2020 May/June The Interconnection by NACM Connect

The InterConnection VOLUME 8

ISSUE 3

MAY/JUNE 2020

State of the Association Remarks Phil Lattanzio, CCE President & COO

s we bring this year to a close in a manner that wasn’t even a thought when it started, I’m sure you all share the same feeling of surrealism that has overtaken the emotions of NACM Connect. During this time of the year we should be meeting with members in various cities throughout our now seventeen state territory at our annual meetings; and, I should be delivering these remarks in person. But for now that can’t happen but I can reassure you that the Association is going on in as full force as we can, and like all of you, look forward to a day when we can return to the normalcy we now so deeply cherish. The NACM/Chicago-Midwest Board of Directors, and me, personally as your President, experienced the remarkable leadership of Erica White, CCE, Ferguson Enterprises and I would be remiss to not start my State of the Association remarks with extending

Phil Lattanzio, CCE, President and COO NACM Connect via a ZOOM screen shot.

to her a deep gratitude for her governance and friendship. Working with Erica both on our Board and on the Board of NACM National gives me great faith that the entire NACM is in great hands as our younger members step up to leadership roles. I’d also like to thank the entire Board of Directors for their guidance through this remarkable year. As seemingly become habit, our Association grew again this year through the mergers and acquisitions of additional states within our

territories. We began the year with the acquisition of the Western Pennsylvania affiliate, based in Pittsburgh, and including West Virginia. And we ended the year with the acquisition of the six states that make up New England. Through our acquisition of Pittsburgh we were able to grow our footprint in the Industry Group arena, collections services and education. Enthusiastic members have demonstrated support for our efforts and we look forward to strengthening our bonds there. In a different sort of acquisition, we are basically starting from scratch in the New England states but look forward to becoming the premier credit association there. Our Membership Consulting team was able to bring in 139 new members this year and maintain 91% of all members. We have also added a benefit this year in establishing a Mentoring Program that crosses all regions and is free to members. Despite a drop of 3.5% in revenue from our prior fiscal year, we remained Continued on page 4 >>

Notes from the Outgoing and Incoming Chairs Incoming Chair, Patrick Nelson, MBA I want to start by wishing everyone well and I hope all our members and their families, friends and coworkers are happy and healthy during this time. I started volunteering with the NACM Board over 5 years ago as the Emerging Leader board member. This new initiative was created to bring a new generation of credit professionals into NACM that will be the future of the organization. The board had identified a need to bring in members beginning

their credit career as the rate of those retiring were not being backfilled. I’m proud that I was able to help lead that initiative for my first three years and while I now find myself “aged out” of that group the responsibility has moved onto a new, younger group that I’m confident will continue to lead the initiative. I remember sitting at my first board meeting and the excitement I felt being part of such instrumental organization with a long history. NACM Connect has been instrumental in my credit career and over the years

and has helped me grow personally and professionally through the many benefits it offers. With that said, reflecting on my prior years with NACM seems like a distant memory compared to the world today. When I accepted the Chairman role, I never expected it to be during a time when all our lives would be so dramatically changed. Most of us have had to rapidly move towards working from home, virtual meetings and Continued on page 6 >>

2020-2021

Board of Directors CHAIRPERSON Patrick Nelson, MBA ACCO Brands, Inc. VICE CHAIRPERSON Mike Hill, CCE MiTek USA, Inc. TREASURER Kevin Stinner, CCE, CCRA Pinnacle Agriculture Distribution DIRECTORS—TERMS ENDING 2021 Tracey Bland First Citizens Bank Staci Cima, CCE Huttig Building Products Diana Hoffmann, CBA Rockline Industries, Inc. Brendon Misik, CCE, CICP Nutrien Dave Zahller, CCE Tubular Steel DIRECTORS—TERMS ENDING 2022 John-John McEvilly, CBA, CICP PSAV Presentation Services Joe Lange, CCE, CCRA Brenntag Great Lakes, LLC Adam D. Ross, CCE Feralloy Corporation George Valletti, CFO/COO Ginsey Home Solutions DIRECTORS—TERMS ENDING 2023 Curtis Litchfield, CCE Land O' Lakes/Purina Mills Luz Moreno, CCE, CICP Klein Tools Jeff Weber Uline Yazmin Yepez, CBF, CCRA, CICP Mitsubishi Electric Automation Inc. PRESIDENT Phillip J. Lattanzio, CCE, COO NACM/Chicago-Midwest SECRETARY Kerry Jensen, CPA NACM/Chicago-Midwest COUNCILOR Erica White, CCE Ferguson Enterprises EDITORIAL STAFF EDITOR Linda Herbst Senior Marketing Administrator ASSOCIATE EDITORS Lillian Novak, CGA V.P. of Education and Marketing Margaret Krafft Marketing Administrator THE INTERCONNECTION

In This Issue State Of the Association Remarks

Notes from the Incoming and Outgoing Chairs

NACM Connect Pennsylvania Local Industry Group Meetings

Congratulations New Designees

NACM Connect Indiana/Michigan/Ohio Local Industry Group Meetings

NACM Connect Announces Elite Members for 2020-2021

NACM Connect National Industry Credit Groups

Webinar: Can You Quantify the Amount of Risk in Your Portfolio?

NACM Connect New York Local Industry Credit Group Meeting

Webinar: Protecting Your Receivables in this New Environment

Caine & Weiner Quarterly Giveaway

NACM Industry Credit Groups

Webinar: Planning for Change. Unclaimed Property Compliance in the Age of the Unknown

Welcome New Members and Reps

Webinar: Lockdown in Rear View Mirror Yet? With Expert Chris Kuehl

Seeking Remote Talent or Remote Employment?

Webinar: Unclaimed Property Legislative and Litigation Updates

CMPFDC CARES Act to Impact Small Business Bankruptcy

COVID-19 Legislative Update Summary and Current Outlook

Payment Terms Pushback Quandry Faced By Credit Grantors: Legal? Ethical? Fight Back Or Give In?

Securing the Credit Department and Avoiding Coronavirus-Related Fraud While Working from Home

Extending Term Options for Creditors

Merritt Search

Coronavirus Sparks Rise in Fraud

Illinois Credit 1010, 102, 103

Credit Managers Push Forward During COVID-19

Indiana Best Practices Discussions Group

NACM Connect Member Spotlight Dwayne Logan

Indiana: Indianapolis Half-Day Seminar: UCC Liens

Craig's Credit Corner

Indiana: Fort Wayne Half-Day Seminar: UCC Liens

Credit Reporting Solutions

Michigan Half-Day Seminar: UCC Liens

NACM Connect Illinois/Wisconsin Local Industry Group Meeting

NACM Connect Missouri/Kansas Local Industry Group Meeting

New York: Eastern and Western New York Roundtables

Ohio Half-Day Seminar: UCC Liens

NACM Connect Nebraska Local Industry Group Meetings

NACM Connect Mission Statement To provide a forum to its members within the credit profession for education, networking and business resources. Vision Statement Striving to have the most comprehensive and leading NACM affiliate serving the commercial credit profession by consistently exceeding the members’ expectations. Value Statement

We are committed to the highest ethical standards and recognize that our Association must take a leadership role in our profession. Through our integrity and dedication we will earn the respect of our members as we know that our success as an Association depends on their trust in us. By creating strong relationships we will attain the loyalty of our members and alliance partners. We continuously seek to build an environment for learning to enhance the knowledge and expertise of our members.

The InterConnection newsletter is published bimonthly by NACM Connect, a not-for-profit Association affiliated with the National Association of Credit Management. For membership information, visit our website at www.nacmconnect.org, call 800.935.NACM or fax us at 847.253.6685. NACM Connect Headquarters is located at 3005 Tollview Drive, Rolling Meadows, IL 60008. MAY / JUNE 2020

PAGE 2

Education Digest

Institute of Credit (IOC)

tart the process of earning your professional designation. If you would like more information, please contact the NACM Connect Education Department at 800.935.6226 or email Margaret Krafft at margaret.krafft@nacmconnect.org.

Credt 101, 102 & 103 Rolling Meadows

Credit 101 Available via Live Videoconference

Wednesday, June 10

Rolling Meadows, IL

Credit 102 Available via Live Videoconference

Wednesday, July 8

Rolling Meadows, IL

Credit 103 Available via Live Videoconference

Wednesday, August 12

Rolling Meadows, IL

All Credit 101, 102 &103 clases are from 9 a.m. to 4 p.m.

Continental Breakfast at 8:30 a.m. included. Lunch on your own.

Exam Review Classes Rolling Meadows

CBA Available via Phone Conference

Thursday, July 2

Rolling Meadows, IL

CBF Available via Phone Conference

Tuesday, June 30

Rolling Meadows, IL

CCE Available via Phone Conference

Wednesday, July1

Rolling Meadows, IL

Tuition Must be Paid Before the First Class Begins. Online registration only through www.NACMConnect.org. Registrations will not be accepted past the registration deadline. Classes are subject to cancellation based on enrollment. Questions? Contact Margaret Krafft at 847.483.6420 or send an email to margaret.krafft@nacmconnect.org.

DESIGNATION EXAM DATES & DEADLINES Exam Dates Sunday, June 14, 2020 Credit Congress, Las Vegas, NV Monday, July 27, 2020 Monday, November 9, 2020

Application and Paperwork Deadlines Friday, April 17, 2020 Friday, May 29, 2020 Friday, September 4, 2020

THE INTERCONNECTION

ever Stop N Learning –

We Can Help!

You’ve heard it so many times, it probably makes you want to scream. But it’s true. These are unprecedented times and we are facing an uncertain future. But there are some realities that will never change. And one of those is that we as humans should never stop striving to improve ourselves and our skill sets through continuing to learn our entire lives. Just because we have had to stop, hopefully temporarily, in-class training sessions, we still have a lot to offer via webinars and videoconferencing. We have pumped up our webinar series by tapping into our great legal, economic and credit service provider partners. They have been, and will continue to be, a wealth of information on how to tweak our practices to fit the current situation and what we might be able to expect in the short and medium term. Many of them are also available for specific questions through our Ask the Expert website. Our bootcamp classes, Credit 101, 102 and 103, continue to be offered via videoconferencing as do the CAP and ACAP classes needed to obtain certification through NACM. There’s never been a better time to pursue your certification and make yourself more valuable in the credit field. We aren’t sure when live classes will return. We are hoping to be able to run our fall conferences and reschedule our annual meetings, but nothing is certain. But we assure you that if live classes aren’t in the near or medium-term future, we are looking at other options to deliver relevant content to our members. Keep watching the newsletter, NACM Connect website and, of course, our emails for updates. ■

Lillian Novak, CGA MAY / JUNE 2020 PAGE 3

News

State of the Association Remarks <<Continued from page 1 profitable with strong cash flow. The sale of our inherited building in Dayton, Ohio, buoyed our results as well as removing the strain of managing a building from afar. We remain in a strong financial position and the results of the year just ending will assist in weathering out the pandemic crisis.

our members earned their designations this year.

