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ILLINOIS PAGEANT BOARD
Welcome to the Illinois Pageant Board. All pageant systems are welcome except MAO. Their board is locted at http://www.voy.com/205794/
Subject: CHRISTINA


Author:
THWEATT
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Date Posted: 22:53:18 02/15/18 Thu
How It Works Factoring Articles & Resources Factoring Articles TOP IRS SCAMS FOR 2014

Get cash for your businessThe Internal Revenue Service today issued its annual Dirty Dozen list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns.

Taxpayers should be on the lookout for tax scams using the IRS name, said IRS Commissioner John Koskinen. These schemes jump every year at tax time. Scams can be sophisticated and take many different forms. We urge people to protect themselves and use caution when viewing e-mails, receiving telephone calls or getting advice on tax issues.

Illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them.

The following are the Dirty Dozen tax scams for 2014:

Identity Theft

Tax fraud through the use of identity theft tops this years Dirty Dozen list. Identity theft occurs when someone uses your personal information, such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes. In many cases, an identity thief uses a legitimate taxpayers identity to fraudulently file a tax return and claim a refund.

The agencys work on identity theft and refund fraud continues to grow, touching nearly every part of the organization. For the 2014 filing season, the IRS has expanded these efforts to better protect taxpayers and help victims.

The IRS has a special section on IRS.gov dedicated to identity theft issues, including YouTube videos, tips for taxpayers and an assistance guide. For victims, the information includes how to contact the IRS Identity Protection Specialized Unit. For other taxpayers, there are tips on how taxpayers can protect themselves against identity theft.

Taxpayers who believe they are at risk of identity theft due to lost or stolen personal information should contact the IRS immediately so the agency can take action to secure their tax account. Taxpayers can call the IRS Identity Protection Specialized Unit at 800-908-4490. More information can be found on the special identity protection page.

Pervasive Telephone Scams

The IRS has seen a recent increase in local phone scams across the country, with callers pretending to be from the IRS in hopes of stealing money or identities from victims.

These phone scams include many variations, ranging from instances from where callers say the victims owe money or are entitled to a huge refund. Some calls can threaten arrest and threaten a drivers license revocation. Sometimes these calls are paired with follow-up calls from people saying they are from the local police department or the state motor vehicle department.

Characteristics of these scams can include:

Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.
Scammers may be able to recite the last four digits of a victims Social Security Number.
Scammers spoof or imitate the IRS toll-free number on caller ID to make it appear that its the IRS calling.
Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.
Victims hear background noise of other calls being conducted to mimic a call site.

After threatening victims with jail time or a drivers license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim.

In another variation, one sophisticated phone scam has targeted taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or drivers license. In many cases, the caller becomes hostile and insulting.

If you get a phone call from someone claiming to be from the IRS, heres what you should do: If you know you owe taxes or you think you might owe taxes, call the IRS at 800-829-1040. The IRS employees at that line can help you with a payment issue if there really is such an issue.

If you know you dont owe taxes or have no reason to think that you owe any taxes (for example, youve never received a bill or the caller made some bogus threats as described above), then call and report the incident to the Treasury Inspector General for Tax Administration at 800-366-4484.

If youve been targeted by these scams, you should also contact the Federal Trade Commission and use their FTC Complaint Assistant at FTC.gov. Please add IRS Telephone Scam to the comments of your complaint.

Phishing

Phishing is a scam typically carried out with the help of unsolicited email or a fake website that poses as a legitimate site to lure in potential victims and prompt them to provide valuable personal and financial information. Armed with this information, a criminal can commit identity theft or financial theft.

If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.

It is important to keep in mind the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS has information online that can help you protect yourself from email scams.

False Promises of Free Money from Inflated Refunds

Scam artists routinely pose as tax preparers during tax time, luring victims in by promising large federal tax refunds or refunds that people never dreamed they were due in the first place.

Scam artists use flyers, advertisements, phony store fronts and even word of mouth to throw out a wide net for victims. They may even spread the word through community groups or churches where trust is high. Scammers prey on people who do not have a filing requirement, such as low-income individuals or the elderly. They also prey on non-English speakers, who may or may not have a filing requirement.

Scammers build false hope by duping people into making claims for fictitious rebates, benefits or tax credits. They charge good money for very bad advice. Or worse, they file a false return in a persons name and that person never knows that a refund was paid.

Scam artists also victimize people with a filing requirement and due a refund by promising inflated refunds based on fictitious Social Security benefits and false claims for education credits, the Earned Income Tax Credit (EITC), or the American Opportunity Tax Credit, among others.

The IRS sometimes hears about scams from victims complaining about losing their federal benefits, such as Social Security benefits, certain veterans benefits or low-income housing benefits. The loss of benefits was the result of false claims being filed with the IRS that provided false income amounts.

While honest tax preparers provide their customers a copy of the tax return theyve prepared, victims of scam frequently are not given a copy of what was filed. Victims also report that the fraudulent refund is deposited into the scammers bank account. The scammers deduct a large fee before cutting a check to the victim, a practice not used by legitimate tax preparers.

The IRS reminds all taxpayers that they are legally responsible for whats on their returns even if it was prepared by someone else. Taxpayers who buy into such schemes can end up being penalized for filing false claims or receiving fraudulent refunds.

Taxpayers should take care when choosing an individual or firm to prepare their taxes. Honest return preparers generally: ask for proof of income and eligibility for credits and deductions; sign returns as the preparer; enter their IRS Preparer Tax Identification Number (PTIN); provide the taxpayer a copy of the return.

Beware: Intentional mistakes of this kind can result in a $5,000 penalty.

Return Preparer Fraud

About 60 percent of taxpayers will use tax professionals this year to prepare their tax returns. Most return preparers provide honest service to their clients. But, some unscrupulous preparers prey on unsuspecting taxpayers, and the result can be refund fraud or identity theft.

It is important to choose carefully when hiring an individual or firm to prepare your return. This year, the IRS wants to remind all taxpayers that they should use only preparers who sign the returns they prepare and enter their IRS Preparer Tax Identification Numbers (PTINs).

The IRS also has a web page to assist taxpayers. For tips about choosing a preparer, details on preparer qualifications and information on how and when to make a complaint, view IRS Fact Sheet 2014-5, IRS Offers Advice on How to Choose a Tax Preparer.

Remember: Taxpayers are legally responsible for whats on their tax return even if it is prepared by someone else. Make sure the preparer you hire is up to the task.

IRS.gov has general information on reporting tax fraud. More specifically, you report abusive tax preparers to the IRS on Form 14157, Complaint: Tax Return Preparer. Download Form 14157 and fill it out or order by mail at 800-TAX FORM (800-829-3676). The form includes a return address.

Hiding Income Offshore

Over the years, numerous individuals have been identified as evading U.S. taxes by hiding income in offshore banks, brokerage accounts or nominee entities and then using debit cards, credit cards or wire transfers to access the funds. Others have employed foreign trusts, employee-leasing schemes, private annuities or insurance plans for the same purpose.

The IRS uses information gained from its investigations to pursue taxpayers with undeclared accounts, as well as the banks and bankers suspected of helping clients hide their assets overseas. The IRS works closely with the Department of Justice (DOJ) to prosecute tax evasion cases.

While there are legitimate reasons for maintaining financial accounts abroad, there are reporting requirements that need to be fulfilled. U.S. taxpayers who maintain such accounts and who do not comply with reporting requirements are breaking the law and risk significant penalties and fines, as well as the possibility of criminal prosecution.

Since 2009, tens of thousands of individuals have come forward voluntarily to disclose their foreign financial accounts, taking advantage of special opportunities to comply with the U.S. tax system and resolve their tax obligations. And, with new foreign account reporting requirements being phased in over the next few years, hiding income offshore is increasingly more difficult.

At the beginning of 2012, the IRS reopened the Offshore Voluntary Disclosure Program (OVDP) following continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. The IRS works on a wide range of international tax issues with DOJ to pursue criminal prosecution of international tax evasion. This program will be open for an indefinite period until otherwise announced.

The IRS has collected billions of dollars in back taxes, interest and penalties so far from people who participated in offshore voluntary disclosure programs since 2009. It is in the best long-term interest of taxpayers to come forward, catch up on their filing requirements and pay their fair share.

Impersonation of Charitable Organizations

Another long-standing type of abuse or fraud is scams that occur in the wake of significant natural disasters.

Following major disasters, its common for scam artists to impersonate charities to get money or private information from well-intentioned taxpayers. Scam artists can use a variety of tactics. Some scammers operating bogus charities may contact people by telephone or email to solicit money or financial information. They may even directly contact disaster victims and claim to be working for or on behalf of the IRS to help the victims file casualty loss claims and get tax refunds.

They may attempt to get personal financial information or Social Security numbers that can be used to steal the victims identities or financial resources. Bogus websites may solicit funds for disaster victims. The IRS cautions both victims of natural disasters and people wishing to make charitable donations to avoid scam artists by following these tips:

To help disaster victims, donate to recognized charities.
Be wary of charities with names that are similar to familiar or nationally known organizations. Some phony charities use names or websites that sound or look like those of respected, legitimate organizations. IRS.gov has a search feature, Exempt Organizations Select Check, which allows people to find legitimate, qualified charities to which donations may be tax-deductible.
Dont give out personal financial information, such as Social Security numbers or credit card and bank account numbers and passwords, to anyone who solicits a contribution from you. Scam artists may use this information to steal your identity and money.
Dont give or send cash. For security and tax record purposes, contribute by check or credit card or another way that provides documentation of the gift.

Call the IRS toll-free disaster assistance telephone number (866-562-5227) if you are a disaster victim with specific questions about tax relief or disaster related tax issues.

False Income, Expenses or Exemptions

Another scam involves inflating or including income on a tax return that was never earned, either as wages or as self-employment income in order to maximize refundable credits. Claiming income you did not earn or expenses you did not pay in order to secure larger refundable credits such as the Earned Income Tax Credit could have serious repercussions. This could result in repaying the erroneous refunds, including interest and penalties, and in some cases, even prosecution.

Additionally, some taxpayers are filing excessive claims for the fuel tax credit. Farmers and other taxpayers who use fuel for off-highway business purposes may be eligible for the fuel tax credit. But other individuals have claimed the tax credit although they were not eligible. Fraud involving the fuel tax credit is considered a frivolous tax claim and can result in a penalty of $5,000.

Frivolous Arguments

Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims to avoid paying the taxes they owe. The IRS has a list of frivolous tax arguments that taxpayers should avoid. These arguments are wrong and have been thrown out of court. While taxpayers have the right to contest their tax liabilities in court, no one has the right to disobey the law or disregard their responsibility to pay taxes.

Those who promote or adopt frivolous positions risk a variety of penalties. For example, taxpayers could be responsible for an accuracy-related penalty, a civil fraud penalty, an erroneous refund claim penalty, or a failure to file penalty. The Tax Court may also impose a penalty against taxpayers who make frivolous arguments in court.

Taxpayers who rely on frivolous arguments and schemes may also face criminal prosecution for attempting to evade or defeat tax. Similarly, taxpayers may be convicted of a felony for willfully making and signing under penalties of perjury any return, statement, or other document that the person does not believe to be true and correct as to every material matter. Persons who promote frivolous arguments and those who assist taxpayers in claiming tax benefits based on frivolous arguments may be prosecuted for a criminal felony.

Falsely Claiming Zero Wages or Using False Form 1099

Filing a phony information return is an illegal way to lower the amount of taxes an individual owes. Typically, a Form 4852 (Substitute Form W-2) or a corrected Form 1099 is used as a way to improperly reduce taxable income to zero. The taxpayer may also submit a statement rebutting wages and taxes reported by a payer to the IRS.

Sometimes, fraudsters even include an explanation on their Form 4852 that cites statutory language on the definition of wages or may include some reference to a paying company that refuses to issue a corrected Form W-2 for fear of IRS retaliation. Taxpayers should resist any temptation to participate in any variations of this scheme. Filing this type of return may result in a $5,000 penalty.

Some people also attempt fraud using false Form 1099 refund claims. In some cases, individuals have made refund claims based on the bogus theory that the federal government maintains secret accounts for U.S. citizens and that taxpayers can gain access to the accounts by issuing 1099-OID forms to the IRS. In this ongoing scam, the perpetrator files a fake information return, such as a Form 1099 Original Issue Discount (OID), to justify a false refund claim on a corresponding tax return.

Dont fall prey to people who encourage you to claim deductions or credits to which you are not entitled or willingly allow others to use your information to file false returns. If you are a party to such schemes, you could be liable for financial penalties or even face criminal prosecution.

Abusive Tax Structures

Abusive tax schemes have evolved from simple structuring of abusive domestic and foreign trust arrangements into sophisticated strategies that take advantage of the financial secrecy laws of some foreign jurisdictions and the availability of credit/debit cards issued from offshore financial institutions.

IRS Criminal Investigation (CI) has developed a nationally coordinated program to combat these abusive tax schemes. CIs primary focus is on the identification and investigation of the tax scheme promoters as well as those who play a substantial or integral role in facilitating, aiding, assisting, or furthering the abusive tax scheme (e.g., accountants, lawyers). Secondarily, but equally important, is the investigation of investors who knowingly participate in abusive tax schemes.

What is an abusive scheme? The Abusive Tax Schemes program encompasses violations of the Internal Revenue Code (IRC) and related statutes where multiple flow-through entities are used as an integral part of the taxpayers scheme to evade taxes. These schemes are characterized by the use of Limited Liability Companies (LLCs), Limited Liability Partnerships (LLPs), International Business Companies (IBCs), foreign financial accounts, offshore credit/debit cards and other similar instruments. The schemes are usually complex involving multi-layer transactions for the purpose of concealing the true nature and ownership of the taxable income and/or assets.

Form over substance are the most important words to remember before buying into any arrangements that promise to eliminate or substantially reduce your tax liability. The promoters of abusive tax schemes often employ financial instruments in their schemes. However, the instruments are used for improper purposes including the facilitation of tax evasion.

The IRS encourages taxpayers to report unlawful tax evasion. Where Do You Report Suspected Tax Fraud Activity?

Misuse of Trusts

Trusts also commonly show up in abusive tax structures. They are highlighted here because unscrupulous promoters continue to urge taxpayers to transfer large amounts of assets into trusts. These assets include not only cash and investments, but also successful on-going businesses. There are legitimate uses of trusts in tax and estate planning, but the IRS commonly sees highly questionable transactions. These transactions promise reduced taxable income, inflated deductions for personal expenses, the reduction or elimination of self-employment taxes and reduced estate or gift transfer taxes. These transactions commonly arise when taxpayers are transferring wealth from one generation to another. Questionable trusts rarely deliver the tax benefits promised and are used primarily as a means of avoiding income tax liability and hiding assets from creditors, including the IRS.

IRS personnel continue to see an increase in the improper use of private annuity trusts and foreign trusts to shift income and deduct personal expenses, as well as to avoid estate transfer taxes. As with other arrangements, taxpayers should seek the advice of a trusted professional before entering a trust arrangement.

The IRS reminds taxpayers that tax scams can take many forms beyond the Dirty Dozen, and people should be on the lookout for many other schemes. More information on tax scams is available at IRS.gov.

