Strength in numbers.(Credit Column)(National Association of Credit Management's financial data and membership management)

2004 marks the beginning of many new initiatives at NACM: NACM-National has transitioned to, or will change to, a calendar year for all aspects of its business. The time frame on which membership statistics are tracked and maintained is now based on the calendar year. The membership awards bestowed at the annual Credit Congress will recognize membership growth during the previous calendar year.

NACM-National has realigned its fiscal year to coincide with the calendar year effective January 1,2004. NACM's audited financials for the fiscal year ending on September 30, 2003 are now posted on the NACM web site (nacm.org) on the "About NACM" page. In the coming weeks, we will also share a financial review of the mini-year, October through December, paving the way for the 2004 calendar year. The National Board approved the audit report and approved the 2004 calendar NACM operating budget.

While the fiscal year ending on September 30, 2003 was still a tough one, NACM did record a profit. Revenues were down, but expenses were also reduced. Losses in the areas of membership revenue and meetings continue to impact the organization. Those losses have been offset slightly by new offerings: NACM audio teleconferences and online and self-study courses. FCIB's new International Credit & Risk Management online course has attracted hundreds of new participants. NACM now offers online courses as well: a basic financial accounting course and the credit law and business law courses are offered several times each year. Additionally, NACM has created a proprietary self-study Principles of Business Credit course, adding CD-rom audio and video instruction to its cornerstone published title, Principles of Business Credit.

In an effort to streamline, or improve NACM governance, the NACM Board voted to reduce the size of the Board in addition to approving a change to its leadership year at its recent meeting. Beginning in 2005, the Board will reduce its size from 28 members to 22 members through attrition, as terms expire. The four Director-at-Large positions will be eliminated as will two Vice Chairmen (Officer) positions. The goal of the reduction in size is to create a smaller, more nimble Board that can gather and respond more efficiently and rapidly. The Board will assume office in January, beginning in 2006, rather than mid-year. The election of Officers will be held at each ...