December-January Business Credit Journal

NACM OregON BusiNess Credit JOurNAl

January 12 December 11

NACM Oregon 7931 NE Halsey, Suite 200 Portland, Oregon 97213 Tel 503.257.0802 Fax 503.257.0247 www.nacmoregon.org| | | | |

Page 1

...continue on page 14

In This Issue

Helping the Sales’s Force p 1

Chair’s Message p 2

President’s Message p 2

International Corner p 3

NOF Scholarship Funds p 4

New Designee’s p 4

BCLC Webinars p 5

Education Schedule p 5

Legal Corner p 6

New Members p 8

Placement Service p 9

Press Release p 14

H.R. 674 p 16

Contacts p 19

Helping The Sale’s Force Make The Sale To Your Customer Emerging From Chapter 11 – More Credit Risk Than The Score Reveals?by Scott Blakeley, Esq., Blakeley & Blakeley, LLP

In a prolonged down economy, making the sale can be key to maintaining market share, even with customers that are struggling financially, even customers that have filed Chapter 11. The credit professional’s role in facilitating a trade relationship has evolved to a relationship builder, whether at the new account stage, where the customer has defaulted on invoices to where the customer has filed Chapter 11 yet still wants your product or service on terms. In the Chapter 11 setting, after much negotiation with your Chapter 11 customer, you have an allowed administrative claim for the invoice value of the goods the customer received within 20 days (the 503(b)(9) claim) of the Chapter 11 filing. Your major customer’s Chapter 11 plan of reorganization is finally confirmed. To incentivize vendors selling to the customer as it exits Chapter 11 on credit terms, the debtor increases the distribution to vendors selling on normal terms. The customer’s Chapter 11 exit strategy set forth in the plan is continued through operations. You contract to ship on credit to the “reorganized” debtor post-confirmation for one year in exchange for an increased distribution on your non-priority claim. Your trade relationship moves from invoice by invoice to post-confirmation supply contract. Your sale’s force and management anticipate resuming significant sales to the reorganized debtor and supports resumption of credit terms. You consent to payment over time on your 503(b)(9) claim, based on the reorganized debtor’s cash flow. Payment on a percentage of your mid-six figure non-priority claim is also to be over time. Notwithstanding all of the projections pre-pared by the debtor’s accountants to confirm the plan of reorganization demonstrating the debtor will be profitable, it is not. Revenue projections are missed and the debtor fails to pay on your b9 claim. The debtor also fails to pay on your post-confirmation credit sales. The debtor is chased by creditors and files a second Chapter 11 bankruptcy. Is a company eligible to file a second Chapter 11, also referred as a Chapter 22? Your major customer had spent two years in Chapter 11 and paid millions on its attorneys, accountants, and investment bankers to assist in paring down creditors pre-bankruptcy debts, disposing of assets and repositioning itself in the marketplace. Your customer had circulated a hundred-plus page disclosure statement and plan of reorganization to its creditors, with statements in support by the creditors committee and the bank group, coupled with pages of financial projections prepared by the debtor’s financial advisor detailing how the “new and improved” reorganized debtor would meet its trade obligations and return to profitability. Of course, those are magic words to the sale’s




Page 2

Message from the Chairman As we watch another year end and a new one begin, I would like to take this opportunity to wish you and your families all the best this coming New Year. Thank you for your continued support to NACM Oregon.

This last year has been a challenging one for everyone. For some, it’s a welcome to start a New Year; for others, it’s a reflection of a year that seemed to just fly by.

I recently attended my daughter’s college graduation. It was a very emotional and proud time for me and my family as many of you have been part of with your families. During the ceremony, all those who participated in the support of the graduates were recognized: moms grandmothers, fathers, grandfathers, siblings, spouses, friends, and teachers. The whole coliseum was standing and cheering the graduates! It was a joyous moment.

Like the graduation, I like to take time to reflect on the people that make a difference in our business and credit lives: family, friends, coworkers, customers, mentors, service providers, and vendors. It is a great time to recognize and thank those who help us get through the day, make our businesses better, and our lives a little bit easier.

On behalf of the Board of Directors and the NACM Staff, I would like to wish each and every one a happy New Year.

Raeann Binau, CICP, RGCP Airgas - Norpac Inc [email protected]

Message from the President As NACM Oregon celebrates its 116th year of operation, we are indebted to those companies and individuals who have made this possible through their commitment and support. We wish for you a happy and prosperous year!

Rod Wheeland, CCE, CAE Direct: 971.230.1158 [email protected]

© New Yorker Cartoon Jack Zieger from cartoonbank.com. All Rights Reserved.

mailto:raeann.binau%40airgas.com?subject=

mailto:rwheeland%40nacmoregon.org?subject=




Page 3

International Corner, by Alice Knight

Alice Knight is Vice President of Finance & Administration for Paper Products Marketing, Inc. Ms. Knight has more than 45 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, as President of FCIB Forest Products Group, and participated in FCIB Conferences in Mexico, Puerto Rico, Munich, and Brussels.

The overwhelming consensus at ICTF’s annual Global Trade Symposium November 6-8, 2011, at the Biltmore Coral Gables Hotel in Miami was that this is truly a global economy. 147 attendees from all over the United States, Argentina, Barbados, Brazil, Canada, Mexico, the Netherlands, and the UK heard a variety of speakers emphasize the total interrelationship of global trade, the importance of cash flow, the codependency of supplier credit and customer credit, and the increased importance of basic and new risk mitigation techniques. Stephen Kunz, GlaxoSmithKline, was just one speaker that detailed the importance of measuring both DPO (days payables outstanding) and DSO (days sales outstanding). Accelerating receivables collection is desirable but it can be nullified if DPO decreased at a greater rate. There have been massive disruptions in major supply chains over the last year and a half due to natural disasters and social upheavals. This has negatively impacted the ability of many companies to optimize their sourcing terms. Credit professionals have the experience, expertise, and access to information necessary to do credit analysis of suppliers, including supplier country risk. More and more companies are valuing closer cooperation between purchasing and credit. Brian Good, Director of Customer Relationships, Cobra Puma Golf, discussed 3 C’s: cost of billing, cash flow, and customer relationships. Brian focused on new technology for ebilling, invoice personalization, electronic cash application, and the total integration from online ordering to final cash

