Canadian Industrial Transportation Association Case Study
In 2003, HPB was retained to manage the Canadian Industrial Transportation Association, an industry association that has been in existence since 1916.
Despite due diligence, once assuming the management, HPB found that the association’s finances were in crisis. There were significant outstanding invoices and virtually no cash resources. The Board of Directors was unaware of the depth of the problem.
Working with the Board of Directors on an intense basis for several months, HPB was able to stabilize the finances, obtain funds through a voluntary special assessment to members, pay down outstanding invoices, revise the fee structure upwards without significant member attrition, and retire all long-term debts within a two and one half year period. This placed the association on a stable footing to grow the membership base and to improve both member services and advocacy.