NACM Oregon
Business Credit Journal January/February 2014
Customer Payment—Term-Pushback Strategy (Formal and One Offs): How Customers (Solvent and Otherwise) Are Unilaterally Extending Credit Terms and the Credit Team’s Response—Part II
by Scott Blakeley, Esq.
Customer Wins the TPS Battle
Customer-Sponsored Enhancements to Aid Vendors Participating in TPS Supply-Chain Finance Program (SCFP) and/or the Trade Structure Finance Program (TSFP) These are asset-based lending programs developed to facilitate financially efficient supply chains for customers struggling with conflicting pressures to improve payment terms, reduce costs, and improve cash flow. The goal of both SCFP and TSFP is to maximize the financial efficiency of the supply chain by reducing the cash tied up in working capital for both customers and vendors. Both programs are structured so that the bank immediately pays the vendor for the invoiced product or service, while the customer has through the invoice’s due date, say 30 days, within which to pay the bank. The SCFP and TSFP stages are:
invoice, which specifies the date on which the invoice is to be made, the bank contacts the vendor to offer an early payment in exchange for financing the charge during the terms.
(3) If the vendor agrees and signs a receivable sales contract, the bank purchases the vendor’s receivable from the customer at a discounted rate, secured by the customer’s credit score and low cost-of-capital. The customer shares the cost-of-capital savings with the bank. (4) With the contract signed and the vendor’s receivables purchased, the bank pays the vendor, on behalf of the customer. The vendor is paid on the agreed upon date, unless they opted to pay the fee for early payment. (5) The customer pays the bank by the invoice due date.
In This Issue Customer Payment—Term Pushback Part II .................... 1 International Corner................ 2 Chair’s Message...................... 3 President’s Message................ 3 Key to Success........................ 6 Legal Corner .......................... 8 Education .............................. 10 NOF Scholarships.................... 11 NACM National News............... 12 Credit Learning Center............ 13 Credit Reporting Services........ 15
...continue on page 16
Contacts................................. 20
(1) The customer approves a vendor’s invoice and uploads to a supply chain finance platform, which creates an irrevocable payment obligation. (2) Upon receiving the customer-approved vendor
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International Corner, by Alice Knight, RGCP In November, I was
privileged to attend ICTF’s Annual Global Trade Symposium in Palm Beach, Florida. One hundred forty seven attendees from Canada, Netherlands, Germany, United Kingdom, Mexico, Italy, Brazil, and 30 U.S. states joined together to share insights on global Credit Management Excellence, Export Perspectives and Best Practices. Neal Ashbury, Free Enterprise Champion and talk show host, opened the conference asserting the overwhelming value of free enterprise and innovation to fuel the American Dream. He feels that the role of government is to ensure economic freedom so that businesses, small and large, can create jobs and a vibrant middle class. He noted that the largest free trade zone in the World is the 50 U.S. states. Networking is one of the essential components of any conference. The group spent 30 minutes actively seeking people they did not know and sharing information about themselves and their state. Richard Clark, director Corporate Credit, ParkerHannifin, presented “Driving Business Process Improvements with High Performance Teams to Support the Company’s Global WIN Strategy.”
Parker’s WIN strategy is structured around “Premier Customer Service, Financial Performance, and Profitable Growth” all on a platform of empowered employees. Richard explained that empowered employees “decide, within agreed upon boundaries, the best course of action to resolve customer issues and to improve the business.” It is management’s challenge to develop empowered employees by providing the needed tools and training to encourage passion and persistence. The goal is to transition from management control to shared control. Jacques Vincken, Downstream Credit Manager Europe & Asia, Global Retail and Global Chemicals, Shell Downstream Services International B.V., spoke on “The Hunt for Cash: The Evolution Into Sexy Credit Management.” Jacques stressed that “the magic happens outside of your comfort zone.” He focused on a very large sum of potential cash in their EU credit portfolio spread between 20% third-party collectors, 70% in-house collections, and 10% disputes. Teams were formed in specific work streams to execute powerful carefully selected projects supported by emotional leadership to achieve more effective debt collection and dispute
resolution. Valued skills were a positive attitude, being proactive, showing by example, taking full responsibility, and driving and owning improvement proposals. Monday afternoon featured two concurrent sessions. “Fundamentals of International Credit Management and Analysis of Latin American Financial Statements” presented by Alice Knight, VP Finance, Paper Products Marketing (USA) Inc., and Walter Rebello, International Credit Sr. Manager, Ravango Americas, and the other “Lessons from the Trenches Global Shared Services.” “Mergers and Acquisitions” presented by Jim Bianculli, Global Credit Director, Wolverine World Wide Inc., and Bert McCuston, CTP, Credit Manager International, Milliken & Company. Monday’s final session featured Angus Farr, Director, “Training Counts,” explaining the 7½ key non-technical skills for international credit professionals. Angus is a Charted Accountant, the European equivalent of a CPA and also has years of experience in Human Resources. As a result of this varied background he looks at skills from both a human and financial perspective. Angus first looked at each skill broadly and then in particular. Not surprisingly, number one
was networking. He discussed networking broadly as before, during, and after, In the “during” stage he gave practical tips on how to easily enter and leave small groups. In particular he looked at the three stages to building rapport—situational, personal, and business. Other skills included “Presenting With Tips on How to Handle Awkward Questions,” Negotiating,” “Personal Impact,” “Strategic Thinking,” “Managing Time,” “Managing Performance” and “Developing Yourself.” Next month, I’ll share some of Tuesday’s highlights.
Alice Knight is Vice President of Finance & Administration for Paper Products Marketing, Inc. Ms. Knight has more than 48 years' of experience in International Finance and is an active member of ICTF and NACM. She has served as Co-chair, Panel Member, and Presenter at Annual Global Conferences, and as President of ICTF Forest Products Group.
