CRRC program has granted nearly $30,000 this year to fund local innovative initiatives
CHICAGO – August 11, 2015 – The Turnaround Management Association is pleased to report Chapter Resource and Response Council (CRRC) funds are allowing multiple Chapters to successfully accomplish unique initiatives they otherwise would not be able to pursue without the help of the CRRC.
“In recent months, we have seen a substantial rise in grant requests to the Chapter Resource and Response Committee (CRRC) from our TMA Chapters around the world,” said Milly Chow, Partner at Blake, Cassels & Graydon LLP and Chair of the CRRC. “These funds provide our Chapters with the opportunity to try out innovative new strategies to increase TMA membership, particularly in under-represented areas through NextGen and Network of Women (NOW) based events. We are confident that the CRRC program not only helps our Chapters grow in new ways, but will also encourage the development of new strategies for growth that can be utilized by our Chapters across our global TMA organization.”
The following Chapters submitted requests to the CRRC and received funding for 2015:
The TMA Nevada Chapter utilized funds received from the CRRC to increase marketing and promotion of key events and programs, with the ultimate goal of confirming five new CTP certifications this year and meeting their 2015 membership goals. The Chapter has had six events to date. Membership and awareness of the Chapter in the Las Vegas community has increased since launching a more proactive approach to marketing events. Event attendance is up by about 15 percent. Private financiers and venture opportunity firms have contributed their expertise and contacts to the Chapter, and there is a more comprehensive set of professionals represented at panel discussions. Marketing has been primarily “boots on the ground” methods to have Board members bring a guest at no charge or to sponsor guests on their own accord. The Chapter will expand their marketing efforts this fall by having more preeminent venues with food prepared by top chefs. Nevada is also developing more dynamic and multi-faceted social media techniques to market the Chapter in conjunction with the enhanced TMA global website.
TMA New York [Long Island]
The TMA New York [Long Island] Chapter reached out to the CRRC to help fund their first NextGen event to attract new, younger members to join TMA. By allowing attendees to take part in this event for free, they were able to attract more attendees, thus growing awareness of the NextGen program and driving membership. Forty-six attendees were at this event making it a success. The NextGen committee continues to focus on membership initiatives post-event.
TMA New York [Upstate]
The TMA New York [Upstate] Chapter together with Financial Executives International (FEI) and the Upstate Venture Association (UVANY) hosted an informative discussion with special guest Michael J. Cerminaro, co-founder of Sound Harbor Investments, a middle market private credit and CLO manager with $2.2 billion of AUM. Mike shared the journey Sound Harbor took when it made a private credit and preferred stock investment in the world's largest manufacturer of aerosol valves that went through ownership turmoil, foreign tax issues, the financial crisis, foreign cash repatriation issues, and a massive restructuring. He discussed the way Sound Harbor assisted the company in getting a return of all its equity that was forfeited to the original agent bank during its initial restructuring while allowing Sound Harbor to achieve an overall return on investment of 23%. TMA members were invited to bring a guest free of charge who may be a potential member and were specifically encouraged to bring junior members of their organizations to join as NextGen members in an effort to promote membership.
The TMA Northeast Chapter received funds to launch their first TMA NOW (Network of Women) event in June 2015 in order to be able to secure sponsorships for similar events in the future. The Chapter is committed to growing the diversity of their membership, and the TMA NOW initiative falls within their strategic plan. The grant allowed the Chapter to reduce the cost of the event for higher attendance as well as make the event free for new members.
The TMA Pittsburgh Chapter will receive funds to host an Energy Summit in October 2015. The intent is to display the value of membership to prospects and possible NextGen members. This new conference will reach beyond the span of current TMA membership with the goal of creating awareness of the organization, and building credibility with external audiences.
TMA Rocky Mountain
The TMA Rocky Mountain Chapter will further grow their NextGen and NOW membership by continuing to host successful events now with the help of CRRC funds. TMA Rocky Mountain is hosting a joint NOW/NextGen luncheon in September that will focus on how to maximize your social media account to benefit your business.
TMA South Africa
With help from CRRC funding, the TMA South Africa Chapter is now able to expand their membership from the Gauteng province (Johannesburg and Pretoria) to include the Western Cape province (Cape Town). The funds will be used to help offset various costs for two events to be held in Cape Town. The first event will be a cocktail party providing an opportunity for former, current, and potential members to get to know each other. Two executives from the TMA South Africa board will address those in attendance and discuss how to improve the presence of TMA South Africa. The second event will take place later this year and is still in the process of being planned.
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