What's Neu - News from the The NeuGroup Network of Peer Groups

Blog entry
By afriberg, April 01, 2015

Members of the FX Managers’ Peer Group 2 discuss the implications of the negative impact of the strong greenback at their recent meeting sponsored by Thomson Reuters.

Reacting to the strong dollar headwinds that had stiffened since their last meeting, US MNC FX managers from The NeuGroup’s FX Managers' Peer Group 2 met in mid-March to share thinking on how their FX management programs should respond. Aided by insight from Thomson Reuters, the meeting sponsor, they considered if their hedging efforts were continuing to meet corporate objectives or if changes in program or objectives might be required in light of the reversal in a decade’s long cycle of dollar weakening. Like with the sister FX Managers' Peer Group, The NeuGroup has seen multinationals in these peer-leading membership forums taking steps to take advantage of policy flexibility or propose policy changes to allow for some combination of  increased hedge ratios,  tenor extensions to lock in attractive rates, or switching to another hedge instrument. The goal is to have a policy that works equally well in a dollar-weakening cycle as in a dollar-strengthening one, and that requires either flexibility in the “levers” of risk management (ratio, tenor, instrument) or a stomach that can handle sustained periods of losses with a more rigid “no view” hedge program.

Speaking of the dollar… where is it heading?
Thomson Reuters’ Eric Burroughs, Editor & Managing Analyst of Reuters Buzz, gave a macro-economic overview and highlights on some key currency trends. First he noted that 2015 has delivered several macroeconomic and central bank surprises. The Swiss currency de-peg in January was “unlike anything we’ve seen in modern FX markets since the end of the Bretton Woods era,” and the Swiss central bank may adopt a Singapore-style FX management system along with negative interest rates. Oil-driven disinflation has prompted central bank easing “almost everywhere,” including  rate cuts, asset purchases, and even negative rates. The ECB started its QE at the “earliest possible moment.”

Sustained dollar strength

The broader outlook is for sustained US dollar strength, which will likely push EUR/USD below 1.00 and keep emerging market currencies under pressure. At the same time, EUR is starting to be treated like the JPY as a weak currency, with hedging of euro asset exposures leading to a stronger negative correlation between EUR and European equities. The United States’ sustained recovery will push the Fed and Janet Yellen towards lifting short-term interest rates up from near zero as early as June. While the Fed is sounding some concerns, it looks likely to tolerate a stronger dollar as long as the US labor market remains robust.

Dollar volatility
Mr. Burroughs was joined by Ron Leven, Proposition Manager, FX Pre-Trade Strategist, Thomson Reuters, who spoke to the group a year ago as well. He reiterated his point from a year ago that USD volatility will continue to rise. After several years, post-crisis, of declining USD volatility, held down by quantitative easing and low volatility in fixed income and equities, a Fed rate increase (when the rest of the world is easing) is an indicator of more volatility to come. Mr. Leven also previewed a coming feature in Thomson Reuters Eikon, a currency value tracker which highlights interest-rate differentials and volatility of currency pairs and which can be used as a tool in making hedge decisions. Look here for a free trial of Eikon.

Metrics and messaging around FX impact
A strengthening dollar challenges foreign earnings and translated assets of USD-reporting companies. After a long time of little to no explanation to external stakeholders necessary (or desirable) as a weakening dollar benefited them, dollar appreciation requires proactive messaging and metrics to show that the underlying business is performing so investors don’t penalize the company’s stock unfairly for factors outside its control.

For example, one member company added metrics on FX impact on EPS growth rate to its guidance messaging about a year ago, which has been well received by the Street. One reason was that the company has more international exposure than some of its competitors so it needs to be able to explain the difference FX makes in a way that resonates, comparing, for example, how EPS growth would have been affected if 2014 results had occurred at 2013 FX rates.

Derivatives regs update: NDF clearing mandate is off the table, for now, clearing for currency options even further out.
Armed with how their peers are responding, as well as measuring and communicating the performance of their programs, our members are in a better position to deal with the prospect of sustained dollar strength and heightened volatility. Thomson Reuter's Jodi Burns, head of regulation, post-trade networks, left them with good news: amid all this, they need not focus for now on the NDF clearing mandate under either EMIR or Dodd-Frank as there will be continued delay. See iTreasurer post on this subject, hereAn easing of regulatory compliance mandates in the midst of a global currency turn… now that is a relief.