Our various departments continued to serve our members with the products and services they needed, often at favorable pricing that would not have been available through other channels. We added two new credit reporting agency partners, Graydon for international reports and CIC Credit for consumer reports. Our Credit Application Processing business also continues to grow, and this year we exceeded our budget expectations for this service.

“

We added 32 new data contributors and retained 96% of our group membership within our 88 industry credit groups. We continue to hold our group meetings remotely, either through conference calls or video through various platforms. Collections revenue grew by 26% with our two collections partners, Caine & Weiner and NACM Southwest, obtaining 56 new placers with NACM Southwest and 28 new placers with Caine & Weiner. Thank you to our members who place their trust in us and our partners. In education we broke recent records through the expansion of our videoconferencing capabilities, enabling our members throughout our seventeen states to take the classes necessary to obtain their NACM Designations as well as our boot camp Credit 101, 102 and 103 courses. Ninety-eight students took advantage of these classes this year. We look forward to expanding that initiative even further. We also held a highly popular and successful Legal Symposium with the Commercial Law League of America, an association run by our still young Association Management Company, Tollview Management Group. And 37 of

We will continue to investigate other avenues to provide our products and services during our new norm. New technologies are coming to the market daily, and we are making sure we adapt those that make sense for the Association and its members.

“We added 32 new data contributors and retained 96% of our group membership within our 88 industry credit groups. We continue to hold our group meetings remotely, ...through conference calls or video...platforms.

This year we also hosted several social events throughout the regions. It’s always fun to get together with fellow members in a relaxed setting. And we turned our fun into worthy causes as we hosted three toy drives through a luncheon in Pittsburgh and open houses in Chicago and St. Louis. It’s going to be an interesting year, to say the least. No one right now has any real idea of where we are headed; but we do know that the Association has stood for over 125 years and we shall survive this crisis as well. I look forward to working with the new Board of Directors, my management, and all the NACM Connect staff in making that a reality.

Congratulations New Designees Stephanie Brault, CBA Jones Sign Company Tim Cummings, CBF, CCRA Victaulic Company Jnana Delapaz, CBA Schmolz Bickenbach Automne Heather, CCE Corcentric Chris Hicks, CBA Ferguson Enterprises, LLC Andrea Johnson, CBA Gordon Food Service M Malnory, CBA Oshkosh Corp. Daniel Mitchell, CBA Victaulic Company Diana North, CBA Thyssenkrupp Materials Carmel Sommers, CCRA Quantum Polymers Jennifer Strand, CBF W. W. Grainger Inc. Linh Trinh, CBF W. W. Grainger Inc.

Lastly, as always, I would like to express to you that I am honored and privileged to be the President of NACM Connect. Thank you.■

THE INTERCONNECTION

MAY / JUNE 2020

PAGE 4

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NACM Connect

NACM Connect Announces Elite Members for 2020-2021 Please join us in congratulating the following Elite Members for the fiscal year beginning April 1, 2020. They will be participating in Association events and are charged with finding ways to get our younger credit professionals involved in the Association. Please join us in congratulating them.

• Andra Buckner

The Boelter Companies Waukesha, Wisconsin

• Tammy Cull

Brenntag Great Lakes, LLC Wauwatosa, Wisconsin

• Kenia Espinoza

• Valerie Ristau

• Kelsey Koterla

• Michael Schmidt

• Leena Mazhary

• Jared Silver

• Yamira Partida

• Jamie Simoson, CBF

• Katelyn Ratteree

• Derrick Swaney

Herman Miller Inc. Zeeland, Michigan Phoenix International Publications Chicago, Illinois ACCO Brands, Inc. Lake Zurich, Illinois Ferguson Enterprises, LLC Addison, Illinois Watlow Electric Manufacturing Co. St. Louis, Missouri

OMNOVA Solutions Beachwood, Ohio OMNOVA Solutions Beachwood, Ohio M Holland Company Northbrook, Illinois CornellCookson, LLC Mountain Top, Pennsylvania MiTek USA, Inc. Chesterfield, Missouri

Notes from the Outgoing and Incoming Chairs <<Continued from page 1 balancing home schooling with work while facing stress from the overall economic environment. Regardless of which news outlet anyone watches we can all agree our current lives have changed significantly and the future changes, while taking shape daily, are still mostly unknown. With this “new normal,” NACM Connect will need to quickly adapt to this new world in order to continue supporting our members through this difficult time. In the past few years Phil and his team have done a fantastic job of moving the organization into the modern era with virtual classrooms and moving remote employees to home offices among other changes. While these changes were initially done in an effort to support the expectations of newer members, I believe these actions are going to be what makes NACM Connect successful during these historic times. I know I speak for the Board when I say we know there are going to be substantial challenges this year for our organization, but NACM Connect has an incredible team and members that

will overcome these challenges. I’m confident we’ll come out stronger from this pandemic than when we went in. Outgoing Chair: Erica White, CCE I want to thank Phil and the NACM Connect staff for a successful year. They have been wonderful to work with and I have appreciated their time and dedication to making this another successful year at NACM Connect. I would be remiss if I did not mention the Corona Virus and the impact it has had on all our daily lives. I have continued to be impressed by Phil and his leadership team as they have adjusted as needed to keep the safety of the membership and their staff as their number one concern. Corona aside, it was another exciting year in the Association. The Board approved to take on the New England market, which further increased our geographic footprint. This will provide many opportunities for us to further grow and serve the membership in years to come. We also added the Cleveland Foreign Credit Group which

THE INTERCONNECTION

gives an additional opportunity to meet the needs of the members. Tollview Management Group continues to grow and look for opportunities to diversify. We have been excited to continue our partnership with the Commercial Law League of America who continues to thrive. We have many uncertainties about the year ahead, I know that Patrick Nelson will do an excellent job as Chair. I am excited to pass the torch to him and look forward to seeing how he can partner with the leaders at NACM Connect to make the next year another success. Thanks for the opportunity to serve you all this past year and here’s to many more years of success at NACM Connect. I will continue to represent the NACM Connect members while serving on the NACM National Board. If there is anything you need or would like to suggest to that body please feel free to reach out.■

MAY / JUNE 2020

PAGE 6

NACM Connect Webinar Cost (per Webinar) $99 - Member, $198 - Nonmember (One coupon will be accepted)

PROFESSIONAL EDUCATIONAL WEBINARS

Digital Order-to-Cash: A Roadmap to Cash Application Automation Part Three: Happy Customers, Happy Share Holders

Join us on: Tuesday, May 19, 2020 10 - 11 a.m. CST ABOUT THE WEBINAR How many times have we heard that cash is the life blood of every organization? That old adage has not changed. Even in an organization where the money is flowing in timely you must get those payments applied quickly and accurately. Equally as important is being able to predict when that cash will be coming in. Manual processes are rife with errors and require large teams to match cash receipts to open invoices as well as determine when or if a customer will pay. If it is taking more than 1 day to post cash or your forecasting are constantly fluctuating, then you have a problem.

In this webinar learn how: • Automation. • Machine learning • Robotic process automation all translate into a traceable, predictable process without using a single sheet of paper.

Participation points are available for this webinar

ABOUT THE PRESENTERS Veena Gundavelli Venna Gundavelli is the Founder and CEO of Emagia Corporation. She is an award-winning serial technology entrepreneur with extensive experience in the fields of artificial intelligence, data analytics and automation for enterprise financial services.

Murray Kain Murray Kain has over 16 years of experience in finance and order-to-cash transformation as well as led the digital solutions deployment to large strategic accounts.

WEBINAR REGISTRATION

All registrations for NACM Connect educational events are taken online at nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. Cancellation Policy: Cancellations must be received in writing, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 7

NACM Connect Webinar Cost (per Webinar) $99 - Member, $198 - Nonmember (One coupon will be accepted)

TIME CRITICAL TIPS THAT YOU WON’T WANT TO MISS!

Protecting Your Receivables in this New Environment Join us on:

Thursday, May 21, 2020 10 - 11 a.m. CST

ABOUT THE WEBINAR Part 1: Dan North, Chief Economist, Euler Hermes Economic Update Part 2: Lee Fahrenz, Vice President, Euler Hermes As Global Markets have been disrupted by Covid-19, how can we continue to sell on terms and protect our receivables in this new environment? These topics and your questions will be answered! • What should you be considering when contemplating credit insurance? • How can an insurance company help to evaluate the creditworthiness of new and existing clients? • What do policies cover and what are the terms and conditions of being paid?

ABOUT THE PRESENTERS

Dan North

Participation points are available for this webinar May 27, 2020 Planning for Change: Unclaimed Property Compliance in the age of Unknown

June 4, 2020 Lockdown in Rear View Mirror Yet? Presenter: Chris Kuehl

Presenters: Michelle Moloian Anthony Bielby Time: 10 -11 a.m. CST

Upcoming Webinars

June 10, 2020 Unclaimed Property Legislative and Litigation Updates Presenters: Matthew Chenowth Troy Wangen Time: 10 -11 a.m. CST

Time: 10 -11 a.m. CST

Pre-recorded

Webinars All NACM Connect Webinars are recorded and available for purchanse. Visit www.nacmconnect.org/education/ webinars-pre-recorded/

Lee Fahrenz

Dan North is one of North America’s most renowned and sought after speakers on the U.S. and Canadian economies. He has a unique ability to break down complex topics into understandable themes to create a highly informative and engaging presentation. Dan continually receives top ratings from the events he keynotes and is held in high esteem by his peers. Lee Fahrenz is a Vice President for Euler Hermes North America Insurance Company, part of the Allianz Insurance Group, where he has served for over 15 years. He has 30 years of experience in the fields of insurance, banking and finance. He holds professional affiliations with the American Management Association, Turnaround Management Association, National Association of Credit Managers Connect, Association of Steel Distributors, Metals Service Center Institute, and Commercial Finance Association.