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SCAM ALERT -- ANDREW CRAVENHO, 12:05:20 01/27/15 Tue [1]

http://www.webboar.com/ip/184.107.55.109/
www.spuko.com/
http://www.factoringinc.com/

https://archive.today/QWX7B

Postal Address

P.O. Box 4545
Atlanta, GA 30328
United States
Street Address

FactoringInc.com
6355 Peachtree Dunwoody Road
Atlanta, GA 30328
Phones

Support: 888 527 5454
Fax: 888 527 5454

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FRAUD -- MOHAMED ADEL, 11:57:59 01/27/15 Tue [1]

settle2117@yahoo.com

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ANDREW CRAVENHO -- MOHAMED ADEL, 11:53:53 01/27/15 Tue [1]

https://archive.today/2qAM5

http://www.webboar.com/isp/MOHAMED%20ADEL/

arivify.com
entitysource.com
markhound.com
cbacfunding.com

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December 14, 1983 -- CBAC LLC, 07:09:28 01/27/15 Tue [1]


Manchester, CT
Hartford, CT
Blue Island, IL
Atlanta, GA
Narragansett, RI
Bloomfield, CT
Ellington, CT
Vernon Rockville, CT
Bronx, NY

860-783-5913

Settlement Quotes
3606 East Tremont Avenue
Bronx, New York 10465

ANDREW J. CRAVENHO was born on 14 December 1983 and he registered to vote in NARRAGANSETT, RHODE ISLAND (Voter ID number 20001049595)
For more information, CLICK HERE (free), then check Archives and PeopleSmart

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Settlement Quotes -- Rockville High School, 06:55:44 01/27/15 Tue [1]

http://articles.courant.com/2000-07-26/news/0007262690_1_jessica-konicki-honors-jessica-klein

Bloomfield, CT
Narragansett, RI
Ellington, CT
Vernon Rockville, CT
Bronx, NY
More Locations
Jennifer Cravenho
Cynthia Vallarelli
Rockville High School
University Of Rhode Island
Lawblurb.com
Fresna Capital Llc
Settlement Quotes

https://archive.today/sVu9A

75 Bette Drive, Manchester, CT 06040 -- Andrew J Cravenho, 06:47:48 01/27/15 Tue [1]

Manchester, CT
Hartford, CT
Hartford, CT
Blue Island, IL


Jennifer Cravenho
Cynthia Vallarelli

Privacy Laws -- ANDREW CRAVENHO, 06:39:13 01/27/15 Tue [1]

https://archive.today/dTnFK

ANDREW CRAVENHO (MEMBER)
CBAC, LLC
CONNECTICUT DOMESTIC LIMITED-LIABILITY COMPANY
Address: 75 Bette Drive
Manchester, CT 06040
Registered Agent: Andrew Cravenho
Filing Date: September 14, 2012
File Number: 1083427

ANDREW CRAVENHO (MEMBER)
FRESNA CAPITAL LLC
CONNECTICUT DOMESTIC LIMITED-LIABILITY COMPANY
Address: 75 Bette Drive
Manchester, CT 06040
Registered Agent: United States Corporation Agents, Inc.
Filing Date: October 08, 2010
File Number: 1017419
ANDREW CRAVENHO (MEMBER)
RECLAIM PROPERTY RESOURCES L.L.C.
CONNECTICUT DOMESTIC LIMITED-LIABILITY COMPANY
Address: 75 Bette Drive
Manchester, CT 06040
Registered Agent: United States Corporation Agents, Inc.
Filing Date: November 24, 2010
File Number: 1021646

ANDREW CRAVENHO (MEMBER)
SETTLEMENT QUOTES, LLC
CONNECTICUT DOMESTIC LIMITED-LIABILITY COMPANY
Address: 75 Bette Drive
Manchester, CT 06040
Registered Agent: National Registered Agents, Inc.
Filing Date: September 23, 2008
File Number: 0950275

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[> Privacy Laws -- markhound.com arivify.com, 06:43:00 01/27/15 Tue [1]

Fresna Capital LLC
Andrew Cravenho
6355 Pchtree Dnwdy NE #3
Atlanta, Georgia 30328-4607
[> Subject: Re: CHRISTINA


Author:
troll123
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Date Posted: 13:18:25 01/27/19 Sun
Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.[1][2][3] A business will sometimes factor its receivable assets to meet its present and immediate cash needs.[4][5] Forfaiting is a factoring arrangement used in international trade finance by exporters who wish to sell their receivables to a forfaiter.[6] Factoring is commonly referred to as accounts receivable factoring, invoice factoring, and sometimes accounts receivable financing. Accounts receivable financing is a term more accurately used to describe a form of asset based lending against accounts receivable. The Commercial Finance Association is the leading trade association of the asset-based lending and factoring industries.[7]

Factoring is not the same as invoice discounting (which is called an assignment of accounts receivable in American accounting as propagated by FASB within GAAP).[8][1] Factoring is the sale of receivables, whereas invoice discounting ("assignment of accounts receivable" in American accounting) is a borrowing that involves the use of the accounts receivable assets as collateral for the loan.[1] However, in some other markets, such as the UK, invoice discounting is considered to be a form of factoring, involving the "assignment of receivables", that is included in official factoring statistics.[9] It is therefore also not considered to be borrowing in the UK. In the UK the arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor. In the UK, the main difference between factoring and invoice discounting is confidentiality.[10] Scottish law differs from that of the rest of the UK, in that notification to the account debtor is required for the assignment to take place. The Scottish Law Commission is[when?] reviewing this position and seeks to propose reform by the end of 2017.[11]


Contents
1 Overview
2 Rationale
3 Process
4 Accounts receivable discounting
5 Common factoring terms
5.1 Discount rate or factoring fee
5.2 Advance rate
5.3 Reserve account
5.4 Long-term contracts and minimums
5.5 Spot factoring
6 Treatment under GAAP
7 History
8 Modern forms
9 Specialized factoring
9.1 Real estate
9.2 Medical factoring
9.3 Construction
9.4 Haulage
10 Invoice payers (debtors)
11 Risks
12 Reverse factoring
13 See also
14 References
Overview
There are three parties directly involved: the factor who purchases the receivable, the one who sells the receivable, and the debtor who has a financial liability that requires him or her to make a payment to the owner of the invoice.[1][2] The receivable, usually associated with an invoice for work performed or goods sold, is essentially a financial asset that gives the owner of the receivable the legal right to collect money from the debtor whose financial liability directly corresponds to the receivable asset.[4][2] The seller sells the receivables at a discount to the third party, the specialized financial organization (aka the factor) to obtain cash.[1][4][2] This process is sometimes used in manufacturing industries when the immediate need for raw material outstrips their available cash and ability to purchase "on account".[12] Both invoice discounting and factoring are used by B2B companies to ensure they have the immediate cash flow necessary to meet their current and immediate obligations.[5][2] Invoice factoring is not a relevant financing option for retail or B2C companies because they generally do not have business or commercial clients, a necessary condition for factoring.

The sale of the receivable transfers ownership of the receivable to the factor, indicating the factor obtains all of the rights associated with the receivables.[1][2] Accordingly, the receivable becomes the factor's asset, and the factor obtains the right to receive the payments made by the debtor for the invoice amount, and is free to pledge or exchange the receivable asset without unreasonable constraints or restrictions.[1][2] Usually, the account debtor is notified of the sale of the receivable, and the factor bills the debtor and makes all collections; however, non-notification factoring, where the client (seller) collects the accounts sold to the factor, as agent of the factor, also occurs. The arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor.[10] If the factoring transfers the receivable "without recourse", the factor (purchaser of the receivable) must bear the loss if the account debtor does not pay the invoice amount.[1] If the factoring transfers the receivable "with recourse", the factor has the right to collect the unpaid invoice amount from the transferor (seller).[1] However, any merchandise returns that may diminish the invoice amount that is collectible from the accounts receivable are typically the responsibility of the seller,[1] and the factor will typically hold back paying the seller for a portion of the receivable being sold (the "factor's holdback receivable") in order to cover the merchandise returns associated with the factored receivables until the privilege to return the merchandise expires.

There are four principal parts to the factoring transaction, all of which are recorded separately by an accountant who is responsible for recording the factoring transaction:

the "fee" paid to the factor,
the Interest Expense paid to the factor for the advance of money,
the "bad debt expense" associated with portion of the receivables that the seller expects will remain unpaid and uncollectable,
the "factor's holdback receivable" amount to cover merchandise returns, and (e) any additional "loss" or "gain" the seller must attribute to the sale of the receivables.[1][2] Sometimes the factor's charges paid by the seller (the factor's "client") covers a discount fee, additional credit risk the factor must assume, and other services provided.[13] The factor's overall profit is the difference between the price it paid for the invoice and the money received from the debtor, less the amount lost due to non-payment.[1][2]
Rationale
Factoring is a method used by some firms to obtain cash. Certain companies factor accounts when the available cash balance held by the firm is insufficient to meet current obligations and accommodate its other cash needs, such as new orders or contracts; in other industries, however, such as textiles or apparel, for example, financially sound companies factor their accounts simply because this is the historic method of financing. The use of factoring to obtain the cash needed to accommodate a firm's immediate cash needs will allow the firm to maintain a smaller ongoing cash balance. By reducing the size of its cash balances, more money is made available for investment in the firm's growth.

Debt factoring is also used as a financial instrument to provide better cash flow control especially if a company currently has a lot of accounts receivables with different credit terms to manage. A company sells its invoices at a discount to their face value when it calculates that it will be better off using the proceeds to bolster its own growth than it would be by effectively functioning as its "customer's bank."[14] Accordingly, factoring occurs when the rate of return on the proceeds invested in production exceed the costs associated with factoring the receivables. Therefore, the trade-off between the return the firm earns on investment in production and the cost of utilizing a factor is crucial in determining both the extent factoring is used and the quantity of cash the firm holds on hand.

Many businesses have cash flow that varies. It might be relatively large in one period, and relatively small in another period. Because of this, businesses find it necessary to both maintain a cash balance on hand, and to use such methods as factoring, in order to enable them to cover their short term cash needs in those periods in which these needs exceed the cash flow. Each business must then decide how much it wants to depend on factoring to cover short falls in cash, and how large a cash balance it wants to maintain in order to ensure it has enough cash on hand during periods of low cash flow.

Generally, the variability in the cash flow will determine the size of the cash balance a business will tend to hold as well as the extent it may have to depend on such financial mechanisms as factoring. Cash flow variability is directly related to two factors:

The extent cash flow can change, and
The length of time cash flow can remain at a below average level.
If cash flow can decrease drastically, the business will find it needs large amounts of cash from either existing cash balances or from a factor to cover its obligations during this period of time. Likewise, the longer a relatively low cash flow can last, the more cash is needed from another source (cash balances or a factor) to cover its obligations during this time. As indicated, the business must balance the opportunity cost of losing a return on the cash that it could otherwise invest, against the costs associated with the use of factoring.

The cash balance a business holds is essentially a demand for transactions money. As stated, the size of the cash balance the firm decides to hold is directly related to its unwillingness to pay the costs necessary to use a factor to finance its short term cash needs. The problem faced by the business in deciding the size of the cash balance it wants to maintain on hand is similar to the decision it faces when it decides how much physical inventory it should maintain. In this situation, the business must balance the cost of obtaining cash proceeds from a factor against the opportunity cost of the losing the Rate of Return it earns on investment within its business.[15] The solution to the problem is:

{\displaystyle CB={\sqrt {\frac {i*nCF}{(2*r)}}}} CB={\sqrt {{\frac {i*nCF}{(2*r)}}}}[16]
where

{\displaystyle CB} CB is the cash balance
{\displaystyle nCF} nCF is the average negative cash flow in a given period
{\displaystyle i} i is the [discount rate] that cover the factoring costs
{\displaystyle r} r is the rate of return on the firm's assets.[17]
Today factoring's rationale still includes the financial task of advancing funds to smaller rapidly growing firms who sell to larger more credit-worthy organizations. While almost never taking possession of the goods sold, factors offer various combinations of money and supportive services when advancing funds.

Factors often provide their clients four key services: information on the creditworthiness of their prospective customers domestic and international, and, in nonrecourse factoring, acceptance of the credit risk for "approved" accounts; maintain the history of payments by customers (i.e., accounts receivable ledger); daily management reports on collections; and, make the actual collection calls. The outsourced credit function both extends the small firms effective addressable marketplace and insulates it from the survival-threatening destructive impact of a bankruptcy or financial difficulty of a major customer. A second key service is the operation of the accounts receivable function. The services eliminate the need and cost for permanent skilled staff found within large firms. Although today even they are outsourcing such back-office functions. More importantly, the services insure the entrepreneurs and owners against a major source of a liquidity crises and their equity.

Process
The factoring process can be broken up into two parts: the initial account setup and ongoing funding. Setting up a factoring account typically takes one to two weeks and involves submitting an application, a list of clients, an accounts receivable aging report and a sample invoice. The approval process involves detailed underwriting, during which time the factoring company can ask for additional documents, such as documents of incorporation, financials, and banks statements. If approved, the business will be set up with a maximum credit line from which they can draw. In the case of notification factoring, the arrangement is not confidential and approval is contingent upon successful notification; a process by which factoring companies send the business's client or account debtor a Notice of Assignment. The Notice of Assignment serves to

inform debtors that a factoring company is managing all of the business's receivables,
stake a claim on the financial rights for the receivables factored, and
update the payment address usually a bank lock box.
Once the account is set up, the business is ready to start funding invoices. Invoices are still approved on an individual basis, but most invoices can be funded in a business day or two, as long as they meet the factors criteria. Receivables are funded in two parts. The first part is the "advance" and covers 80% to 85% of the invoice value. This is deposited directly to the business's bank account. The remaining 15% to 20% is rebated, less the factoring fees, as soon as the invoice is paid in full to the factoring company.

Accounts receivable discounting
Non-recourse factoring is not a loan.[13][1] When a lender decides to extend credit to a company based on assets, cash flows, and credit history, the borrower must recognize a liability to the lender, and the lender recognizes the borrower's promise to repay the loan as an asset.[13][1] Factoring without recourse is a sale of a financial asset (the receivable), in which the factor assumes ownership of the asset and all of the risks associated with it, and the seller relinquishes any title to the asset sold.[13][1] An example of factoring is the credit card. Factoring is like a credit card where the bank (factor) is buying the debt of the customer without recourse to the seller; if the buyer doesn't pay the amount to the seller the bank cannot claim the money from the seller or the merchant, just as the bank in this case can only claim the money from the debt issuer.[18] Factoring is different from invoice discounting, which usually doesn't imply informing the debt issuer about the assignment of debt, whereas in the case of factoring the debt issuer is usually notified in what is known as notification factoring. One more difference between the factoring and invoice discounting is that in case of factoring the seller assigns all receivables of a certain buyer(s) to the factor whereas in invoice discounting the borrower (the seller) assigns a receivable balance, not specific invoices. A factor is therefore more concerned with the credit-worthiness of the company's customers.[4][2] The factoring transaction is often structured as a purchase of a financial asset, namely the accounts receivable. A non-recourse factor assumes the "credit risk" that an account will not collect due solely to the financial inability of account debtor to pay. In the United States, if the factor does not assume the credit risk on the purchased accounts, in most cases a court will recharacterize the transaction as a secured loan.

When a company decides to factors account receivables invoices to a principles factors or broker, it needs to understands the risks and rewards involved with factoring. Amount of funding can vary depending on the specific accounts receivables, debtor and industry that factoring occurs in. Factors can limit and restrict funding in such occasions where the debtor is found not credit worthy, or the invoice amount represents too big of a portion of the business' annual income. Another area of concern is when the cost of invoice factoring is calculated. It's a compound of an administration charge and interest earned overtime as the debtor takes time to repay the original invoice. Not all factoring companies charge interest over the time it takes to collect from a debtor, in this case only the administration charge needs to be taken into account although this type of facility is comparatively rare. There are major industries which stand out in the factoring industry which are:

1. Distribution 2. Retail 3. Manufacturing 4. Transportation 5. Services 6. Construction

However, most businesses can apply invoice factoring successfully to their funding model.

Common factoring terms
Discount rate or factoring fee
The discount rate is the fee a factoring company charges to provide the factoring service. Since a formal factoring transaction involves the outright purchase of the invoice, the discount rate is typically stated as a percentage of the face value of the invoices. For instance, a factoring company may charge 5% for an invoice due in 45 days. In contrast, companies that do accounts receivable financing may charge per week or per month. Thus, an invoice financing company that charges 1% per week would result in a discount rate of 6-7% for the same invoice.

Advance rate
The advance rate is the percentage of an invoice that is paid out by the factoring company upfront. The difference between the face value of the invoice and the advance rates serves to protect factors against any losses and to ensure coverage for their fees. Once the invoice is paid, the factor gives the difference between the face value, advance amount and fees back to the business in the form of a factoring rebate.[19]

Reserve account
Whereas the difference between the invoice face value and the advance serves as a reserve for a specific invoice, many factors also hold an ongoing reserve account which serves to further reduce the risk for the factoring company. This reserve account is typically 10-15% of the seller's credit line, but not all factoring companies hold reserve accounts.

Long-term contracts and minimums
While factoring fees and terms range widely, many factoring companies will have monthly minimums and require a long-term contract as a measure to guarantee a profitable relationship. Although shorter contract periods are now becoming more common, contracts and monthly minimums are typical with "whole ledger" factoring, which entails factoring all of a company's invoices or all of the company's invoices from a particular debtor.

Spot factoring
Spot factoring, or single invoice discounting, is an alternative to "whole ledger" and allows a company to factor a single invoice. The added flexibility for the business, and lack of predictable volume and monthly minimums for factoring providers means that spot factoring transactions usually carry a cost premium.

Treatment under GAAP
In the United States, under the Generally Accepted Accounting Principles (GAAP), receivables are considered "sold", under FASB ASC 860-10 (or under Statement of Financial Accounting Standards No. 140, paragraph 112), when the buyer has "no recourse".[20] Moreover, to treat the transaction as a sale under GAAP, the seller's monetary liability under any "recourse" provision must be readily estimated at the time of the sale. Otherwise, the financial transaction is treated as a secured loan, with the receivables used as collateral.

When a nonrecourse transaction takes place, the accounts receivable balance is removed from the statement of financial position. The corresponding debits include the expense recorded on the income statement and the proceeds received from the factor.[21]

History
Factoring's origins lie in the financing of trade, particularly international trade. It is said[by whom?] that factoring originated with ancient Mesopotamian culture, with rules of factoring preserved in the Code of Hammurabi.[22]

Factoring as a fact of business life was underway in England prior to 1400, and it came to America with the Pilgrims, around 1620.[23] It appears to be closely related to early merchant banking activities. The latter however evolved by extension to non-trade related financing such as sovereign debt.[24] Like all financial instruments, factoring evolved over centuries. This was driven by changes in the organization of companies; technology, particularly air travel and non-face-to-face communications technologies starting with the telegraph, followed by the telephone and then computers. These also drove and were driven by modifications of the common law framework in England and the United States.[25]

Governments were latecomers to the facilitation of trade financed by factors. English common law originally held that unless the debtor was notified, the assignment between the seller of invoices and the factor was not valid. The Canadian Federal Government legislation governing the assignment of moneys owed by it still reflects this stance as does provincial government legislation modelled after it. As late as the current century,[when?] the courts have heard arguments that without notification of the debtor the assignment was not valid. In the United States, by 1949 the majority of state governments had adopted a rule that the debtor did not have to be notified, thus opening up the possibility of non-notification factoring arrangements.[26]

Originally the industry took physical possession of the goods, provided cash advances to the producer, financed the credit extended to the buyer and insured the credit strength of the buyer.[27] In England the control over the trade thus obtained resulted in an Act of Parliament in 1696 to mitigate the monopoly power of the factors. With the development of larger firms who built their own sales forces, distribution channels, and knowledge of the financial strength of their customers, the needs for factoring services were reshaped and the industry became more specialized.