The FX Managers' Peer Groups 1 & 2 are the NeuGroups for senior treasury professionals from across industries who have oversight responsibility for FX risk management. They are the longest-running forums for peer knowledge exchange for FX professionals in the US. Visit FXMPG here, for more information.

The NeuGroup is the leader in peer knowledge exchange and intelligence for treasurers through its iTreasurer publication and The NeuGroup Network of 18 member groups serving more than 350 treasury and finance professionals across functions, industries and global regions.

Blog entry
By afriberg, March 30, 2015

Members of the FXMPG discuss FX program changes and assessments of hedging efficacy to distinguish what works all the time from what works better in a dollar-weakening vs. a dollar-strengthening cycle.

Against a backdrop of a dollar-strengthening cycle, members, guests and sponsors of the FX Managers’ Peer Group (FXMPG) met recently in Denver for their winter 2015 meeting, sponsored by Chatham Financial. Topics ranged from the philosophy and business conditions that underpin a successful earnings-at-risk based risk management approach. Experts from Chatham Financial tailored their presentations to weigh in on a number of topics, including emerging markets, Value-at-Risk, rules and regs and hedge accounting considerations.

Reactions to a strong dollar
The almost decade-long slide in the value of the dollar, accompanied – for USD reporting companies – by favorably translated earnings and offshore cash balances, reversed last year. This dollar-strengthening served as the backdrop for the meeting: it has already caused US companies FX losses and, since this cycle could last several years, has put a spotlight on whether corporate FX management does its job well enough or if it can be done in a way that mitigates more of the negative impact of the strong greenback. Efforts are afoot in both FX groups to use all the flexibility current policies allow, or propose policy adjustments, for tenor extensions or ramping up hedge ratios when it makes sense to lock in favorable rates, or choosing a different hedge instrument. The key is to distinguish what works all the time from what works better in a dollar-weakening vs. a dollar-strengthening cycle.

EaR – not for everybody
“What works all the time” depends on what you expect your risk management program to achieve. Hedging notional exposures by currency or by individual exposure, depending on the underlying business, is still the common approach to managing FX risk, but taking a portfolio view of exposures is gaining ground, especially as companies grow, become more diverse and more sophisticated; the goal is to manage the company’s true exposure while reducing the total cost of hedging by eliminating unnecessary hedge transactions and allowing a certain acceptable level of risk to go unhedged.
Earnings-at-risk based (or significant reduction of) cash-flow hedging and whether it works depends on company-specifics. Factors like size (think: big), diversified exposures across a large number of currencies and ideally also commodities where their correlations mitigate some of the risk, combined with completely centralized risk management at the parent level, facilitates netting of exposures across entities and businesses to further reduce exposures. This set of prerequisites needs to be coupled, crucially, with a high level of internal buy-in and understanding – which takes time and effort to build – that in most cases any losses will fall within the established risk tolerance, but that ail risk remains and the model’s inability to predict certain events.

Reducing earnings volatility: Changes to cash-flow hedging
Cash-flow exposure used to be the guiding star for one member’s hedge program until it was discovered that cash-flow hedging in some cases conflicted with profit exposure for certain businesses, depending on their location and market specifics. The company is now in the process of transitioning from a hedge program that focuses on affiliate cash flow to one with a corporate profit focus, while leveraging diversification benefits, reducing hedging to key exposures. One of the challenges is that hedge accounting is very important to the company, so the transition requires close monitoring of cash-flow exposures, regardless. The other presenting company in this session back-tested its layered cash-flow hedge program to examine YoY earnings volatility and USD equivalent of foreign-denominated operating income, and concluded that, with the risk to earnings coming from a stronger dollar, it would pay to aggressively layer in earlier rather than later in a dollar-strengthening cycle.

The FX Managers' Peer Groups 1 & 2 are the NeuGroups for senior treasury professionals from across industries who have oversight responsibility for FX risk management. They are the longest-running forums for peer knowledge exchange for FX professionals in the US. Visit FXMPG here, for more information.

Blog entry
By mkmoore, March 26, 2015

Blog entry
By Anonymous, March 25, 2015

Treasury managers always wonder how their corporation’s investment portfolio stacks up relative to their peer group. Do they take on more risk than other corporations? How do their peers even measure risk?