WEBINAR REGISTRATION

All registrations for NACM Connect educational events are taken online at nacmconnect.org. While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed. Cancellation Policy: Cancellations must be received in writing, email or mail, no later than two weeks prior to the event date to qualify for a full refund. Cancellations received later than two weeks prior to the event date do NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Questions?

Questions? nect.org or call 847.483.6478 Contact Lillian Novak at lillian.novak@nacmcon Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION

MAY / JUNE 2020

PAGE 8

NACM Connect Webinar Cost (per Webinar) $99 - Member, $198 - Nonmember (One coupon will be accepted)

TIME CRITICAL TIPS THAT YOU WON’T WANT TO MISS!

Planning for Change: Unclaimed Property Compliance in the Age of the Unknown Join us on:

Wednesday, May 27, 2020 10 - 11 a.m. CST

ABOUT THE WEBINAR The recent COVID-19 pandemic has shown everyone how quickly things can change. However, even when the unexpected happens, companies are still required to meet their statutory filing deadlines, including their unclaimed property compliance obligations. Join us for an informative webcast addressing the important questions you need to know for your company. Our presenters will cover: • Assessing current processes. • Developing or improving your company’s contingency strategies, tracking key milestones, risk assessment, reporting and other considerations companies need to be aware of in the age of the unknown.

ABOUT THE PRESENTERS Michelle Moloian is a Director in the Unclaimed Property Practice at True Partners Consulting. She currently oversees the Unclaimed Property compliance practice and is responsible for accurate and timely annual filing of thousands of unclaimed property reports for an impressive list of Fortune 100, 500 and middle market companies in various industries. Michelle Moloian

Participation points are available for this webinar June 4, 2020 Lockdown in Rear View Mirror Yet?

June 10, 2020 Unclaimed Property Legislative and Litigation Updates

Presenter: Chris Kuehl

Presenters: Matthew Chenowth Troy Wangen

Time: 10 -11 a.m. CST

Pre-recorded

Webinars

Upcoming Webinars

Time: 10 -11 a.m. CST

All NACM Connect Webinars are recorded and available for purchanse. Visit www.nacmconnect.org/education/webinars-pre-recorded/

Anthony Bielby

Anthony Bielby is a Manager in the Unclaimed Property Practice in True Partners Consulting’s Chicago office. He has been a part of True Partners since 2015 during which time Anthony has specialized in unclaimed property consulting with a focus on the analysis, quantification and mitigation of potential unclaimed property exposure, as well as assisting with the strategic defense for unclaimed property audits and voluntary disclosure agreements.

WEBINAR REGISTRATION

Questions?

Questions? Contact Lillian Novak at lillian.novak@nacmcon or call 847.483.6478 Contact Lillian Novak at lillian.novak@nacmconnect.org nect.org or call 847.483.6478 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 9

NACM Connect Webinar Cost (per Webinar) $99 - Member, $198 - Nonmember (One coupon will be accepted)

JUST ADDED: IMPORTANT NEW WEBINAR YOU WON’T WANT TO MISS!

Lockdown in Rear View Mirror yet? with Expert Chris Kuehl Join us on: Thursday, June 4, 2020 10 - 11 a.m. CST

ABOUT THE WEBINAR Join us for an informative webscast and Chris Kuehl will discuss: • If all is going according to plan the May rebound should have yielded some results by now. Did the lockdown end? • Are there the signs of quick recovery that had been anticipated? • What happens from this point? Does the summer constitute a slow return to normal or are we now adjusting to a “new normal” whether we like it or not? Participation points are available for this webinar

Upcoming Webinar

June 10, 2020 Unclaimed Property Legislative and Litigation Updates

Presenters: Matthew Chenowth Troy Wangen

Pre-recorded

Webinars

All NACM Connect Webinars are recorded and available for purchanse. Visit www.nacmconnect.org/education /webinars-pre-recorded/

Time: 10 -11 a.m. CST

ABOUT THE PRESENTER Chris Kuehl

Chris Kuehl is the co-founder and Managing Director of Armada Corporate Intelligence, a company created in 1999 to provide strategy foundation, competitive intelligence, business analysis and economic forecasting for corporate clients. Chris is the editor and primary writer for several publications including Business Intelligence Briefs, Strategic Intelligence, and Business Credit Magazine. A frequent commentator for the media, he is a regular economic/business analyst for KMBZ radio and the local NBC affiliate in his native Kansas City, MO, and has been extensively quoted in national newspapers, magazines and trade publications.

WEBINAR REGISTRATION

Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION

MAY / JUNE 2020

PAGE 10

NACM Connect Webinar Cost (per Webinar) $99 - Member, $198 - Nonmember (One coupon will be accepted)

JUST ADDED: IMPORTANT NEW WEBINAR YOU WON’T WANT TO MISS!

Unclaimed Property Legislative and Litigation Updates Join us on: Wednesday, June 10, 2020 10 - 11 a.m. CST ABOUT THE PRESENTERS

ABOUT THE WEBINAR Over the past year there have been a number of significant changes to state’s unclaimed property laws (e.g., dormancy period changes, due diligence requirements, etc.), as well as a number of new litigation cases surrounding unclaimed property. Join us for an informative webcast that

Troy Wangen

summarizes the changes to unclaimed property laws that will affect your compliance process, as well as a look at how the current litigation client may have a lasting impact on unclaimed property compliance.

Participation points are available for this webinar

Pre-recorded Webinars

All NACM Connect Webinars are recorded and available for purchanse. Visit www.nacmconnect.org/education/webinars-pre-recorded/

Matthew Chenowth

Troy Wangen is a Managing Director in the Unclaimed Property Practice in True Partners Consulting’s Chicago office. He has extensive experience in unclaimed property consulting, specializing in the development of strategic defense for unclaimed property audits, and the analysis, quantification and mitigation of potential unclaimed property exposure. Matthew Chenowth is a Director in the Unclaimed Property Practice of True Partners Consulting LLC. Matthew has extensive experience in unclaimed property consulting, specializing in the development and implementation of planning opportunities, as well as the performance of comprehensive diagnostic reviews, and audit defense.

WEBINAR REGISTRATION

Questions? Contact Lillian Novak at lillian.novak@nacmconnect.org or call 847.483.6478 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 11

News

COVID-19 Legislative Update Summary and Current Outlook PACE LLP Government Relations

ocial distancing necessitated by COVID-19 has shut down more than 60% of the U.S. economy, creating a unique, temporary recession combined with the largest spike in unemployment in U.S. history. Congress has addressed this in a series of three legislative packages, to provide emergency funding for existing programs, as well as to help stabilize businesses that have had to shut their doors during the crisis. The largest of the three packages by far was the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The legislation included several new programs to support businesses that maintain their payroll, along with other liquidity programs to keep larger business afloat during social distancing. A summary of the minor collections provisions is included below.

“

Collections Provisions Included in the Final CARES Act The CARES Act included one section dealing with bankruptcy, which is

We recommend members reach out to their House Member and their two Senators in opposition to S. 3565 and provisions that harm American manufacturers’ ability to recoup losses in the event of bankruptcy.

Members of Congress have since left Washington, DC, to be in their home districts during social distancing and aren’t expected to return until May 4th at the earliest. While initially Speaker Pelosi wanted to move onto the next COVID-19 stimulus package with a focus on infrastructure, talks have shifted to another bipartisan round of economic stability measures and funding, similar to the CARES Act.

summarized below. All of the provisions will sunset after one year, returning back to current law. • Temporarily increases the eligibility threshold to file under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code to businesses with less than $7,500,000 of debt. The increase sunsets after one year and the eligibility threshold returns to $2,725,625.

THE INTERCONNECTION

• Amends the definition of income in the Bankruptcy Code for Chapters 7 and 13 to exclude coronavirusrelated payments from the federal government from being treated as “income” for purposes of filing bankruptcy. • Clarifies that the calculation of disposable income for purposes of confirming a Chapter 13 plan shall not include coronavirus-related payments. • Explicitly permits individuals and families currently in Chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years after their initial plan payment was due. Concerning Collections Provisions Introduced in the House and Senate Two bills were introduced in the House and Senate that, while they are very unlikely to advance, are concerning. We recommend members reach out to their House Member and their two Senators in opposition to S. 3565 and provisions that harm American manufacturers’ ability to recoup losses in the event of bankruptcy. You can call MAY / JUNE 2020

PAGE 12

News the Capitol Switchboard at 202-2243121, or send an email by visiting your Congressperson’s website. H.R. 6379, the Take Responsibility for Workers and Families Act (Lowey, D-NY) Negotiations leading up to the passage of the CARES Act involved lawmakers introducing many new legislative ideas, with an expectation that many would not be included in the final package. At one point, negotiations broke down for nearly a week, and House Democrats introduced their own version of the CARES Act, H.R. 6379, that was effectively their “wish list.” H.R. 6379 was largely ignored as the two sides came together eventually to pass the much more bipartisan CARES Act. As soon as progress started again on the CARES Act, H.R. 6379 was discarded, and hasn't seen any movement. We do not expect it to advance. Summary of H.R. 6379 Collections Provisions H.R. 6379 contained language that would significantly impact debt collection throughout the duration of the emergency declaration. The prohibitions and limitations would go into effect on the date the bill is signed into law and would expire upon the termination of the national emergency declaration from the Federal Emergency Management Agency (FEMA). There are some actions which could not be commenced or continued until the 120-day period following the end of the COVID-19 emergency, which are noted below. While debt collection which began before the date of enactment could continue, there would be serious curtailment of mechanisms to recoup payment. A debt collector—which would, by definition in the bill, include all NACM members—would not be able to do the following during the duration of the emergency: 1. Capitalize unpaid interest; 2. Apply a higher interest rate triggered by nonpayment; 3. Charge a fee triggered by nonpayment;

4. Sue or threaten to sue for nonpayment; 5. Continue litigation to collect a debt that was initiated before the emergency; 6. Submit or cause to be submitted a confession of judgment to any court; 7. Enforce a security interest through repossession or foreclosure; 8. Take or threaten to take any action to enforce collection of debt or for nonappearance at any hearing relating to a debt; 9. Commence or continue any action to collect a debt through garnishment of wages or Federal benefits, until after the 120-day period following the end of the emergency; 10. Cause or seek to cause the collection of a debt by levying funds from a bank account or by seizing any other assets of a consumer, until after the 120-day period following the end of the emergency; 11. Evictions; or 12. Disconnect or terminate utility services. Collectors also would not be able to add any interest or fees to the debt collection once these restrictions have been removed, following the termination of the emergency declaration. The bill also would mandate that collectors communicate with consumers in writing only during the COVID-19 emergency and that the communication must indicate that it is for informational purposes only and not an attempt to collect a debt.

