2012 dmo unified system of accounts

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DMO Uniform System of Accounts (revised April 2012) Standard Financial Reporting Practices for DMOs 1. Internal Financial Statement Formats 2. Chart of Accounts 3. Cost Allocation Procedures including direct and indirect reporting Mike Mooney, Greater Phoenix CVB (Chair) Nancy Goode, Greater Des Moines Convention & Visitors Bureau Larry Henrichs, Visit Orlando Gregory Pierce, Atlanta CVB James E. Wallis, Indianapolis Convention & Visitors Association Sajid Zuberi, Detroit Metro CVB Mike Zumbaugh, Greater Lansing CVB The Task Force met electronically several times in 2011 and 2012, reviewing and revising the standard financial reporting processes for DMOs. Draft recommendations were presented to and approved by DMAI's Board of Directors in April 2012. The attached is the result of the Task Force’s efforts and comprises the new Recommended DMO Uniform System of Accounts. As a precursor to the original DMO Performance Reporting initiative, a subcommittee of DMAI’s Performance Management Team developed and issued standard financial reporting practices for DMOs. The Recommended DMO Uniform System of Accounts  was released in 2002 and comprised: Establishing consistent reporting processes allowed DMOs to identify operational strengths and weaknesses as well as to improve organizational efficiency and effectiveness. The DMO Uniform System of Accounts was subsequently incorporated into various productivity ratios and ROI formulas in DMAI’s Standard DMO Performance Reporting: A Handbook for DMOs,  published in 2005. At that time, minor revisions were made. In 2011, DMAI updated the Standard DMO Performance Reporting Handbook,  including a chapter on digital marketing metrics and an additional ROI formula. These updates necessitated a revision of the DMO Uniform System of Accounts (USOA) in order to harmonize with the re vised Handbook. This process also afforded DMAI the opportunity to ensure the USOA also complied with any changes in accounting rules and regulations since the last revision. A Task Force was created, comprised of the following members:

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