The VMS Department of Financial Services’ expenses as a percentage of total organization staff and related expenses are lower than those of our sister communities and neighboring cities. Also, the department’s expenses as a percentage of total revenue are lower than our sister communities and five of six neighboring cities.
CFO Magazine, in its January 2020 issue, reported that finance departments within for-profit organizations, on average, maintain departmental expenses at 1% of total revenues, establishing an industry standard. VMS Financial Services operates at 1.1% of total companywide revenue after adjustment for its non-profit status.
The department’s functions were compared to sister communities Rossmoor Walnut Creek and Leisure World Seal Beach, as well as to the cities of Aliso Viejo, Dana Point, Fountain Valley, Laguna Beach, Laguna Niguel and Lake Forest.
Detailed information on Financial Services benchmarking comparisons can be found on pages 16 through 18 of the full Laguna Woods Village Benchmarking Report, which can be accessed here.
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