Policy-wise, S. 3565 is substantively almost identical to the debt collection language proposed in the House appropriations bill, H.R. 6379. The primary difference is that the time period begins the day after the president declared a major disaster and/or the day after the date of enactment of the Act and ends 120 days after the end of COVID-19 emergency. This means that some provisions could be back-dated to March 11, 2020, the date of the federal emergency declaration, and that all prohibitions/ restrictions would terminate 120 days following the end of the emergency declaration, as opposed to only a few provisions in the House bill that include this extended timeframe. The bill would go into effective whenever the president declares a national emergency (but would not apply in the event of a regional emergency, such as a hurricane). S. 3565 includes the same restrictions and prohibitions on collecting a debt as H.R. 6379, including prohibiting the addition of fees or interest on past due balances following the end of the incident period, and also mandates communication in writing only and for the sole purpose of providing information.■

S. 3565, Small Business and Consumer Debt Collection Emergency Relief Act of 2020 (Brown, D-OH) S. 3565 has, similarly, seen little attention. Originally introduced on March 22, the bill has not gained any additional cosponsors, indicating that Sen. Brown is not aggressively pushing the bill or asking other Senators to support it. We have not heard anything about the bill from Financial Services Committee staff. At this point, it remains just a messaging bill for the Senator.

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MAY / JUNE 2020 PAGE 13

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To find a CLLA Certified Agency near you visit www.clla.org/certification. THE INTERCONNECTION

MAY / JUNE 20200

PAGE 14

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News

Securing the Credit Department and Avoiding Coronavirus-Related Fraud While Working from Home Michael Miller, Managing Editor NACM

raudsters will exploit just about anything if it means walking away with some financial or other confidential information—and that includes putting the COVID-19 pandemic to criminal use. Once the first U.S. case was reported in midJanuary, many capable businesses, including their credit professionals, began operating remotely to comply with the nation’s social distancing efforts. Unlike many workplaces and their top-of-the-line technical security features, home offices aren’t necessarily as equipped, therefore, increasing the risk of a potential breach. In addition to utilizing previous anti-fraud measures, credit managers should be wary of coronavirus-related fraud to further protect company information from unwanted exposure. The Federal Trade Commission (FTC) has identified several coronavirusrelated scams currently roaming the business-to-business credit industry, some of which are already familiar to credit professionals, albeit with slight twists. First and foremost is the business email compromise scam (BEC) when a fraudster communicates with a company via email and impersonates the company’s CEO or another higherup to get confidential information. FTC states criminals are leaning on this tactic because companies are engaging in “a flurry of unusual financial transactions” during COVID-19, including expedited orders, cancelled deals, refunds, etc. “That’s why an emergency request that would have raised eyebrows in the past might not set off the same alarms now,” FTC reported. “Compounding the problem is that teleworking employees can’t walk down the hall to investigate a questionable directive.” Working remotely also makes companies more prone to tech scams. Similar to BEC fraud, IT scams are occurring with

criminals impersonating an employee from a company’s technology support staff and then offering to fix a tech issue or sharing a new link for software. To fix the “issue,” FTC states, the fraudster requires access to the individual’s computer and, if granted, could lead to financial and/or confidential exposure. Clicking on fraudulent links could also lead to similar losses. With credit professionals now working from home, businesses either already have plans in place for secure remote working or are attempting to establish external security features. The former applies to Credit Manager Margaret Thompson, who said her company, Samuel, Son & Co., implemented a couple of steps within the past year due to a few instances of outside hackers attempting to access their data. Thompson said they have dual Microsoft verification that requires them to send a code to their cell phones when they need to enter the systems from outside the office on non-office equipment. Employees also have tokens provided by the company that sends a passcode allowing them to access and enter their network from home through a separate VPN connection.

THE INTERCONNECTION

“Even with this, perpetrators have attempted to access [our information], as I have received Microsoft verification attempts at the strangest times of day, including on the weekends and in the early morning hours,” she said. “Our IT department traced these back to foreign countries on the other side of the world. I have been told these attempts are made to anyone who does business in the money world.” Per the Payment Card Industry Data Security Standard (PCI DSS), Samuel, Son & Co. created a credit card form that customers must complete. Customers can only confirm the last four digits of their credit card number as well as the security code and expiration date, Thompson noted. Then, the company’s system will store the credit card and expiration date but not the CVV code. If the company does not have the card on the customer’s profile, they will personally contact the customer to obtain the complete credit card information from them. The customer information is completed over the phone when appropriate and the necessary documents are shredded if the customer has sent it via email. Credit card information on the customer’s profile is only kept if the customer gives the MAY / JUNE 2020

PAGE 16

News

Coronavirus Sparks Rise in Fraud Michael Miller, Managing Editor NACM company permission. “I do not think we have seen any evidence of fraud in the credit arena during this pandemic,” Thompson said. “I would just tell others to be smart—do not take unnecessary risks and if it something seems shady, it probably is.” After more than a month of working from home, MPW Industrial Services Credit and Collections Manager Lee Tompkins, RGCP, said all of his direct reports and those of all employees working from home connect to the company’s servers through a VPN. Prior to everyone working remotely, all employees had to take two online courses a training team put together months ago from the company’s Learning Management System. Those two courses covered working remotely and how to be safe with the internet as well as phishing scams and what emails should and should not be opened. “I’m of the opinion we are just as safe working from home as we are working in the office,” Tompkins said. “We still have some vulnerability at the office and that would apply to home as well. Those attacks mainly come via emails that contain links that could compromise our servers.” ■

Where there's a will, there's a way, and fraudsters are taking that proverb to heart amidst the COVID-19 outbreak. According to cybersecurity firm Proofpoint Inc., phishing attacks have increased dramatically since January as criminals send emails posing as legitimate businesses. The Wall Street Journal (WSJ) reported Proofpoint's findings that showed fraudsters are discussing the coronavirus in their emails to businesses in an effort to gain their interest. If a business opens the email, it enables fraudsters to release malware. Sherrod DeGrippo, Proofpoint's senior director of threat research and detection, told WSJ many coronavirus emails are sent every work day, more frequent than those with natural disasters or large public events. "We don't typically see events like that," DeGrippo said in the article. "Natural disasters are very localized; events like the Olympics come and go and I think something like the Olympics doesn't get the clicks that a health scare would." The founder of Houston law firm R. McConnell Group PLLC, Ryan McConnell, told WSJ these emails often use a company's logo, offering news and updates on the outbreak to get clicks. In other instances, the fraudulent party may

THE INTERCONNECTION

send businesses a fake purchase order for medical supplies and request a wire payment in return. Criminals are even impersonating organizations as prominent as the Center for Disease Control and World Health Organization to appear reputable, DeGrippo noted. "The Center for Disease Control and World Health Organization fakes, candidly, haven't been very sophisticated," added Bart McDonough, chief executive of cybersecurity firm Agio LLC, in the WSJ article. "I think they will improve their level of sophistication as this starts to hit wealthier nations." Steve LaFalce, national credit manager at EIS, Inc., in Atlanta, Georgia, said he experienced phishing in his credit department when he received an email from the company's former CEO asking LaFalce to "complete a task for me discreetly." LaFalce said he knew the former CEO would not reach out to him that way. The most important thing to do is remain cautious and ask questions, he said. In a recent NACM survey on fraud, only a third of losses were recovered on average. "If something doesn't seem right, dig a little, and reach out to your credit manager if you need help," LaFalce said. "Not all transactions that have these red flags are frauds." ■

MAY / JUNE 2020 PAGE 17

News

Credit Managers Push Forward During COVID-19 Andrew Michaels Editorial Associate, NACM

OVID-19 has proven to be a wake-up call for the business-tobusiness credit industry around the country. No matter their line of work or company size, credit professionals have no choice but to adapt as quickly as possible to state- and countrymandated changes, all while sustaining daily operations. NACM reached out to credit managers to hear how their companies’ credit departments are trying to stay on course as well as the professional struggles, such as limited staff, revenue loss and customer satisfaction. Janet Nutt Corporate Credit Manager, GLT Companies, Solon, Ohio GLT Companies is deemed an essential business because it is the material supplier to many essential businesses such as hospitals, power plants, automotive, etc. The company provides supplies in all 50 states and internationally, with four distribution sites in Ohio, North Carolina, Texas and California.

“

The most difficult thing I am encountering right now is the cash forecasting...

“The most difficult thing I am encountering right now is the cash forecasting as I try to reach out to our customers to see if they are still in operation and whether working remotely is going to affect their ability to cut checks,” Nutt said. “I think everything is changing on a day-today basis for us all. While I see our major distributors and customers are continuing to pay as usual, the customers already in distress are

reaching out to request extended terms or not reaching out at all with the hope that we will assume they are not open for business.”

over the day-to-day operational issues. We are anticipating some challenges in collections but are currently not increasing any limits.”

The corporate credit manager said they have already had a couple of former accounts reach out to request terms be reinstated because their current supplier is closed. GLT Companies reviews each request for an extension of credit, Nutt noted, keeping in mind this could strengthen the customer relationship in their time of need. The company also understands there are unacceptable risks in supplying to those that are not creditworthy.

New accounts will be under additional scrutiny, Woodward-Haas added, and existing accounts are being examined in regards to exposure and capacity to pay, with the potential to reduce lines as needed.

GLT Companies instituted split shifts among staff at the start of COVID-19, working remotely when possible. Nutt said she is one of the two employees in the credit department who alternates going into the office to collect and deposit checks. Connie Woodward-Haas, CCE Credit Manager, Steelscape, LLC Kalama, Washington As a steel manufacturer, Woodward-Haas said Steelscape’s products are critical, therefore, the company must keep the plant operational. At this time, personnel are working remotely— including the credit department—while those on site are practicing social distancing.

“

We are in constant contact with one another over ... operational issues.

“We already had worked to reduce paper retention and had created methods of sending and retaining our information electronically. This has helped us immensely in retrieving information remotely,” she said. “We are in constant contact with one another

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Val Hardesty, CCE, CICP Director of Credit, Elevate Textiles Mount Holly, North Carolina Business is slowing, but Hardesty said Elevate Textiles is optimistic they will continue to service the needs of their customers with the service and quality the customers have grown accustomed to. However, adjusting to the new operations didn’t come easy.