By the twentieth century in the United States factoring was still the predominant form of financing working capital for the then-high-growth-rate textile industry. In part this occurred because of the structure of the US banking system with its myriad of small banks and consequent limitations on the amount that could be advanced prudently by any one of them to a firm.[28] In Canada, with its national banks the limitations were far less restrictive and thus factoring did not develop as widely as in the US. Even then, factoring also became the dominant form of financing in the Canadian textile industry.

By the first decade of the 21st century, a basic public policy rationale for factoring remains that the product is well-suited to the demands of innovative, rapidly growing firms critical to economic growth.[29] A second public policy rationale is allowing fundamentally good business to be spared the costly, time-consuming trials and tribulations of bankruptcy protection for suppliers, employees and customers or to provide a source of funds during the process of restructuring the firm so that it can survive and grow.

Modern forms
In the latter half of the twentieth century the introduction of computers eased the accounting burdens of factors and then small firms. The same occurred for their ability to obtain information about debtor's creditworthiness. Introduction of the Internet and the web has accelerated the process while reducing costs. Today credit information and insurance coverage are instantly available online. The web has also made it possible for factors and their clients to collaborate in real time on collections. Acceptance of signed documents provided by facsimile as being legally binding has eliminated the need for physical delivery of "originals", thereby reducing time delays for entrepreneurs.

Traditionally, factoring has been a relationship driven business and factoring transactions have been largely manual and frequently involving a face to-face component as part of the relationship building process or due-diligence phase. This is especially true for small business factoring, in which the factoring companies tend to be locally or regionally focused. The geographic focus helps them better mitigate risks that because of their smaller scale, they otherwise couldnt afford to take.[30]

To make the arrangement economically profitable, most factoring companies have revenue minimums (e.g. at least $500,000 in annual revenue) and require annual contracts and monthly minimums. More recently, several online factoring companies have emerged, leveraging aggregation, analytics, automation to deliver the benefits of factoring with the convenience and ease afforded by the internet.[31] Some companies use technology to automate some of the risk and back-office aspects of factoring and provide the service via a modern web interface for additional convenience. This enables them to serve a broader range of small businesses with significantly lower revenue requirements without the need for monthly minimums and long-term contracts.[32] Many of these companies have direct software integrations with software programs such as Quickbooks, allowing businesses to immediately receive funding without an application.

The emergence of these modern forms has not been without controversy. Critics accurately point out that none of these new players have experienced a complete credit cycle and thus, their underwriting models have not been market tested by an economic contraction. What's more, some of these new models rely on a market place lending format. It's unclear if this source of capital will be stable over time, as other companies, most notably, Lending Club, had a difficult time attracting investors in early 2016, even though net returns seem higher on invoice finance platforms such as MarketInvoice[33] and FundThrough[34] than on business loan platforms such as Funding Circle.[35]

Specialized factoring
With advances in technology, some invoice factoring providers have adapted to specific industries. This often affects additional services offered by the factor in order to best adapt the factoring service to the needs of the business. An example of this includes a recruitment specialist factor offering payroll and back office support with the factoring facility; a wholesale or /distribution factor may not offer this additional service. These differences can affect the cost of the facility, the approach the factor takes when collecting credit, the administration services included in the facility and the maximum size of invoices which can be factored.

Real estate
Since the 2007 United States recession one of the fastest-growing sectors in the factoring industry is real estate commission advances. Commission advances work the same way as factoring but are done with licensed real estate agents on their pending and future real estate commissions. Commission advances were first introduced in Canada but quickly spread to the United States. Typically, the process consists of an online application from a real estate agent, who signs a contract selling future commissions at a discount; the factoring company then wires the funds to the agent's bank account.

Medical factoring
The healthcare industry makes for a special case in which factoring is much needed because of long payment cycles from government, private insurance companies and other third party payers, but difficult because of HIPAA requirements. For this reasons medical receivables factoring companies have developed to specifically target this niche.

Construction
Factoring is commonplace in the construction industry because of the long payment cycles that can stretch to 120 days and beyond. However, the construction industry has features that are risky for factoring companies. Because of the risks and exposure from mechanics' liens, danger of "paid-when-paid" terms, existence of progress billing, use of withholding, and exposure to economic cycles most "generalist" factoring companies avoid construction receivables entirely. That has created another niche of factoring companies that specialize in construction receivables.[36]

Haulage
Factoring is often used by haulage companies to cover upfront expenses, such as fuel. Factoring companies that cater to this niche offer services to help accommodate drivers on the road, including the ability to verify invoices and fund on copies sent via scan, fax or email, and the option to place the funds directly onto a fuel card, which works like a debit card. Haulage factors also offer fuel advance programs that provide a cash advance to carriers upon confirmed pickup of the load.

Invoice payers (debtors)
Large firms and organizations such as governments usually have specialized processes to deal with one aspect of factoring, redirection of payment to the factor following receipt of notification from the third party (i.e., the factor) to whom they will make the payment. Many but not all in such organizations are knowledgeable about the use of factoring by small firms and clearly distinguish between its use by small rapidly growing firms and turnarounds.

Distinguishing between assignment of the responsibility to perform the work and the assignment of funds to the factor is central to the customer or debtor's processes. Firms have purchased from a supplier for a reason and thus insist on that firm fulfilling the work commitment. Once the work has been performed, however, it is a matter of indifference who is paid. For example, General Electric has clear processes to be followed which distinguish between their work and payment sensitivities.[citation needed] Contracts direct with the US government require an assignment of claims, which is an amendment to the contract allowing for payments to third parties (factors).

Risks
Risks to a factor include:[37]

Counter-party credit risk related to clients and risk-covered debtors. Risk-covered debtors can be reinsured, which limit the risks of a factor. Trade receivables are a fairly low-risk asset due to their short duration.
External fraud by clients: fake invoicing, misdirected payments, pre-invoicing, not assigned credit notes, etc. A fraud insurance policy and subjecting the client to audit could limit the risks.
Legal, compliance and tax risks: large number of applicable laws and regulations in different countries
Operational risks, such as contractual disputes
Uniform Commercial Code (UCC-1) securing rights to assets.
IRS liens associated with payroll taxes, etc.
ICT risks: complicated, integrated factoring system, extensive data exchange with clien
[> [> Subject: Re: CHRISTINA


Author:
troll123
[ Edit | View ]
Date Posted: 13:18:57 01/27/19 Sun
Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.[1][2][3] A business will sometimes factor its receivable assets to meet its present and immediate cash needs.[4][5] Forfaiting is a factoring arrangement used in international trade finance by exporters who wish to sell their receivables to a forfaiter.[6] Factoring is commonly referred to as accounts receivable factoring, invoice factoring, and sometimes accounts receivable financing. Accounts receivable financing is a term more accurately used to describe a form of asset based lending against accounts receivable. The Commercial Finance Association is the leading trade association of the asset-based lending and factoring industries.[7]

Factoring is not the same as invoice discounting (which is called an assignment of accounts receivable in American accounting as propagated by FASB within GAAP).[8][1] Factoring is the sale of receivables, whereas invoice discounting ("assignment of accounts receivable" in American accounting) is a borrowing that involves the use of the accounts receivable assets as collateral for the loan.[1] However, in some other markets, such as the UK, invoice discounting is considered to be a form of factoring, involving the "assignment of receivables", that is included in official factoring statistics.[9] It is therefore also not considered to be borrowing in the UK. In the UK the arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor. In the UK, the main difference between factoring and invoice discounting is confidentiality.[10] Scottish law differs from that of the rest of the UK, in that notification to the account debtor is required for the assignment to take place. The Scottish Law Commission is[when?] reviewing this position and seeks to propose reform by the end of 2017.[11]


Contents
1 Overview
2 Rationale
3 Process
4 Accounts receivable discounting
5 Common factoring terms
5.1 Discount rate or factoring fee
5.2 Advance rate
5.3 Reserve account
5.4 Long-term contracts and minimums
5.5 Spot factoring
6 Treatment under GAAP
7 History
8 Modern forms
9 Specialized factoring
9.1 Real estate
9.2 Medical factoring
9.3 Construction
9.4 Haulage
10 Invoice payers (debtors)
11 Risks
12 Reverse factoring
13 See also
14 References
Overview
There are three parties directly involved: the factor who purchases the receivable, the one who sells the receivable, and the debtor who has a financial liability that requires him or her to make a payment to the owner of the invoice.[1][2] The receivable, usually associated with an invoice for work performed or goods sold, is essentially a financial asset that gives the owner of the receivable the legal right to collect money from the debtor whose financial liability directly corresponds to the receivable asset.[4][2] The seller sells the receivables at a discount to the third party, the specialized financial organization (aka the factor) to obtain cash.[1][4][2] This process is sometimes used in manufacturing industries when the immediate need for raw material outstrips their available cash and ability to purchase "on account".[12] Both invoice discounting and factoring are used by B2B companies to ensure they have the immediate cash flow necessary to meet their current and immediate obligations.[5][2] Invoice factoring is not a relevant financing option for retail or B2C companies because they generally do not have business or commercial clients, a necessary condition for factoring.

The sale of the receivable transfers ownership of the receivable to the factor, indicating the factor obtains all of the rights associated with the receivables.[1][2] Accordingly, the receivable becomes the factor's asset, and the factor obtains the right to receive the payments made by the debtor for the invoice amount, and is free to pledge or exchange the receivable asset without unreasonable constraints or restrictions.[1][2] Usually, the account debtor is notified of the sale of the receivable, and the factor bills the debtor and makes all collections; however, non-notification factoring, where the client (seller) collects the accounts sold to the factor, as agent of the factor, also occurs. The arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor.[10] If the factoring transfers the receivable "without recourse", the factor (purchaser of the receivable) must bear the loss if the account debtor does not pay the invoice amount.[1] If the factoring transfers the receivable "with recourse", the factor has the right to collect the unpaid invoice amount from the transferor (seller).[1] However, any merchandise returns that may diminish the invoice amount that is collectible from the accounts receivable are typically the responsibility of the seller,[1] and the factor will typically hold back paying the seller for a portion of the receivable being sold (the "factor's holdback receivable") in order to cover the merchandise returns associated with the factored receivables until the privilege to return the merchandise expires.

There are four principal parts to the factoring transaction, all of which are recorded separately by an accountant who is responsible for recording the factoring transaction:

the "fee" paid to the factor,
the Interest Expense paid to the factor for the advance of money,
the "bad debt expense" associated with portion of the receivables that the seller expects will remain unpaid and uncollectable,
the "factor's holdback receivable" amount to cover merchandise returns, and (e) any additional "loss" or "gain" the seller must attribute to the sale of the receivables.[1][2] Sometimes the factor's charges paid by the seller (the factor's "client") covers a discount fee, additional credit risk the factor must assume, and other services provided.[13] The factor's overall profit is the difference between the price it paid for the invoice and the money received from the debtor, less the amount lost due to non-payment.[1][2]
Rationale
Factoring is a method used by some firms to obtain cash. Certain companies factor accounts when the available cash balance held by the firm is insufficient to meet current obligations and accommodate its other cash needs, such as new orders or contracts; in other industries, however, such as textiles or apparel, for example, financially sound companies factor their accounts simply because this is the historic method of financing. The use of factoring to obtain the cash needed to accommodate a firm's immediate cash needs will allow the firm to maintain a smaller ongoing cash balance. By reducing the size of its cash balances, more money is made available for investment in the firm's growth.

Debt factoring is also used as a financial instrument to provide better cash flow control especially if a company currently has a lot of accounts receivables with different credit terms to manage. A company sells its invoices at a discount to their face value when it calculates that it will be better off using the proceeds to bolster its own growth than it would be by effectively functioning as its "customer's bank."[14] Accordingly, factoring occurs when the rate of return on the proceeds invested in production exceed the costs associated with factoring the receivables. Therefore, the trade-off between the return the firm earns on investment in production and the cost of utilizing a factor is crucial in determining both the extent factoring is used and the quantity of cash the firm holds on hand.

Many businesses have cash flow that varies. It might be relatively large in one period, and relatively small in another period. Because of this, businesses find it necessary to both maintain a cash balance on hand, and to use such methods as factoring, in order to enable them to cover their short term cash needs in those periods in which these needs exceed the cash flow. Each business must then decide how much it wants to depend on factoring to cover short falls in cash, and how large a cash balance it wants to maintain in order to ensure it has enough cash on hand during periods of low cash flow.

Generally, the variability in the cash flow will determine the size of the cash balance a business will tend to hold as well as the extent it may have to depend on such financial mechanisms as factoring. Cash flow variability is directly related to two factors:

The extent cash flow can change, and
The length of time cash flow can remain at a below average level.
If cash flow can decrease drastically, the business will find it needs large amounts of cash from either existing cash balances or from a factor to cover its obligations during this period of time. Likewise, the longer a relatively low cash flow can last, the more cash is needed from another source (cash balances or a factor) to cover its obligations during this time. As indicated, the business must balance the opportunity cost of losing a return on the cash that it could otherwise invest, against the costs associated with the use of factoring.

The cash balance a business holds is essentially a demand for transactions money. As stated, the size of the cash balance the firm decides to hold is directly related to its unwillingness to pay the costs necessary to use a factor to finance its short term cash needs. The problem faced by the business in deciding the size of the cash balance it wants to maintain on hand is similar to the decision it faces when it decides how much physical inventory it should maintain. In this situation, the business must balance the cost of obtaining cash proceeds from a factor against the opportunity cost of the losing the Rate of Return it earns on investment within its business.[15] The solution to the problem is:

{\displaystyle CB={\sqrt {\frac {i*nCF}{(2*r)}}}} CB={\sqrt {{\frac {i*nCF}{(2*r)}}}}[16]
where

{\displaystyle CB} CB is the cash balance
{\displaystyle nCF} nCF is the average negative cash flow in a given period
{\displaystyle i} i is the [discount rate] that cover the factoring costs
{\displaystyle r} r is the rate of return on the firm's assets.[17]
Today factoring's rationale still includes the financial task of advancing funds to smaller rapidly growing firms who sell to larger more credit-worthy organizations. While almost never taking possession of the goods sold, factors offer various combinations of money and supportive services when advancing funds.

Factors often provide their clients four key services: information on the creditworthiness of their prospective customers domestic and international, and, in nonrecourse factoring, acceptance of the credit risk for "approved" accounts; maintain the history of payments by customers (i.e., accounts receivable ledger); daily management reports on collections; and, make the actual collection calls. The outsourced credit function both extends the small firms effective addressable marketplace and insulates it from the survival-threatening destructive impact of a bankruptcy or financial difficulty of a major customer. A second key service is the operation of the accounts receivable function. The services eliminate the need and cost for permanent skilled staff found within large firms. Although today even they are outsourcing such back-office functions. More importantly, the services insure the entrepreneurs and owners against a major source of a liquidity crises and their equity.

Process
The factoring process can be broken up into two parts: the initial account setup and ongoing funding. Setting up a factoring account typically takes one to two weeks and involves submitting an application, a list of clients, an accounts receivable aging report and a sample invoice. The approval process involves detailed underwriting, during which time the factoring company can ask for additional documents, such as documents of incorporation, financials, and banks statements. If approved, the business will be set up with a maximum credit line from which they can draw. In the case of notification factoring, the arrangement is not confidential and approval is contingent upon successful notification; a process by which factoring companies send the business's client or account debtor a Notice of Assignment. The Notice of Assignment serves to

inform debtors that a factoring company is managing all of the business's receivables,
stake a claim on the financial rights for the receivables factored, and
update the payment address usually a bank lock box.
Once the account is set up, the business is ready to start funding invoices. Invoices are still approved on an individual basis, but most invoices can be funded in a business day or two, as long as they meet the factors criteria. Receivables are funded in two parts. The first part is the "advance" and covers 80% to 85% of the invoice value. This is deposited directly to the business's bank account. The remaining 15% to 20% is rebated, less the factoring fees, as soon as the invoice is paid in full to the factoring company.

Accounts receivable discounting
Non-recourse factoring is not a loan.[13][1] When a lender decides to extend credit to a company based on assets, cash flows, and credit history, the borrower must recognize a liability to the lender, and the lender recognizes the borrower's promise to repay the loan as an asset.[13][1] Factoring without recourse is a sale of a financial asset (the receivable), in which the factor assumes ownership of the asset and all of the risks associated with it, and the seller relinquishes any title to the asset sold.[13][1] An example of factoring is the credit card. Factoring is like a credit card where the bank (factor) is buying the debt of the customer without recourse to the seller; if the buyer doesn't pay the amount to the seller the bank cannot claim the money from the seller or the merchant, just as the bank in this case can only claim the money from the debt issuer.[18] Factoring is different from invoice discounting, which usually doesn't imply informing the debt issuer about the assignment of debt, whereas in the case of factoring the debt issuer is usually notified in what is known as notification factoring. One more difference between the factoring and invoice discounting is that in case of factoring the seller assigns all receivables of a certain buyer(s) to the factor whereas in invoice discounting the borrower (the seller) assigns a receivable balance, not specific invoices. A factor is therefore more concerned with the credit-worthiness of the company's customers.[4][2] The factoring transaction is often structured as a purchase of a financial asset, namely the accounts receivable. A non-recourse factor assumes the "credit risk" that an account will not collect due solely to the financial inability of account debtor to pay. In the United States, if the factor does not assume the credit risk on the purchased accounts, in most cases a court will recharacterize the transaction as a secured loan.