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Message from the Chairman
Message from the President
This time of year always reminds me how quickly time goes by. It truly seems that the older I get—the faster time passes. It also brings up those resolutions that seem to go by the wayside within a week or two. You know the ones—eat better and exercise more. The Board’s resolution, which I guarantee will not fall by the wayside, is to insure that we are listening to our membership and providing them what they need to succeed. One of the items that came of a recent survey was for NACM Oregon to have more International education. The Board set up, The International Credit Task Force, chaired by Linda Bishop, CCE, CICP, and includes Raeann Binau, ICCE, RGCP; Scott Smithhisler; and Alice Knight, RGCP. The International Credit Task Force set up a series of classes for international credit. This series gives our membership a broad basis of understanding of international credit and what to consider with selling internationally. The classes are focused on the role of the credit professional. So watch your email and publications for times and subject matter. Those attending will be in for a real treat with excellent instructors. Additionally, the International Credit Task Force is resurrecting the International Day, which will be a day filled with excellent speakers on a variety of topics. Information will be coming to you soon. I encourage you to attend. Our Membership Task Force, chaired by Steve Amiel is continuing. Anyone interested in participating in this Task Force would be eagerly welcomed. If you would like to participate, you can either email Steve (steven.amiel@tektronix.com) or me. We had an excellent turn out for our Business Credit Principal and Financial Statement Analysis classes. The reviews I heard were that they were challenging, informative, and fun. We should have a few more CBA’s in our ranks come April. Thank you, Rod, for taking the time to teach both of these classes. I wish you all a Happy New Year. I hope to see each and every one of you sometime over the next year.
Our Financial Analysis for Trade Creditors class finished in December. Most of the students are working on national certification. For those who qualify, testing will be held March 10, 2014. For those who are still working on the requirements, the next testing at NACM Oregon will be held July 28, with a paperwork deadline of May 27. If you plan to sit for the July exam get your paperwork in! If you need help with the paperwork, please contact Marilyn Rea, CCE, at 503.943.2396 or marilynr@pacificwoodproducts.com. We are here to help those individuals committed to the certification program. Please let us know if you need assistance. We have had excellent experience with CBA/CBF/CCE study groups. Over the last two decades, our pass rate is 100% for those who have participated in such a study group. Usually, these groups meet for ten weeks or so, for an hour to an hour and a half at a time, starting about three months before the exam. These groups often meet first thing in the morning; however, this depends on the participants and the CCE leader, who makes sure all of the appropriate material gets reviewed. If you have an interest in such a study group, please contact Marilyn Rea, CCE, at 503.943.2396 or marilynr@pacificwoodproducts.com at your earliest convenience, and provide to her the date you intend to take the test. You will find the 2014 Education and Activities calendar in this edition. Please note the following:
Marsha Johnson, CCE TEC Equipment, Inc. mjohnson@tectrucks.com
• The International Credit series begins the third week in March. • The Excel series begins in early March. • The Credit Law class, offered only every three or four years, will be held over ten weeks, starting in April. • The Basic Accounting class, which will be held over ten weeks, starts in September. • We also will hold several Meet & Greets, the Annual Meeting in April, and a Membership Breakfast in October. I hope you will plan to join us for all of these. The Board and Staff of NACM Oregon have appreciated your support. We wish for you an enjoyable and prosperous 2014!
Rod Wheeland, CCE, CAE Direct: 971.230.1158 rwheeland@nacmoregon.org
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Visa, MasterCard $5.7 Billion Swipe Fee Accord Approved By Christ ie Smythe and Chris Dolmetsch - Dec 13, 2013 Visa Inc. (V) and MasterCard Inc. (MA) won approval for a $5.7 billion settlement that ended years of litigation with U.S. merchants over allegations that credit-card swipe fees are improperly fixed. U.S. District Judge John Gleeson said that he was satisfied with the settlement, which was estimated to be the largest-ever U.S. antitrust accord. “For the first time, merchants will be empowered to expose hidden bank fees to their customers, educate them about those fees, and use that information to influence their customers’ choices of payment methods,” Gleeson wrote in his ruling today in federal court in Brooklyn, New York. Once owned by groups of major banks, Foster City, California-based Visa and Purchase, New York-based MasterCard have defended themselves for decades against legal claims that they operated price-fixing schemes. Swipe, or interchange, fees are set by Visa and MasterCard and paid by merchants when consumers use credit or debit cards. MasterCard and Visa separated from the banks through initial public offerings in 2006 and 2008, respectively. Merchants filed a class-action law suit against the companies and the biggest card-issuing banks in 2005. They later alleged that the payment networks continued to fix prices with the banks even after the IPOs. Shares Rise Visa climbed 1.9 percent to close at a record of $207.36 today in New York and MasterCard advanced 0.7 percent to $787.97. MasterCard has surged 60 percent this year as Visa rose 37 percent, both outpacing the 20 percent gain for the 65-company Standard & Poor’s 500 Information Technology Index. Lawyers representing merchants nationwide announced the settlement in July 2012. Once worth as much as $7.25 billion, the settlement was valued at about $5.7 billion as of August as a result of reductions for about 8,000 merchants that dropped out of the damages portion. Dozens of large retailers, including Walmart Stores, Inc. (WMT), Amazon.com Inc. (AMZN), and Target Corp. (TGT), as well as major airlines, health insurers, and other
consumer businesses criticized the deal. Some said the amount should have been higher and that a legal release preventing future law suits was written too broadly. Review Ruling Shortly after Gleeson issued his order, retailers and trade associations that opposed the deal including Walmart, Amazon.com, 7-Eleven Inc., Barnes & Noble Inc. (BKS) filed notices that they will appeal the decision. “We are reviewing the ruling and will take whatever steps are necessary to protect the rights of merchants and safeguard the pocketbooks of their customers,” Mallory Duncan, general counsel at the National Retail Federation, said in a statement. The group expects to appeal, he said. An expert appointed by the court said merchants might not be able to prove their case at trial and were probably better off taking the settlement, according to a report filed in August. The settlement “secures both a significant damage award and meaningful injunctive relief for a class of merchants that would face a substantial likelihood of securing no relief at all if this case were to proceed,” Gleeson said in his ruling. Future Suits “We are pleased that Judge John Gleeson has granted final approval to the U.S. merchant class settlement agreement,” Noah J. Hanft, MasterCard general counsel, said in a statement. “Today is an important milestone in putting this litigation behind us and we look forward to working in partnership with the merchant community.” “Today we have realized a significant achievement in our efforts to resolve the long-standing legal differences between merchants and the payments industry,” Visa Chief Executive Officer, Charlie Scharf, said in an emailed statement. “The settlement, which was negotiated over many years, is fair for all parties involved.” In a September 12 hearing, Gleeson said he was concerned that releases in the accord might have gone too ...continue on page 5
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Visa, MasterCard, continued from page 4 far in protecting the card firms from future law suits over new payment technologies. “I have a concern, a well-grounded concern here, that this release places the line of scrimmage in the wrong spot,” he said during the hearing, regarding new technologies. Mobile Payments Lawyers for objectors expressed concerns that the releases could apply to new technologies such as mobile payment systems. Such systems could give merchants a way to reduce or escape interchange fees unless the card firms “trump” those opportunities, Michael Canter, a lawyer for some of the objectors, said during the hearing. In court, lawyers for objectors also said the structure of the deal, which binds all merchants under the release even if they elect to drop out of the damages portion, is a problem. “The settlement rewards the perpetrators and traps the victims,” Andrew Celli, a lawyer for the National Retail Federation, said during the September 12 hearing. In today’s decision, Gleeson described the objectors’ arguments at the September hearing as being “afflicted by needless hyperbole.” One objector likened approval “to the deprivation of civil liberties in the aftermath of a terrorist attack,” Gleeson wrote. Another “cast Visa and MasterCard as modern-day Nazis, and warned me not to assume the role of Neville Chamberlain,” he said.
