The Construction Financial Management Association (CFMA) CFM Academy is an online self-study course developed for professionals who have zero to three years' experience in construction finance. The course is divided into six modules that provide in-depth learning on each of the following topics:
This module will explain the construction accounting terminology and provide an overview of the unique aspects of revenue recognition in the construction industry, the different methods of recognizing revenue, the methods used to calculate POC and earned revenue, how the POC and earned revenue details flow to the work-in-progress schedule, the impact of over/underbilling on financial statements, and the impact of change orders and claims on revenue recognition.
This module will provide an overview of the underlying theories that govern good Cash Management, the value of Cash Flow Management, the use of tools available for good Cash Management, significance of using Cash Management internal controls, and methods of implementing sound Cash Management techniques.
This module will provide an overview of the project life cycle from opportunity identification to project closeout phase, the documents that relate to the contract, the collaboration between project and finance teams to minimize the associated risks, the relevance of job start-up meetings that ease administration and boost profits, the importance of managers’ involvement and communication throughout the project, and the project closeout process.
This module will provide an overview of the relevance of risk management in the construction industry, the various insurance products and their application, risk management as part of the contract administration process from beginning to end of a project, the methods to effectively interface with both internal and external partners to make risk management a competitive edge for your company, and the life cycle of a company’s strategic risk management, project risk management, and insurance program management.
This module will provide an overview of the purpose and importance of contracts, the types of contracts typically found in the construction industry, the different contract clauses and the contract clauses that can create problems, efficient use of legal assistance, and the different methods of Alternative Dispute Resolution.
This module will explain how WIP schedule is a critical supporting schedule to the income statement and is a dynamic business tool. It will also provide an overview of the key users of the WIP schedule and the significance of the WIP information, the importance of the job cost system, the role of the formal cost review process in the outcome of the WIP, the importance of successful change order management to project profitability, and the impact of poor forecasts.
The estimated seat time to complete all the modules is a minimum of six hours but could be more depending on the pace of the learner.
Level & Prerequisites
The CFM Academy is an online self-study course that was developed for construction financial professionals with zero to three years' experience in the industry. No prerequisites or advanced preparation required.
CPE credits are not awarded for completing this course. Participants who score 100% on the final exam will receive a Certificate of Completion.
Digitell Inc. Privacy Statement
Effective Date: 10/01/06
This privacy statement discloses the privacy practices for http://www.digitellinc.com
Data Collection and Use:
Digitell Inc. is the sole owner of the information collected on this Web site. We will not sell, share, or rent this information to others in ways different from what is disclosed in this statement. Digitell Inc. collects information from its users at several different points on its Web site.
In order to use this website, a user must first complete the registration form. During registration a user is required to give their contact information (name and email address) and to create a username & password. This information is used to contact the user about the services on our site for which they have expressed interest. Digitell does not require the user to provide demographic information, such as income level and gender, nor unique identifiers such as social security number.
We request information from the user on our order form. Here a user must provide contact information (i.e., name, telephone and shipping address) and financial information (i.e., credit card number, expiration date). This information is used for billing purposes and to fill customer's orders. If we have trouble processing an order, this contact information is used to get in touch with the user.
A cookie is a piece of data stored on the user's hard drive containing information about the user. Usage of a cookie is in no way linked to any personally identifiable information while on our Web site. For instance, by setting a cookie on our Web site, the user would not have to log in a password, thereby saving time each time they visit our site. Should the user want to temporarily disable this function they can do so by clicking the log-out link. If a user rejects the cookie, they may still use our site. The only drawback to this is that the user will be limited in some areas of our site. For example, the user will not be able to participate in any of our Sweepstakes, Contests or Special Offers that take place. Cookies can also enable us to track and target the interests of our users to enhance the experience on our site.
We use IP addresses to analyze trends, administer the site, track user's movement, and gather broad demographic information for aggregate use.
Sharing of Information:
We do not share information about individuals with anyone other than the credit card processors and the shipping company. Since our business requires us to pay royalties based on the sale of each of our audio programs, we must report aggregate sales figures to the publishers with whom we work. However, we do not share any information about individual customers with publishers.
Web Links on Our Site:
This Web site contains links to other sites. Please be aware that Digitell Inc. is not responsible for the privacy practices of such other sites. We encourage our users, when they leave our site, to read the privacy statements of each and every Web site that collects personally identifiable information. This privacy statement applies solely to information collected by this Web site.
Surveys & Contests:
From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose this information. Information requested may include contact information (such as name and shipping address), and demographic information (such as zip code, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving use of and satisfaction with this Web site.
This Web site takes every precaution to protect its users' information. When users submit sensitive information via the Web site, the information is protected both online and off-line.
When our registration/order form asks users to enter sensitive information (such as credit card number and/or social security number), that information is encrypted and is protected with the best encryption software in the industry - SSL. While on a secure page, such as our order form, the lock icon on the bottom of Web browsers such as Netscape Navigator and Microsoft Internet Explorer becomes locked, as opposed to un-locked, or open, when you are just "surfing".
While we use SSL encryption to protect sensitive information online, we also do everything in our power to protect user information off-line. All of our users' information, not just the sensitive information mentioned above, is restricted in our offices. Only employees who need the information to perform a specific job (for example, a billing clerk or customer service representative) are granted access to personally identifiable information. Our employees must use password-protected screen-savers when they leave their desk. When they return, they must re-enter their password to re-gain access to user information. Furthermore, ALL employees are kept up-to-date on our security and privacy practices. Every quarter, as well as any time new policies are added, our employees are notified and/or reminded about the importance we place on privacy, and what they can do to ensure our customers' information is protected. Finally, the servers that we store personally identifiable information on are kept in a secure environment, behind a locked cage.
If you have any questions about the security at our Web site, you can send an email to firstname.lastname@example.org
We send all new members a welcoming email to verify password and username. Established members will occasionally receive information on products, services, special deals, and a newsletter. Out of respect for the privacy of our users we present the option to not receive these types of communications. Please see description of our choice/opt-out policy below.
Site and Service Updates:
We send the user site and service announcement updates. Members are not able to un-subscribe from service announcements, which contain important information about the service. We communicate with the user regarding updates to our site and service and issues relating to their account via email or phone.
Correcting/Updating Personal Information:
If a user's personally identifiable information changes (such as zip code), or if a user no longer desires our service, we will endeavor to provide a way to correct, update, or remove that user's personal data. To notify Digitell Inc., of a change, you can go to the "Your Account" pages located at http://www.digitellinc.com or email Customer Support at email@example.com
Our users are given the opportunity to 'opt-out' of having their information used for purposes not directly related to our Web site at the point where we ask for the information. For example, our order form has an 'opt-out' mechanism so users who buy a product from us, but don't want any marketing material, can keep their email address off of our lists.
Users who no longer wish to receive our newsletter or promotional materials from our partners may opt-out of receiving these communications by changing their account options under the "Your Account" section digitellinc.com
Users of our Web site are always notified when their information is being collected by any outside parties. We do this so our users can make an informed choice as to whether or not they should proceed with services that require an outside party.
Notification of Changes:
Though we make every effort to preserve user privacy, we may need to disclose personal information when required by law wherein we have a good-faith belief that such action is necessary to comply with a current judicial proceeding, a court order or legal process served on our Web site.