application. He stressed it is critical to always ask “what impact does your current billing process have on customer relationships?” Too often change is made for ease of internal processing but if it alienates the customer the outcome can be more negative than positive. Alan Andrews, VP Global Trade, PNC Bank, discussed export credit insurance including country agencies in the G7 (Canada, France, Germany, Italy, Japan, UK, and USA); BIC’s (Brazil, India and China); and private credit insurance companies such as FCIA, COFACE, Euler, Atradius, etc. G7 agencies are regulated while BIC’s are not which tends to create an uneven playing field. The use of export credit insurance, long a standard in Europe, has increased substantially in the U.S. in the last 5 years. Craig Weeks, Managing Director Global Transaction Services, Citibank, spoke on five major market influences. Globalization and Change in Trade Flows detailed the effect of emerging markets on traditional trade flows in production and innovation. In 2008, Huawei became the world’s leader in patent applications. Currently R&D may take place in one country, components manufactured in several other countries with the raw material coming from yet other countries, assembly in a different country before shipment to support sales and distribution in different countries.Focus on Working Capital and Supply Chain Financing was showcased as a major influence over the last year. Basel II and III is having an effect on bank liquidity requirements and lending ability. Basel II had a limited effect but Basel III will substantially increase the reserve requirements and have a far greater

impact. The European bank crisis is a continuing challenge and effects U.S. banks as well as European banks, bond markets and access to capital. The fifth and last major influence was The Rise of the RMB as a Trade Settlement Currency. Trade denominated in RMB was .4% in Q1 2010. It rose to 7% in Q1 2011. Some projections indicate that 50% of China’s trade with emerging markets might be in RMB in the next two-three years. Next month, I’ll share some speaker comments on improving credit procedures and collection is Latin America, Mexico, and South America, The ICTF Worldwide Risk Tour featuring Dr. Hans Belcsak and Daniel North and the Global Expertise Exchange Forum.




Page 4

New DesigNee

Jeff Butterfield Pacific Seafood, Co., Inc.

Congratulations to Jeff on successfully completing the CBA exam. NACM Oregon recognizes

Jeff’s accomplishment and applauds his success.

ReceRtificatioN

Doug Jacobson XPEDX

Congratulations are in order for Doug for his recent CCE recertification

designation achievement.

NACM-Oregon FoundationThe NACM-Oregon Foundation grants scholarships to credit professionals for continuing education, professional designations, and conference expenses.

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

• Portland Community College courses within the Credit Administration and Advanced Credit Administration Programs in preparation for professional designation

• Self-study courses in preparation for professional designation

• Registration and exams fees for the National NACM Professional Designation Program

• NACM/CFDD Pacific Northwest Credit 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

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.

To apply—

To apply for scholarship funds, or for more information, contact Lourdes (Lou) Rice, NOF Scholarship Committee Board Director, Pacific Metal Company at 503.454.1051 or [email protected].

Submit applications to:

Lourdes (Lou) A. Rice, NOF Scholarship Committee Board Director Pacific Metal Co. 10700 SW Manhasset Dr. Tualatin, Oregon 97062p: 503.454.1051 f: 503.454.1065 e: [email protected]

http://www.nacmoregon.org/about/foundation.html

mailto:lrice%40pacificmetal.com?subject=

mailto:lrice%40pacificmetal.com?subject=




Page 5

2012 Business Credit Learning Center WebinarsCalifornia Collection Remedies Series for Material Suppliers: Preliminary Notices and Stop Notices January 17 9 - 10 a.m. PT

Moving Along with Credit January 19 9-10 a.m. PT

California Collection Remedies Series for Material Suppliers: Mechanic’s Liens January 24 9-10 a.m. PT

Writing and Reviewing Your Credit Policy January 25 9-10 a.m. (PT)

Bulldog Collection Techniques January 26 12-1 p.m. (PT)

California Collection Remedies Series for Material Suppliers: Bond Claims & Prompt Payment Penalties January 31 9-10 a.m. PT

UCC Article 2: The Sales Contract February 9 9-10 a.m. (PT)

Unclaimed Property Compliance in the State of Oregon March 8 9-10 a.m. (PT)

Bankruptcy Forms March 15 9-10 a.m. (PT)

Lean and Mean: Personal Guarantees April 12 9-10 a.m. (PT)

Webinar fee: $79 each—member; $109 each—nonmember

For a complete list of webinars and descriptions, please visit www.businesscreditlearningcenter.com. If you have any questions on any of the webinars, call Elizabeth Heintz at 971.230.1120, or [email protected].

Schedules are subject to change.

2012 Education Class ScheduleImproving Collection ResultsJanuary 24 8:30-11:30 a.m. NACM Oregon Classroom CEU: .3, Course Level: C $71/member, $170/nonmember Speaker: Brenda Terreault, JD, CBA NACM Oregon

Collections Through Legal Process January 26 8:30-11:30 a.m. NACM Oregon ClassroomCEU: .3, Course Level: I$71/member, $170/nonmember William Fig, Esq., Sussman Shank, LLP

Letters of Credit February 22 8:30-10:30 a.m. NACM Oregon ClassroomCEU: .2, Course Level: I$47/member, $75/nonmember Scott Smithhisler, Orinoco International, LLC

OR, WA, ID Lien Laws March 7 8:30 a.m.-10:30 a.m. March 14 • 8:30 a.m.- 11:30 a.m. NACM Oregon Classroom CEU: .2/.3, Course Level: IEach day: $71/member, $95/nonmember Presented by Sussman Shank, LLP

Registration

To register for on-site classes, please call Elizabeth Heintz at 971.230.1120 or email [email protected]

www.businesscreditlearningcenter.com

www.businesscreditlearningcenter.com

mailto:eheintz%40nacmoregon.org?subject=




Page 6

Legal Corner

Vendors Beware: Courts May Require More From Vendors Than the Filing of a Proof of Claimby Ronald A. Clifford, Esq., Blakeley & Blakeley, LLP

The question is a simple one. How does a vendor preserve their rights to a section 503(b)(9) administrative expense priority claim in a bankruptcy case? Some courts are requiring vendors to do more than file proofs of claim to preserve their rights to a section 503(b)(9) claim. As will be explained in this article, filing a proof of claim, without doing more, may result in the loss of a section 503(b)(9) claim forever.

