HFTP Purchases Rights to the Uniform System of Accounts for the Lodging Industry (USALI)
Hospitality Financial and Technology Professionals (HFTP®) has purchased the copyright to the Uniform System of Accounts for the Lodging Industry (USALI), a resource the association has been connected to since its origins. Widely used internationally, the primary purpose of the USALI is to offer operating statements formatted to provide hotel owners, managers and other interested parties with operational information pertinent to the lodging industry. The USALI was first published in 1926 and is currently in its 11th edition. The copyright was previously owned by the Hotel Association of New York City. The resource is published by the American Hotel & Lodging Educational Institute, and HFTP has been a continuous sponsor and contributor to the publication.
The USALI, 11th revised edition was released in January 2015. Revisions to the USALI are overseen by the Financial Management Committee (FMC) of the American Hotel & Lodging Association (AHLA), a majority of which are HFTP members. Although the revision process will not change, HFTP plans to lean on its resources as an international organization to drive greater global adaptation.
"HFTP's goal is to be a source on finance and technology for the hospitality industry and owning the rights to the USALI, an essential resource used across the industry, aligns directly with this directive," said HFTP Global President Timothy Nauss, CHAE. "With the new ownership responsibility, HFTP will continue to prioritize the evolution of the guidance within the USALI to reflect the changing nature of the hospitality industry."
HFTP's existence is due in large part to the establishment of the USALI, when the Hotel Accountants Association of New York met in 1925 to write and publish the book. From that point, the New York group and other state-centered hotel accounting groups moved to organize a national association. It eventually did in 1952 as the National Association of Hotel Accountants, now known as HFTP.
"The histories of the USALI and HFTP are intertwined, and I am confident HFTP as steward to the financial resource will maintain the USALI's relevance to the industry," said HFTP CEO Frank Wolfe, CAE.
Hospitality Financial and Technology Professionals (HFTP®) established in 1952, is an international, nonprofit association, headquartered in Austin, Texas, USA, with offices in Hong Kong, United Kingdom, the Netherlands and Dubai. HFTP is recognized as the spokes group for the finance and technology segments of the hospitality industry with members and stakeholders spanning across the globe. HFTP uniquely understands the industry's pressing issues and assists its stakeholders in finding solutions to their challenges more efficiently than any organization. It does this via its expert networks, research, certification programs, information resources and conferences/events such as HITEC. HFTP also owns the world's only hospitality-specific search engine, PineappleSearch.com. For more information about HFTP, email email@example.com or download the HFTP/HITEC media kit via the HFTP website. Read industry updates on the suite of HFTP hospitality news sites: HITEC Bytes, Club Bytes, Finance Bytes and HFTP News.