When a company decides to factors account receivables invoices to a principles factors or broker, it needs to understands the risks and rewards involved with factoring. Amount of funding can vary depending on the specific accounts receivables, debtor and industry that factoring occurs in. Factors can limit and restrict funding in such occasions where the debtor is found not credit worthy, or the invoice amount represents too big of a portion of the business' annual income. Another area of concern is when the cost of invoice factoring is calculated. It's a compound of an administration charge and interest earned overtime as the debtor takes time to repay the original invoice. Not all factoring companies charge interest over the time it takes to collect from a debtor, in this case only the administration charge needs to be taken into account although this type of facility is comparatively rare. There are major industries which stand out in the factoring industry which are:

1. Distribution 2. Retail 3. Manufacturing 4. Transportation 5. Services 6. Construction

However, most businesses can apply invoice factoring successfully to their funding model.

Common factoring terms
Discount rate or factoring fee
The discount rate is the fee a factoring company charges to provide the factoring service. Since a formal factoring transaction involves the outright purchase of the invoice, the discount rate is typically stated as a percentage of the face value of the invoices. For instance, a factoring company may charge 5% for an invoice due in 45 days. In contrast, companies that do accounts receivable financing may charge per week or per month. Thus, an invoice financing company that charges 1% per week would result in a discount rate of 6-7% for the same invoice.

Advance rate
The advance rate is the percentage of an invoice that is paid out by the factoring company upfront. The difference between the face value of the invoice and the advance rates serves to protect factors against any losses and to ensure coverage for their fees. Once the invoice is paid, the factor gives the difference between the face value, advance amount and fees back to the business in the form of a factoring rebate.[19]

Reserve account
Whereas the difference between the invoice face value and the advance serves as a reserve for a specific invoice, many factors also hold an ongoing reserve account which serves to further reduce the risk for the factoring company. This reserve account is typically 10-15% of the seller's credit line, but not all factoring companies hold reserve accounts.

Long-term contracts and minimums
While factoring fees and terms range widely, many factoring companies will have monthly minimums and require a long-term contract as a measure to guarantee a profitable relationship. Although shorter contract periods are now becoming more common, contracts and monthly minimums are typical with "whole ledger" factoring, which entails factoring all of a company's invoices or all of the company's invoices from a particular debtor.

Spot factoring
Spot factoring, or single invoice discounting, is an alternative to "whole ledger" and allows a company to factor a single invoice. The added flexibility for the business, and lack of predictable volume and monthly minimums for factoring providers means that spot factoring transactions usually carry a cost premium.

Treatment under GAAP
In the United States, under the Generally Accepted Accounting Principles (GAAP), receivables are considered "sold", under FASB ASC 860-10 (or under Statement of Financial Accounting Standards No. 140, paragraph 112), when the buyer has "no recourse".[20] Moreover, to treat the transaction as a sale under GAAP, the seller's monetary liability under any "recourse" provision must be readily estimated at the time of the sale. Otherwise, the financial transaction is treated as a secured loan, with the receivables used as collateral.

When a nonrecourse transaction takes place, the accounts receivable balance is removed from the statement of financial position. The corresponding debits include the expense recorded on the income statement and the proceeds received from the factor.[21]

History
Factoring's origins lie in the financing of trade, particularly international trade. It is said[by whom?] that factoring originated with ancient Mesopotamian culture, with rules of factoring preserved in the Code of Hammurabi.[22]

Factoring as a fact of business life was underway in England prior to 1400, and it came to America with the Pilgrims, around 1620.[23] It appears to be closely related to early merchant banking activities. The latter however evolved by extension to non-trade related financing such as sovereign debt.[24] Like all financial instruments, factoring evolved over centuries. This was driven by changes in the organization of companies; technology, particularly air travel and non-face-to-face communications technologies starting with the telegraph, followed by the telephone and then computers. These also drove and were driven by modifications of the common law framework in England and the United States.[25]

Governments were latecomers to the facilitation of trade financed by factors. English common law originally held that unless the debtor was notified, the assignment between the seller of invoices and the factor was not valid. The Canadian Federal Government legislation governing the assignment of moneys owed by it still reflects this stance as does provincial government legislation modelled after it. As late as the current century,[when?] the courts have heard arguments that without notification of the debtor the assignment was not valid. In the United States, by 1949 the majority of state governments had adopted a rule that the debtor did not have to be notified, thus opening up the possibility of non-notification factoring arrangements.[26]

Originally the industry took physical possession of the goods, provided cash advances to the producer, financed the credit extended to the buyer and insured the credit strength of the buyer.[27] In England the control over the trade thus obtained resulted in an Act of Parliament in 1696 to mitigate the monopoly power of the factors. With the development of larger firms who built their own sales forces, distribution channels, and knowledge of the financial strength of their customers, the needs for factoring services were reshaped and the industry became more specialized.

By the twentieth century in the United States factoring was still the predominant form of financing working capital for the then-high-growth-rate textile industry. In part this occurred because of the structure of the US banking system with its myriad of small banks and consequent limitations on the amount that could be advanced prudently by any one of them to a firm.[28] In Canada, with its national banks the limitations were far less restrictive and thus factoring did not develop as widely as in the US. Even then, factoring also became the dominant form of financing in the Canadian textile industry.

By the first decade of the 21st century, a basic public policy rationale for factoring remains that the product is well-suited to the demands of innovative, rapidly growing firms critical to economic growth.[29] A second public policy rationale is allowing fundamentally good business to be spared the costly, time-consuming trials and tribulations of bankruptcy protection for suppliers, employees and customers or to provide a source of funds during the process of restructuring the firm so that it can survive and grow.

Modern forms
In the latter half of the twentieth century the introduction of computers eased the accounting burdens of factors and then small firms. The same occurred for their ability to obtain information about debtor's creditworthiness. Introduction of the Internet and the web has accelerated the process while reducing costs. Today credit information and insurance coverage are instantly available online. The web has also made it possible for factors and their clients to collaborate in real time on collections. Acceptance of signed documents provided by facsimile as being legally binding has eliminated the need for physical delivery of "originals", thereby reducing time delays for entrepreneurs.

Traditionally, factoring has been a relationship driven business and factoring transactions have been largely manual and frequently involving a face to-face component as part of the relationship building process or due-diligence phase. This is especially true for small business factoring, in which the factoring companies tend to be locally or regionally focused. The geographic focus helps them better mitigate risks that because of their smaller scale, they otherwise couldnt afford to take.[30]

To make the arrangement economically profitable, most factoring companies have revenue minimums (e.g. at least $500,000 in annual revenue) and require annual contracts and monthly minimums. More recently, several online factoring companies have emerged, leveraging aggregation, analytics, automation to deliver the benefits of factoring with the convenience and ease afforded by the internet.[31] Some companies use technology to automate some of the risk and back-office aspects of factoring and provide the service via a modern web interface for additional convenience. This enables them to serve a broader range of small businesses with significantly lower revenue requirements without the need for monthly minimums and long-term contracts.[32] Many of these companies have direct software integrations with software programs such as Quickbooks, allowing businesses to immediately receive funding without an application.

The emergence of these modern forms has not been without controversy. Critics accurately point out that none of these new players have experienced a complete credit cycle and thus, their underwriting models have not been market tested by an economic contraction. What's more, some of these new models rely on a market place lending format. It's unclear if this source of capital will be stable over time, as other companies, most notably, Lending Club, had a difficult time attracting investors in early 2016, even though net returns seem higher on invoice finance platforms such as MarketInvoice[33] and FundThrough[34] than on business loan platforms such as Funding Circle.[35]

Specialized factoring
With advances in technology, some invoice factoring providers have adapted to specific industries. This often affects additional services offered by the factor in order to best adapt the factoring service to the needs of the business. An example of this includes a recruitment specialist factor offering payroll and back office support with the factoring facility; a wholesale or /distribution factor may not offer this additional service. These differences can affect the cost of the facility, the approach the factor takes when collecting credit, the administration services included in the facility and the maximum size of invoices which can be factored.

Real estate
Since the 2007 United States recession one of the fastest-growing sectors in the factoring industry is real estate commission advances. Commission advances work the same way as factoring but are done with licensed real estate agents on their pending and future real estate commissions. Commission advances were first introduced in Canada but quickly spread to the United States. Typically, the process consists of an online application from a real estate agent, who signs a contract selling future commissions at a discount; the factoring company then wires the funds to the agent's bank account.

Medical factoring
The healthcare industry makes for a special case in which factoring is much needed because of long payment cycles from government, private insurance companies and other third party payers, but difficult because of HIPAA requirements. For this reasons medical receivables factoring companies have developed to specifically target this niche.

Construction
Factoring is commonplace in the construction industry because of the long payment cycles that can stretch to 120 days and beyond. However, the construction industry has features that are risky for factoring companies. Because of the risks and exposure from mechanics' liens, danger of "paid-when-paid" terms, existence of progress billing, use of withholding, and exposure to economic cycles most "generalist" factoring companies avoid construction receivables entirely. That has created another niche of factoring companies that specialize in construction receivables.[36]

Haulage
Factoring is often used by haulage companies to cover upfront expenses, such as fuel. Factoring companies that cater to this niche offer services to help accommodate drivers on the road, including the ability to verify invoices and fund on copies sent via scan, fax or email, and the option to place the funds directly onto a fuel card, which works like a debit card. Haulage factors also offer fuel advance programs that provide a cash advance to carriers upon confirmed pickup of the load.

Invoice payers (debtors)
Large firms and organizations such as governments usually have specialized processes to deal with one aspect of factoring, redirection of payment to the factor following receipt of notification from the third party (i.e., the factor) to whom they will make the payment. Many but not all in such organizations are knowledgeable about the use of factoring by small firms and clearly distinguish between its use by small rapidly growing firms and turnarounds.

Distinguishing between assignment of the responsibility to perform the work and the assignment of funds to the factor is central to the customer or debtor's processes. Firms have purchased from a supplier for a reason and thus insist on that firm fulfilling the work commitment. Once the work has been performed, however, it is a matter of indifference who is paid. For example, General Electric has clear processes to be followed which distinguish between their work and payment sensitivities.[citation needed] Contracts direct with the US government require an assignment of claims, which is an amendment to the contract allowing for payments to third parties (factors).

Risks
Risks to a factor include:[37]

Counter-party credit risk related to clients and risk-covered debtors. Risk-covered debtors can be reinsured, which limit the risks of a factor. Trade receivables are a fairly low-risk asset due to their short duration.
External fraud by clients: fake invoicing, misdirected payments, pre-invoicing, not assigned credit notes, etc. A fraud insurance policy and subjecting the client to audit could limit the risks.
Legal, compliance and tax risks: large number of applicable laws and regulations in different countries
Operational risks, such as contractual disputes
Uniform Commercial Code (UCC-1) securing rights to assets.
IRS liens associated with payroll taxes, etc.
ICT risks: complicated, integrated factoring system, extensive data exchange with client
Subject: Invoice Factoring


Author:
troll123
[ Edit | View ]
Date Posted: 13:17:25 01/27/19 Sun
Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.[1][2][3] A business will sometimes factor its receivable assets to meet its present and immediate cash needs.[4][5] Forfaiting is a factoring arrangement used in international trade finance by exporters who wish to sell their receivables to a forfaiter.[6] Factoring is commonly referred to as accounts receivable factoring, invoice factoring, and sometimes accounts receivable financing. Accounts receivable financing is a term more accurately used to describe a form of asset based lending against accounts receivable. The Commercial Finance Association is the leading trade association of the asset-based lending and factoring industries.[7]

Factoring is not the same as invoice discounting (which is called an assignment of accounts receivable in American accounting as propagated by FASB within GAAP).[8][1] Factoring is the sale of receivables, whereas invoice discounting ("assignment of accounts receivable" in American accounting) is a borrowing that involves the use of the accounts receivable assets as collateral for the loan.[1] However, in some other markets, such as the UK, invoice discounting is considered to be a form of factoring, involving the "assignment of receivables", that is included in official factoring statistics.[9] It is therefore also not considered to be borrowing in the UK. In the UK the arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor. In the UK, the main difference between factoring and invoice discounting is confidentiality.[10] Scottish law differs from that of the rest of the UK, in that notification to the account debtor is required for the assignment to take place. The Scottish Law Commission is[when?] reviewing this position and seeks to propose reform by the end of 2017.[11]


Contents
1 Overview
2 Rationale
3 Process
4 Accounts receivable discounting
5 Common factoring terms
5.1 Discount rate or factoring fee
5.2 Advance rate
5.3 Reserve account
5.4 Long-term contracts and minimums
5.5 Spot factoring
6 Treatment under GAAP
7 History
8 Modern forms
9 Specialized factoring
9.1 Real estate
9.2 Medical factoring
9.3 Construction
9.4 Haulage
10 Invoice payers (debtors)
11 Risks
12 Reverse factoring
13 See also
14 References
Overview
There are three parties directly involved: the factor who purchases the receivable, the one who sells the receivable, and the debtor who has a financial liability that requires him or her to make a payment to the owner of the invoice.[1][2] The receivable, usually associated with an invoice for work performed or goods sold, is essentially a financial asset that gives the owner of the receivable the legal right to collect money from the debtor whose financial liability directly corresponds to the receivable asset.[4][2] The seller sells the receivables at a discount to the third party, the specialized financial organization (aka the factor) to obtain cash.[1][4][2] This process is sometimes used in manufacturing industries when the immediate need for raw material outstrips their available cash and ability to purchase "on account".[12] Both invoice discounting and factoring are used by B2B companies to ensure they have the immediate cash flow necessary to meet their current and immediate obligations.[5][2] Invoice factoring is not a relevant financing option for retail or B2C companies because they generally do not have business or commercial clients, a necessary condition for factoring.

The sale of the receivable transfers ownership of the receivable to the factor, indicating the factor obtains all of the rights associated with the receivables.[1][2] Accordingly, the receivable becomes the factor's asset, and the factor obtains the right to receive the payments made by the debtor for the invoice amount, and is free to pledge or exchange the receivable asset without unreasonable constraints or restrictions.[1][2] Usually, the account debtor is notified of the sale of the receivable, and the factor bills the debtor and makes all collections; however, non-notification factoring, where the client (seller) collects the accounts sold to the factor, as agent of the factor, also occurs. The arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor.[10] If the factoring transfers the receivable "without recourse", the factor (purchaser of the receivable) must bear the loss if the account debtor does not pay the invoice amount.[1] If the factoring transfers the receivable "with recourse", the factor has the right to collect the unpaid invoice amount from the transferor (seller).[1] However, any merchandise returns that may diminish the invoice amount that is collectible from the accounts receivable are typically the responsibility of the seller,[1] and the factor will typically hold back paying the seller for a portion of the receivable being sold (the "factor's holdback receivable") in order to cover the merchandise returns associated with the factored receivables until the privilege to return the merchandise expires.

There are four principal parts to the factoring transaction, all of which are recorded separately by an accountant who is responsible for recording the factoring transaction:

the "fee" paid to the factor,
the Interest Expense paid to the factor for the advance of money,
the "bad debt expense" associated with portion of the receivables that the seller expects will remain unpaid and uncollectable,
the "factor's holdback receivable" amount to cover merchandise returns, and (e) any additional "loss" or "gain" the seller must attribute to the sale of the receivables.[1][2] Sometimes the factor's charges paid by the seller (the factor's "client") covers a discount fee, additional credit risk the factor must assume, and other services provided.[13] The factor's overall profit is the difference between the price it paid for the invoice and the money received from the debtor, less the amount lost due to non-payment.[1][2]
Rationale
Factoring is a method used by some firms to obtain cash. Certain companies factor accounts when the available cash balance held by the firm is insufficient to meet current obligations and accommodate its other cash needs, such as new orders or contracts; in other industries, however, such as textiles or apparel, for example, financially sound companies factor their accounts simply because this is the historic method of financing. The use of factoring to obtain the cash needed to accommodate a firm's immediate cash needs will allow the firm to maintain a smaller ongoing cash balance. By reducing the size of its cash balances, more money is made available for investment in the firm's growth.

Debt factoring is also used as a financial instrument to provide better cash flow control especially if a company currently has a lot of accounts receivables with different credit terms to manage. A company sells its invoices at a discount to their face value when it calculates that it will be better off using the proceeds to bolster its own growth than it would be by effectively functioning as its "customer's bank."[14] Accordingly, factoring occurs when the rate of return on the proceeds invested in production exceed the costs associated with factoring the receivables. Therefore, the trade-off between the return the firm earns on investment in production and the cost of utilizing a factor is crucial in determining both the extent factoring is used and the quantity of cash the firm holds on hand.

Many businesses have cash flow that varies. It might be relatively large in one period, and relatively small in another period. Because of this, businesses find it necessary to both maintain a cash balance on hand, and to use such methods as factoring, in order to enable them to cover their short term cash needs in those periods in which these needs exceed the cash flow. Each business must then decide how much it wants to depend on factoring to cover short falls in cash, and how large a cash balance it wants to maintain in order to ensure it has enough cash on hand during periods of low cash flow.

Generally, the variability in the cash flow will determine the size of the cash balance a business will tend to hold as well as the extent it may have to depend on such financial mechanisms as factoring. Cash flow variability is directly related to two factors:

The extent cash flow can change, and
The length of time cash flow can remain at a below average level.
If cash flow can decrease drastically, the business will find it needs large amounts of cash from either existing cash balances or from a factor to cover its obligations during this period of time. Likewise, the longer a relatively low cash flow can last, the more cash is needed from another source (cash balances or a factor) to cover its obligations during this time. As indicated, the business must balance the opportunity cost of losing a return on the cash that it could otherwise invest, against the costs associated with the use of factoring.