Vendors have a couple of options available to them to preserve their rights to payment in a bankruptcy case. The first is to review the debtor‘s bankruptcy schedules to determine if their claim is listed as an undisputed, noncontingent and liquidated claim for the correct amount owed to them. If the bankruptcy schedules list the vendor‘s claim correctly, the vendor is not obligated to do anything further to preserved its claim unless a later court order instructs otherwise, or unless an objection is filed to the claim. The second approach, and the one most attorneys would advise be followed regardless of the bankruptcy schedules, is to file a proof of claim. There is an official form on most bankruptcy court websites that is normally used by creditors when filing proofs of claim. Most vendors identify the filing of a proof of claim as the sure way to preserve their right to

payment in a bankruptcy case.

The steps outlined above, on the whole, work just fine for a general unsecured non-priority claim. However, what does a vendor do when they have a section 503(b)(9) administrative expense priority claim? To review, section 503(b)(9) of the Bankruptcy Code allows vendors that deliver goods to the debtor in the ordinary course of the debtor‘s business within the twenty (20) days prior to the petition date, an administrative expense priority claim for the value of those goods. This administrative expense priority claim enjoys a priority for payment above general unsecured nonpriority claims.

There can be some confusion as to how a vendor preserves the right to payment of a section 503(b)(9) claim in a bankruptcy case. One of the areas of confusion stems from the fact that the official proof of claim form referenced above contains a section that allows creditors to list the priority portions of their claims. Many creditors use this box to identify their section 503(b)(9) claims. Those who utilize this practice should not feel unjustified in doing so. One of the options contained within this administrative expense box allows the creditor to insert section 507(a)(2) of the Bankruptcy Code for their priority

claim, which section encapsulates section 503(b)(9). However, some courts, such as the court in In re DFI Proceeds, Inc., have held that listing one‘s section 503(b)(9) claim on the official proof of claim form does not in of itself preserve a vendor‘s section 503(b)(9) claim, even if it is listed in the administrative expense priority box of the proof of claim. 2009 Bankr. LEXIS 4296 (2009). In the DFI Proceeds, Inc., case, the debtor set a bar date for creditors to file section 503(b)(9) motions or applications for allowance. The vendor at issue in the case had already filed the official proof of claim form denoting its section 503(b)(9) claim thereon in the box related to administrative expense claims described above, and so it did not do anything further. Seems reasonable, right? There is a box that tends to lead vendors to believe that a section 503(b)(9) claim can be preserved through listing it on the official proof of claim form, right? Why punish the vendor for the confusion regarding the official proof of claim form? Well, the trustee in the case objected to the vendor‘s claim to the extent that it was entitled to administrative expense priority under section 503(b)(9). The trustee argued that a motion must have been filed for the vendor to have preserved its right to a section 503(b)(9) claim. The court





Page 7

Vendors Beware, continued from page 6

agreed with the trustee and disallowed the vendor‘s claim as anything other than a general unsecured non-priority claim.

The court‘s reasoning was grounded in the specific wording of the Bankruptcy Code. Section 503(b)(9) specifically states that a section 503(b)(9) claim will only be allowed after a noticed hearing. This means that a vendor must file a motion with the court requesting allowance of its section 503(b)(9) claim unless there is a court order that directs otherwise. Listing the section 503(b)(9) claim on the official proof of claim form is not enough. The DFI Proceeds, Inc., court held that absent the filing of a motion requesting allowance prior to the bar date, vendors lost their rights to a section 503(b)(9) claim.

Vendors will want to monitor bankruptcy cases they have a claim in for section 503(b)(9) bar dates and special procedures related thereto. It is increasingly common for debtors to file motions setting section 503(b)(9) bar dates and procedures thereon early in cases. The orders on those motions may require that a motion be filed, such as in the DFI Proceeds, Inc., case, but they may also simply allow the denoting of a section 503(b)(9) claim on the official proof of claim form. It is critical to comply with those orders. However, the take away for vendors should be that the only sure way to preserve one‘s section 503(b)(9) claim in a bankruptcy case where there are not court ordered instructions otherwise is to file a motion with the court requesting allowance of the claim. Failure to do so may result in a loss of that claim for good. The official proof of claim form should probably be modified so as not to confuse vendors regarding the requirements to preserve one‘s section 503(b)(9) claim. As discussed, the official proof of claim form and the language of section 503(b)(9) seem to conflict. Until a revision of the Bankruptcy Code is made that allows the filing of a section 503(b)(9) claim on the official proof of claim form however, the DFI Proceeds, Inc., case has put vendors on notice of the current requirements.

Reprinted with permission from the Spring 2011 Blakeley & Blakeley, LLP Quarterly newsletter.

Check out Experian’s new product...

Premier Profile Report

It is our goal to make sure every member is aware of services offered through your NACM Oregon membership. Whether you are a current Experian user, utilizing another vendor, or not accessing credit reports at this time, please consider reviewing this new product.

Experian has launched a new report called “Premier Profile Report.” This new product offers a quick glimpse design to visually direct your focus to key information saving you time. The dashboard highlights possible indicators of risk reducing potential bad debt. A couple of enhancements are the addition of Fraud & Office of Foreign Assets Control Screening and a credit limit recommendation.

NACM Oregon is offering a complimentary report on one of your customers. Please contact Denise Redding, Account Executive, at 971.230.1178 or Kathy Linscott, VP of Sales and Service, at 971.230.1164 for your report today.

Click here to see sample report.

Thank you for your consideration.

http://www.nacmoregon.org/files/cfdd/Premier%20Profile%20Report.pdf




Page 8

Bingaman & Son Lumber, Inc.