The Treasury Investment Managers Peer Group will incorporate a working session into their next meeting, where members will review a comprehensive list of factors that can be used toward evaluating the investment portfolio. The goal will be to develop a TIMPG-derived model that members can use in evaluating their investment program. The meeting is sponsored and hosted by RBC at their investment headquarters in Minneapolis.

The TIMPG will also focus on the liquidity challenges facing the cash market from the new money market fund and banking regulations. The FED’s expected increase in FED fund rates will fuel some active debate with the members over when or if interest rates will increase and the best way to prepare the investment portfolio.

The NeuGroup is the leader in peer knowledge exchange and intelligence for treasurers through its iTreasurer publication and The NeuGroup Network of 18 member groups serving more than 350 treasury and finance professionals across functions, industries and global regions.

The Treasury Investment Managers’ Peer Group (TIMPG) is a membership group for practitioners with principal responsibility for managing the investment of excess cash at corporates with sizeable cash portfolios.

Blog entry
By Anonymous, March 20, 2015

The Treasurers’ Group of Thirty 3 (T30-3) will be meeting next week at the member offices of Equifax in Atlanta, with HSBC as the meeting sponsor. This third NeuGroup for MNC treasurers has recently admitted four new peers from the industries of chemical manufacturing, television entertainment and technology.

The agenda includes a varied list of topics beginning with a profile from the host member and transitioning to a sponsor-led session on corporate responses to the rising USD and FX volatility. This is a topic that has been numerous NeuGroup agendas this spring as treasury leaders grapple with this challenge. Another peer group reported 83 percent of members having incurred negative financial impact as a result. Members will no doubt be eager to exchange knowledge on this matter.

Members will then hear from two peers on their recent implementation of new treasury management systems (TMS). One example will feature an SAP shop that has implemented the SAP treasury module. By contrast, the other example will feature a member who recently switched from one TMS vendor product to a different vendor and product, and one that seems to be an up-and-comer. These contrasting experiences should prove fruitful to any member contemplating a technology change.

Following an open forum roundtable discussion, members will hear from a new peer who, after many years of having a “quiet balance sheet,” initiated a substantial acquisition requiring two types of financing. As a result, the company has now become much more deliberate and disciplined in their approach to capital planning and balance sheet management.

The NeuGroup is the leader in peer knowledge exchange and intelligence for treasurers through its iTreasurer publication and The NeuGroup Network of 18 member groups serving more than 350 treasury and finance professionals across functions, industries and global regions. Visit here for more on The Treasurers’ Group of Thirty 2.

Blog entry
By jneu, March 20, 2015

T30-2 members were encouraged to take advantage of the current market anomaly benefiting euro issuance, but also creating FX headwinds, and think about structural changes to ease pain in the future.

T30-2 members gathered in Atlanta this week to discuss a range of topics including the unique market situation that makes euro issuance especially attractive—for well-known investment-grade names, in particular—but that is creating FX pain as part of the bargain. Members also contemplated what liquidity structure was best to pursue now in light of changes that may be required because of negative interest rates in Europe, tax and transfer pricing changes related to OECD BEPS and alterations being made to enterprise platforms. In this context, the T30-2 treasurers considered if they wanted to pursue an in-house bank, for example, and if they had one already, if their in-house bank was “fully functional” to take advantage of their current treasury operating environment. Longer term, structure changes to the financial, business and liquidity footprint of US MNCs will be part of the solution.

