfully pass the remaining segments within two year of the initial exam period to maintain the conditional credit
Candidates who fail to pass all segments within the two year period must reapply and retake entire exam and all prepaid fees will be forfeited
Candidates will have until December 31 of the second year to take and pass all pars of the exam
Candidates need to take all sections on the initial attempt and take any unpassed section in subsequent attempts
If candidate does not pass all parts, a one-year extension can be requested if the retake fee is paid by the “initial exam period” expiration date
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18. 4.2 chae information CHAE Maintenance
All CHAE designees, in order to maintain their designation, will be required to demonstrate their continuing interest and proficiency by completing the following requirements within each two-year maintenance period. A total of 60 maintenance points are required to be earned every 24 months in continuing education and HFTP/AH&LA membership
Please visit the HFTP CHAE Policies and Procedures for details.
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19. 4.2 chae information Section 4.2 Source
CHAE Certification Program Policy & Procedures
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