Scott Hurst

570.374.1108 1195 Creek Mountain Rd. Kreamer PA 17833

Incorporated in 1968 and based in Kreamer, Pennsylvania, Bingaman & Son Lumber, Inc., produces and supplies kiln-dried lumber and hardwood logs, lumbers, strips, and dimensions. It also processes thermo-treated hardwoods for decking, flooring, doors, furniture, cabinets, and architectural millwork; and hardwood for moldings, caskets, and toys. The company processes ash, basswood, beech, birch, cherry, hard maple, hickory, poplar, soft maple, walnut, and white and red oak lumber. Its products are exported internationally.

Cascade Coil Drapery, Inc.

Craig Rockwood

971.224.2188 19505 SW 90 Ct. Tualatin OR 97062

Founded in 1987, by Robert H. Schoenheit, Cascade Coil Drapery, Inc., manufactures flexible woven wire fabric for window treatments, ceilings, wall coverings, space dividers, building cladding, blast mitigation, semi-security, fireplace screens, animal containment and more.

D. P. Nicoli Inc.

Kristin Curtis

503-692-6080 19600 SW Cipole Rd. Tualatin OR 97062

D.P. Nicoli, Inc., was founded in 1982 by David P. Nicoli, current CEO and President. The company started as a piling distributor and rental plate company, then added shoring and slide rail to their arsenal to establish D. P. Nicoli as the one-stop resource for the shoring and piling needs of the heavy construction industry.

J Gibson McIlvain Co.

Nita McAllister

410-335-9600 10701 Philadelphia Rd. White Marsh MD 21162

In 1798, Hugh McIlvain established his new lumber business just outside Philadelphia. Over the next 150 years, the company prospered as the country grew, and demand for more materials grew with it. During this period, the McIlvain company became more of a specialist in hardwoods, servicing cabinetmakers and growing industrial producers for the railroad, shipping, and automotive industries. In 1960, in an attempt to improve service to the Maryland, DC, and Virginia customers, a small warehouse was established in White Marsh, Maryland, where the headquarters still exists. Today the J. Gibson McIlvain company specializes in high quality imported exotic hardwoods, but still maintain a strong domestic hardwood, softwood, plywood, and even millwork operation.

Northwest Hardwoods, Inc.

Andrea Turosik

253.301.3231 820 A St., Suite 500 Tacoma WA 98402

Northwest Hardwoods is the leading manufacturer of high-quality hardwood lumber in North America. It manufactures and sells 15 species of hardwood, specializing in alder, oak, maple, cherry, walnut, ash and hickory. It operates through a network of seven primary sawmills, four concentration yards, four remanufacturing plants and one merchandising log yard, all in the United States.

9Wood Inc.

Hope Arnold

888.767.9990 999 S A St. Springfield OR 97477

Started by a group of owners with deep backgrounds in the wood ceiling industry, 9Wood’s has been manufacturing custom suspended wood ceilings since July of 2004. Their projects have been recognized by multiple industry associations, including 11 different Construction Excellence awards from the Ceilings & Interior Systems Construction Association (CISCA).

New Member IntroductionNACM Oregon extends a warm welcome to the following new members:




Page 9

Position Open:

Senior Account, Project Cost Full Time Permanent (Monday - Friday) Portland area Construction Materials Supplier and Contractor seeks Senior Accountant, Project Cost.

Position will require a wide range of accounting and business administration functions in a diverse operations environment. Duties include but are not limited to general accounting up through financial reporting, including accounts receivable, accounts payable, project (job)

Employee Placement ServiceThis networking tool is offered free of charge to NACM Oregon members. You may include your resume in our resource pool, or utilize it to fill an opening in your credit, accounting, or collection department. To participate in this program, please call Barbara Salazar at 971.230.1182 or 866.359.1182.

Position Open:

Join a Winning Team!Join WCP Solutions! WCP Solution’s success depends upon service excellence—excellence that results from the pride and integrity demonstrated by the people who have cho-sen WCP Solutions as the place to share their talents. Each transaction we process and every service we provide is made possible by the efforts of the talented individuals and teams at WCP Solutions.

Respect We treat our customers, suppliers and each other with respect in every interaction. We recognize differences in talent, and work in teams to share and leverage those complementary talents.

Performance We expect each team member to always do their best and strive to learn and improve. We meet and exceed our customers’ standards for performance by consistently delivering outstanding service.

Profit Sharing The owners of WCP Solutions expect an above-average return on investment, and likewise are dedicated to sharing a portion of those returns with the employees who play such a critical role in making it all happen.

Opportunity Currently WCP Solutions is looking for a full-time Credit Representative to join the customer focused team in our Portland Division located in the Gresham area. Responsibilities of this role include: performing collection calls and helping to monitor the daily credit queue; sending requested copies of invoices, proof-of-deliveries and statements; entering customer payments, adjustments; maintaining and updating customer master information

accurately, working with various parties in processing receivables including resolving discrepancies and verifying pricing; performing scanning, filing; and backing up the receptionist role as needed.

The ideal candidate will possess a strong customer focused attitude and bring an enthusiasm for their work, to the department and WCP Solutions staff. A minimum two years experience in credit functions and collections or accounting is preferred. Experience in analyzing credit reports, D & B trade reference and financial statements is a plus.

WCP Solutions is an Equal Opportunity Employer and offers a highly competitive compensation and benefits package, including 401K and profit sharing opportunities.

For additional information regarding WCP Solutions, visit our website at www.wcpsolutions.com.

To apply, complete the online application (http://www.wcpsolutions.com/jobs.php?id=161) and email your resume to the provided Craigslist email address.


www.wcpsolutions.com

http://www.wcpsolutions.com/jobs.php?id=161




Page 10

Employee Placement Service, continued from page 9

Position Open:

Job Title: Cash Accounting Clerk Department: Corporate Credit Reports To: Corporate Credit Manager FLSA Status: Non-Exempt Salary: $32,000-$33,000 (depending on experience)

Summary Receives funds from customers, disburses funds, and records monetary transactions in business establishment or place of public accommodation by performing the following duties.