Walmart and other retailers in 1996, leading to some rule changes for card acceptance. Current Case Merchants brought the current case against the card firms in 2005, after Gleeson approved a $4 billion settlement of the previous class action in January 2004. Merchants are expected to receive about one-third of a year’s worth of interchange payments when final approval is granted and the order isn’t delayed by an appeal. That estimate is based on assumptions about the number of merchants that will file claims and other factors. “The settlement gives merchants an opportunity at the point of sale to stimulate the sort of network price competition that can exert the downward pressure on interchange fees they seek,” Gleeson said in his ruling. Gleeson included a slight change to the deal addressing concerns raised by state governments by clarifying that it does not bar potential regulatory or law enforcement actions. The settlement doesn’t pertain to debit-card interchange fees, which are regulated by the government under the 2010 Dodd-Frank Act. In July, a federal judge found those fees had been set too high and ordered the Federal Reserve to revisit the rates. The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 05-md-01720, U.S. District Court, Eastern District of New York (Brooklyn).
Business Practices “This settlement is in the best interest of all involved parties and that has been proven today with the court’s final approval,” Sam Fabens, a spokesman for the Electronic Payments Coalition, which represents both banks and card companies, said in an emailed statement. Developed by banks half a century ago as two of the earliest interstate credit-card brands, Visa and MasterCard have been subject to government scrutiny over their business practices since at least the 1970s, according to a 2008 report by Georgetown University law professor, Adam Levitin, on merchant restraints. Previously, the payment networks faced legal actions by the Justice Department and an earlier class action led by
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Marilyn Rea, CCE, Controller at Pacific Architectural Wood Products, quickly points out what
Key To Success
many in her profession point out: “I never expected to find myself working in credit, but I think the people that stay in credit for the most part have an affinity for it. Though,” she says with a smile, “they might not realize it at first.”
Rea began her career working in accounting-related jobs. In 1980, she started at Northwest Pump & Equipment and after three years doing accounts-payable found herself filling in for the existing credit manager during an extended leave. Both Rea and her superiors discovered she had an aptitude for the work. She was offered and accepted the permanent role of credit manager in 1983. Though her natural abilities in customer service and problem-solving suited her well, Rea says, “I was lacking more extensive credit and legal knowledge.” So she took advantage of NW Pump’s NACM membership; signing up for classes, seminars, and networking opportunities. At one point she called another NACM member for a credit reference and learned about trade groups. For fifteen years she participated in the monthly Petroleum Trade Group meetings. Rea remembers starting to hear about the certification programs in the late ‘80s. The benefits seemed to be more oriented towards credit professionals seeking employment,
Marilyn Rea, CCE, Pacific Architectural Wood Products
and as she says “I was happy with my job and had no intention of leaving.” “What I heard about certification back then was really pretty limited,” she continues. “It’s hard to understand the benefits of something without more knowledge and so it was so easy to discount the benefits. But that attitude was short-sighted. “If I’d had more knowledge I might have pursued it more. I would have seen the benefits are greater than putting three initials after your name.” Marilyn left NW Pump in 1998. It wasn’t until 2001, when she began rebooting her career in credit, that her attitude began to change. Rea quickly realized that, “It’s hard to convey to [employers] what your experience is,
what it’s worth, the value of it. It’s not something you can get in school. I needed something to prove my value.” In 2002, she landed a job at Pacific Wood, which was already a CFDD member (Credit Financial Development Division, a division of NACM). Rea quickly got to work. By 2003, Rea was attending CFDD meetings. In 2004, she started working on her CBA. The culture had changed since the late ‘80s. “You already had mentors in place. There were people you could go to for information” says Rea. “People who had been there, done that and could answer questions” Her own attitude about certification ...continue on page 7
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Key to Success, continued from page 6 had changed as well. “After not working in the credit field for a few years I could definitely see the benefit, the value,” says Rea. “And more and more employers are recognizing the value of certification. It’s translatable.” By 2004, Marilyn had completed her CBA and CBF certifications. A few years later she went after her CCE. Managing credit is a challenge. “You have to be able to think on your feet, be solution-oriented, people-oriented,” Rea says. “If you can’t relate to people you aren’t going to be able to collect from them. You have to be able to draw a line in the sand, be firm. You have to be able to find a solution. If you can find a solution for someone in
a bad situation you’ve made a customer for life." “It keeps you on your toes. It does not get boring.” It is those challenging situations that illustrate the importance of preparation. Though Rea lists many of the usual CCE advantages—peer and professional recognition, overcoming a significant challenge—she also describes its daily benefits. “The neat thing about going through the certification process is you get to study things that are outside of the job you’re currently doing. It made it interesting and yet helps you see the potential usefulness."
“Could I have done this job without going through the CCE process? Yes. But it has definitely enhanced my capabilities.” Now one of certification’s champions, Marilyn’s current focus is to help others get certified. “One of the biggest challenges to certification for me was filling out the Roadmap,” she says. “It has become my mission to help demystify the process and reduce its dauntingness.”
Jake Faris is a business technology consultant and sometimes-freelance writer who lives in the Portland area with his wife, Charity, and their two children, Harper and Xavier.
© New Yorker Collection. Tom Cheney. All Rights Reserved.