The cash balance a business holds is essentially a demand for transactions money. As stated, the size of the cash balance the firm decides to hold is directly related to its unwillingness to pay the costs necessary to use a factor to finance its short term cash needs. The problem faced by the business in deciding the size of the cash balance it wants to maintain on hand is similar to the decision it faces when it decides how much physical inventory it should maintain. In this situation, the business must balance the cost of obtaining cash proceeds from a factor against the opportunity cost of the losing the Rate of Return it earns on investment within its business.[15] The solution to the problem is:

{\displaystyle CB={\sqrt {\frac {i*nCF}{(2*r)}}}} CB={\sqrt {{\frac {i*nCF}{(2*r)}}}}[16]
where

{\displaystyle CB} CB is the cash balance
{\displaystyle nCF} nCF is the average negative cash flow in a given period
{\displaystyle i} i is the [discount rate] that cover the factoring costs
{\displaystyle r} r is the rate of return on the firm's assets.[17]
Today factoring's rationale still includes the financial task of advancing funds to smaller rapidly growing firms who sell to larger more credit-worthy organizations. While almost never taking possession of the goods sold, factors offer various combinations of money and supportive services when advancing funds.

Factors often provide their clients four key services: information on the creditworthiness of their prospective customers domestic and international, and, in nonrecourse factoring, acceptance of the credit risk for "approved" accounts; maintain the history of payments by customers (i.e., accounts receivable ledger); daily management reports on collections; and, make the actual collection calls. The outsourced credit function both extends the small firms effective addressable marketplace and insulates it from the survival-threatening destructive impact of a bankruptcy or financial difficulty of a major customer. A second key service is the operation of the accounts receivable function. The services eliminate the need and cost for permanent skilled staff found within large firms. Although today even they are outsourcing such back-office functions. More importantly, the services insure the entrepreneurs and owners against a major source of a liquidity crises and their equity.

Process
The factoring process can be broken up into two parts: the initial account setup and ongoing funding. Setting up a factoring account typically takes one to two weeks and involves submitting an application, a list of clients, an accounts receivable aging report and a sample invoice. The approval process involves detailed underwriting, during which time the factoring company can ask for additional documents, such as documents of incorporation, financials, and banks statements. If approved, the business will be set up with a maximum credit line from which they can draw. In the case of notification factoring, the arrangement is not confidential and approval is contingent upon successful notification; a process by which factoring companies send the business's client or account debtor a Notice of Assignment. The Notice of Assignment serves to

inform debtors that a factoring company is managing all of the business's receivables,
stake a claim on the financial rights for the receivables factored, and
update the payment address usually a bank lock box.
Once the account is set up, the business is ready to start funding invoices. Invoices are still approved on an individual basis, but most invoices can be funded in a business day or two, as long as they meet the factors criteria. Receivables are funded in two parts. The first part is the "advance" and covers 80% to 85% of the invoice value. This is deposited directly to the business's bank account. The remaining 15% to 20% is rebated, less the factoring fees, as soon as the invoice is paid in full to the factoring company.

Accounts receivable discounting
Non-recourse factoring is not a loan.[13][1] When a lender decides to extend credit to a company based on assets, cash flows, and credit history, the borrower must recognize a liability to the lender, and the lender recognizes the borrower's promise to repay the loan as an asset.[13][1] Factoring without recourse is a sale of a financial asset (the receivable), in which the factor assumes ownership of the asset and all of the risks associated with it, and the seller relinquishes any title to the asset sold.[13][1] An example of factoring is the credit card. Factoring is like a credit card where the bank (factor) is buying the debt of the customer without recourse to the seller; if the buyer doesn't pay the amount to the seller the bank cannot claim the money from the seller or the merchant, just as the bank in this case can only claim the money from the debt issuer.[18] Factoring is different from invoice discounting, which usually doesn't imply informing the debt issuer about the assignment of debt, whereas in the case of factoring the debt issuer is usually notified in what is known as notification factoring. One more difference between the factoring and invoice discounting is that in case of factoring the seller assigns all receivables of a certain buyer(s) to the factor whereas in invoice discounting the borrower (the seller) assigns a receivable balance, not specific invoices. A factor is therefore more concerned with the credit-worthiness of the company's customers.[4][2] The factoring transaction is often structured as a purchase of a financial asset, namely the accounts receivable. A non-recourse factor assumes the "credit risk" that an account will not collect due solely to the financial inability of account debtor to pay. In the United States, if the factor does not assume the credit risk on the purchased accounts, in most cases a court will recharacterize the transaction as a secured loan.

When a company decides to factors account receivables invoices to a principles factors or broker, it needs to understands the risks and rewards involved with factoring. Amount of funding can vary depending on the specific accounts receivables, debtor and industry that factoring occurs in. Factors can limit and restrict funding in such occasions where the debtor is found not credit worthy, or the invoice amount represents too big of a portion of the business' annual income. Another area of concern is when the cost of invoice factoring is calculated. It's a compound of an administration charge and interest earned overtime as the debtor takes time to repay the original invoice. Not all factoring companies charge interest over the time it takes to collect from a debtor, in this case only the administration charge needs to be taken into account although this type of facility is comparatively rare. There are major industries which stand out in the factoring industry which are:

1. Distribution 2. Retail 3. Manufacturing 4. Transportation 5. Services 6. Construction

However, most businesses can apply invoice factoring successfully to their funding model.

Common factoring terms
Discount rate or factoring fee
The discount rate is the fee a factoring company charges to provide the factoring service. Since a formal factoring transaction involves the outright purchase of the invoice, the discount rate is typically stated as a percentage of the face value of the invoices. For instance, a factoring company may charge 5% for an invoice due in 45 days. In contrast, companies that do accounts receivable financing may charge per week or per month. Thus, an invoice financing company that charges 1% per week would result in a discount rate of 6-7% for the same invoice.

Advance rate
The advance rate is the percentage of an invoice that is paid out by the factoring company upfront. The difference between the face value of the invoice and the advance rates serves to protect factors against any losses and to ensure coverage for their fees. Once the invoice is paid, the factor gives the difference between the face value, advance amount and fees back to the business in the form of a factoring rebate.[19]

Reserve account
Whereas the difference between the invoice face value and the advance serves as a reserve for a specific invoice, many factors also hold an ongoing reserve account which serves to further reduce the risk for the factoring company. This reserve account is typically 10-15% of the seller's credit line, but not all factoring companies hold reserve accounts.

Long-term contracts and minimums
While factoring fees and terms range widely, many factoring companies will have monthly minimums and require a long-term contract as a measure to guarantee a profitable relationship. Although shorter contract periods are now becoming more common, contracts and monthly minimums are typical with "whole ledger" factoring, which entails factoring all of a company's invoices or all of the company's invoices from a particular debtor.

Spot factoring
Spot factoring, or single invoice discounting, is an alternative to "whole ledger" and allows a company to factor a single invoice. The added flexibility for the business, and lack of predictable volume and monthly minimums for factoring providers means that spot factoring transactions usually carry a cost premium.

Treatment under GAAP
In the United States, under the Generally Accepted Accounting Principles (GAAP), receivables are considered "sold", under FASB ASC 860-10 (or under Statement of Financial Accounting Standards No. 140, paragraph 112), when the buyer has "no recourse".[20] Moreover, to treat the transaction as a sale under GAAP, the seller's monetary liability under any "recourse" provision must be readily estimated at the time of the sale. Otherwise, the financial transaction is treated as a secured loan, with the receivables used as collateral.

When a nonrecourse transaction takes place, the accounts receivable balance is removed from the statement of financial position. The corresponding debits include the expense recorded on the income statement and the proceeds received from the factor.[21]

History
Factoring's origins lie in the financing of trade, particularly international trade. It is said[by whom?] that factoring originated with ancient Mesopotamian culture, with rules of factoring preserved in the Code of Hammurabi.[22]

Factoring as a fact of business life was underway in England prior to 1400, and it came to America with the Pilgrims, around 1620.[23] It appears to be closely related to early merchant banking activities. The latter however evolved by extension to non-trade related financing such as sovereign debt.[24] Like all financial instruments, factoring evolved over centuries. This was driven by changes in the organization of companies; technology, particularly air travel and non-face-to-face communications technologies starting with the telegraph, followed by the telephone and then computers. These also drove and were driven by modifications of the common law framework in England and the United States.[25]

Governments were latecomers to the facilitation of trade financed by factors. English common law originally held that unless the debtor was notified, the assignment between the seller of invoices and the factor was not valid. The Canadian Federal Government legislation governing the assignment of moneys owed by it still reflects this stance as does provincial government legislation modelled after it. As late as the current century,[when?] the courts have heard arguments that without notification of the debtor the assignment was not valid. In the United States, by 1949 the majority of state governments had adopted a rule that the debtor did not have to be notified, thus opening up the possibility of non-notification factoring arrangements.[26]

Originally the industry took physical possession of the goods, provided cash advances to the producer, financed the credit extended to the buyer and insured the credit strength of the buyer.[27] In England the control over the trade thus obtained resulted in an Act of Parliament in 1696 to mitigate the monopoly power of the factors. With the development of larger firms who built their own sales forces, distribution channels, and knowledge of the financial strength of their customers, the needs for factoring services were reshaped and the industry became more specialized.

By the twentieth century in the United States factoring was still the predominant form of financing working capital for the then-high-growth-rate textile industry. In part this occurred because of the structure of the US banking system with its myriad of small banks and consequent limitations on the amount that could be advanced prudently by any one of them to a firm.[28] In Canada, with its national banks the limitations were far less restrictive and thus factoring did not develop as widely as in the US. Even then, factoring also became the dominant form of financing in the Canadian textile industry.

By the first decade of the 21st century, a basic public policy rationale for factoring remains that the product is well-suited to the demands of innovative, rapidly growing firms critical to economic growth.[29] A second public policy rationale is allowing fundamentally good business to be spared the costly, time-consuming trials and tribulations of bankruptcy protection for suppliers, employees and customers or to provide a source of funds during the process of restructuring the firm so that it can survive and grow.

Modern forms
In the latter half of the twentieth century the introduction of computers eased the accounting burdens of factors and then small firms. The same occurred for their ability to obtain information about debtor's creditworthiness. Introduction of the Internet and the web has accelerated the process while reducing costs. Today credit information and insurance coverage are instantly available online. The web has also made it possible for factors and their clients to collaborate in real time on collections. Acceptance of signed documents provided by facsimile as being legally binding has eliminated the need for physical delivery of "originals", thereby reducing time delays for entrepreneurs.

Traditionally, factoring has been a relationship driven business and factoring transactions have been largely manual and frequently involving a face to-face component as part of the relationship building process or due-diligence phase. This is especially true for small business factoring, in which the factoring companies tend to be locally or regionally focused. The geographic focus helps them better mitigate risks that because of their smaller scale, they otherwise couldnt afford to take.[30]

To make the arrangement economically profitable, most factoring companies have revenue minimums (e.g. at least $500,000 in annual revenue) and require annual contracts and monthly minimums. More recently, several online factoring companies have emerged, leveraging aggregation, analytics, automation to deliver the benefits of factoring with the convenience and ease afforded by the internet.[31] Some companies use technology to automate some of the risk and back-office aspects of factoring and provide the service via a modern web interface for additional convenience. This enables them to serve a broader range of small businesses with significantly lower revenue requirements without the need for monthly minimums and long-term contracts.[32] Many of these companies have direct software integrations with software programs such as Quickbooks, allowing businesses to immediately receive funding without an application.

The emergence of these modern forms has not been without controversy. Critics accurately point out that none of these new players have experienced a complete credit cycle and thus, their underwriting models have not been market tested by an economic contraction. What's more, some of these new models rely on a market place lending format. It's unclear if this source of capital will be stable over time, as other companies, most notably, Lending Club, had a difficult time attracting investors in early 2016, even though net returns seem higher on invoice finance platforms such as MarketInvoice[33] and FundThrough[34] than on business loan platforms such as Funding Circle.[35]

Specialized factoring
With advances in technology, some invoice factoring providers have adapted to specific industries. This often affects additional services offered by the factor in order to best adapt the factoring service to the needs of the business. An example of this includes a recruitment specialist factor offering payroll and back office support with the factoring facility; a wholesale or /distribution factor may not offer this additional service. These differences can affect the cost of the facility, the approach the factor takes when collecting credit, the administration services included in the facility and the maximum size of invoices which can be factored.

Real estate
Since the 2007 United States recession one of the fastest-growing sectors in the factoring industry is real estate commission advances. Commission advances work the same way as factoring but are done with licensed real estate agents on their pending and future real estate commissions. Commission advances were first introduced in Canada but quickly spread to the United States. Typically, the process consists of an online application from a real estate agent, who signs a contract selling future commissions at a discount; the factoring company then wires the funds to the agent's bank account.

Medical factoring
The healthcare industry makes for a special case in which factoring is much needed because of long payment cycles from government, private insurance companies and other third party payers, but difficult because of HIPAA requirements. For this reasons medical receivables factoring companies have developed to specifically target this niche.

Construction
Factoring is commonplace in the construction industry because of the long payment cycles that can stretch to 120 days and beyond. However, the construction industry has features that are risky for factoring companies. Because of the risks and exposure from mechanics' liens, danger of "paid-when-paid" terms, existence of progress billing, use of withholding, and exposure to economic cycles most "generalist" factoring companies avoid construction receivables entirely. That has created another niche of factoring companies that specialize in construction receivables.[36]

Haulage
Factoring is often used by haulage companies to cover upfront expenses, such as fuel. Factoring companies that cater to this niche offer services to help accommodate drivers on the road, including the ability to verify invoices and fund on copies sent via scan, fax or email, and the option to place the funds directly onto a fuel card, which works like a debit card. Haulage factors also offer fuel advance programs that provide a cash advance to carriers upon confirmed pickup of the load.

Invoice payers (debtors)
Large firms and organizations such as governments usually have specialized processes to deal with one aspect of factoring, redirection of payment to the factor following receipt of notification from the third party (i.e., the factor) to whom they will make the payment. Many but not all in such organizations are knowledgeable about the use of factoring by small firms and clearly distinguish between its use by small rapidly growing firms and turnarounds.

Distinguishing between assignment of the responsibility to perform the work and the assignment of funds to the factor is central to the customer or debtor's processes. Firms have purchased from a supplier for a reason and thus insist on that firm fulfilling the work commitment. Once the work has been performed, however, it is a matter of indifference who is paid. For example, General Electric has clear processes to be followed which distinguish between their work and payment sensitivities.[citation needed] Contracts direct with the US government require an assignment of claims, which is an amendment to the contract allowing for payments to third parties (factors).

Risks
Risks to a factor include:[37]

Counter-party credit risk related to clients and risk-covered debtors. Risk-covered debtors can be reinsured, which limit the risks of a factor. Trade receivables are a fairly low-risk asset due to their short duration.
External fraud by clients: fake invoicing, misdirected payments, pre-invoicing, not assigned credit notes, etc. A fraud insurance policy and subjecting the client to audit could limit the risks.
Legal, compliance and tax risks: large number of applicable laws and regulations in different countries
Operational risks, such as contractual disputes
Uniform Commercial Code (UCC-1) securing rights to assets.
IRS liens associated with payroll taxes, etc.
ICT risks: complicated, integrated factoring system, extensive data exchange with client
Subject: CHRISTINA


Author:
THWEATT
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Date Posted: 22:52:57 02/15/18 Thu
I AM THE GREAT ANDREW J. CRAVENHO! MY OTHER PAYPAL EMAIL ADDRESS IS settle2117@yahoo.com AND YOU BETTER PAY ME OR I WILL POST THE NAMES OF YOUR CHILDREN ONLINE AND SELL YOUR PICTURES AND HOME ADDRESS TO PEDOPHILES! PAY ME VIA PAYPAL AT settle2117@yahoo.com OR I WILL HIRE CRIMINAL TO INVADE YOUR HOMES AND RAPE YOU! PAY ME OR I WILL HAVE YOU KILLED!

Letter from John and Cynthia Vallarelli requesting second curb cut at 57 Overbrook Drive

http://www.vernon-ct.gov/pdfs/TA_121108%20minutes.pdf

Business Name: A STEP AHEAD, INC. Citizenship/State Inc: Domestic/CT
Business ID: 0543637 Last Report Filed Year: 2002
Business Address: 1150 BOSTON TPKE, BOLTON, CT, 06043 Business Type: Stock
Mailing Address: PO BOX 9352, BOLTON, CT, 06043 Business Status: Dissolved
Date Inc/Registration: Sep 05, 1996

Principals Details
Name/Title Business Address Residence Address
CYNTHIA VALLARELLI PRES 1150 BOSTON TPKE, BOLTON, CT, 06043 57 OVERBROOK DR, VERNON, CT
CYNTHIA VALLARELLI DIR 1150 BOSTON TPKE, BOLTON, CT, 06043 57 OVERBROOK DR, VERNON, CT
JOHN VALLARELLI SEC 1150 BOSTON TPKE, BOLTON, CT, 06043 57 OVERBROOK DR, VERNON, CT

Agent Summary
Agent Name CYNTHIA VALLARELLI
Agent Business Address 1150 BOSTON TPKE, BOLTON, CT, 06043
Agent Residence Address 57 OVERBROOK DR, VERNON, CT, 0606

Reclaim Property Resources

Contact details
Tel: 401 207 8312
Fax: 860 783 5913

lawblurb.com -- Andrew J Cravenho

Georgia woman, 30, jailed for disorderly conduct -- 1977-09-01, 02:26:14 03/05/15 Thu [1]

- 173 Spring St, Brockton , MA
- 60 Perimeter Center Pl Ne, Atlanta , GA
- 100 Massachusetts Ave, Boston , MA
- 376 Forest Ave Apt 1, Brockton , MA
- 173 Spring St Apt 1, Brockton , MA
- 173 Spring St Apt 2, Brockton , MA
- Po Box 6057, Brockton , MA
- 100 Massachusetts Ave, Brockton , MA

- (508) 510-4090
- (404) 453-6545
- (617) 308-6978
- (678) 451-3669

Venerable authorities in De Kalb County, GA have levied with criminal allegations Cindy Belance, as stated in official public records received by Southern Blotter September 7, 2014.