Essential Duties and Responsibilities—include the following. Other duties may be assigned as needed:

• Input and post wires • Pull lockbox, enter and post checks • 3 p.m. bank run • Credit application process—collect primary info, send

out app packet, collect completed info, run credit reports, set up account, send out letter and notify salespeople, track all progress on spreadsheet. • Lowes – Loweslink.com, pull all info for payments and debits from website. Track shortpays, chargebacks, rebates and missed invoices on spreadsheet. Format and post wires as they come in. • Home Depot – Receive remit by email, format and post as wires come in. THD Supplier Self-Service Portal, use this to charge back short pays and deductions. Track all rebates, short pays, deductions, missed invoices, chargebacks on spreadsheet. • Stock – Receive remit by email, post as wires come in. Contact for missed invoices and shortpays. • Receives cash or checks or completes credit card charge transactions. • Counts money to verify amounts and issues receipts for funds received. • Issues change and cashes checks. • Compares totals on cash register with amount of currency in register to verify balances. • Endorses checks and lists and totals cash and checks for bank deposit. • Prepares bank deposit slips. • Withdraws cash from bank accounts and keeps custody of cash fund. • Disburses cash and writes vouchers and checks in payment of company expenditures. • Posts data and balances accounts. • Compiles collection, disbursement, and bank reconciliation reports. • Operates office machines such as typewriter, computer terminal, and adding, calculating, bookkeeping, and check-writing machines. • Authorizes various plant expenditures and purchases. • Prepares payroll and paychecks. • Issues itemized statement to customer.

Supervisory Responsibilities This job has no supervisory responsibilities.

Competencies Must be extremely detail oriented and able to do high volume data entry.

Senior Account, Project Cost, continuedaccounting, inventory, cost accounting (manufacturing), and payroll.

Requirements

• Bachelor’s degree in accounting, finance or business administration. • Minimum four (4) years accounting experience • Valid driver license and an insurable driving record • Experience in use of Microsoft Excel, Word, Outlook, database and bookkeeping software. • AS400 Experience a plus.

Drug Screen and Background check required.

Please email resumé to: [email protected].

EQUAL OPPORTUNITY EMPLOYER


mailto:tstahly%40riadmin.com?subject=




Page 11


Cash Accounting Clerk, continuedQualifications To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education and/or Experience Associate’s degree (A. A.) or equivalent from two-year college or technical school; or six months to one year related experience and/or training; or equivalent combination of education and experience.

Language Skills Ability to read and comprehend simple instructions, short correspondence, and memos. Ability to write simple correspondence. Ability to effectively present information in one-on-one and small group situations to customers, clients, and other employees of the organization.

Mathematical Skills Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. Ability to compute rate, ratio, and percent and to draw and interpret bar graphs.

Reasoning Ability Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.

Computer Skills To perform this job successfully, an individual should have knowledge of Accounting software; Internet software; Spreadsheet software and Word Processing software.

Physical Demands The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel and talk or hear. The employee is occasionally required to stand; walk, and reach with hands and arms. The employee must occasionally lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision.

Work Environment The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually quiet.

Please email resumé to [email protected].

Position Open:

Credit Manager Full Time (M-F)

A longtime, locally-owned oil company in the Portland NW Industrial area is looking for a credit manager with at least 5 years of credit experience; bachelor’s degree in accounting, finance or related field; experience in employee management; thorough knowledge of credit-related laws; experience with negotiations.

Position is accountable for the entire credit granting process, including consistent application of credit policy, periodic credit reviews and assessment of credit-worthiness of potential & established customers, with the goal of optimizing the mix of company sales and bad debt losses.

Responsibilities include, but not limited to:

1) Develop & maintain a corporate credit policy2) Create credit decision parameters for granting personal and commercial credit


mailto:wbastian%40orepac.com?subject=




Page 12


Credit Manager, continued3) Manage credit personnel team to ensure timeliness and accuracy of activities

4) Monitor and accept./reject credit granting recommendations5) Personally investigate and visit largest credit customers6) Monitor daily activities of credit department, including assessing of late fees, credit/rebills, credit issues, status of accounts, collections, and management reporting.

No telephone calls, please.

Please send cover letter and resume in Word or PDF format to:

Candy Hachmann, Human Resources Manager [email protected].

Seeking Position:

I am a self-motivated, forward thinking person who enjoys challenges. Seeking long-term employment where my abilities are utilized to achieve internal objectives. My background includes all phases of credit/collection functions; correspond with sales departments and customers; and financial statement analysis. Please call Diana at 503.405.2018 or [email protected].

Ten Tips for Reducing Bad Debt Write-Offs1. Periodically request and review financial statements from every customer

2. Require customers needing a credit limit in excess of a specified dollar amount [such as $250,000] to provide financial statements no less frequently than annually and use those statements to monitor the risk of extending >$250,000 in credit to that company

3. Require customers requesting credit limits in excess of a specified dollar amount [such as $1 million] to provide quarterly financial statements for your review

4. Monitor customers’ payment patterns and when a customer’s starts becoming chronically slow, update the file and determine if the assigned credit limit is appropriate

5. Update the credit files on active accounts no less frequently than annually. This will not prevent bad debt losses, but it will reduce their frequency and severity

6. If an account becomes seriously past due, do not return to business as usual just because the customer finally paid the past due balance. Instead, update the credit file and determine the appropriate credit limit and payment terms

7. Close gaps that could allow orders to be released without credit approval

8. Limit credit granting authority in your department, especially as it relates to overrides of established credit limits

9. Join and become active in an industry credit group because these groups often provide advanced notice of sorts relating to companies that might become problem accounts

10. Avoid the temptation to make business decisions. Your role is to make sound credit decisions. While not every good credit decision is a good business decision, your role is to make credit decisions…not business decisions.

Submitted by Michael C. Dennis. Michael is the author of several books including “1001 Collection Tools and Tips.”