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Legal Corner
By Larry Gottlieb
Ninth Circuit Overturns Precedent that Bankruptcy Courts Have Power to Recharacterize Debt Claims To Equity In a recent decision, the Court of Appeals for the Ninth circuit shocked observers by holding that bankruptcy courts have the power to recharacterize claims on account of unpaid debts as equity infusions that cannot be repaid until all creditor claims have been satisfied. In In re Fitness Holdings Int'l, Inc., 714 F.3d 1141 (9th Cir. 2013), the court recognized recharacterization as a viable cause of action, and joined the Third, Fourth, Fifth, Sixth, and Tenth Circuits and countless lower courts that have long held that bankruptcy courts possess this considerable power. Although no provision of the Bankruptcy Code authorizes a court to recharacterize debt as equity, courts outside the Ninth circuit looked to the common law, and in particular to the bankruptcy courts' equitable authority to ensure "that substance will not give way to form, that technical considerations will not prevent substantial justice from being done." Pepper v. Litton, 308 U.S. 295, 305, 60 S. Ct. 238, 84 L. Ed. 281 (1939). Notable, and in contrast to many Code-based challenges to secured and unsecured claims, recharacterization does not require a showing of misconduct. Under the doctrine of recharacterization, courts technically do not alter any party's substantive rights. When a court recharacterizes a debt as equity, it is merely acknowledging economic reality by treating as equity a capital contribution that was only nominally a "loan" from the outset. Indeed, the traditional focus of the recharacterization inquiry is whether a "debt" actually exists, and what is the proper characterization in the first instance of the investment at issue. On its face, the dispute in the Fitness Holdings case seemed like an unlikely candidate to break new doctrinal
ground. The debtor in that case received significant prepetition funding from two sources: Hancock Park (its sold shareholder) an Pacific Western Bank. Between 2003 and 2006, Hancock Park provided more than $24 million to the debtor pursuant to eleven unsecured promissory notes. In an adversary proceeding filed during the bankruptcy, the official committee of unsecured creditors sought, among other things, a declaration that the financing provided by Hancock Park to the debtor in connection with the promissory notes should be characterized as an equity investment. In dismissing the declaratory relief claim, the bankruptcy court relied on In re Pacific Express, Inc., 69 B.R. 112 (B.A.P. 9th Cir. 1986), which held that recharacterization was an impermissible exercise of a bankruptcy court's equitable power, as well as more than 25 years of adherence by Ninth Circuit courts to the conclusion of the court in that case. On appeal by the trustee, the district court affirmed. In finding that recharacterization is a viable remedy, the Ninth Circuit undertook an extensive analysis of fraudulent transfer law, and the "series of interlocking statutory definitions" that inform section 548 of the Code. The court noted that while the term "reasonably equivalent value" is not defined in the statute, the term "value is, and expressly includes "satisfaction or securing of a present or antecedent debt of the debtor." Fitness Holdings Int'l, Inc., 714 F.3d at 1145. The court then observed that "debt," is defined by the Code as "liability on virtually any type of 'right to payment.'" Id. at 1146. The court then concluded that where a transfer is made in satisfaction of ...continue on page 9
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Ninth Circuit, continued from page 8 a claim (i.e., right to payment), that transfer was made for "reasonably equivalent value" and cannot not be avoided as a fraudulent transfer absent fraudulent intent. The court noted, however, that in order to determine whether an entity possesses a "right to payment" that constitutes a "claim" under section 548, a court must first consider whether the "transfer is for the repayment of a 'claim' at all," the essence of the recharacterization analysis regularly undertaken by courts outside of the Ninth Circuit. Id. Thus, the court recognized the legitimacy of recharacterization actions, explicitly overruled Pacific Express and its progeny, and remanded for further proceedings on whether the Hancock Park claim should be treated as debt or equity. While the Fitness Holdings decision marks an important step in building consensus between circuit courts regarding the scope of a bankruptcy court's equitable powers, it has also re-ignited a long-simmering conflict between appellate courts regarding the standard that courts should apply in recharacterization actions. The majority of courts, including the Third, Fourth, and Sixth Circuits, determine the true nature of a claim by applying an 11-factor federal common law test that stresses the importance of the intent of the parties, the names given to the documents giving rise to the claim, the presence of fixed interest rates and maturity dates, the relationship between the claimant and the debtor, and the debtor's ability to obtain financing from outside lending institutions. In Fitness Holdings, the Ninth Circuit eschewed this dominant approach, and instead spoke favorable of the standard applied by the Fifth Circuit Court of Appeals, which bases recharacterization analysis on factors provided by applicable state law. In so doing, the court solidified a split among the circuits on this issue, potentially setting up its eventual resolution by the Supreme Court. Nevertheless, the Fitness Holdings decision represents an undeniable victory for trustees, creditors committees,
and holders of general unsecured claims. Indeed, due to the explosion of second lien financings and overleveraged capital structures over the past decade, general unsecured creditors regularly face a daunting mountain of secured debt ahead of them on the proverbial food chain that far exceeds the proceeds available for distribution to creditors. Under these circumstances, the ability of unsecured creditors to receive a meaningful distribution from bankruptcy estates is often dependent upon unsecured creditors' ability to recharacterize the claims of nominally secured creditors. The Fitness Holdings decision provides litigants in California, and elsewhere in the Ninth Circuit with, a powerful new weapon in these disputes.
Analysis By Larry Gottlieb The Ninth Circuit's ruling in Fitness Holdings is noteworthy in two important respects. The court's acceptance of the doctrine of recharacterization as a viable independent cause of action represents a significant step forward in harmonizing the common law of the Ninth Circuit with the rest of the country. However, by rejecting the recharacterization standard applied by the majority of courts, the Fitness Holdings court has called into question the well-established methodology used by most bankruptcy courts that address recharacterization requests. Further review of this issue by the Supreme Court will likely be required in order to permanently resolve this controversy.
This information is a general description of the law and is not intended to provide legal advice. Before taking any action on this information you should seek professional counsel.
Reprinted from the Winter 2014 Absolute Priority newsletter, with permission from Cooley LLP.
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In-House Class Schedule Mark your calendars for these exciting events!
International Credit Series Improving Collection Results January 30, 2014 February 20 - August 21, 2013 (Thursdays) 7:30 - 9:30 a.m. 7:30 - 9:30 a.m. NACM Oregon Classroom NACM Oregon Classroom 7931 NE Halsey, Suite 201, Portland, Oregon 97213 7931 NE Halsey, Suite 201, Portland, Oregon 97213 Instructor: Rod Wheeland, CCE, CAE, President NACM Oregon Instructor: Marsha Johnson, CCE, TEC Equipment
Credit Law Improving Collection Results April 22 - June 24, 2014 February 6, 2014 1 - 4:30 p.m. 7:30 - 9:30 a.m. NACM Oregon Classroom NACM Oregon Classroom 7931 NE Halsey, Suite 201, Portland, Oregon 97213 7931 NE Halsey, Suite 201, Portland, Oregon 97213 Instructor: Rod Wheeland, CCE, CAE, President, NACM Oregon Instructor: William Fig, Attorney, Sussman Shank, LLP Basic Accounting Excel Series September 10 - November 21, 2014 (Wednesdays) 1 - 4:30 p.m. March 5 – April 16 (Wednesdays) 7:30 – 8:30 a.m. NACM Oregon Classroom 7931 NE Halsey, Suite 201, Portland, Oregon NACM Oregon Classroom Instructor: TBA 7931 NE Halsey, Suite 201, Portland, Oregon
Instructor: Steve Amiel, Credit Manager, Tektronix, Inc.