Ms. Belance was detained June 4, 2008, after having been taken into custody for disorderly conduct. Records furthermore show that Cindy was released on June, 4 2008.

Belance, DOB 1977-09-01, was described as a woman of 30 years age. When booked, she weighed 140 lbs and stood 5' 2" tall.

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Cindy Belance
Class of 1986
Brockton High School
Brockton, Massachusetts, United States

Name: BELANCE, CINDY BEL
Booking Number: 0400538
Permanent ID: X0373633
Release Date: 6/04/2008
Sex: F
DOB: 9/1977
Height: 5′ 2″ (1.57 m)
Weight: 140 lb (64 kg)

23897032 Disorderly Conduct 06/04/2008 06/04/2008

********** MAJOR M/V VIOLATION **********
14:28 * WARREN ST
292619 * PARTY HAS A REVOKED LICENSE
DEFN: BELANCE, CINDY
173 SPRING BROCKTON,MA 02401
*** UNIT(S) ***
736 P SGT. JACKSON


Domain Name: THELEGALDEFENDER.COM
Registry Domain ID: 1253839360_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.godaddy.com
Registrar URL: http://www.godaddy.com
Update Date: 2014-10-04T14:13:05Z
Creation Date: 2007-10-03T22:30:06Z
Registrar Registration Expiration Date: 2015-10-03T22:30:06Z
Registrar: GoDaddy.com, LLC
Registrar IANA ID: 146
Registrar Abuse Contact Email: abuse@godaddy.com
Registrar Abuse Contact Phone: +1.480-624-2505
Domain Status: clientTransferProhibited http://www.icann.org/epp#clientTransferProhibited
Domain Status: clientUpdateProhibited http://www.icann.org/epp#clientUpdateProhibited
Domain Status: clientRenewProhibited http://www.icann.org/epp#clientRenewProhibited
Domain Status: clientDeleteProhibited http://www.icann.org/epp#clientDeleteProhibited
Registry Registrant ID:
Registrant Name: cindy belance
Registrant Organization:
Registrant Street: 60 perimeter center place #217
Registrant City: brockton
Registrant State/Province: MA
Registrant Postal Code: 30346
Registrant Country: us
Registrant Phone: +1.6173086978
Registrant Phone Ext:
Registrant Fax:
Registrant Fax Ext:
Registrant Email: cbelance@gmail.com
Registry Admin ID:
Admin Name: cindy belance
Admin Organization:
Admin Street: 60 perimeter center place #217
Admin City: brockton
Admin State/Province: MA
Admin Postal Code: 30346
Admin Country: us
Admin Phone: +1.6173086978
Admin Phone Ext:
Admin Fax:
Admin Fax Ext:
Admin Email: cbelance@gmail.com
Registry Tech ID:
Tech Name: cindy belance
Tech Organization:
Tech Street: 60 perimeter center place #217
Tech City: brockton
Tech State/Province: MA
Tech Postal Code: 30346
Tech Country: us
Tech Phone: +1.6173086978
Tech Phone Ext:

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75 Bette Dr Manchester, CT 06040-6814
6 Pavilion St Hartford, CT 06120-2409
10 Westview Dr Apt C Bloomfield, CT 06002-3461
600 Cottage Grove Rd Bloomfield, CT 06002-3075
6355 Peachtree Dunwoody Rd Apt 301 Atlanta, GA 30328-4621
68 Pavilion St Hartford, CT 06120


860-783-5913
860-519-5129
401-207-8312


CBAC, LLC
FRESNA CAPITAL LLC
SETTLEMENT QUOTES, LLC
RECLAIM PROPERTY RESOURCES L.L.C.


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acravenho@gmail.com
settle2117@yahoo.com
info@lawblurb.com
andrew@cbacfunding.com
acravenho@structuredsettlement-quotes.com


CBAC LLC
PO Box 116
Manchester, CT 06045


100 Pearl St 14th Floor Hartford, CT 06103
888-665-1257
Andrew_Cravenho@structuredsettlement-quotes.com


UNITED STATES CORPORATION AGENTS, INC.
615 WEST JOHNSON AVENUE, SUITE 202, CHESHIRE, CT, 06410

Arivify.com -- Markhound.com, 18:05:12 02/21/15 Sat [1]

http://www.zoominfo.com/p/Andrew-Cravenho/-158182
https://archive.today/XEX9D

http://www.lead411.com/company_SettlementQuotes_Cravenho_580915.html
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http://www.zoominfo.com/s/#!search/profile/person?personId=1916679960&targetid=profile


Andrew Cravenho ,  31
Address: 75 Bette Dr, Manchester, CT
VIEW FULL PROFILE
SEND MESSAGE
CONTROL OR REMOVE
(This is My Private Info)
Places Lived - 19 Westland St Apt 21, Hartford , CT
- 5 Rockland St Apt 2, Narragansett , RI
- 600 Cottage Grove Rd, Bloomfield , CT
- 600 Cottage Grove Rd # 10c, Bloomfield , CT
- 75 Bette Dr, Manchester , CT
- 57 Overbrook Dr, Vernon Rockville , CT
- 6355 Peachtree Dunwoody Rd Apt 301, Atlanta , GA
- 5 Rockland St, Narragansett , RI

Phone - (860) 783-5913
- (860) 519-5129
- (401) 207-8312


https://www.mylife.com/andrew-cravenho/andrewcravenho

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Lawblurb.com -- Andrew J Cravenho, 17:57:24 02/21/15 Sat [1]

Andrew J Cravenho
Manchester, CT
Basic information on Andrew J Cravenho, Manchester CT. Find Andrew J Cravenho's age, gender, possible aliases, relationship status and professional status.
Also Known As
Andrew J Cravenho
Age
Andrew J Cravenho is in his 30's
Andrew Has Lived In
Manchester, CT
Hartford, CT
Hartford, CT
Blue Island, IL
Andrew's Relatives
Jennifer Cravenho
Cynthia Vallarelli
Andrew J Cravenho's PicAndrew J Cravenho
Andrew J Cravenho CapricornZodiac SignCapricorn
Andrew J Cravenho's Gender is MaleGenderMale
Andrew J Cravenho CEO at Lawblurb.com
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StatusCEO at Lawblurb.com
2500 feet1 km
2015 Nokia 2015 Microsoft Corporation
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Andrew J Cravenho Has Lived in 5 States
Connecticut Address for Andrew J Cravenho
175 Bxxxx Dx
Manchester CT
Has Lived In
2Manchester, CT
3Hartford, CT (3 Addresses)
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3
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2015 Nokia 2015 Microsoft Corporation
Phone Numbers Associated with Andrew J Cravenho
(860) ***-**** - Avon, CT
(401) ***-**** - Adamsville, RI
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Andrew J Cravenho Has Attended 2 Schools
1Rockville High School
2University of Rhode Island
2002 - 2006
1
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Andrew J Cravenho Has Worked at 3 Places
1Lawblurb.com
CEO
2Fresna Capital LLC
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Lawblurb.com
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Fresna Capital LLC

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http://www.scamadviser.com/check-website/cbacfunding.com

Name: ANDREW CRAVENHO
Street: 75 BETTE DRIVE
City: MANCHESTER
State: CONNECTICUT
Postalcode: 06040
Country: United States
Telephone: (401) 207-8312
Phone Type: mobile : Narragansett, RI Sprint Spectrum L.p.
Email: settle2117@yahoo.com
Registrar: FASTDOMAIN, INC.
Web : http://www.fastdomain.com
Registrar Country: United States

Ip Address: 70.38.56.24
Hosting Service: "iWeb Technologies"
Hosting City: Montr
Hosting Region: QC
Hosting Postal:
Hosting Country: Canada
Domain Created: 2012-01-03T07:38:27Z
Domain Expires: 2015-01-03T06:38:26Z
Domain Life: 1096
Est Value: $1513.36
Ping: 546
Speed: Very Fast

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Andrew Cravenho -- Nuru-Guru Scam, 19:13:58 02/13/15 Fri [1]

Nuru Guru LLC
P.O. Box 116
Manchester, Connecticut 06045
(404) 532-9026
http://nuru-guru.com

Cindy Cravenho
Founder and President


Management Level
C-Level (1)
Non-Manager (1)
Job Function
Marketing (1)
Company Background & Description
Revenue: $1 mil. - $5 mil.
Employees: 5 - 10

Company Description: At Nuru-Guru.com, we pride ourselves on our ability to provide you with a huge selection at low cost...fast. We know it is worth it, because we have tried it. We have been using Nuru Gel for over a year, and have fallen in love with the results. Often, though, we found we had trouble locating the gel - in stores and online. When we could find it, the shipping was outrageous and took too long, or the prices were exorbitant. We are so glad you found us; we want you to enjoy the benefits without the hassle. Thanks for putting your body in our hands. One of our biggest goals is to provide you with a huge variety. If you want Nuru Gel, information about how to use it, or accessories to help you apply it, you have certainly come to the right place! We are always available to answer questions you have; with a great selection comes great responsibility!


The Guru of Nuru Massage Gel
www.nuru-guru.com, 26 July 2013

Founded by Cindy Cravenho, Nuru-Guru Offers a Selection of Exotic Massage Gels that Feature the Japanese Seaweed Known as Nori For many, the early stages of romantic relationships are alive with fireworks and passion. Over time, though, that exhilaration can lessen, leaving couples searching for ways to regain excitement in the bedroom. Touch, through sensual massage, is an ideal avenue to stimulation and pleasure for couples at every stage of their relationship, Cindy Cravenho believes.

A former accountant who grew tired of the corporate world, Cindy Cravenho is the founder and president of Nuru-Guru, which has a line of exotic massage gels designed to enliven intimacy.

"Touch is the most intimate feeling a man and a woman can share. It gives couples the ability to understand each other without words," Cindy Cravenho said. "Intimacy is more than just the act of sexual intercourse. Sensual massage provides sensations that make intimate moments more memorable because they are more exciting."

Cindy Cravenho launched Nuru-Guru after hearing from a friend who is a massage therapist express displeasure over the quality of the oils, especially that they stained sheets and clothes. That sparked an idea since she had read about Nori, the Japanese seaweed that is transparent, tasteless, odorless, extremely slippery and smooth.
...

"Since our gels are odorless and transparent, you don't have to worry about them staining your bedding or your clothes," Cindy Cravenho said. "Once I learned about Nori, I wanted to order it, but I couldn't find anything I liked online or in stores. That led me to start my own company where we provide high quality massage gel, whether you want to use it for nuru or traditional massages."

Cindy's Nuru-Guru company is the original nuru massage gel business in the United States, though a former employee has started an online venue of his own under the Numa Nuru Gel name, claiming that his is the original version.

"As an entrepreneur, you seem to learn new lessons as the months and years pass," Cravenho said "The experience of seeing a former employee start a company roughly based on Nuru-Guru oils and make false claims has been frustrating, yet consumers recognize the difference in quality."

As demonstrated on the Nuru-Guru website, nuru massages involve body-to-body sliding, which is intended to give couples more stimulation and heightened intimacy. Nuru-Guru gels can be used for nuru massages and traditional massages.
"Since our gels are odorless and transparent, you don't have to worry about them staining your bedding or your clothes," Cravenho said. "Once I learned about Nori, I wanted to order it, but I couldn't find anything I liked online or in stores. That led me to start my own company where we provide high quality massage gel, whether you want to use it for nuru or traditional massages."

Cindy Cravenho's Nuru-Guru company is the original nuru massage gel business in the United States, though a former employee has started an online venue of his own under the Numa Nuru Gel name also known as Mr.Nori's Magic Gel, claiming that his is the original version.

"As an entrepreneur, you seem to learn new lessons as the months and years pass," Cravenho said "The experience of seeing a former employee start a company roughly based on Nuru-Guru oils and make false claims has been frustrating, yet consumers recognize the difference in quality."

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https://archive.today/kkdms -- VALLARELLI, 19:48:24 02/02/15 Mon [1]

JOHN VALLARELLI CYNTHIA CRAVENHO
Connecticut, Marriage Record Index, 19592007

Husband First Name:
John
Husband Last Name:
Vallarelli
Husband Middle Name:
M
Marriage Day:
11
Marriage Month:
8
Marriage Year:
1990
Town Code:

Town:
Vernon
Wife First Name:
Cynthia
Wife Last Name:
Cravenho
Wife Middle Name:
L

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Replies:

[> CBACFunding -- FRESNA CAPITAL LLC, 19:57:39 02/02/15 Mon [1]

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Reclaim Property Resources L.L.C. 75 Bette Drive, Manchester, CT 06040. Andrew Cravenho

JOHN CRAVENHO, 230 BAYBERRY LANE, WESTPORT, CONNECTICUT, 06880

New York NY-1993620

JOHN CRAVENHO, 230 BAYBERRY LANE, WESTPORT, CONNECTICUT, 06880 is the Chairman / Ceo and Principal Executive Officer of EXCEL CONSULTING INC., registered in New York.

CHARLES CRAVENHO
Plumbing Licenses

7 Connecticut PLM.0277369-P8 6 Active

This Connecticut license is held by CHARLES CRAVENHO. The license is currently active. It was granted on 11/01/2013 and expired on 10/31/2014

LICENSE DETAILS

License Number: PLM.0277369-P8
Category: Plumbing Licenses
Status: Active
Date Granted: 11/01/2013 (over 1 year ago)
Expiry Date: 10/31/2014 (3 months ago)

LOCATIONS

A Address

50 STOCKADE PATH, PLYMOUTH, MA, 02360

Stamford Arrests

John E. Cravenho, 64, of Bayberry Lane, Westport, charged Sunday afternoon with driving while under the influence and failure to drive on the right side of the road.

Mblu: 155/ 460/ 75/ /

Acct#: 046000075

Owner: CRAVENHO, ANDREW J

Assessment: $215,500

Appraisal: $307,800

PID: 1092

Building Count: 1

Current Value
Appraisal Valuation Year Improvements Land Total
2011 $221,700 $86,100 $307,800
Assessment Valuation Year Improvements Land Total
2011 $155,200 $60,300 $215,500

Owner of Record
Owner CRAVENHO ANDREW J
Co-Owner
Address 75 BETTE DRIVE
MANCHESTER, CT 06040
Sale Price $371,000
Book & Page 3767/ 001
Sale Date 06/01/2010

Ownership History
Ownership History Owner Sale Price Book & Page Sale Date
FLOWERS WILLIAM C & BEVERLY A $295,000 2976/ 121 11/16/2004
GONZALEZ ISABELINO $217,500 2861/ 321 04/28/2004
BANK OF NEW YORK TR 2822/ 328 02/23/2004
HENDESSI HOSSAIN & ANN META $0 1928/ 300 10/01/1997

Building Information
Building 1 : Section 1
Year Built: 1968
Living Area: 2158
Replacement Cost: $273,037
Replacement Cost
Less Depreciation:
$204,800
Building Attributes Field Description
Style Raised Ranch
Model Residential
Grade: Average +10
Stories: 1 Story
Occupancy 1
Exterior Wall 1 Pre-Fab Wood
Exterior Wall 2 Stone/Masonry
Roof Structure: Gable/Hip
Roof Cover Asphalt Shingl
Interior Wall 1 Drywall/Sheetr
Interior Wall 2
Interior Flr 1 Hardwood
Interior Flr 2
Heat Fuel Oil
Heat Type: Hot Water
AC Type: Central
Total Bedrooms: 4 Bedrooms
Total Bthrms: 4
Total Half Baths: 1
Total Xtra Fixtrs: 2
Total Rooms: 10 Rooms
Bath Style: Average
Kitchen Style: Average
Extra Kitchens
Whirlpool
Fireplace 2
Fin Basement
Fin Bsmnt Qual 1933
Fin Bsmnt 2 2
Fin Bsmnt2 Qual
Bsmnt Garage 2
Building Photo Building Photo
Building Layout Building Layout
Building Sub-Areas Legend Code Description Gross
Area Living
Area
BAS First Floor 2158 2158
FOP Porch, Open 40 0
PTO Patio 288 0
RBM Raised Basement 2652 0
WDK Wood Deck 528 0
5666 2158

Extra Features
Extra Features Legend

No Data for Extra Features


Land
Land Use
Use Code 101
Description Single Family
Zone RR
Neighborhood 60
Alt Land Appr No
Category
Land Line Valuation
Size (Acres) 1.03
Frontage 0
Depth 0
Assessed Value $60,300
Appraised Value $86,100

Outbuildings
Outbuildings Legend Code Description Sub Code Sub Description Size Value Bldg #
PDK Pool Deck 420 S.F. $2,100 1
SPL2 Pool Inground 800 S.F. $11,200 1
SHD1 Shed 240 S.F. $3,600 1
Valuation History
Appraisal Valuation Year Improvements Land Total
2010 $254,600 $109,600 $364,200
2005 $190,900 $65,600 $256,500
2000 $186,400 $65,600 $252,000

Assessment Valuation Year Improvements Land Total
2010 $178,400 $76,700 $255,100
2005 $133,600 $45,900 $179,500
2000 $130,400 $45,900 $176,300

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d264586 -- trbvm, 12:36:15 01/27/15 Tue [1]

PLEASE HELP!