© 2010. Michael C. Dennis. All Rights Reserved

mailto:jobs%40carsonoil.com?subject=

mailto:di08%40hotmail.com?subject=




Page 13

Manual of Credit and Commercial Laws, 102nd Edition

2011 Edition Year-end Special 25% off regular member price Price” $60 + S&H

NACM presents an updated, comprehensive text covering the majority of legal topics that the credit professional encounters on a daily basis. The 102nd edition offers well-honed comprehensive coverage of legal issues as chosen and developed by leading experts in bankruptcy, collections, unclaimed property, and mechanic’s liens and bonds rights-just to name some of the facets of this always useful publication.

The newest edition of the Manual includes updated material about credit enhancements such as state builder trust funds; consumer protection legislation, including data security/breach initiatives; bankruptcy-related issues that directly affect credit professionals; and much more. The always-popular state mechanic’s lien law and construction bond entries will also reflect recent legislative actions.

As a handy, one-stop resource, the Manual offers verified contact information for state-level unclaimed property offices and secretaries of state plus all U.S. District and Bankruptcy Courts. Verbiage for more than 60 of the credit profession’s most popular and useful forms is also included, as well as easy-to-use listings for everything from sales and use tax rates to bad check laws to equipment leasing statutes.

Contact Barbara Salazar at 971.230.1182 or 800.622.6985 ext. 182 or email to [email protected] to order your copy.

2012 Credit Congress & Exposition

NACM’s 116th Credit Congress & Exposition in Grapevine, Texas, June 10-13, 2012.

We invite you to join us in Grapevine, Texas, nestled between Dallas and Ft. Worth, to share in our bigger than life Lone Star State experience in June 2012 at our national Credit Congress & Exposition.

This community, which is historically rich and rooted in tradition yet distinctly modern, welcomes NACM members to the Gaylord Texan Resort and Convention Center.

Credit Congress is the largest gathering of credit professionals in the country so don’t miss your chance.

To register click here. Register five or more from a single company at the same time and receive Team Discount savings! The Team Discount applies only to NACM members.

mailto:bsalazar%40nacmoregon.org?subject=

http://creditcongress.nacm.org/

http://creditcongress.nacm.org/register-2012.html




Page 14

Members:

While our first annual session convening is coming upon us in February and we are gearing up to address association concerns that may arise, I think it is also important for you to note progress on issues we have tracked in the past. Governor Kitzhaber continues to work toward strengthening our economy and recently addressed the Oregon Business Summit on his next steps. They are in the press release below.

Cindy Robert, NACM Oregon Lobbyist

Press Release: December 12, 2011

Governor Kitzhaber gives update on Oregon business plan, recommends actions to grow economy.

(Portland, OR) — Before 1,000 business, community, and political leaders, Governor Kitzhaber today gave a progress report on the Oregon Business Plan, called for a continuation of education and healthcare transformation, and outlined a series of next steps intended to grow Oregon’s economy.

The Governor acknowledged that while too many Oregonians remain out of work, Oregon has made progress since January, including an upgrade on Oregon’s credit rating to AA+, passage of SB 766 to speed up permitting for industrial property, the successful launch of Oregon’s National Career Readiness Program, and the implementation of Regional Solution Teams throughout the state.

The Governor called on business, community, and political leaders to continue building on Oregon’s education and health care transformation efforts in the upcoming legislative session. During the 2011 session, the Legislature passed:

SB 99, establishing the state health care insurance exchange. HB 3650, establishing a pathway to transform the health care delivery system for 600,000 people on the Oregon Health Plan.

SB 909 and SB 242, aligning funding and governance across the full continuum of education from early childhood services through K-12 and post-secondary education and training.

The Governor outlined next steps on improving Oregon’s economic footing, including

Proposing the Invest Oregon Act to allow the state to leverage a small amount of public resources to encourage a greater level of private investment in Oregon.Rethinking revenue policy to ensure that Oregon’s tax policy is more rational and equitable; adequate to invest seriously in public education and workforce development; and aligned with the state’s long-term economic development objectives.Continuing to ensure a sustainable economy to truly move away from a boom/bust economic cycle that depletes Oregon’s natural capital and leaves the state highly vulnerable to fluctuations in the national and global economies.

“I vowed to focus on three priorities from day one of my administration. First, I wanted to ensure that the state would be an effective partner getting the private

sector economy going again for big companies and small entrepreneurs alike— and to set the stage for breaking the boom bust cycle that has plagued us for decades.Second, I wanted to transform our health care system to reduce the opportunity costs involved with spending an ever-growing portion of our resources on this one sector alone. Third, I wanted to transform our system of public education to create a skilled workforce capable of competing and excelling in the global economy of the 21st century.

One year later, I believe we have made significant progress. And while too many Oregonians still remain out of work and facing uncertainty, we will emerge from this recession stronger and better positioned for the future.

Lost in the headlines about the European debt crisis and the failed Super Committee is the fact that we are creating jobs in Oregon. So far this year we have created over 18,000 jobs—and we are still working hard to meet the Oregon Business Plan goal of 25,000 jobs by the end of the year. And believe it or not, unemployment is lower in Hood River, Boardman, and Corvallis than in the Portland metropolitan area. Why? Because we have islands of





Page 15

Press Release, continued from page 14

innovation in both urban and rural communities that are tapping into Oregon’s natural assets and market advantages in new and creative ways.

From biomass energy entrepreneurs at the Port of Morrow creating jobs that pay 150 percent of local wage rates—to the cutting edge, homegrown companies that will emerge from the Oregon Nanoscience and Microtechnologies Institute in Corvallis —an economy of innovation is emerging in Oregon. It is our best hope for the future because it is locally-driven and rooted in our strengths—from our solid base in agricultural, forest and advanced manufacturing industries; to promising technology research and development; to our strategic location on the Pacific Rim with access to burgeoning Asia markets.

State government can and must play the role of accelerator and barrier buster for this emerging economy of innovation.

That role is multi-faceted – and begins with the basics – like our success passing a balanced budget, which in turn was cited by Standard and Poor’s as a prime reason to upgrade Oregon’s credit rating to AA+. And that budget includes reserves that are cushioning the blow to Oregonians in need of essential services in a time of ongoing economic uncertainty.

To truly move away from a boom/bust economic cycle that depletes our natural capital and leaves us highly vulnerable to fluctuations in the national and global economies we must continue to develop a more sustainable economy based on the following goals—which I would like to incorporate into the evolving framework of the Oregon Business Plan.