Registration Visit www.nacmoregon.org/events to register online. If you have any questions regarding these classes, please call Shawna Kelly at 971.230.1202 or email skelly@nacmoregon.org.
Activities We hope to see you at one or more of the following meetings. Meet & Greet February 5, 2014 5 - 7:30 p.m. The Old Spaghetti Factory 12725 SE 93rd Ave., Clackamas, Oregon Join the NACM Oregon staff and your Board of Directors for Happy Hour! There will be a drawing at 6:45 for a dinner certificate so please bring your business cards to enter. You do not have to be present to win, but must attend the Meet & Greet to participate in the drawing. We look forward to see you! Annual Meeting April 24, 2014 7:30 - 9 a.m. Location: TBA Watch your mail for more details!
Membership Breakfast October 14, 2014 7:30 - 9 a.m. Location: TBA Speaker: John Mitchell Watch your mail for more details! Meet & Greet November 5, 2014 5 - 7:30 p.m. Location: TBA
NACM Oregon
Business Credit Journal January/February 2014
NACM-Oregon Foundation Scholarships The NACM-Oregon Foundation grants scholarships to credit professionals for
continuing education, professional designations, and conference expenses.
To apply for scholarship funds, or for more information, contact Lourdes (Lou) Rice, NOF Scholarship Committee Chair, Pacific Metal Company at 503.454.1051 or lrice@pacificmetal.com. The Foundation manages two scholarship funds: the NACM-Oregon Scholarship Fund and the Phylliss Clark Memorial Fund. The Foundation offers scholarship to the following events: • All NACM Oregon educational courses Kenneth Carroll Hume • Portland Community College courses within the Credit Administration and Advanced Credit Administration Programs in preparation for professional designation
July 13, 1924 - November 9, 2013 Kenneth Hume served as president of NACM Oregon in 1961-1962. His life was devoted to the service of his country, community, business development and finance, and most importantly to his family.
• Self-study courses in preparation for professional designation • Registration and exams fees for the National NACM Professional Designation Program • CFDD National Conference • National Credit Congress and Exposition • NACM National schools such as Credit Management Leadership Institute, Mid-Career School, and the Graduate School of Credit and Financial Management
We extend our sincere and heartfelt condolences to his family.
Submit applications to: Lourdes (Lou) A. Rice NOF Scholarship Chair Pacific Metal Co. 10700 SW Manhasset Dr. Tualatin, Oregon 97062 p: 503.454.1051 f: 503.454.1065 e: lrice@pacificmetal.com
If taking a course or pursuing your certification seems like an expensive proposition, think again. These scholarship funds are a benefit to you as a member, so please take advantage by applying for next year.
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NACM National
News
Participants have the unique chance to network with students in the GSCFM program running concurrently with the GSCFMI.
Join us at the Rosen Shingle Creek Resort June 8-11, 2014, Orlando, Florida, for the year’s largest gathering of business credit professionals in the country. For more information go to http:// creditcongress.nacm.org/. To catch the ealy bird rate click here.
June 16-26, 2014 & June 22-July 2, 2015
June 16-20, 2014 GSCFM International delves into complex global issues facing credit and financial management executives throughout the world.
2014 C redit C ongress & E xposition
GSCFM is an intensive program providing a foundation in disciplines, such as financial analysis, valuation, business economics, business law, corporate strategy, ethics and treasury management. Click here to learn more about GSCFM.
Click here to learn more about GSCFMI.
Credit Manager’s Index
Survey Dates
The CMI is created from a monthly survey of U.S. credit and collections professionals. The survey asks participants to rate whether factors in their monthly business cycle—such as sales, new credit applications, accounts placed for collections, dollar amount beyond terms—are higher than, lower than, or same as the previous month. The results reflect the entire cycle of commercial business transactions, providing an accurate, predictive benchmarking tool.
2014 CMI Timeline
Survey Opens
Survey Closes
February
Mon, February 17
Fri, February 21
March
Mon, March 17
Fri, March 21
April
Mon,April 21
Fri, April 25 (noon)
May
Mon, May 19
Fri, May 23
June
Mon, June 16
Fri, June 20
July
Mon, July 21
Fri, July 25
CMI reports are released to the media the last business day of each month.
August
Mon, August 18
Fri, August 22
September
Mon, September 22 Fri, September 26 (noon)
All credit and collections professionals are invited to take the survey each month. NACM membership is not required.
October
Mon, October 20
Fri, October 26
November
Mon, November 17
Fri, November 21 (noon)
December
Mon, December 15
Fri, December 19
To sign up to receive monthly email reminders to take the survey click here.
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Business Credit Journal January/February 2014
Credit Learning Center Don’t forget to take advantage of your two, complimentary webinars which are included in your Full, Premium, or Corporate Membership Package. To view the Event Calendar go to http://www.nacm.org/event-calendar.html.
NACM Event Calendar
NACM Event, continued
Webinar: UCCs—The Financial and Psychological Advantages of Being a Secured Creditor January 27, 12 - 1 p.m. PST
Teleconference: Battle of the Forms February 10, 12 - 1 p.m. PST
This session will cover the UCC basics and help you realize the Financial and Psychological advantages of being a secured creditor.
Teleconference: The Credit Department Update and Cleanup: Recent Regulatory and Legislative Changes January 29, 12 - 1 p.m. PST
Description coming soon! Webinar: Avoiding a Bankruptcy Train Wreck: Identifying and Responding to Troubled Customers Heading Toward Bankruptcy February 19, 12 - 1 p.m. PST
Description coming soon!
This session will provide a brief background on the history and purpose of these laws, proper filing requirements, the role of the Credit Department/Manager, Recent State Enforcement efforts regarding Accounts Receivable balances and Best Practices.
