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Media Contact: Caroline Zimmerman, Editorial Director, 410-740-5560, carolinez@nacm.org

International Sessions at NACM’s 116th Credit Congress Increasingly Relevant in Wake of Trade Developments

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The National Association of Credit Management (NACM) will host its 116th Credit Congress in Grapevine, TX on June 10-13. While all the educational sessions on this year’s program are extremely relevant to the commercial finance industry, the presentations with an international focus have become all the more timely given recent developments in global trade.

Columbia, MD: May 29, 2012—Recent news items pertaining to U.S. trade policy have indicated that policymakers are finally starting to recognize what exporters have known all along: global trade is a bipartisan way to boost the American economy and create jobs.

Cheers from both sides of the political aisle could be heard when the U.S. free trade agreement with Colombia entered into force earlier this month. And although it took a bit more time than it had in years prior, the sharply-divided U.S. Senate also came together recently to reauthorize the charter of the Export-Import Bank of the United States, while also increasing the bank’s lending limit from $100 billion to $140 billion.

These and other developments show that the United States is recognizing the growth potential available in the world of global trade and seeking to expand global opportunities to increase profit and create jobs.

Aiding this effort to make exporting a viable business opportunity for companies of all sizes are the numerous educational offerings of the National Association of Credit Management (NACM). When NACM hosts its 116th Credit Congress in Grapevine, TX from June 10-13, attendees from the commercial finance industry will find a wealth of sessions geared directly toward leveraging international markets to grow their companies.

Expert Offers Unclaimed Property Insights Ahead of NACM Credit Congress

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February 9, 2012: Columbia, MD-Budget shortfalls remain widespread in the wake of the financial crisis. One notable, and oft-overlooked, casualty of the worst recession in a generation is lax administration of escheatment and unclaimed property rules by state authorities. Where once companies could often pay little mind to local laws governing unclaimed property, now, as recent studies have shown, enforcement is ramping up as local governments look high and low for ways to fill in budget gaps.

The nation's credit professionals must keep this in mind, and to help them, Val Jundt, managing director of Keane Consulting and Advisory Services and a frequent presenter at events hosted by the National Association of Credit Management (NACM), recently offered her best recommendations to trade credit professionals beset by these new challenges, where stringent enforcement of unclaimed property liabilities is the norm, rather than the exception. "Though accounts receivable credit balances are clearly within the definition of an unclaimed property liability, it has only been within the past 5-7 years that this category of property has become a primary focus for the auditor," said Jundt. "The responsibility of the credit manager to ensure that the identification, tracking and posting of all customer credit balances is done accurately, and completely, is critical."

Filling the Gap in the Financial Mentor Shortage

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December 16, 2011: Columbia, MD—The results of a recent Mergis Group Women in Finance survey illustrated that both men and women believe the field of accounting and finance is in need of more mentors. According to the survey, less than a third of participants reported ever having a mentor or role model to support their careers. In addition, over two-thirds believe role models are critical to their success.

Economy, Politics Among Credit Professionals’ Top 2012 Concerns

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Columbia, MD: December 14, 2011—Credit professionals still consider the economy to be their biggest concern for the coming year, according to an annual survey conducted by the National Association of Credit Management (NACM). For the third straight year, when asked “Looking forward to 2012, as a credit professional, what are your biggest concerns?” the largest percentage (26.7%) of the nearly 1,000 participants chose “lingering uncertainties about the still-sluggish economic recovery.” The result was expected, as credit professionals continue to face stagnant business conditions along with an increase in bankruptcy filings, preference actions and customer difficulties.

NACM Welcomes Repeal of 3% Withholding Tax

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After five years of opposition, the National Association of Credit Management (NACM) today welcomed President Barack Obama's signature of H.R. 674, a bill that finally repeals the 3% withholding tax on local, state and federal government contracts.

Had the bill not been signed into law, contractors would've been forced to sacrifice 3% of their profit from government projects in order for the Internal Revenue Service (IRS) to ensure these companies' compliance with tax obligations. While NACM believes that all businesses should pay what they owe in taxes, the devastating effects that the 3% withholding requirement would've had on contractor cash flow would've negated any positive developments in tax compliance. Luckily, Congress and the Administration have finally recognized this, and summoned the political will to repeal this harmful tax.

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