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FILE A COMPLAINT -- HELP PLEASE!, 12:15:59 01/27/15 Tue [1]

https://tips.fbi.gov/
https://complaint.ic3.gov/default.aspx

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INVOICE FACTORING SCAM -- FRAUD, 12:11:39 01/27/15 Tue [1]

Invoice Factoring could be next Big Thing for Fraud Scam, Predicts Lawyer


Invoice factoring could be next big thing for fraud scam, predicts lawyer
Shaw Capital Management and Financing offer a complete line of factoring services, purchase order funding, and asset based financing, accounts receivable management, and other related financial services.
One of the biggest challenges facing businesses in the current economic climate is getting invoices paid and the use of invoice factoring could become a significant area for fraud, according specialist fraud lawyer Arun Chauhan of Midlands firm Challinors.

In the current economic climate the use of factoring is becoming more prevalent, says Arun, a
Partner at Challinors and head of its Fraud & Asset Recovery department. The problem of getting invoices paid is a growing problem and an increase in fraud in Factoring is an area that will not be immune from this threat.

The issue of invoice payment is not unique to the economic climate but one that is encountered by all businesses and in particular start up businesses. Factoring is the selling of a companys invoices, at a discount, to a Factor - typically a financial institution - which then assumes the credit risk of the account debtors and receives cash as the debtors settle their accounts. The company then receives the value of the invoice less a percentage retained by the company as their fee for the factoring service.

The Factor will typically obtain a personal guarantee or some form of security from a director of a company before commencement of any agreement, explains Arun.

There are two specific types of factoring - Open and hidden factoring. In Open Factoring the company does not mind if its customers know if they are using a Factor. The debtor is sent invoices by the Factor to recover the face value of the invoices.

If a company has decided to Factor invoices to improve cash flow, it may wish to keep this from its customers. In these circumstances the practice of Closed Factoring is used, which involves the debtor being invoiced by the company not the Factor, who is sent the invoice and then pays a percentage. When the debtor pays the invoice the sum due to the Factor is then paid.

The process of factoring is susceptible to fraudulent activity, if there are not sufficient controls in place within a business, says Arun. A Managing Director may not be aware that those dealing with the raising of invoices for the company may well be devising a fraudulent scheme by creation location of businesses: The fact that the postcode of a company is the same or in a similar geographical location to the debtor is one warning sign to look for. Another is the existence of large invoice amounts relative to the average for that debtor.

The fraud is sometimes not internal but purely perpetrated to cause loss to the Factor. One example of this was uncovered in 2008 where the Directors of a Manchester based computer firm,
Ravelle, were convicted in a 3.25 million fraud upon its creditors. The fraud was centred on the creation of false sales documents and a complex web of inter-company transactions designed to deceive Factoring companies into providing finance to the Ravelle Group. This is a prime example of collusion, which is one pre-requisite for factoring fraud.

Many types of fraud are only possible if collusion between parties exists. In the Ravelle case, the collusion between the directors enabled the company to create fresh air invoices and more importantly partake in circular trading, the point of which is to create a complex set of trading requirements which allow a systematic deception of the factoring company. The schemes that keep companies running could not have been implemented without the continued input of the parties at Ravelle, and one of the Directors was a qualified accountant.

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Subject: Digital Art: A History


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Subject: Roots Of Wisdom Pdf


Author:
staralst
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Date Posted: 21:42:07 02/24/14 Mon



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Subject: Microsoft Office 2013 Professional Plus Consumer Preview Standalone (x86/x64) Part2


Author:
staralst
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Date Posted: 21:41:35 02/24/14 Mon



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Subject: Zubeen Garg New Assames


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Date Posted: 21:40:33 02/24/14 Mon



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Subject: [TRUSTED]The.Big.Bang.Theory.Season.4


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Subject: THE ULTIMATE PAGEANT LUCKY CHARMS


Author:
Dailyn Darr
[ Edit | View ]
Date Posted: 20:28:32 02/08/13 Fri

THE ULTIMATE PAGEANT
Lucky Charms
Giving away CROWNS TO ALL!!!
Mattoon, IL
March 17th, 2013
3:00 p.m.
Enter EVERYTHING for just $50!!!! WOW!
*PRICE WILL GO UP TO $75 February 17th!

SCHEDULE:
Registration: 3:00 p.m. to 4:00 p.m.
St.Patricks Day OOC & line-up: 4:30 p.m.
Crowning: 6:00 p.m.
Win Fees paid to our National Pageant coming to NASHVILLE,TN May 17-19!!!

~Paypal $50 by February 17th for our $50 SPECIAL PRICE!~
Paypal to: dailyn_3021@hotmail.com

Referral Discount:
$5 off per referral that signs up!
Person with the most Referrals WILL BE CROWNED OUR REFERRAL QUEEN!


PAGEANT TITLES & AWARDS:

* We will award 1 Ultimate Grand Supreme winner of the day (high point winner of the day).
* We will award 1 grand supreme winner PER SUPREME BREAK DOWN
* We will award 1 mini supreme winner PER SUPREME BREAK DOWN
*Age break down will be 0-4 & 5 and up.
*There will be a Miss Lucky Charm Supreme per age division
*Everyone else will be crowned PRINCESS.
~MORE SUPREME TITLES WILL BE ADDED DUE TO A HIGH VOLUME OF ENTRIES~

*** NO PHOTO SCORES ADDED INTO ANY TITLES!!
All titles are based off facial beauty and personality ONLY.

Side Awards:
Best awards will include (per age division):
Best Hair
Best Eyes
Best Smile
Most Photogenic
Best St. Patricks Day Wear
*All side awards will be awarded one or all of the following: a gift, medal, trophy, crown, or sash.

Photogenic:
For this pageant we will not combine your photo in with your total score for supreme titles. However, we will still have a photogenic contest for our side award. You can bring any print of photos to be entered into this contest. Additional photos are $5 each to enter.

Age divisions:
0-23 month, 2-3 yr, 4 yr, 5-6 yr, 7-8 yr, 9-10 yr,
11-12 yr, 13-15 yr, 16 and up, Mrs. Division
*If there are less than 3 participants in an age division then ages will be combined.
* Boys compete in the same age divisions as the girls*

LIMITED ENTRY SPOTS!!!
* Make sure to get your spot guaranteed by our deadlines! Each pageant has a contestant limit. A $10 late fee will be added for anyone who does not pay a deposit.
* A $25 none refundable deposit must be paid in order to hold your spot for this pageant. Payment must be made through paypal. Paypal to dailyn_3021@hotmail.com
*Scores will be given out upon request. ALL final decisions are made by the judges.
Subject: JOIN US FOR A GROOVY EVENT!!


Author:
Dailyn Darr
[ Edit | View ]
Date Posted: 16:23:44 09/10/12 Mon
Disco Fever PAGEANT
PUTTIN ON THE GLITZ & Natural Perfections PAGEANTS
* You can compete natural or glitz!

Giving away CROWNS and GIFTS TO ALL!!!
Springfield, IL
September 23rd, 2012
12:00 p.m.
Enter SUPREME PACKAGE for just $75!!!! WOW!
*PRICE WILL GO UP TO $100 AFTER SEPTEMBER 1st!

SCHEDULE:
Registration: 12:00 p.m. to 1:00 p.m.
Natural Beauty Wear & Line up: 1:30 p.m.
Glitz Beauty Wear & Line - up: 2:30 p.m.
Groovy Wear: 3:30 p.m.
Crowning: 4:00 p.m.
Win Fees paid to our Illinois STATE pageant!!!

~Paypal $40 Deposit by September 1st~
Paypal to: dailyn_3021@hotmail.com

PAGEANT TITLES & AWARDS:
* We will award a grand supreme and a mini supreme winner per supreme age break down.
* We will award 1 Ultimate Grand Supreme winner of the day (high point winner of the day).
*Age break down will be 0-3, 4-8, and 9 and up.
(Beauty+ 1 Stage Event Score)
Other supreme titles:
Most Beautiful Face Supreme (Highest facial score of the day)
There will be a Divisional Supreme per age division
(Beauty+ 1 Stage Event Score)
There will be a Natural Beauty Queen and Glitz Beauty Queen per age division. (Beauty score ONLY)

There will be a Princess and Runner-Up Princess per age division
(Beauty score only)
*** NO PHOTO SCORES ADDED INTO ANY TITLES!!
Princess and LOWER:
CROWN and GIFT
Division Supreme & Natural and Glitz Queen :
Crown, Custom Sash, $15 $PERFECTION BUCK$, GIFT
MINI SUPREMES :
BEAUTIFUL rhinestone Crown, Custom Sash, 2 ft. Trophy, Gifts, $20 $PERFECTION BUCK$, GIFT, $25 BOND
GRAND SUPREME :
BEAUTIFUL rhinestone crown, Custom Sash, 3 ft. trophy, Gifts, $25 $PERFECTION BUCK$, GIFT, $50 BOND
ULTIMATE SUPREME :
LARGE BEAUTIFUL rhinestone crown, Custom Sash, 4 foot trophy, $25 $PERFECTION BUCK$ $100 BOND, GIFT
MOST BEAUTIFUL FACE SUPREME:
LARGE BEAUTIFUL rhinestone crown, Custom Sash, 4 foot trophy, $25 $PERFECTION BUCK$, $100 BOND, GIFT

* MUST HAVE 20 CONTESTANTS FOR PAYOUT TITLES




Side Awards:
Best awards will include (per age division):
Best Hair
Best Eyes
Best Smile
Best Personality
Most Beautiful
Best Groovy Wear
* will be awarded in both natural and glitz (if entered into both) DOUBLE THE CHANCES FOR SIDE AWARDS

*All side awards will be awarded one or all of the following: a gift, medal, trophy, crown, or sash.
Overall Awards:
Overall awards will include
(1 winner overall):
Most Beautiful
Best Groovy Wear
Most Photogenic
* All overall title winner will be award one or all of the following: a gift, medal, trophy, crown, or sash.



Age divisions:
0-23 month , 2-3 yr, 4 yr, 5-6 yr, 7-8 yr, 9-10 yr,
11-12 yr, 13-15 yr, 16 and up, Mrs. Division
*If there are less than 3 participants in an age division then ages will be combined.
* Boys compete in the same age divisions as the girls*
PAGEANT COSTS INCLUDE:
Supreme Package (1 Beauty Event, a chance to win runner-up princess, princess, glitz queen, natural queen, and Divisional Supreme)
$75 *Must Pay before September 1st
Price will go up to $100 after this date!!
:: OPTIONALS ::

Groovy Wear--$25
2nd Beauty Event -- $50
OR BOTH EXTRA EVENTS FOR $50


:: TITLE COSTS ::
Ultimate Supreme - $30
Most Beautiful Face Supreme - $25
Grand Supreme - $20
Mini Supreme - $15


:: Best Awards ::
Best Hair, Best Eyes, Best Smile, Best Personality : $15 for all 4
:: Overall Awards ::
Most Beautiful, Best Groovy Wear, Most Photogenic : $10 for all 3
(photo cost INCLUDED)

LIMITED ENTRY SPOTS!!!
* Make sure to get your spot guaranteed by our deadlines! Each pageant has a contestant limit. A $10 late fee will be added for anyone who does not pay a deposit.
* A $40 none refundable deposit must be paid in order to hold your spot for this pageant. Payment must be made through paypal. Paypal to dailyn_3021@hotmail.com
*Scores will be given out upon request. ALL final decisions are made by the judges.
-
Liabilty & Sportsmanship:
*Puttin' On The Glitz Pageants and Natural Perfection Pageants will not be held liable for any injuries that may occur while at our events. Any facility used during our events will not be held at fault.







Puttin On The Glitz & Natural Perfections Pageants
August 18th Rockin Into Summer DOUBLE CROWN Centralia, IL
September 2nd Miss Labor Day OFallon, IL
September 8th Circle City/Puttin On The Glitz DOUBLE Carbondale, IL
September 22nd Disco Fever Springfield, IL
October 6th OKTOBER FEST Sesser, IL
October 21st Little Witches MINI NATIONAL Bloowington, IL
November 10th IL STATE PAGEANT!
Check out our website for a full list of upcoming events:
www.puttinontheglitz11.webs.com
Subject: JOIN US FOR LITTLE WITCHES MINI NATIONAL!


Author:
Dailyn Darr
[ Edit | View ]
Date Posted: 16:14:00 09/09/12 Sun
Little Witches MINI NATIONAL October 21st
Hosted by: Puttin On The Glitz & Natural Perfections Pageants
At the Chateau Hotel in the Auditorium-----BLOOMINGTON, IL
Enter into beauty for just $40!!!! WOW! EVERYONE WILL GO HOME WITH NOT 1, BUT 2 CROWNS!!!

Registration: 12:00 1:30 p.m.
During Registration we will have a coloring contest FREE OF CHARGE! We will be awarding HUGE trophies and/or crowns to our winners for the best and most creative!!! REMEMBER to bring your pumpkins ALREADY carved or painted to be entered into our best and most creative pumpkin contest!
SCHEDULE:

Natural Beauty Wear & Line up: 1:30 p.m.
Natural Costume Wear: 2:30 p.m.
Natural Outfit of Choice: 3:00 p.m.
NATURAL Awards: 3:30 p.m.

Glitz Beauty Wear & Line up: 4:00 p.m.
Glitz Costume Wear: 4:30 p.m.
Glitz Outfit of Choice: 5:00 p.m.
TALENT: 5:30 p.m.
GLITZ Crowning: 6:00 p.m.

NATURAL PACKAGE: $100 GLITZ PACKAGE: $100
BOTH (SUPREME PACKAGE): $150
*** WILL BE DOUBLE CROWNED FOR NATURAL AND GLITZ TITLES!

Log onto our website to register online and check out how to get sponsors to attend for free: www.puttinontheglitz11.webs.com
Paypal all deposits to Dailyn Darr at dailyn_3021@hotmail.com
Questions? Contact Dailyn Darr at puttinontheglitz@live.com
DEADLINE TO ENTER OCTOBER 12th!!

PAGEANT TITLES & AWARDS:
* We will award a grand supreme and a mini supreme winner per supreme age break down from Puttin On The Glitz and Natural Perfections Pageant Systems.
* We will award 1 Ultimate Grand Supreme winner of the day (high point winner of the day) from both pageant systems
*Age break down will be 0-3, 4-8, and 9 and up.
(Beauty + 1 Stage Event Score)
Other Supreme Titles:

Rising Star Supreme
Novice Supreme
Pro-Am Supreme
Most Beautiful Face Supreme
Personality Plus Supreme
Talent Supreme


There will be a Divisional Supreme per age division PER PAGEANT SYSTEM
(Beauty + 1 Stage Event Score)
There will be a Natural Beauty Queen and Glitz Beauty Queen per age division. (Beauty score ONLY)
For Puttin On The Glitz there will be a Princess and Runner-Up Princess per age division. All others will be named Royal Court.
For Natural Perfections Pageant System there will be a princess, duchess, and countess.
(Beauty score only)
*** NO PHOTO SCORES ADDED INTO ANY TITLES!!

Princess and LOWER:
CROWN and GIFT
Division Supreme & Natural and Glitz Queen:
Crown, Custom Sash, $15 $PERFECTION BUCK$, GIFT
MINI SUPREMES:
BEAUTIFUL rhinestone Crown, Custom Sash, Trophy, Gifts, $20 $PERFECTION BUCK$, GIFT, $50 BOND
GRAND SUPREME :
BEAUTIFUL rhinestone crown, Custom Sash, Trophy, Gifts, $25 $PERFECTION BUCK$, GIF, $75 BOND
ULTIMATE SUPREME :
LARGE BEAUTIFUL rhinestone crown, Custom Sash, Trophy, $25 $PERFECTION, GIFT, $100 BOND
OTHER SIDE SUPREMES:
LARGE BEAUTIFUL rhinestone crown, Custom Sash, Trophy, $25 $PERFECTION BUCK$, GIFT, $50 BOND

* MUST HAVE 20 CONTESTANTS FOR CASH PAYING AWARDS

Age divisions:
0-23 month , 2-3 yr, 4 yr, 5-6 yr, 7-8 yr, 9-10 yr,
11-12 yr, 13-15 yr, 16 and up, Mrs. Division
*If there are less than 3 participants in an age division then ages will be combined.
* Boys compete in the same age divisions as the girls*

Side Awards:
Best awards will include (per age division):
Best Hair
Best Eyes
Best Smile
Best Personality
Talent Winner
*will be awarded on natural and on the glitz side for double the chances for side awards.

**All side awards will be awarded one or all of the following: a gift, medal, trophy, crown, or sash.

Overall TRIPLE CROWN Awards:
Overall awards will include
(1 winner overall):
Natural Beauty Winner
Glitz Beauty Winner
Natural Costume Winner
Glitz Costume Winner
Natural OOC Winner
Glitz OOC Winner
* All overall title winners will be awarded an additonal CROWN



TALENT CONTEST:
Everyone entering into talent will have a chance to win talent side award and also a chance at winning the talent supreme title. Talents must be entered in advance. If you need music to be played or a mic, please let us know in Advance.
MODEL SHOWCASE Costs:
This is a separate competition from the actual pageant. The cost is $25 to enter. We will give 50% of the money collected back to the winners plus a gift! We will choose 1 winner from the 5 and under age group and 1 winner from the 6 and up age group. Anything goes for this competition. Contestants can show off another talent routine, model walking, personality, personality, personality! This is a fun way for contestants to get great experience and win some cash!