Webinar: To Surcharge or Not to Surcharge, That is the Question: The Credit Professionals's Guide to Rolling Out a Surcharge Program Under the Recent Rule Changes March 12 - 1 p.m. PST
Description coming soon! Webinar: Key Ratio Analysis: Calculating the Number Correctly! February 3, 12 - 1 p.m. PST
Webinar: Innovation in Credit and Finance March 19 - 1 p.m. PST
Learn a “five-step” analysis plan (liquidity, activity, leverage, operating performance, and cash flow analysis) which will clarify and “unify” this often confusing financial subject. The session will conclude with a review of using sophisticated software such as Moody’s Risk Analyst to calculate the “key ratios” including both the bankruptcy (Z-score) predictor and sustainable growth models.
Description coming soon! Teleconference: Lien Waiver Management—The Rewards of Managing the Process Effectively April 2 - 1 p.m. PST
Description coming soon!
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NACM Oregon
Business Credit Journal January/February 2014
Staying on the A-Team with Credit Congress Employers don’t dispose of their A-Team lightly. These are the sharpest, best-performing members of their business and it’s every professional’s responsibility to make sure that they make themselves invaluable to their company, so that they keep their spot on the A-Team’s roster. One of the best ways increase your value to your company is professional development, and for commercial credit professionals, no other event compares to Credit Congress. Getting company officials to sign off on sending you to Orlando in 2014 still might take some convincing, however, so credit professionals should focus on the return on investment and what they’ll bring back that will more than pay for the time and cost. Here’s a quick list of specific benefits you can use in your conversation with management to sway the decision in your favor: • Networking Meeting and talking with other attendees gives you the chance to develop a network, which can save you time and money when the need arises. If your company is considering a new product, service, policy, or program, Credit Congress gives you the opportunity to meet and bond with people who’ve already been through what your company is considering and their insights and support could be worth ten times as much as what your company spends to send you there. • Spending time in the Expo Fellow attendees aren’t the only invaluable resources at Credit Congress. Vendors are industry experts too, and many of them offer demos of their products or services in the Expo Hall. This gives you the opportunity to learn and bring back the latest on the newest technologies, tools and processes available to grow your company’s business. • Education Credit Congress’ session content is always top-notch, but when speaking with upper management about attending, be sure to mention the speakers and sessions you know will carry the most weight in their decision, like those that provide direct answers to your company’s biggest problems. If you’re in the construction industry, check out the many building and construction sessions, including “Obtaining and Verifying Job Information: The
Cornerstone to Professionally Managing the Mechanic’s Lien Process,” “Doing Business with Disadvantaged Business Enterprises,” “UCCs,” and the “Building & Construction Executive Exchange Panel.” Janine Driver, this year’s General Session headline speaker, is a world-renowned body language expert who will show you how to speed up your assessment of potential customers in her keynote address. Representatives from the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 will be on hand to update last year’s hearing and discuss what their reform recommendations to Chapter 11 might look like. The Federal Reserve will also host a session presenting some of the results from their investigation into electronic payments systems. This will be among the first chances anyone in the country has to hear about the Fed’s work on how to address issues in payment processing. • Expanding your skill set Credit Congress sessions cover various industries, credit-intensive skills and broader management techniques to help you become a knowledgeable, effective team member, and a team leader. Companies need professionals with the credit skill set, but also credit people with business acumen, and Credit Congress is the only event that provides training on both sides of that spectrum. • Recharge your batteries Spending time away from the office solely for your own professional benefit provides something that a lot of companies forget about: renewed energy. It’s critical to take a break from daily routines to focus on your profession and your employer will be amazed at how just a few days away from the office can refresh and revitalize your passion and commitment to what you do. Source: NACM
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Credit Reporting Services What to Do, If Disputing Your Business Report If a customer is disputing their business report, please do not refer them to NACM Oregon. We are the reseller and cannot make corrections on their reports. They need to get directly to the source of the information. Please see below: Experian If a customer is disputing certain details on their credit report, they need to contact Experian Commercial Relations in writing. They will need to provide the following: 1. 2. 3. 4.
On the report, circle the specific items in question and provide the correct information. Provide supporting documentation when available. On current company letterhead, list all variations of your company name and any “formerly known as” names that your company has operated under for the past 10 years. List your company’s current and previous addresses (physical and post office box addresses) for the past 10 years. Provide the signature and the phone number of an officer of the company.
Send this information to: Experian - Commercial Relations PO Box 5001 Costa Mesa, CA 92628-5001 Or fax to: Experian - Commercial Relations 1.714.830.2903 Or email a PDF File to: BusinessDisputes@experian.com Equifax If the firm has been denied credit within 60 days they are entitled to a free copy of their report by calling 1.800.727.8495. Dun and Bradstreet If the debtor feels information on their D&B report is incorrect; how do they get it corrected? Updates and corrections to D&B’s information on your company must be made and submitted through our free iUpdate service which can be accessed at https://iupdate.dnb.com. D&B recognizes the need for businesses to manage their own information. iUpdate provides the following: 1. 2. 3. 4.
Allows businesses to view, print, and update their own business profile. Improves the accuracy of the data. Prevents business identity theft by using sophisticated user authentication technology. Additionally, iUpdate provides Frequently Asked Questions (FAQ) and quick reference documents to guide the business owner through the update process.
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Customer Payment Term Pushback—Part II, continued from cover Dynamic Discount Instead of a flat-rate early discount, the customer may offer the vendor a dynamic discount program. This program features a progressive, scaling system of discounts for early payment. The earlier a customer pays the invoice, the larger the discount the vendor extends. For example: a customer would receive a larger discount for paying a 30-day invoice in 10 days than they would for paying that same 30-day invoice in 20 days.
Know the Reality of the Trade Relationship If the credit team sets the credit terms at 30 days, but the customer’s Days Payable Outstanding is 60 days, the credit team should not be surprised if the customer announces a TPS of 60 days. If efforts to keep the customer within normal terms are unsuccessful, the vendor may consider: Payment by ACH If the customer pays by check, the vendor should negotiate payment via Automated Clearing House (ACH) or wire payments in exchange for participating in the TPS. Meet the Competition Form When the sales team shares that a customer is offered extended credit terms from a competitor, the credit team is asked to “meet the competition” with the same extended terms. The credit team can request that the customer complete a “Meet Competition Form.” This form is a pledge from the customer that they
have been offered extended terms. If the expense to the vendor holding the A/R with extended terms is too high, consider the following: Factoring The credit team can turn to a third-party factor, which will pay the vendor the value of the invoice(s) less the factor’s fees. At the creation of the A/R, the factor will advance the invoiced amount to the vendor, less the factor’s fees. Sale of A/R The vendor can sell all or part of its accounts receivable to a third-party.