Create and retain economic activity and family wage jobs while reducing our carbon footprint and restoring our natural environment. Expand our manufacturing sector to reduce our need to import goods and services. Minimize the export of our raw materials and maximize the export of value added products and advanced manufactured products. Minimize the need for imported energy. Keep capital circulating in our state through local sourcing and supply chains.

While it won’t be easy—I am optimistic about Oregon’s future. With you help, we can weather this economic challenge, and we can do it without losing our sense of community, without losing our commitment to one another, and emerge stronger and more united that where we began.”




Page 16

NACM Thanks Its Members Following Repeal of the 3% Withholding Tax 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.

“NACM’s membership of trade creditors and government contractors has waited for five years for this day, and we’re glad to see that it’s finally arrived,” said NACM President Robin Schauseil, CAE. “Cash flow is a company’s lifeblood. Small businesses especially depend on a steady level of liquidity simply to make payroll, let alone to develop and grow their business, and simultaneously create jobs.”

“The 3% withholding tax would’ve harmed cash flow, and thereby harmed these businesses when our country needs them the most,” she added. “NACM applauds all members of Congress and the President for respecting the importance of cash flow, for siding with the nation’s job creators and for repealing this withholding requirement once and for all.”

“Since 2006, NACM has fought for the repeal of this 3%

tax. Our members have written letters, made phone calls, and taken personal trips to their representatives on Capitol Hill in order to impress upon them the seriousness of this issue,” said NACM Chairman Kathy Tomlin, CCE. “It may have taken five years, but it’s great to see their efforts pay off with the passage of H.R. 674. The overwhelmingly bipartisan support of this bill shows that, when it wants to, Congress can come together to pass a win-win piece

of legislation that benefits every American taxpayer.”

“On behalf of the thousands of businesses that would’ve been negatively affected by this tax, I’d like to thank all of Congress and the Administration for striking a blow for small businesses and eliminating this 3% withholding

requirement,” she added.

NACM congratulates Congress and the President for enacting this important piece of legislation, and hopes that both parties can find more areas of common ground to get America’s economy growing again.




Page 17

Helping the Sale’s Force, continued from cover

force. The bankruptcy court found the plan of reorganization “feasible” and confirmed the plan and the debtor’s emergence from Chapter 11. You now realize that a confirmed Chapter 11 plan of reorganization, even supported with detailed projections showing your customer profitable, does not guarantee payment on your pre-Chapter 11 debts nor on your recent shipments on credit. The most recent companies to make headlines with a second Chapter 11 filing are Filene’s Basement/Sym’s, Anchor Blue, Jackson Green LLC, and Constar International. Many of these reorganized debtors forced to file a second Chapter 11 are mired in industries with strong competition, and could not meet their debt obligations and were forced into Chapter 11 again by their creditors. Not-withstanding years in Chapter 11, the extraordinary benefit of not paying pre-bankruptcy creditors, and a negotiated plan of reorganization that was supported by detailed projections of how the reorganized debtor would be profitable, such companies often failed to pare down their debt sufficiently in the first Chapter 11, or failed to meet projections under the plan. These companies defaulted on their confirmed plan of reorganization, and post-confirmation debts, followed by the filing of a second bankruptcy petition to obtain the automatic stay (an injunction that arises automatically upon the filing of the petition that enjoins creditors from collecting on their pre-petition claims) and a second opportunity to pare down their debts, and a likely orderly liquidation of the debtor’s assets. A vendor that has provided goods or services to these companies during the first Chapter 11 case, or after these “reorganized” companies have emerged from Chapter 11, likely face a write-off of their open account with the second Chapter 11 filing. The problem is that a company which has spent a number of years in Chapter 11 and confirmed its operating plan of reorganization, and some time out of it, may pose complex legal questions in determining which assets are part of the new bankruptcy estate, which claims may be entitled to priorities, and which transactions may be recovered under the avoidance powers created under the Bankruptcy Code, all of which may waste the assets available to pay vendors. The recent trend of some

companies willingness to file a second Chapter 11 raises new questions—and poses new risks—regarding a vendor’s strategy of credit sales to a company that is presently in Chapter 11, as well as one that has emerged from Chapter 11. A vendor may question whether it should accept payment on a 503(b)(9) claim over time in exchange for credit sales. A vendor may also question whether as part of the first Chapter 11 plan, the debtor offers an increased distribution to unsecured creditors in exchange for credit sales post confirmation.

The Confirmed Chapter 11 Plan Does Not Guarantee Payment On Future Credit Sales The primary purpose of a Chapter 11 case is the negotiation between a debtor and its creditors of a plan of reorganization which restructures the debtor’s finances, provides the basis for repaying creditors and is the gateway through which a debtor emerges from Chapter 11. While a plan of reorganization takes many forms, a common form of the plan provides the company to continue to operate and pay vendors on their pre-petition claims over time. The confirmation of the plan bars vendors from pursuing their pre-confirmation claims and these claims are discharged and replaced by the new obligations specified in the plan. When the court confirms a plan of reorganization, it makes a determination that the plan is “feasible”; e.g. that the company is capable of meeting its obligations under the plan. With large operating companies with many tiers of debt, in determining whether a plan is feasible, the bankruptcy court may take testimony from financial experts. However, as the recent press reports indicate, confirmation of a Chapter 11 plan does not mean that vendors will be repaid according to the terms of the plan or that vendors furnishing goods on credit post-confirmation will not face bankruptcy risk.