“

We have...all ...we need to replicate our office work stations at home.

“We were not ready to work remotely as far as technology goes, but our IT staff jumped in and within a couple of weeks, all 15 of us started working remotely last week,” she said. “We now all have laptops, Zoom licenses, internet-based phone systems, and all the hardware we need to replicate our office work stations at home.” Daily operations are moving forward as credit managers dial for dollars and the sales force assists with collection efforts. After the pandemic, Hardesty said she suspects the way the company communicates will change, in that they will likely rely more on technology and continue to be a paper-free department. “We all certainly plan to come back to the office in full force, and can’t wait to rejoin our colleagues once again,” Hardesty said. ■ MAY / JUNE 2020

PAGE 18

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MAY / JUNE 2020 PAGE 19

Member Spotlight

NACM Connect Member Spotlight Dwayne Logan

s we look forward to the end of social distancing, please listen to Dwayne Logan discuss how NACM Connect Credit conferences have helped him. Dwayne was filmed during the 2019 Chicago NACM Connect Credit Fiesta Conference, Currently a credit manager, Dwayne has attended 7 NACM Connect Credit Conferences! Dwayne applies what he learns at the conferences to his job and shares what he learns with his colleagues. Dwayne is also involved in the SAP User Group and is a former student of the NACM Connect Institute Of Credit. We miss seeing all NACM Connect Members ■ Dwayne Logan, Global Credit Manager at Shure Inc, talks about attending NACM Connect Conferences. View Dwayne's video at NACM Connect's YouTube Channel. The above photo of Dwayne Logan is linked to the video.

CRAIG’S

CREDIT CORNER WHAT IS NEW AND EXCITING IN THE WORLD OF CREDIT INFORMATION TOOLS THAT HELP MITIGATE RISK.

Craig Smith, Director of NACM Connect Credit Report Solutions

NACM Connect Credit Report Solutions ONE PLATFORM, BETTER DATA ONE CONTACT, BETTER SERVICE ONE RESOURCE, BETTER RESULTS These are truly unusual times and I want you to know our team of experienced credit solution consultants are here to assist you and your departments. If you are looking for advice on which credit bureau would best meet your needs to determine credit risk on companies in your industry or for more cost effective programs to meet your new budget limitations, just reach out to one of our consultants listed below: • Craig Smith – Chicago and surrounding suburbs Craig.smith@nacmconnect.org 847-354-1248 • Neil Cline – Wisconsin, Nebraska, Northern and Western IL Neil.cline@nacmconnect.org 847-483-6469 • Rich Steinkoenig – Missouri, Kansas, Michigan, Central IL Rich.steinkoenig@nacmconnect.org 314-677-2804 • Darren Greene – New York, Ohio (except SW Ohio) Darren.greene@nacmconnect.org 614-406-5884 • Jim Kelly – SW Ohio, Indiana, Pennsylvania Jim.kelly@nacmconnect.org 513-795-1740

Contact Craig Smith, Director of Credit Solutions by calling 847-483-6484 or visit www.nacmconnect.org and click on Credit Report Solutions.

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MAY / JUNE 2020

PAGE 20

NACM Connect Credit Reporting Solutions

ACCESS ALL

THE SOLUTIONS IN ONE PLACE Shop and compare all these credit Bureaus with one contact person. Be sure to ask about our FREE trial offers.

We provide a full suite of credit reporting solutions exclusively to NACM Connect members at deep discount pricing. We pass big savings to you through our volume purchasing and National Buying Discount. We assist with setup, training and support for all products and solutions. Let us help you increase efficiency, reduce costs and maximize profitability for your organization.

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U.S. OPTIONS OPTION

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Questions? Contact Craig Smith @ craig.smith@nacmconnect.org or call 847.483.6484 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 21

Credit Group Meeting Calendar NACM Connect Illinois/Wisconsin Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 12

Masonry Credit Group

Zoom Meeting

May 12

Electrical Distributors Credit Group

Zoom Meeting

May 13

Institutional Credit Association Credit Group

Zoom Meeting

May 14

Northern Illinois Heating & Plumbing Wholesalers Credit Group

Zoom Meeting

May 18

International Credit Professionals Credit Group

Zoom Meeting

May 19

Metal Distributors Credit Group

Zoom Meeting

May 19

Floor Covering Credit Group

Conference Call

May 19

Building Suppliers Credit Group

Zoom Meeting

May 21

Ad Media Credit Group

Zoom Meeting

May 28

Basic Material Credit Group

Zoom Meeting

NACM Connect - Missouri/Kansas Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 8

Central Illinois Electrical Group

Zoom Meeting

May 14

KC Building Group

Zoom Meeting

May 19

Midwest Food Credit Group

Zoom Meeting

May 20

Gateway Electrical Distributors Credit Group

Zoom Meeting

May 22

Refrigeration Warm/Cool Air Suppliers Credit Group

Zoom Meeting

NACM Connect - Nebraska Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 12

Nebraska Builders Credit Group

Conference Call

NACM Connect - Pennsylvania Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 13

Building Trades Group

Conference Call

May 19

Construction/Plumbing & Heating Group

Conference Call

May 20

Food Group

Conference Call

May 26

Electrical Suppliers Group

Conference Call

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MAY / JUNE 2020

PAGE 22

Credit Group Meeting Calendar NACM Connect Indiana/Michigan/Ohio Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 7

Michiana Credit Association Credit Group

Conference Call

May 12

Electric Industrial Supply Credit Group

Conference Call

May 12

Fort Wayne Building Materials Credit Group

Conference Call

May 13

West Michigan Heating & Plumbing Wholesalers Credit Group

Conference Call

May 14

Lumber & Building Materials Credit Group

Conference Call

May 14

Indiana Wholesale Floor Covering Credit Group

Conference Call

May 14

Columbus Wholesale Electric Credit Group

Conference Call

May 19

Automotive Suppliers Credit Group

Conference Call

May 19

Indiana Electrical Suppliers Credit Group

Conference Call

May 20

Metal Service Center Credit Group

Conference Call

May 20

Indianapolis Building Trade Suppliers Credit Group

Conference Call

May 21

Michigan Electric Supply Credit Group

Conference Call

May 21

Cincinnati Dayton Wholesale Electric Credit Group

Conference Call

May 27

Cleveland/Akron/Canton Food Suppliers Credit Group

Zoom Meeting

May 27

Plumbing & Heating Wholesalers Credit Group

Conference Call

May 27

Cincinnati Construction Suppliers Credit Group

Conference Call

NACM Connect National Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 11

National Plumbing, Pipe & Heating Credit Group

Zoom Meeting

May 12

National Metal Industry Raw Material Group

Conference Call

May 13

National Home Centers Credit Group

Zoom Meeting

May 13

Northeast Regional Metal Distributors

Conference Call

May 14

National Consumer Products Credit Group

Zoom Meeting

May 15

National Circuit Board Group

Conference Call

May 21

National Manufactured Housing Credit Group

Conference Call

NACM Connect - New York Local Industry Credit Group Meetings DATE

GROUP

MEETING LOCATION

May 8

Buffalo Building & Construction Credit Group

Conference Call

May 12

Western New York Food Credit Group

Conference Call

May 13

Rochester Plumbing & HVAC Credit Group

Conference Call

May 19

Central New York Building Credit Group

Conference Call

May 21

Rochester Building Credit Group

Conference Call

May 26

Buffalo Plumbing & Electric Credit Group

Conference Call

THE INTERCONNECTION

MAY / JUNE 2020 PAGE 23

Caine & Weiner News

Caine & Weiner 2020 Quarterly Giveaways NACM CONNECT

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Place a collections claim with Caine & Weiner anytime during the months of April, May and June and become eligible to win a $150 Target gift card. Each claim you place will be eligible for the drawings. Enter as often as you like! For information on placing claims, please contact Jim McGee at 847-407-2348. You may also place a claim online at www.caine-weiner.com.

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MAY / JUNE 2020

PAGE 24

THE INTERCONNECTION

MAY / JUNE 2020 PAGE 25

NACM Connect Industry Groups

Have We Gotta Group for You! Make better choices, reduce outstanding delinquent receivables and write-offs by joining a group today! New groups are formed every day!

Join Today! NATIONAL

• Agricultural Credit Conference • Architectural Metal & Glass • Auto Glass • Circuit Board Suppliers • Christian Suppliers • Coated Paper & Film Manufacturers • Construction • Consumer Products Manufacturers • Electrical Manufacturers • Firearms & Ammunition • Foodservice Distributors • Garage Door & Operating Devices Manufacturers

• Home Centers & Buildings Materials • Home Healthcare Suppliers • Horticultural Distributors • International Flat Rolled Steel • Leisure Living Manufacturers • Lawn & Garden • Manufactured Housing • Meat Packers • Metal Buildings & Components • Metal Industry Raw Material Suppliers

• Metal Producers • Musical Instruments • Nursing Home Suppliers • Paper Packaging • Plumbing, Pipe & Heating

Manufacturers • Professional Apparel Manufacturers • Steel Mill Industry • Tool & Accessories Manufacturers • Truck, Trailer & Waste Equipment Manufacturers • Underground Utilities • Water Products

Network with other credit executives in your industry by joining an NACM Connect Industry Credit Group. Group members share invaluable factual credit information that may be used to make independent decisions with respect to the extension of credit. Discussions include shared information on common customers, the latest in technology for credit management and other creditrelated topics. Group members have access to expanded tradeline data from over 25 additional NACM affiliates participating in this valuable database enhancement at no cost. Group activities are monitored by NACM trained and certified administrators to ensure compliance with the Federal Antitrust Regulations.