Financially-Struggling Customer: Vendor Still Needs Customer’s Business A TPS is not limited to solvent customers. In today’s economy, where management continues to push market share and customer divorces is rare, the credit team is accustomed to approving credit orders where the customer has pushed outside of invoice terms because of financial distress or constraints. To reduce the risk of nonpayment as well as the preference risk from such customers, a vendor may consider credit
enhancements to backstop these risks (and meet management’s revenue objectives). Customers in financial distress that push back on credit terms may approach the need for additional time to pay on an informal basis, driven by cash flow constraints. Where the financially constrained customer has not announced adoption of a TPS, the credit team needs to determine why the customer is not paying. The credit team’s first objective is to narrow the past due to one of a customer’s ability to pay. Some common defenses that financially-distressed customers raise to slow payment on invoices include unjustifiably disputing invoices by alleging damaged product or late delivery. These defenses can be neutralized by a credit application that contains standard terms and conditions, such as the customer’s duty to inspect within a specified time. To determine whether the customer is pushing back on credit terms because of cash flow constraints, the following red flags may be instructive: key officer resigning; purchasing stops communicating NSF checks to key vendors; payables increasing; filing of collection lawsuits; and competitors requesting credit references.
Dealing with New Orders When Invoices are Pushed Past Due It may not be practical for the credit team to merely cut off credit when a customer adopts a TPS. The credit team attempting to preserve a ...continue on page 17
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Customer Payment Term Pushback—Part II, continued from page 16 strained relationship has a balancing of interests where the financially-struggling customer has pushed invoices past terms, yet places new orders and requests more credit. Focusing on the customer’s need for more credit with new orders, below are some options that may accommodate the customer’s strained cash flow yet mitigate the vendor’s credit risk on new orders. In assessing the prospects of a repayment agreement as a method to cure a the past-due terms as opposed to litigation alternatives, vendors must determine the customer’s willingness, ability and trustworthiness to pay on their past-due balance, along with the future expected need for their products or services. Has the customer sought out a competitor to replace the vendor? Has the customer become untrustworthy, for example, by placing an unusually large order despite not having cash flow to pay? To help determine whether a customer may commit to, and have the financial wherewithal to abide by a repayment agreement to satisfy the debt (and handle future sales) vendors should request financial projections. If the customer is a business organization that is privately held and takes the position that financial information is not shared, the vendor can offer a confidentiality agreement to overcome the resistance. If customer still refuses to share their information, it may be a red flag that the customer cannot or will not honor a repayment agreement. Repayment Agreement Rescheduling invoices that are
4) Default The vendor can impose a late fee for the first late payment and a judgment for the second late payment.
pushed past due into a formal repayment agreement may be an essential alternative for the credit team for payment and the expectation for future sales. Repayment agreements are a product of negotiation. As such, the vendor should attempt to include as many terms to create the leverage that the debtor will focus on while honoring the repayment agreement. Some of the terms to consider: 1) Fix the Indebtedness A repayment agreement should fix the amount owed, including fixing the amount of customer concessions and disputes, so as to eliminate later disputes. 2)
Fix the Repayment Schedule The repayment agreement should provide a fixed schedule for repayment of the debt (for example: the repayment schedule may be on a monthly basis).
3) Waiver of Counter Claims and Disputes The repayment agreement protects the vendor from challenges later brought by the customer (for example: that the product or service provided is defective).
5) Acceleration Clause Should the debtor fail to pay, the entire balance owed to the vendor is due. 6)
Fees and Costs The repayment agreement should include an attorney’s fees provision to enforce the defaulted repayment agreement.
7) Venue The venue should favor the vendor enforcing the defaulted repayment agreement. 8) Stipulated Judgment If the repayment agreement is not followed, the vendor can file an affidavit of default where the judgment can be entered. Letter of credit A letter of credit (L/C) gives the vendor assurance its invoices for a new order will be paid. With an L/C in place, the issuing bank pays the invoices should the customer fail to pay. Certificate of deposit A CD may be issued by the customer’s bank in the name of the vendor, or the vendor may hold a customer’s deposit to reduce the risk of nonpayment with the credit sale. The CD is payable to the vendor upon demand, and renews for the length of the credit line. ...continue on page 18
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Customer Payment Term Pushback—Part II, continued from page 17 Credit insurance A vendor purchases credit insurance to avoid loss on the new order. Purchase Money Security Interest The vendor may consider a security interest in the goods being shipped under the new order, and the proceeds from the sale of those goods. Article 9 of the Uniform Commercial Code provides for the multi-step process to create and perfect the security interest. Consignment Consignment sales are akin to the PMSI. The key difference is that with consignment, title to the goods remains with the vendor until the customer sells them. Like the PMSI, Article 9 provides for a multi-step process for the vendor to create and perfect its consignment rights. Guarantees To back up the invoices on the new orders, the vendor may insist that the customer’s owner or CEO personally guarantee the past-due debt. If the customer is part of a family of companies, the vendor may seek a cross corporate guarantee. Credit Cards If the credit enhancements are not workable with the new orders, the vendor may negotiate a credit card payment. The credit card gives the customer up to 30 days to pay for the new orders, but the vendor is paid at the time the order is placed.