Bankruptcy Courts Generally Do Not Bar Second Chapter 11 Filings The Bankruptcy Code does not expressly bar a company from filing a second Chapter 11, unlike an individual who files a Chapter 7 liquidation and obtains a discharge. Not-withstanding the Bankruptcy Code’s absence





Page 18

Helping the Sale’s Force, continued from page 17

of a bar on Chapter 22, bankruptcy courts that first considered whether a business that filed a second Chapter 11 are eligible, generally dismissed the case, forcing the reorganized debtor to liquidate its assets under the confirmed plan or convert to Chapter 7 liquidation. These courts expressed concern that permitting debtors to file a second Chapter 11 was an attempt to circumvent the claims of the creditors who had participated in the first Chapter 11. These courts also expressed concern that allowing a debtor to circumvent the provisions of a confirmed plan could dissuade vendors from working with a financially strapped debtor, especially those that had furnished goods on open account during the Chapter 11. These courts noted a second plan, if confirmed, could discharge the obligations created in the first plan, including priority claims, and the potential loss of priority status in the second case could dissuade vendors from providing post-petition trade credit. The modern trend of bankruptcy courts, however, is to permit a company to file a second Chapter 11 petition, as opposed to forcing the company into an involuntary dismissal of the bankruptcy petition or conversion to Chapter 7 liquidation. These courts reason that the costs and creditors involved benefit more from a second Chapter 11 filing, than liquidation alternatives under Chapter 7 or state law. Often the two Chapter 11 filings are for different purposes, with the first Chapter 11 filing intended to reach a consensual plan of reorganization, while the second Chapter 11 filing is for a partial, or complete, liquidation of the company, with assets sold off to satisfy the secured creditor. While courts recognize the concern that vendors may sell on credit post-confirmation if there is perceived a risk of a second filing, courts refuse to dismiss a case on these grounds.

Risks Posed to the Vendor As recent press reports indicate, even if a business confirms a plan of reorganization that proposes to pay vendors over time, there is no guarantee the business will still not return to financial straits and file a second Chapter 11. For debtors and creditors to cooperate in Chapter 11, Congress saw fit to maintain checks and balances between the parties. This is done, in part, by granting vendors that

sell post-bankruptcy on credit a higher priority of payment than pre-petition unsecured creditors, should a debtor fail to pay. A second Chapter 11 may strip the vendor of this priority. Likewise, the filing of a second Chapter 11 poses special risks to pre-petition unsecured vendors that are offered under the first plan of reorganization terms that allow vendors a more favorable payment on their unsecured claims should they supply the debtor on credit after the plan is confirmed. A second Chapter 11 filing treats these post-confirmation credit sales to the same priority status as other unsecured creditors. The willingness of companies to file a second Chapter 11 also raises the question of whether vendors should negotiate during the first Chapter 11 for payment terms under the plan of reorganization that excludes the payment of stock and instead press for payment in the form of a note. While vendors may seek stricter provisions in a Chapter 11 plan governing the liquidation of the debtor in the event of a post-confirmation failure, in reality a second filing would wipe any stricter provisions. A company’s willingness to file a second Chapter 11, and the bankruptcy courts generally allowing these, poses new risks to the credit professional. Perhaps the strongest reminder is that notwithstanding a reorganized company’s assurances, supported by statements and projections prepared by its financial consultants that it has restructured its balance sheet, shed its unproductive assets and repositioned itself in the marketplace, there is the risk of a second Chapter 11 filing. Recognizing this, a credit professional may reevaluate whether credit should be extended to these companies emerging from Chapter 11, or insist on credit enhancements, such as a guaranty, security interest, or deposit.

Reprinted with permission from the Fall 2011 Blakeley & Blakeley, LLP Quarterly newsletter.




Page 19

Board of Directors NACM Oregon

ChairmanRaeann Binau, CICP, RGCP Airgas - Norpac, Inc. [email protected]

Vice ChairKimi Shelton-Muller, CCE EKC Consulting, [email protected]

SecretaryJohn Hardy Emerson Hardwood [email protected]

TreasurerMarsha Johnson, CCE TEC Equipment, [email protected]

CounselorSue Hein Rapid Bind, [email protected]

Customer Service/ Credit Reporting971.230.1220 [email protected]

Data ContributionShannon Abnal, CGA 971.230.1166 [email protected]

Member Services Kathy Linscott, CGA 971.230.1164 klinscott@nacmoregon

Member Services Account Executives Clara Nemeth, [email protected] Denise Redding, CGA 971.230.1178 [email protected]

National Account Executive Caroline Anderson, CGA 971.230.1168 [email protected]

EducationElizabeth [email protected]

Directors Steve Amiel Electrical Distributing Inc./[email protected]

Linda Bishop, CCE, CICP Tektronix, [email protected]

Will Campbell Standard Supply [email protected]

Tony Ceniga Industrial Finishes & [email protected]

Paula Cooley, CBA American Steel [email protected]

Lori Jones, CCE [email protected]

Pat Swope, CCE, CICP Pacific Seafood Co., [email protected]

PresidentRod Wheeland, CCE, CAE NACM [email protected]

Industry GroupsRichard Browning, CGA 971.230.1188 [email protected]

Kristen McBride, CGA 971.230.1176 [email protected]

Collection ServicesBrenda Terreault, JD, [email protected]

BillingMarmie Carpenter971.230.1146 [email protected]

Meeting Room RentalElizabeth [email protected]

Newsletter EditorBarbara Salazar971.230.1182 [email protected]

mailto:kimimuller%40comcast.net?subject=

mailto:jhardy%40emersonhardwood.com?subject=

mailto:mjohnson%40tectrucks.com?subject=

mailto:sue%40rapidbind.com?subject=

mailto:services%40nacmoregon.org?subject=

mailto:sabnal%40nacmoregon.org?subject=

mailto:klinscott%40nacmoregon.org?subject=

mailto:cnemeth%40nacmoregon.org?subject=

mailto:dredding%40nacmoregon.org?subject=

mailto:dredding%40nacmoregon.org?subject=

mailto:cnemeth%40nacmoregon.org?subject=

mailto:stevea%40edinw.com?subject=

mailto:stevea%40edinw.com?subject=

mailto:willc%40standardsupplyco.com?subject=

mailto:t.ceniga%40industrialfinishes.com?subject=

mailto:pcooley%40american-steel.com?subject=

mailto:pswope%40pacseafood.com?subject=

mailto:rwheeland%40nacmoregon.org?subject=

mailto:rbrowning%40nacmoregon.org?subject=

mailto:kmcbride%40nacmoregon.org?subject=

Documents

December-January Business Credit Journal