PAGEANT COSTS INCLUDE:
Package 1: Natural or Glitz Beauty $40
Package 2: Natural and Glitz Beauty $100 each
Package 3: Natural and Glitz Beauty events, Natural and Glitz Costume events + all side award, chance at winning division supreme and LOWER. $150 FOR A CHANCE AT BOTH!
____________::Optional Events and Titles BELOW::_____________
NOT INCLUDED IN PACKAGE
*(ONLY PAY 1 time at a chance to win in both pageant systems!)*
Add on Supremes: SUPREME TITLES:
Novice Supreme, Pro-Am Supreme Ultimate Supreme $30
Rising Star Supreme, Talent Supreme Grand Supremes $25
Most Beautiful Face Supreme Mini Supremes $20
Personality Plus Supreme
$10 EACH OR
3 for $25, 4 for $30, 5 for $35


QUALIFICATIONS FOR NOVICE SUPREME:
Must have not won over $300

QUALIFICATIONS FOR PRO-AM SUPREME:
Must have won over $301 or more



OPTIONAL EVENTS: (pay 1 time for both pageant systems)
Talent: $30
Model Showcase: $25
OOC: $50





:: Overall TRIPLE CROWN ::
Natural Beauty Winner
Glitz Beauty Winner
Natural Costume Winner
Glitz Costume Winner
Natural OOC Winner
Glitz OOC Winner:

$15 for 3 Natural OR Glitz Titles

$25 FOR ALL TRIPLE CROWN TITLES!
*These titles are another chance to win a crown on top of winning a supreme title!
LIMITED ENTRY SPOTS!!!
* Make sure to get your spot guaranteed by our deadlines! Each pageant has a contestant limit. A $10 late fee will be added for anyone who does not pay a deposit.
* A $50 none refundable deposit must be paid in order to hold your spot for this pageant. Payment must be made through paypal.
Paypal to dailyn_3021@hotmail.com
*Scores will be given out upon request. ALL final decisions are made by the judges.

Liabilty & Sportsmanship:
*Puttin' On The Glitz Pageants and Natural Perfection Pageants will not be held liable for any injuries that may occur while at our events. Any facility used during our events will not be held at fault.
CHECK OUT THESE DISCOUNTS!
EARLYBIRD SPECIALS! DONT MISS OUT!
PAY DEPOSIT BY September 15th ENTER EVERYTHING FOR $200!!
PAY BY OCTOBER 1st ENTER EVERYTHING FOR $250!!
-Recommend a friend to come to this pageant and they sign up you will receive $10 off your pageant fees PER REFERREL!
- MOST REFERRELS WILL BE CROWNED OUR REFERREL QUEEN!
-Sibling Discount: off the second childs PACKAGE PRICE! WOW!!
- Plus! throughout the month of October answer fun trivia to get $$ toward your pageant fees!
Subject: PICTURE THIS


Author:
power posting
[ Edit | View ]
Date Posted: 07:20:35 07/07/10 Wed
Picture This Photography By Angela
For booking information call 606-526-9058 or email picturethispc@yahoo.com




Banner by Sweet & Sassy Banners
...Banners are only $5...


Image and video hosting by TinyPic
Subject: my chance


Author:
power posting
[ Edit | View ]
Date Posted: 07:20:17 07/07/10 Wed

Calling All Novice Contestants....
My Chance Novice National



Banner by Sweet & Sassy Banners
...Banners are only $5...


Image and video hosting by TinyPic
Subject: MY CHANCE


Author:
power posting
[ Edit | View ]
Date Posted: 07:20:00 07/07/10 Wed
My Chance Novice National

September 17-19, 2010 ~ Gatlinburg, TN



Banner by Sweet & Sassy Banners
...Banners are only $5...
















Image and video hosting by TinyPic
Subject: AUE


Author:
power posting
[ Edit | View ]
Date Posted: 07:19:40 07/07/10 Wed























::: AUE Discounts Still Available :::



America's Ultimate Extravaganza
August 20-22 in Louisville KY

We Are the Original Level Pageant!
Awarding Over $100,000.00 in ca$h & prizes
We NEVER Prorate!!

AUE .... It's All About the Face!!!

click the banner to visit AUE online
Questions? Call Madonna: 502-457-3405































Image and video hosting by TinyPic
Subject: AUE


Author:
power posting
[ Edit | View ]
Date Posted: 07:19:21 07/07/10 Wed






















::: Join Us August 20-22 for AUE :::



America's Ultimate Extravaganza
August 20-22 in Louisville KY

We Are the Original Level Pageant!
Awarding Over $100,000.00 in ca$h & prizes
We NEVER Prorate!!

AUE .... It's All About the Face!!!

click the banner to visit AUE online
Questions? Call Madonna: 502-457-3405















Have You Heard the AUE News?
AUE has taken out "Outfit of Choice"
and added "Interview" as an Optional!


America's Ultimate Extravaganza

It's All About the Face!!!

AUE 2010 Nationals
August 20-22 in Louisville KY
click the banner visit AUE online or call Madonna 502-457-3405

































Image and video hosting by TinyPic
Subject: Beautiful Stars of the Midwest October 30th, 2010


Author:
bk
[ Edit | View ]
Date Posted: 20:08:21 07/06/10 Tue
Photobucket

Get Your Glitznglittergraphics.com Banner Today!


Beautiful Stars of the Midwest






Beautiful Stars of the Midwest
Date: October 30th, 2010


www.pageantelegance.com
National office: 847-740-8895

American Beauty Productions
P.O. Box 751
Round Lake Beach, IL 60073

director@abproductions.org

Banner by Glitz n' Glitter Graphics:


Get Glitzed n' Get Noticed!





Subject: Compassionate Crowns Puppy Love


Author:
CC
[ Edit | View ]
Date Posted: 20:09:58 02/14/10 Sun
Is there anyone else that would like to participate in the
CC Puppy Love Pageant
Feb 21, 2010 * Holiday Inn * Bloomington, IL
?????????????????????????????????

We will be closing registration in a few days, but I still have 4 crowns available. We have a great group of contestants, many new comers and entries in every division!

If you would like to join us for a day of
Fun, Friends and Pageantry
Please register online by clicking the "Puppy Love" link
on our home page.

~Miss Joyce
director@compassionatecrowns.org
www.compassionatecrowns.org
Subject: PADUCAH, EVANSVILLE, AND BLOOMINGTON PAGEANTS THIS WEEKEND


Author:
miss lisa
[ Edit | View ]
Date Posted: 16:09:39 01/25/10 Mon





::WE LOVE BABIES AT BEAUTIFUL ME::
2010 National in Lexington, Kentucky * March 12-14th



::FIND OUT HOW YOU CAN BE ROYALTY AT BEAUTIFUL ME::

Lisa Boyer - Director
Missouri/Arkansas/Illinois
573-332-1718
573-382-1748
















::WE MEAN BEAUTIFUL...AND WE'RE NOT KIDDING!::
Beautiful Me Nationals in Lexington, Kentucky * March 12-14th



::BEAUTIFUL ME PRODUCTIONS::
WHERE BEING NATURAL IS BEING BEAUTIFUL!!!

Lisa Boyer - Director
Missouri/Arkansas/Illinois
573-332-1718
573-382-1748


















::CALLING ALL NATURAL BEAUTIES::

BEAUTIFUL ME IS COUNTING DOWN THE DAYS TO NATIONALS!

Beautiful Me Nationals in Lexington, Kentucky * March 12-14th



FIND OUT HOW YOU CAN BE THE NEXT
CONTESTANT AT BEAUTIFUL ME NATIONALS

Lisa Boyer - Director
Missouri/Arkansas/Illinois
573-332-1718
573-382-1748









Subject: BEAUTIFUL ME PRODUCTIONS


Author:
MISS LISA
[ Edit | View ]
Date Posted: 16:06:25 01/25/10 Mon





::WE LOVE BABIES AT BEAUTIFUL ME::
2010 National in Lexington, Kentucky * March 12-14th



::FIND OUT HOW YOU CAN BE ROYALTY AT BEAUTIFUL ME::

Lisa Boyer - Director
BEAUTIFUL ME PRODUCTIONS
Missouri/Arkansas/Illinois
573-332-1718
573-382-1748









Subject: BEAUTIFUL ME PRODUCTION PAGEANT - PADUCAH, KENTUCKY


Author:
BANNER POSTER
[ Edit | View ]
Date Posted: 15:46:37 01/25/10 Mon
Beautiful Me Productions is holding preliminary this weekend in the following locations.

Friday, Jan 29 Paducah, KY Kentucky Oaks Mall 6PM
Saturday, Jan 30 Bloomington, IN - College Park Mall Reg: 2
Sunday, Jan 31 Evansville, IN - Eastland Mall Reg: 1:00

email: girlfrnd55@hotmail.com or visit our website
www.beautifulmeproductions.com
Subject: Summer Shine


Author:
Krystina
[ Edit | View ]
Date Posted: 19:21:28 01/18/10 Mon

imikimi - sharing creativity
Subject: A BEARY SPECIAL PAGEANT - PADUCAH, KY


Author:
Beary Special
[ Edit | View ]
Date Posted: 15:32:43 01/17/10 Sun
A Beary Special Pageant
Saturday January 23, 2010
Marriott in Paducah, KY
Girls ages 0-21 and Boys 0-12

*****NO EXPERIENCE NECESSARY*****
!!!!A PRETTY FACE IS ALL YOU NEED!!!!

0-4, 5-10 and 11-up
3 Grand Supreme Winners
3 Mini Supreme Winners
0-5 & 7 and up
Overall Most Beautiful
Overall Best Personality
Divisional Supreme Winners

Registration from 10 A.M.
Pageant starts at NOON!
Come enjoy the FUN!!!!
Call Amanda McCarroll @(615) 394-6667 or email amanda_mccarroll@northcrest.com
Subject: Triple Crown State Pageant


Author:
Angie
[ Edit | View ]
Date Posted: 13:40:33 01/15/10 Fri

TO BE HELD AT THE HOLIDAY IN ST LOUIS SIX FLAGS
FOR INFORMATION: EMAIL-ROYALMISSINC@AOL.COM
PHONE:251-367-2222


*~* ATTENTION: MISSOURI, ILLINOIS & ARKANSAS *~*

You Are Invited To A TRIPLE State Pageant!



Click banner to visit website for more information
or Email the director at royalmissinc@aol.com.




Order Today...You Won't Be Disappointed!




Subject: Compassionate Crowns Spring Pageant


Author:
Miss Joyce / Compassionate Crowns
[ Edit | View ]
Date Posted: 15:15:37 01/12/10 Tue
Marching Into Spring
Saturday * Feb 27, 2010
Ramada Inn
7501 W. Saginaw Hwy
Lansing, MI 48917
Room Rate $69.00 includes breakfast!
517-627-3211

We will award:
1 Ultimate Grand Supreme
1 Grand Supreme
2 Mini-Supremes * 0-6yrs * 7 yrs & up
1 Overall Most Beautiful/Handsome
1 Overall Personality
7 Overall Optionals
7 Girls Beauty Supreme

At Compassionate Crowns every child always receives a crown and gift ~ No one goes home empty handed
Early bird deadline is Jan 31 ~ enter early!

Miss Joyce
director@compassionatecrowns.org
www.compassionatecrowns.org
Subject: Spring Fling Pageant


Author:
Sagirah
[ Edit | View ]
Date Posted: 05:41:35 01/11/10 Mon
Illinois Princess 2010 Spring Fling Pageant
April 1 * Chicago IL
Gorgeous Crowns * Custom Sashes * Cash Prize


Every entry receives a crown

http://illinoisprincesspageants.webs.com/

Sagirah Ahmed-Jankowski
224-234-1965
Subject: BSMW


Author:
bk-
[ Edit | View ]
Date Posted: 00:08:18 12/31/09 Thu

Photobucket


Photobucket
Subject: Get Hooked on Pageants


Author:
HOP Staff
[ Edit | View ]
Date Posted: 08:54:55 11/30/09 Mon

Hooked on Pageants for all your pageant needs.

Pageant girl shopping

Pageant List


If you like craigslist then you have to try the Pageant List where you can Buy, Sell, Trade, and List anything and everything pageant related.

Monthly Picture Contest

Photo Contest


Enter our photo contest.

Submit Banners

Submit Banners to the Boards


Talk about a time saver. Create your banner and upload to several boards at once.

Photo Critic

Photo Critic


Have a professional inspect your photos for perfection.


Subject: It's time to cast your vote!


Author:
bk
[ Edit | View ]
Date Posted: 22:59:50 11/20/09 Fri
Voting is now open for the Beautiful Stars of the Midwest-
Miss October and Miss November contests.

Go to: www.PageantElegance.com to cast your vote today!
*You may vote every day but PLEASE only vote once a day.

IPs are being watched.

Best of luck to all our beautiful contestants!

Miss Bridgette
Subject: ILLINOIS CELEBRITY PAGEANTS


Author:
PHOTO CONTEST
[ Edit | View ]
Date Posted: 09:44:37 11/12/09 Thu
ILLINOISCLEBEIRYT PAGEANTS PHOTO CONTEST


NATURAL & GLITZ WINNERS IN BOTH CATEGORYS!

Photobucket

1ST PLACE IN EACH CATEGORY WINS $50.00 OFF THIER SUPREME PACKAGE FOR STATE!

1ST RUNNER UP IN EACH CATEGORY WINS $35.00 OFF THIER SUPREME PACKAGE FOR STATE!

2ND RUNNER UP IN EACH CATEGORY WINS $25.00 OFF THIER SUPREME PACKAGE FOR STATE!

EMAIL PAGEANTANGELS@HOTMAIL.COM FOR MORE INFO!

DEADLINE TO ENTER NOV.18TH

WINNERS ANNOUNCED NOV.2OTH

<Photobucket
Subject: Illlinois USA


Author:
Hesitant to compete
[ Edit | View ]
Date Posted: 12:11:54 11/09/09 Mon
Can anyone share their IL Miss USA experience? Was thinking about competing next year but need to be sure it's a good fit for me. Is it fun? Are the girls nice?
[> Subject: Re: Illlinois USA


Author:
IL Pageant Queen
[ Edit | View ]
Date Posted: 15:05:29 11/10/09 Tue
If you have never been to USA I would suggest that you try Illinois Galaxy first. The glam factor is about the same so if you do well there you should do well at USA.
>Can anyone share their IL Miss USA experience? Was
>thinking about competing next year but need to be sure
>it's a good fit for me. Is it fun? Are the girls
>nice?
Subject: JINGLE BELL ROCK!


Author:
CC
[ Edit | View ]
Date Posted: 12:20:18 11/01/09 Sun



***10" Custom Jingle Bell Rock Crowns***
***Talent***
***Everyone gets a crown & gift***
Early deadlines approaching!! Enter today!!
Nov 22 * Mt. Vernon, IL
Dec 6 * Antioch, IL





We're being seen!

Subject: Illinois Sunburst Schedule


Author:
Sunburst
[ Edit | View ]
Date Posted: 18:30:54 10/07/09 Wed
09/26/2009 DAVENPORT,IL NORTHPARK MALL 3;30PM
09/26/2009 MOLINE,IL SOUTHPARK MALL 11AM
09/27/2009 GALESBURG,IL SANDBURG MALL 12:30PM
09/27/2009 MACOMB,IL DAYS INN 5PM
10/03/2009 MATTOON,IL CROSS COUNTY MALL 11AM
10/03/2009 EFFINGHAM,IL VILLAGE SQUARE MALL 3;30PM
10/04/2009 FAIRVIEW HGTS.,IL ST. CLAIR SQUARE 1PM
10/10/2009 DANVILLE,IL VILLAGE MALL 4PM
10/10/2009 CHAMPAIGN,IL MARKET PLACE MALL 11AM
10/10/2009 GURNEE,IL GURNEE MILLS 11AM
10/11/2009 RIVERSIDE,IL NORTH RIVERSIDE MALL 1PM
10/11/2009 DECATUR,IL HICKORY POINT MALL 1PM
10/17/2009 JOLIET,IL HOLIDAY INN 5PM
10/17/2009 BOURBONNAIS,IL NORTHFIELD SQUARE 11AM
10/24/2009 BLOOMINGDALE,IL STRATFORD SQUARE 4PM
10/24/2009 BLOOMINGTON,IL EASTLAND MALL 4PM
10/24/2009 PEORIA,IL NORTHWOODS MALL 11AM
10/24/2009 NILES,IL GOLF MILLS SHOPPING CENTER 11AM
10/25/2009 SPRINGFIELD,IL WHITE OAKS MALL 1PM
11/07/2009 MT. VERNON,IL HOLIDAY INN 10AM
11/07/2009 ORLAND PARK,IL ORLAND SQUARE 11AM
11/07/2009 CALUMET CITY,IL RIVER OAKS MALL 3PM
11/08/2009 GREENDALE, WI,IL SOUTHRIDGE MALL 1PM
11/08/2009 MARION,IL ILLINOIS CENTRE MALL 1PM
11/08/2009 CARBONDALE,IL UNIVERSITY MALL 4:30PM
11/14/2009 WEST DUNDEE,IL SPRING HILL MALL 3PM
11/14/2009 ROCKFORD,IL CHERRY VALE MALL 11AM
05/29/2010 SPRINGFIELD,IL CROWN PLAZA HOTEL MAY 29-30, 2010

For entry form visit:
http://www.sunburstbeauty.com/state_pagent.asp?state_id=IL&state_name=Illinois
Subject: American Elegance Pageant


Author:
Rebecca S
[ Edit | View ]
Date Posted: 17:50:00 10/07/09 Wed
American Elegance Pageant(Teen, Ms, Woman, Plus)

October 16-17th

Double Tree Hotel
Chicago - Oakbrook
1909 Spring Road
Oakbrook IL. 60523

Twelve women from across the county will be competing in interview,speech, fashionwear, and evening gown. On Saturday the 2009-2010 royalty will be crowned prior to a cake and punch reception.

http://www.msamericanelegancepageant.com/
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