Contact Themis Vlahos, CCE, CGA, Director of Group Services at (800) 935-6226 x6428 or themis.vlahos@nacmconnect.org ILLINOIS | NEBRASKA | WISCONSIN • Advertising Media • Basic Material • Building Suppliers • Electrical Distributors • Floor Covering & Wall Tile • Institutional Credit Association • International Credit Professionals • Masonry • Metal Distributors • Northern IL Heating & Plumbing Wholesalers • Nebraska Builders & Industrial Suppliers • Wisconsin Best Practices MISSOURI

• Agricultural • Caterpillar Dealers • Central Illinois Electrical Distributors • Electrical Distributors • Kansas City Building Materials • Mid Missouri Construction • Midwest Regional Food Service & Supply Purveyors

• Refrigeration & Warm/Cool Air Suppliers

INDIANA | MICHIGAN | OHIO • Automotive Suppliers • Cincinnati Construction Suppliers • Cincinnati/Dayton Wholesale Electric Supply • Cleveland/Akron/Canton Food Suppliers • Cleveland Foreign Credit • Columbus Wholesale Electric Supply • Ft Wayne Building Materials • Grand Rapids Electrical/Industrial Suppliers

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• Grand Rapids Lumber & Building Materials

• Indiana Electrical Suppliers • Indiana Wholesale Floor Covering • Indianapolis Building Trade Suppliers

• Indiana Best Practices • Metal Service Center • Michiana Credit Association – Manufactured Housing

• Michigan Electrical Supply • Plumbing & Heating Wholesalers • West Michigan Heating Wholesalers NEW YORK

• Albany Building Supply • Best Practices • Buffalo Building & Construction • Buffalo Plumbing and Electric Supply

• Central New York Building Supply • Central New York Food & Beverage Supply

• Rochester Building Supply • Rochester Plumbing and HVAC • Western New York Food & Beverage Supply

PENNSYLVANIA

• Pittsburgh/Altoona Building Trades • Pittsburgh Construction, Plumbing & Heating

• Pittsburgh Electrical Suppliers • Pittsburgh Food Suppliers • Northeast Regional Metal Distributors

USER AND SPECIALTY GROUPS

• Law Firm Forum • National SAP Credit & A/R Users

MAY / JUNE 2020

PAGE 26

NACM Connect industry Groups National Underground Utilities Supply Credit Group Louisville, Kentucky

Industry Credit

Groups

Notes from Themis: Stay Connected with NACM Connect! Face to face group meetings are the best way for group members to meet, network and discuss industry payment trends and hot topics. During this coronavirus pandemic with travel bans and stay-at-home executive orders, group members need to stay connected with each other to stay on top of how this crisis is affecting their industries. NACM Connect Industry Credit Groups are still meeting during the pandemic lockdown via Zoom video conferencing and conference calls. These calls give group members an opportunity to see a friendly face, or to talk business, and everything in between. The response to these calls has been overwhelmingly positive because it has provided an outlet to get real-time information from other group members. With Zoom meetings, members can turn on their camera–or choose to turn off their camera–and participate via audio. Group members always follow federal, state and local Anti Trust rules and regulations during all meetings. ABOVE: Themis Vlahos, CCE, Director of Group Services at NACM Connect (right) snaps a selfie with some group members in Louisville, Kentucky in March of this year.

A few of our groups have held Board Meetings and educational presentations via Zoom. One presentation addressed the challenges of working remotely and how to best manage your workforce who are now working from home. The only thing missing was the group dinner! Moving forward, NACM Connect has ideas for some virtual experiences to keep things interesting. For local groups that usually would meet for lunch, we have suggested that each member order their lunch from a local restaurant so that we can all “dine” together during our meeting. This way we are virtually re-creating the setting of the meeting while also supporting our local restaurants. It’s fun to see the virtual backgrounds during a Zoom call or the random cat that walks across the laptop. And, of course, the barking dogs in the background and kids wandering in and out of the camera frame during the call. It’s the new normal and we are all adapting to it.

Member must the referring press gift card, Ex information to n ct ca eri nta e their co the $50 Am er and provid mb * To qualify for join an NACM Me st p mu ou ospect spective Gr to follow up. Pr t ec contact the pro nn Co ive from NACM a representat it Group. Connect Cred

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So, in a climate of uncertainty, getting back to the basics of good old-fashioned communication is keeping our groups grounded and in touch. Participating and exchanging information confirms the value of being a member of an industry credit group. ■

MAY / JUNE 2020 PAGE 27

Member News

elcomeres W emb New Members New M

Welcome New Members & Reps

Aleris International, Inc. Michael Anderson

OMG, Inc Peg Cecchetelli

Danielle Barnett Dicor Group

Americas International Inc. Debbie Cotts

Oremus Material LLC Theresa Syarto

Anixter Jonathan Walsh

Parkslte Inc. Marlene Dulac

Courtney Lauck Factory Direct Appliance, a Ferguson Enterprise

Anixter Igor Romasenko

Sugar Felsenthal Grais & Hammer LLP Jonathan Friedland

Anixter Josh Searles Anixter James Xie Autodesk Inc. Isabelle Perry Capitol Group Sally Redding CE Power Stephanie Combs Cherokee Building Materials, Inc. DBA Wildcat Materials, Inc. Kris Hogan Donnelley Financial Solutions A.J. Sagen Earle M. Jorgensen Company Russ Lee Elkay Melanie Ivanic Engineering Services and Products Company Ashley Farrah Ferguson Electric Construction Inc. Nikola Oehm Habegger Corporation Kat Taylor Hendrickson Trailer Shelly Burkheimer J Hill-Rom, Inc. Rebecca Osborn Joseph T. Ryerson & Son, Inc. Melissa Houston O W Lee Company, Inc. Martha Hernandez

NEW REPRESENTATIVES Jeremiah Johnson A. Finkl & Sons Co. Jill Hollingsworth American Bath Group Ellis Lora-Arceo Anixter Inc. Mark Babilonia Anixter Inc. Victoria Hinojosa Anixter Inc. Jake Meier Anixter Inc. Ryan Nash Anixter Inc. Jackie McMillin Barrett Paving Materials, Inc. Pam Barnett Boelter Co. Debbie Harrington Brede Tool & Supply Jessica Napier Bryan Equipment Sales Inc Chris Lipka Cedar Crest Dairy Inc Angela Hornsby CL Products International, LLC Barbara Bruns Corcentric Paul Rennie Dickie McCamey & Chilcote PC

THE INTERCONNECTION

Christine Fischer Fairchild Equipment (Yale Matl Handling) Batool Alsamadi Ford Hotel Supply Co. Mike Prochnow Foremost Farms, USA Rebecca Behn Foremost Farms, USA Tim Donahue Formica Corporation Renee Childers Georg Fischer LLC Matthew McClintock Goldstein & Mcclintock LLLP Amy Freed Guardian Protection Services I Terrence Gaither Hickman Williams & Co Colin McKelvey Johnstone Supply Of Central New York Rebecca Patenaude Keystone Technologies Steve Merritt Knapp Supply Co Inc Linda Litschgi Lincoln Industrial Corporation / SKF Karen Filipski Little Falls Lumber Cindy Ward Lyman-Richey Corp. Angie Moore Olympic Steel, Inc. Rob Vold ProPartners Financial Francine Templeton Reaxis Inc MAY / JUNE 2020

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Member News

James Tanada Seko Worldwide Stephanie Makin Speedgrip Chuck Co. Carla Alger Two Old Hippies LLC Becca Gmeindl Uline Ben Domina Uline Luis Ruiz US Tsubaki Inc. Dave Clark Wow Logistics Company

Seeking Remote Talent or Seeking Remote Employment? We Can Help!

orking from home has become the ‘new normal’ as companies prioritize the health and safety of their employees during Coronavirus. Finding the right candidate during this time is critical for every company’s success.

Did You See It? 20 Benefits/20 Giveaways for 2020 in April once again offered chances to win big! How big? Be sure to enter our next drawing. Look for the NACM Connect emails in your inbox. If you don't see it, check your junk or spam folder. If there, select and right click on the email. Scroll down to 'Junk.' Scroll right and select "Never block sender's domain." Congratulations to all of the winners!

Midwest Business Staffing has helped our member companies, by successfully placing remote employees to assist with critical functions in their credit and collections departments. Let us assist you by finding the most qualified remote employee! Whether you are seeking talent or seeking employment, Midwest Business Staffing can help you find the right match! For over 20 years Midwest Business Staffing has been helping companies and job seekers achieve their workforce goals with staffing solutions that meet their unique needs. From flexible, temporary staffing to direct-hire positions, Midwest Business Staffing services offers a broad selection of employment verification and screening processes, as well as focused recruiting in the areas of B2B, commercial credit, collections, accounts receivable and deductions. For more information, contact: Dorann Guenard, Regional Recruiter Phone: 847-483-6434 or email to dorann.guenard@nacmconnect.org www.NACMMidwestStaffing.org

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MAY / JUNE 2020 PAGE 29

An NACM Connect Company

Spring Special

$650 SAVINGS

Exclusive to NACM Connect Members Spring Savings have Sprung! Plan now for your staffing needs and SAVE BIG with Midwest Business Staffing! Now through June 19th, 2020 receive $650 off each Direct Hire fee and $650 off each Temporary placement.* Contact Dorann directly at: 847.483.6434. Dorann Guenard, Regional Recruiter, Midwest Business Staffing dorann.guenard@nacmconnect.org

* Candidate must work a minimum of 80 hours to qualify for the discount on temporary services.

Offer good in Illinois, Indiana, Wisconsin, Missouri, and Kansas.

The Gold Standard in Unclaimed Property Advisory Services • Audit Defense • Voluntary Disclosures • Exposure Quantification

• Annual Compliance • Policies and Procedures • General Consulting

MAY / JUNE 2020

PAGE 30

News

CMPFDC CARES Act to Impact Small Business Bankruptcy NACM National

he $2 trillion economic stimulus package is on its way to businesses and individuals across the U.S. Officially named the Coronavirus Aid, Relief and Economic Security Act (CARES Act), President Trump signed the act into law at the end of March to help those being impacted by the outbreak of COVID-19. The CARES Act modifies the newly implemented Small Business Reorganization Act (SBRA), which was passed to help those with smaller debts and with small businesses go through what could be a very expensive process in Chapter 11 bankruptcy. As it was originally passed, the SBRA threshold to file under Subchapter V of the Chapter 11 Bankruptcy Code was roughly $2.7 million of debt. The CARES Act raises that threshold to $7.5 million, allowing the potential for more small businesses to file under the plan should they struggle during the pandemic. The dollar amount increase lasts for one

“

ceiling, many small businesses that are financially distressed due to the COVID-19 environment could fall through the cracks—too big for the more efficient and cost-effective SBRA Chapter 11 process, yet too small to

This, in turn, is good for creditors ... Where the alternative is a customer’s liquidation, it is better for the customer to have a viable option to reorganize which, ... creates the opportunity for the supplier to preserve the ongoing business relationship going forward.

year. However, there is the fear in the credit community the increase has the potential of sticking around longer or growing in dollar amount. This increase gives smaller businesses the opportunity to file Chapter 11 bankruptcy that wouldn’t have had the chance under the lower threshold. “Absent this increase in the debt

afford or survive a traditional Chapter 11 which is more expensive and less efficient,” said Jason Torf, partner with Ice Miller LLP. “As a result, without the increase, many companies that exceed the lower debt ceiling under SBRA but fall under the higher ceiling under the CARES Act could end up failing without any reasonable prospect of using bankruptcy to reorganize,” he said.

