Magazine article Business Credit

CRF: Research in Review

Magazine article Business Credit

CRF: Research in Review

Article excerpt

Recognizing the need for research, education, and training in the field of credit, forward-looking members of the National Association of Credit Management launched the Credit Research Foundation as its educational and research arm on March 17, 1947, in Cleveland. Paul W. Miller of the Marlborough Company in Atlanta served as the organizing chairman of the approximately 525-member organization.

CRF represents a body of knowledge emphasizing the impact and contribution of the credit function on individual businesses and the national economy. Its forums, reports, surveys, and other publications provide valuable information on new techniques and trends in credit and accounts receivable administration and practices, along with information technology applications to support credit, accounts receivable, and cash management functions.

Many of NACM's educational programs grew from the framework set forth by CRF. At the November 1952 meeting of the board of directors of NACM, it was duly passed that all phases of the educational activity heretofore carried out under the auspices of NACM henceforth be carried out under the auspices of the Credit Research Foundation. In addition, the sponsorship of the Graduate School was automatically placed under the Foundation.

Recognizing that education and research were so closely correlated, all NACM educational functions would be in the capable hands of Dr. Carl D. Smith, managing director of CRF and NACM's director of education.

One such function was the Graduate School of Credit and Financial Management (GSCFM). Its first session was held at the Babson Institute, Boston, in 1941. This program began in order for companies to develop key credit and financial personnel for new and greater responsibilities. During the war years, the school was discontinued. In the 1940s, GSCFM joined the University of Wisconsin, with the first graduating class taking place in 1949. In 1950, the school began what would become its long tenure at Dartmouth College under the sponsorship of the Amos Tuck School of Business. Among the school's first graduating class was a young energetic gentlemen, O.E. (Barney) Barnum of U.S. Steel Corporation. He became one of the school's greatest supporters, serving in later years as an assistant director of the school at Dartmouth College, member of its administrative committee, its admissions committee, chairman of the joint NACM/CRF Education Committee, and president of the Foundation from 1965 to 1968. A second session of the Graduate School of Credit and Financial Management was opened at Stanford University on the West Coast in 1952 under the sponsorship of the Graduate School of Business at Stanford. The Graduate School continued its growth under the direction of Dr. Smith and Mr. William J. Dickson. In 1961, Dr. Peter C. Peasley became executive director of the school. Enrollment continued to grow to a high of 579 students in 1979. The school became one of the top educational training programs for commercial credit men as well as bankers interested in business credit. Graduates of the GSCFM earned the Executive Award.

Over the years, sessions were held across the United States and Europe: Harvard University, 1967; Tulane University, 1968; London Business School, 1973; Williams College, 1974; and Tufts European Centre, Tollories, France, 1983.

Envisioning the need for corporate training at the mid-level, the Credit Research Foundation began its Mid-Career School in 1972. …

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