Into Chapter 11 Should a customer in financial
difficulty be unable to work through its financial constraints, it may be forced to file for Chapter 11 bankruptcy. The Chapter 11 filing buys the customer time through the automatic stay that enjoins unsecured creditors from collecting on their prepetition invoices. But the customer continues to need products and services during the Chapter 11 reorganization process. Debtors find that a vendor’s trade credit is far less-expensive than Debtor-in-Possession (DIP) financing alternatives. A customer that has adopted a TPS and files for Chapter 11 will look to continue the extended terms. Those vendors that participated in the TPS likely hold open invoices at the time of the Chapter 11 filing. Those vendors selling on a P.O.-based trade relationship are not required to continue selling on terms. Those vendors selling under a supply contract, however, may have a continuing obligation to supply the debtor. Vendors holding prepetition invoices will want to negotiate payment on that debt in exchange for open terms, which alternatives are discussed below. Chapter 11 Due Diligence The credit team has access to a debtor’s financial condition. With the
Chapter 11 filing, the debtor submits a multi-week budget that accompanies its cash collateral request, a monthly operating report, schedules and statements of financial affairs, and an electronic court docket shows steps the debtor and creditors are taking in the Chapter 11. These sources can assist the credit team in evaluating post-petition credit risk, along with the principle that credit sales are entitled to priority, while the automatic stay bans the debtor from paying its creditors’ prepetition debts. Post-petition Credit Sales After the Chapter 11 filing, a debtor reaches out to vendors, requesting that they resume sales on open credit. Post-petition trade credit is treated as an administrative expense of the bankruptcy estate, giving the vendor payment priority over all pre- petition unsecured claims (these expenses are paid in the ordinary course of business). These statutory protections notwithstanding, vendors should continue to evaluate the debtor’s financial condition. 20-Day Claim and Post-Petition Credit In 2005, Section 503(b)(9) was added to the Bankruptcy Code to provide vendors who provide goods with a priority right for payment relating to those invoices for goods that the debtor received within 20 days of the Chapter 11 filing. However, Congress did not mandate under Section 503(b)(9) that vendors be paid earlier than plan confirmation, which, for many Chapter 11’s, can be a year ...continue on page 19
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Customer Payment Term Pushback—Part II, continued from page 18 to two years. Vendors have traded on this risk of delay with payment of the 503(b)(9) claims by offering credit terms in exchange for early payment of the 503(b)(9) claim, subject to court approval. A debtor commonly requests that the vendor provide comparable credit terms for the duration of the Chapter 11 process. This is where the TPS pays off for the customer. For the early payment of the 503(b)(9) claim, the debtor will insist on the most favorable terms within the six months prior to the Chapter 11 filing. With the TPS in place, the vendor will have to evaluate extended terms during the pendency of the Chapter 11. Critical Vendor Doctrine Under the critical vendor doctrine, a vendor may find that the product or service it provides a Chapter 11 debtor is essential to continued operations. The uniqueness of the product or service may give the vendor leverage in negotiating post-bankruptcy sales. The vendor’s prepetition claim is paid, often in full, at the opening of the bankruptcy case. However, the vendor does have post-petition credit risk, because as a condition of participating as a critical vendor, the vendor is required, as a general rule, to extend credit post-petition on comparable terms. As discussed under the 503(b) (9) section, vendors that have accepted the customer’s TPS will have to evaluate whether to accept the payment of their prepetition debt in exchange for extended terms for the duration of the Chapter 11.
PMSI Sale A vendor providing goods to a debtor may negotiate a security interest in their goods to backstop credit risk. With the overlay of the bankruptcy filing, the vendor may need bankruptcy court approval for the PMSI. Trade Vendor Lien Program A debtor may file a motion for a global trade vendor lien, under which vendors extend trade credit in exchange for a junior security interest in the debtor’s assets. Sale of Claim A vendor that is not selected as critical may elect to sell its prepetition claim, at which point, third parties offer to purchase the vendor’s prepetition claim at a discount. Unlike the critical vendor doctrine, a vendor does not have a continuing obligation to sell the debtor on credit when it sells its claim to a third party. Conclusion The TPS is the “new normal” with trade relationships, and the credit team must anticipate this risk with new accounts and existing relationships alike. The credit team must also evaluate whether the TPS is a solvent customer’s strategy to
improve their working capital or a financially-distressed customer’s attempt to preserve cash and continue operation. The TPS poses a number of challenges for vendors, including stretching the vendor’s DSO and possibly forcing the vendor to borrow from external sources to cover growing gaps in its cash flow. However, by considering the options discussed in this article, vendors may get some safeguards against the TPS without losing customers. Scott Blakeley is a founder of Blakeley & Blakeley LLP, where he advises companies around the United States and Canada regarding creditors’ rights, commercial law, e-commerce and bankruptcy law. He was selected as one of the 50 most influential people in commercial credit by Credit Today. Credit Research Foundation has published his manuals entitled The Credit Professional’s Guide to Bankruptcy, Serving On A Creditors’ Committee, and Commencing an Involuntary Bankruptcy Petition. Scott has published dozens of articles and manuals in the area of creditors’ rights, commercial law, e-commerce and bankruptcy and speaks frequently to credit industry groups throughout the country regarding these topics.
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Contacts Board of Directors Chairman Marsha Johnson, CCE TEC Equipment, Inc. mjohnson@tectrucks.com Vice Chair Linda Bishop, CCE, ICCE Tektronix, Inc. linda.j.bishop@tek.com Counselor John Hardy Emerson Hardwood Co. jhardy@emersonhardwood.com
NACM Oregon
Directors Steve Amiel Tektronix, Inc. steven.amiel@tektronix.com Raeann Binau, ICCE, RGCP Columbia Machine, Inc. raebin@colmac.com Jacqueline Bloom, CBA Wright Business Graphics jbloom@wrightbg.com Will Campbell Standard Supply Co. willc@standardsupplyco.com Tony Ceniga Industrial Finishes & Systems t.ceniga@industrialfinishes.com Lori Jones, CCE ljdangermouse@gmail.com
Customer Service/ Credit Reporting 971.230.1220 services@nacmoregon.org
Industry Groups Richard Browning, CGA 971.230.1188 rbrowning@nacmoregon.org
Data Contribution Shannon Abnal, CGA 971.230.1166 sabnal@nacmoregon.org
Kristen McBride, CGA 971.230.1176 kmcbride@nacmoregon.org
Member Services Kathy Linscott, CGA 971.230.1164 klinscott@nacmoregon.org Member Services Account Executives Clara Nemeth, CGA 971.230.1144 cnemeth@nacmoregon.org
Scott Smithhisler US Bank Global Trade Service scott.smithhisler@usbank.com
Kendall Sun 971.230.1178 ksun@nacmoregon.org
NACM National Director Rick Weisman, CCE Graybar Electric Co., Inc. rick.weisman@graybar.com
National Account Executive Caroline Anderson, CGA 971.230.1168 canderson@nacmoregon.org
President Rod Wheeland, CCE, CAE NACM Oregon rwheeland@nacmoregon.org
Education Shawna Kelly 971.230.1202 skelly@nacmoregon.org
Collection Services Dennis Corey 971.230.1204 dcorey@nacmoregon.org Billing Marmie Carpenter 971.230.1146 mcarpenter@nacmoregon.org Meeting Room Rental Shawna Kelly 971.230.1202 skelly@nacmoregon.org Newsletter Editor Barbara Salazar 971.230.1182 bsalazar@nacmoregon.org Building Suites Lisa Rogstad 971.230.1160 lrogstad@nacmoregon.org
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