THE INTERCONNECTION

“This, in turn, is good for creditors, in my view. Where the alternative is a customer’s liquidation, it is better for the customer to have a viable option to reorganize which, if successful, creates the opportunity for the supplier to preserve the ongoing business relationship going forward. In addition, the prospect of recovery on prepetition claims often is better in a successful reorganization than in a liquidation. This is a win-win for creditors,” Torf added. a) However, there are risks for creditors. “Many creditors are themselves small businesses and this could very easily have a snowball effect,” said Val Venable, CCE, CICP. “I’ve sat on creditors’ committees and seen otherwise solvent companies become insolvent due to a preference action or even just the act of the debtor’s automatic stay eliminating the cash flow from the creditor,” Venable said. “They in turn had no other option but to themselves file an insolvency action or have their bank foreclose and force them out of business. The larger the pool of exceptions, the more this will become a deep hole.” ■

MAY / JUNE 2020 PAGE 31

News

Payment Terms Pushback Quandry Faced By Credit Grantors: Legal? Ethical? Fight Back Or Give In? And... How Do You Rein In Your Sales Force Anyway??? Wanda Borges, Esq. Borges & Associates, LLC GOAL OF ANTITRUST STATUTES: Most salespersons do not think of antitrust when they are out trying to make the sale. Uppermost in their mind is “Can I get this company to buy product from my company; and what kind of deal do I have to make in order to ‘make the sale’”? You, the Credit Executive, must teach your sales force what the Antitrust statutes are all about. The Antitrust Statutes were developed to 1. Protect economic freedom and opportunity by promoting free and fair competition in the marketplace. 2. Provide opportunity to business to compete on price and quality, in an open market and on a level playing field without anticompetitive restraints 3. Provide a benefit to American consumers with lower prices, better quality, greater choices What most sales personnel do not think about is that credit terms equals price. The U.S. Supreme Court (Catalano, Inc. v. Target Sales: 1980) ruled that “credit terms must be characterized as inseparable part of price”. ROBINSON PATMAN ACT (1936) The Robinson-Patman Act was designed to prevent discriminatory practices adversely affecting free competitive enterprise, to preserve competition generally, and to protect small businesses which are usually unable to buy in quantity against large competitors. It is equally unlawful for any person

engaged in commerce to “knowingly induce or receive a discrimination in price” It may be discriminatory to offer different terms and conditions to purchasers of the same goods. Unlike Sherman Act antitrust violations, there is no necessity for agreement, combination, association or conspiracy between two or more parties. One party, by itself can discriminate under the Robinson Patman Act.

Simply speaking, Robinsons Patman makes it illegal to sell the same or similar products at different prices to competing purchasers when competition will be impacted. The sales personnel must understand that “price discrimination” which includes extending credit terms may be a violation of the Robinson Patman Act.

The statute requires that at least two transactions must have occurred.

THINGS TO CONSIDER WHEN THE CUSTOMER (OR POTENTIAL CUSTOMER) TELLS THE SALESPERSON THAT “EVERYONE IS GIVING US BETTER TERMS”

Price Discrimination under the Robinson Patman Act includes:

a) Is the customer now or potentially generating a lot of revenue?

a) different price to different purchasers of commodities (goods which you can touch and feel)

b) Are you currently or will you lose business to competitors if you don’t give in to customer (or potential customer’s demands?)

b) differences in terms and conditions of sale c) preferential credit terms [Credit Terms Equals Price]

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c) Is this now or is there the potential of this customer being a large volume customer? d) Has the customer or potential MAY / JUNE 2020

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News customer threatened to go elsewhere? e) Are you an important vendor to this customer or potential customer? f) Is this customer or potential customer important top your company? HOW TO STOP THE CUSTOMER WHO IS MAKING THESE DEMANDS 1. Remind the Customer (and the salesperson) that there is a Credit Application in place with specific terms and conditions that must be adhered to 2. If there is a Long Term Purchase Order in place, those terms must be followed 3. Is there a signed contract in place (often in construction industry or with distributor agreements) with terms and conditions with which the customer must comply ACTION TO TAKE BEFORE MAKING ANY DECISION 1. Run a credit report. If the customer is not creditworthy, simply say “no” 2. Review the customer’s financials. If it is reluctant to give you financials, there may be a reason for that which will not be good for your company 3. Check with your credit group to find out how this customer is paying other vendors 4. Review the customer’s payment habits. If the customer has been slow in the past you should not want to extend your company any further than it already is extended. a) Has this customer been slow in the past? b) Are there legitimate reasons for slow pay such as disputes that have not been resolved c) Have you communicated with the customer over these disputes ESSENTIAL DISCUSSIONS WITH THE CUSTOMER The sales personnel is the best person to get to the root of why the customer is asking for special terms. Is the customer in serious financial difficulties or this is a temporary situation? Discuss with your sales force what special terms

your company can afford and for how long a period of time. If the customer has put its demand for special term into writing, then you, the credit grantor must also respond in a formal manner. GET EVERYONE INVOLVED If a formal demand is made for extended terms, this must go beyond just the credit department. Sales, Credit and Legal must work together to make the decision to extend terms or not to do so. PROTOCOLS TO PUT INTO PLACE Your company should implement guidelines and create protocols to handle requests for extended terms. These protocols should be followed in every instance. All decisions and communications should be documented. All decisions concerning adjusting or changing creditor terms should be documented and justified.

person responding simply and fairly to what is reasonably believable. This is a checklist which the credit and sales departments can use in determining whether or not this standard can be met. a) Name of the Customer seeking better/lower terms b) Name of the Competitor masking the better/lower offer c) Terms and Conditions of the offer e) Reports from other customers of similar offers f) Threats from the customer to terminate purchases if the better/ lower terms were not met or threat from the potential customer to go elsewhere if the better/lower credit terms are not met g) Efforts to corroborate by seeking documentary evidence h) Details as to what investigation was conducted ■

MEETING COMPETITION Of course, if it is a question of changing/ adjusting terms to meet competition, then there are very specific guidelines which should be followed. It is perfectly legal to adjust, raise or lower prices or terms if to do so is necessary to meet your competitors’ offers. A Vendor/Seller can defeat a claim of price discrimination by showing that the same price or credit terms are given to each identical (or similar) purchaser who is buying the same types or goods. In order to take advantage of the “meeting competition” defense, certain rules must be followed and these rules must be explained to the sales force. 1. The Credit Grantor must make every feasible effort to determine that there really is a better/lower price being offered. However, it is essential that the credit grantor NEVER ask or discuss this lower/better offer with its competitor. Ask your customer. Ask other customers. Look on your competitor’s website. 2. Salespeople must be cautioned to meet competition, not to beat it. 3. The standard for a “meeting competition” defense is that of a reasonable and prudent business

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MAY / JUNE 2020 PAGE 33

News

Extending Term Options for Creditors Michael Miller,Managing Editor NACM Fielding questions and receiving phone calls and emails from customers is all part of the job for credit professionals. It’s a daily occurrence for those who have a more involved customer-creditor relationship than others. But during uncertain times such as a natural disaster or a global pandemic, credit departments should be prepared to hear from customers a lot more often. While it’s usually the other way around—credit departments contacting customers for payment, data to complete credit applications, etc.—debtors are now reaching out to their creditors asking for help. As the coronavirus outbreak continues its course in the U.S. and abroad, businesses are being squeezed to operate within certain confines to support public health and safety. And while they follow the recommendations and guidelines, many businesses and industries are greatly impacted financially.

“

more customer-initiated contact. Almost half of all survey respondents said customer contact during the coronavirus is due to a request for an extension in payment terms. That was followed closely by the inability/unwillingness to pay invoices.

Credit departments are starting to feel the impacts of the coronavirus. NACM’s “Coronavirus Credit Impacts March 2020” survey ... Less than 10% of respondents said their credit department has not been impacted by the coronavirus.

Credit departments are starting to feel the impacts of the coronavirus. NACM’s “Coronavirus Credit Impacts March 2020” survey was conducted the last full week of the month with nearly 90% of the 549 responses collected on March 23. Less than 10% of respondents said their credit department has not been impacted by the coronavirus. Meanwhile, just over 10% reported

“Only a couple customers are asking for lengthened terms,” said Colin Dolan, accounts receivable manager with Northern Air Cargo in Alaska. He is more concerned about the drop in new customers than customers asking for extended terms.

who did, extended customers’ terms on average a quarter of the time. That’s up from 17% prior to the coronavirus outbreak. As many respondents said, they are working with customers who make reasonable requests; they are reviewed on a case-by-case basis. It is important to remember that terms are governed under antitrust laws and to make sure not to knowingly or unknowingly discriminate against customers. However, some credit departments are holding firm—almost a fifth noting they said no to extending terms or increasing credit lines. “Balances were created prior to [the outbreak;] they need to honor the terms they agreed to,” said one respondent. Some credit departments aren’t lengthening terms, but are allowing grace periods or are giving customers a little extra time to make payments. “I don’t see any reason for us to panic. … As long as money is coming in and we can pay our bills, we’re doing pretty well,” Dolan added. ■

While not all respondents received requests for extended terms, those

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MAY / JUNE 2020

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Merritt Search One of the best tools we use in the Chicagoland market is Merritt Credit Bureau. With their services we can check out a job to see if there are any mechanics liens or foreclosures. Between Merritt and our NACM Distributors Group, we can see almost everything going on in our marketplace. I heartily endorse both organizations. Norman Cowie, CCE, Director of Credit Paramont-EO, Inc.

avoid getting involved in a project that already has lawsuits with other suppliers, tax liens or mechanics liens in the chicagoland market.

To request a “Merritt History” search, complete the form located on the NACM Connect website under the Services tab. Choose Merritt Search from the dropdown menu. Your request will be submitted to Merritt Credit Bureau, Inc. Results will be returned directly to you.

