Magazine article Business Credit

Open Accounts

Magazine article Business Credit

Open Accounts

Article excerpt

NACM North Central Chooses Credit Executive of the Year

Milo H. Hartmann, customer financial services manager at Land O' Lakes, Inc., in St. Paul, MN, was bestowed one of NACM North Central's highest honorsCredit Executive of the Year.

Taught the tricks of the trade by Loren Hartwell and Ralph Van Beusekom, both former NACM North Central chairman, Milo has more than 36 years of experience in the credit and collection industry He has served on the affiliate's Board of Directors for eight years and chaired the board from 1993-1994. He has also served on various committees within NACM, including the Strategic Planning Committee.

"One thing I've learned is that you need to fit in and know the culture in which you work. This carries over to NACM by being involved with membership meetings, industry groups and conferences. People are the ones who deliver, so relationships are critical," says Milo. He adds, "Any organization is only as good as its members. Show interest in others and pass it on."

We at NACM National are proud of Milo's accomplishments. On behalf of all of us, congratulations Milo.

ASA Task Force Sees States as Ripe for Retainage Reform

ASA's Task Force on Retainage recommends that all ASA chapters make retainage reform a top state legislative issue. The results of ASA's Retainage Survey show that many ASA members not only view retainage unfavorably, but also bear additional costs because of slow payment of retainage and high retainage levels.

Victory can be achieved on this issue, as ASA saw at the federal level when the U.S. Department of Transportation (DOT) ruled that subcontractors must receive "quick release" of retainage. Under the new DOT rule, states must establish a contract clause to require prime contractors to pay subcontractors for satisfactory performance no later than a specific number of days from receipt of each payment the prime receives from the state.

The contract clause also must provide for appropriate penalties when the prime fails to make payment. The new regulation requires the prime contractor to reimburse its subcontractors for retainage within a specific number of days after the subcontractors' work is satisfactorily completed.

ASA encourages its local chapters to work with state DOTs to assure appropriate implementation and enforcement of this new federal regulation. State DOTs may be a good place for ASA chapters to initiate retainage reform if such "quick release" requirements are not already in place. ASA members may contact their local chapters to learn more about retainage reform in their states. In addition,ASA Headquarters offers the Guide to Passing State Retainage Reform to ASA members at no cost. To order the guide from ASA's Subcontractors Legislative Resource Center (SLRC), contact ASA Government Relations Assistant Carol Hall via e-mail to, or telephone 703/684-3450, ext. 336.This information was reprinted by permission of ASA Today, a publication of the American Subcontractors Association Inc., located in Alexandria, VA.

Two CFDD National Directors Receive Awards

Barbara Klosterman, CCE, regional credit manager of Southdown, Inc. in Fairborn, OH was named Credit Executive of the Year at the NACM-Ohio Annual Meeting. Barbara has been active in both NACM and CFDD for many years. A member of NACM since 1981, she has served on the local board and various committees. She is past president of the National Cement Credit Association and NACM CFDDDayton Chapter. Barbara currently serves on the CFDD National Board as area director and is vice president and program chairman for CFDD-Dayton.

Also worthy of recognition is Ann Saxton, regional credit manager of SAIF Corporation. The Salem/Albany Chapter of CFDD presented her with its Distinguished Member Achievement Award at their Membership Appreciation meeting hosted by NACM-Oregon.

Ann served as chapter treasurer in 1993, vice president in 1994, president in 1995 and board director from 1996 to present. …

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