►

Company name (as plaintiff & defendant) search: $40

►

Owner/Member/President search: $40

($36 when requested as an additional search w/company name)

►

Job site address search: $40

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State of Illinois UCC Search: $40

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Copies of UCC: $2 per page

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No information/Search fee applies: $40

For additional information, please contact Paula Slyder at 937.401.2710 or paula.slyder@nacmconnect.org THE INTERCONNECTION

MAY / JUNE 2020 PAGE 35

Institute of Credit (IOC)

CREDIT 101, CREDIT 102, CREDIT 103 Credit 101, 102 and Credit 103 are interactive and invite the class to give real world examples of the credit department environment. In each class, NACM Connect provides a textbook for each student to take back to the office and use as a reference guide. The intention of these courses is to teach students about credit and prepare them for the workplace. These classes also set the stage for continuing education in future seminars and Institute of Credit classes, in which students prepare to earn their professional designations.

CREDIT 101

CREDIT 102

CREDIT 103

Credit 101 is a basic-level orientation program that introduces newcomers to the multifaceted field of credit management. This session examines the credit function, the procedures and tasks performed in a typical credit department and how those procedures impact an entire organization.

Credit 102 is an intermediate-level program designed for inquisitive credit personnel who wish to exceed the basics of credit management. This professional educational program examines the underlying knowledge required to successfully function and advance in today’s ever-changing credit department.

Credit 103 is designed for mid-level credit professionals who would like to learn where they fit into the corporate structure and give them tools, which are not widely talked about and creating a positive impact on the mission of their credit department. This course is interactive and will include scenarios that will teach students ways to use the tools presented in the class.

CURRICULUM

• The credit department function • Credit investigation • Credit policy • The legal forms of business • Basic bankruptcy • Sales/credit relationship • NACM Connect Education and the Institute of Credit

• Legal issues and out-of-court settlements • Negotiable instruments • Bankruptcy • Financial statements • NACM Education and what it can do for you

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• The role of the credit department within an organization • An ethical look at the credit department • Choosing professional vendors • Putting the pieces together, how to use the tools • The importance of education and obtaining your certification

MAY / JUNE 2020

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Institute of Credit (IOC) Illinois

Members: $230 (per class) Non-Members: $460 (per class) Two coupons are valid per person

All classes are from 9 a.m. – 4 p.m.

(Continental breakfast at 8:30 a.m., lunch not included)

Location: NACM Connect | 3005 Tollview Drive Rolling Meadows, IL 60008

CREDIT 101

June 10 October 7

CREDIT 102

CREDIT 103

July 8

August 12

November 11

December 9

As a remote student you are able to take live classes via our videoconferencing platform from the comfort of your home or office.

Questions?

Contact Margaret Krafft at 847.483.6420 or margaret.krafft@nacmconnect.org All registrations for NACM Connect educational events are taken online at nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.

Please Note: • • • •

Payment must be received one week prior to class date “No Shows” will be responsible for full amount Classes subject to cancellation based on enrollment 0.6 CEUs available

Cancellation Policy: Cancellations must be received in writing (via fax, email or mail) no later than one week prior to the class date to qualify for a full refund. Cancellations received later than one week prior to the class date do not qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. A 20% surcharge applies to late registrations and rebooking. If you have any questions, email info@nacmconnect.org.

MAY / JUNE 2020 PAGE 37

Indiana

WEBINAR ZOOM MEETING INDIANA BEST PRACTICES DISCUSSION GROUP We understand that information in today’s credit world is vital. Participating in a Best Practices Discussion Group will provide you with credit-specific education, contacts in the local credit community and the opportunity to share ideas with fellow colleagues. About the Best Practices Discussion Group Unlike traditional credit groups, the NACM Connect Indiana Best Practices Discussion Group is not industry specific. Your entire company may attend each meeting including your associates, members of the credit department and even the CEO of your organization. Any NACM Connect member company is welcome to join the group. Each meeting will discuss best practices and no specific customers will be mentioned. About the Group Meetings Four times each year, the Best Practices Discussion Group will hold a roundtable discussion. Local meetings will be held in the Indianapolis, Indiana area. We will focus on various credit-related topics relevant to today’s business professional. NACM personnel, a member company or guest speaker will facilitate a lunch meeting. Annual dues are $250, lunch is billed separately.

Objectives of the Best Practices Discussion Group • Determine necessary improvements for your credit and/or accounting departments and organization.

Next Meeting Topic: Credit Terms Pushback and Enhanced Credit Agreements Guest Presenters: Tom Fawkes & Brian Jackiw Tucker Ellis LLP Date: Thursday, May 21 11:30 a.m. - 12:30 p.m. Location: Webinar/Zoom Meeting Information or to Register: Please contact Kelly Hall at kelly.hall@nacmconnect.org or 317.225.4281

• Analyze how other organizations achieve high performance levels. • Use gathered information to enhance your company’s performance.

nacmconnect.org THE INTERCONNECTION

MAY / JUNE 2020

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Indiana

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• Impact to DSO, Cash Flow, Working Capital • Overview and Benefits of Secured Transactions • Basic UCC Filings • Purchase Money Security Interest Filings • Chapter 7 and Chapter 11 Bankruptcies • Types of Filing: Which is Right for Your Situation? • Leveraging Default • Who Might Use these Tools? • Security Agreements and Financing Statements • Forms and Filing Rules • Recognizing opportunities to take security • Questions and Answers

Wednesday, July 8 Continental Breakfast: 8 - 8:30 a.m.

Registration Deadline: June 22

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UCC Filing Session: 8:30 - 10:30 a.m.

Presented By: Jerry Bailey, NCS 8:30 a.m. - 12:30 p.m.

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Lien and Bond Claim Session: 10:30 a.m. - 12:30 p.m.

Ferguson Enterprises LLC 4110 North Franklin Road Indianapolis, IN 46226

$139 – Members (One coupon accepted) $278 – Nonmembers

• What are Credit Managers Saying? • Impact to DSO, Cash Flow, Working Capital • Justifying the Credit • A Brief History • Types of Liens • Terms, Legal Procedures and Ladder of Supply • State Laws: Similarities and Differences • Foreclosure Considerations • Bonds: Definitions and Types • Miller Act • Public Improvement Liens • Questions and Answers

All registrations for NACM Connect educational events are taken online at www.nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.

All payments must be received one week prior to seminar date.

Cancellation Policy: Cancellations must be received in writing via fax, email or mail no later than one week prior to the meeting date to qualify for a full refund. Cancellations received later than one week prior to the meeting date DO NOT qualify for a refund of registration fees. Sorry, phone cancellations cannot be honored. If you have any questions, please email info@nacmconnect.org.

Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317.225.4281 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 39

Indiana

UCC/LIENS

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Thursday, July 9

9:30 a.m. - 1:30 p.m.

Registration Deadline: June 24

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UCC Filing Session: 9:30 - 11:30 a.m.

Presented By: Jerry Bailey, NCS Continental Breakfast: 9 - 9:30 a.m.

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Lien and Bond Claim Session: 11:30 a.m. - 1:30 p.m.

Don Hall’s Guesthouse Hotel/ Conference Center The Solarium Room 1313 W. Washington Center Road Fort Wayne, IN 46825

$139 – Members (One coupon accepted) $278 – Nonmembers

All payments must be received one week prior to seminar date.

Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317.225.4281 THE INTERCONNECTION

MAY / JUNE 2020

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Michigan

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Tuesday, July 21

Continental Breakfast: 8 - 8:30 a.m.

Registration Deadline: July 2

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UCC Filing Session: 8:30 - 10:30 a.m.

Presented By: Jerry Bailey, NCS 8:30 a.m. - 12:30 p.m.

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Lien and Bond Claim Session: 10:30 a.m. - 12:30 p.m.

Belher-Young Co 4900 Clyde Park Avenue SW Grand Rapids, MI 49509

$139 – Members (One coupon accepted) $278 – Nonmembers

All payments must be received one week prior to seminar date.

Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317.225.4281 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 41

New York

2020 Eastern and Western New York

Roundtable Discussion Series Roundtable discussions are a great opportunity to review, discuss, question and learn best practices with credit professionals of countless experience and backgrounds, across various industries and company sizes. It is a great opportunity to network with other credit professionals that you can later reach out to regarding the roundtable discussion or other related credit processes or circumstances. They are equally beneficial to both the newer and the more experienced. - Chuck Levy, CCE Credit Manager, Fabick CAT

Open Forum

Benefits of NACM

Buffalo - July 15 Rochester - July 16

Buffalo - August 19 Rochester - August 20

(Bring any topic you want)

Moderator: TBD

Best Practices of Credit Attendance at this roundtable discussion is worth .15 Continuing Education Units/CCE Recertification Points.

ROUNDTABLE DISCUSSIONS

Buffalo - September 16 Rochester - September 17 Moderator: TBD

Buffalo Location

Original Pancake House 5479 Main Street Williamsville, NY 14221

Moderator: TBD

Accepting Charge Cards Buffalo - October 21 Rochester - October 22 Moderator: TBD

Rochester Location

International House of Pancakes 556 Jefferson Road Rochester, NY 14623

Please select each meeting you plan to attend. All meetings are from 9 - 10:30 a.m. EST

Cost per Meeting $25 Members, $50 Non-members. One coupon per person is valid. Breakfast included. All registrations for NACM Connect educational events are taken online at nacmconnect.org While registering online, you will have the opportunity to choose your payment method. We are happy to take a credit card online or invoice you. You will also have the opportunity to apply coupons as allowed.

All payments must be received one week prior to meeting date.

Contact Todd Fierstein at todd.fierstein@nacmconnect.org or call 716.839.1200

Email this form to registration@nacmconnect.org. You will be invoiced shortly.

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Ohio

UCC/LIENS

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Tuesday, July 7

8:30 a.m. - 12:30 p.m. Registration Deadline: June 22

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UCC Filing Session: 8:30 - 10:30 a.m.

Presented By: Jerry Bailey, NCS

Continental Breakfast: 8 - 8:30 a.m.

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Lien and Bond Claim Session: 10:30 a.m. - 12:30 p.m.

Veritiv Operating Company 6120 South Gilmore Road Suite #400 Fairfield, OH 45014

$139 – Members (One coupon accepted) $278 – Nonmembers

All payments must be received one week prior to seminar date.

Contact Kelly Hall at kelly.hall@nacmconnect.org or call 317.225.4281 THE INTERCONNECTION

MAY / JUNE 2020 PAGE 43

The InterConnection

800.935.NACM

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