Key takeaways

  • Plan your European roadshow. T30-2 meeting sponsor HSBC mapped out the best-practice template for a European roadshow involving a trip to London, Frankfurt, Amsterdam and Paris to seal interest in a longer-dated EUR issue, which will likely see strong demand in any case.  Using our host’s recent landmark EUR issue as a case study, we heard from their treasurer on the surprising high-level interest in their bonds, which allowed them to price aggressively and size up. Low yields of 1.65 percent on 20-year debt help make the euro market attractive, but it is also important for ALM and bond holder diversification purposes. Don’t wait too long to plan your European roadshow: HSBC’s view is that this is a unique market situation and that there will be a limited window before the market pushes back toward normalization.
  • Don’t consider negative rates to be the new normal. The impact of negative rates is being felt outside the corporate bond market too. Members reported reviewing cash pools in light of discussions that certain notional pooling structures are going to become prohibitively expensive under Basel III regulation and MNCs that are terminally in overdraft with their pools (a situation that negative rates makes worse) may need to think about a new structure sooner than later.  Members also reported receiving letters from major banks that they would start charging for deposits in currencies where rates have gone negative. Making longer term decisions based on the current negative rate environment may be unwise, however, because it is unlikely to be the new normal.
  • Make longer term liquidity structure changes with an eye to BEPS concerns.Thus, in looking at the benefits of implementing or adding functionality to in-house banks, for instance, members would be smarter to factor in the implications of tax and transfer pricing changes under the OECD’s Base Erosion and Profit Shifting (BEPS) action plan along with related initiatives. Members learned that major countries like the UK are already responding to BEPS political concerns in their new Finance Bill, which will make portions of some actions like that for hybrid mismatches and transfer pricing reporting real, starting in 2017, per KPMG, independent of what the OECD decides. However, there is still plenty of uncertainty as to how BEPS actions will shake out. This may give some MNCs reason to first determine the post-BEPS optimal structure, before striving to create a fully functional in-house bank.
  • Salve the rising dollar’s painful impact.  While EUR issuance can help offset some of the pain of a rising USD for US MNCs, it not the only structural change that treasurers should encourage. Businesses should respond to long-cycle currency changes by adjusting their manufacturing, sourcing and pricing (where market conditions allow), or otherwise pursue natural hedges to mitigate the currency pain. FX management policies that don’t encourage this may need to be supplemented with other incentives. Centralizing liquidity in a way that increases visibility and control over payment and collections could be a salve as well. In the near term, a better handle on liquidity will help when tax planning and or other opportunities allow a dividend home ahead of further FX moves. Longer term, this benefit will accrue when tax reform makes more of US MNCs’ offshore cash useable liquidity and foreign earnings available to their USD-reporting parent regardless of the exchange rate used in translation—i.e., offshore no longer means trapped.

Thanks to our T30-2 members who participated and HSBC for supporting the group’s meeting with their insight and sponsorship.

The Treasurers’ Group of Thirty 2 (T30-2), the second NeuGroup for treasurers’ of large MNCs is the premier group for strategically-minded treasurers at large-cap, global companies. Members meet to discuss priority topics on their agendas, share experiences and discuss solutions to common challenges. For executive summaries from the meetings of T30-2 and other groups, subscribe to iTreasurer.com.

Blog entry
By Anonymous, March 18, 2015

The Assistant Treasurers’ Group of Thirty takes an in-depth look at FX effects.

Members of The Assistant Treasurers' Group of Thirty met last week to discuss a couple of urgent issues, mainly the matter of FX and the rising strength of the dollar that has had a negative financial impact on 83 percent of the members. The session, led by Citi, who hosted the meeting at their Armonk, NY facility, covered foundational FX practices as determined by the output from their Treasury Diagnostics tool. The conversation then shifted to a more a macro-economic discussion, where Citi’s FX economist blamed the strong USD primarily on the collapse in commodity prices.

Another session that garnered considerable interest was on the matter of in-house banks (IHB) and featured case studies from one of the members, a large technology company, and a guest from a European pharmaceutical firm. A key discovery was that the opportunity to include China cash flows into the IHB is beginning. Having long been a country where cash was presumed trapped, loosening regulations are starting to allow RMB to be taken out of the country with certain restrictions. But both companies are successfully integrating their China cash flows into their pooling structures and IHB. There is also the opportunity to execute pay-on-behalf-of (POBO) and receive-on-behalf-of (ROBO) payments, although the tax requirements continue to be onerous. Yet one of the companies is making these transactions routinely on an inter-company basis. They pool their CNY into Hong Kong and make full use of it. “China pooling is much simpler than before but you still have to physically settle cash inter-company payment”, he noted, versus simple ledger entries.

China wants their currency to be flowing in the marketplace and for Shanghai to be a recognized global financial center by 2020. Neither will ever happen as long as companies are not allowed to freely access their earnings within the country. This is the impetus behind the gradual relaxation of currency controls which began as cross-border pooling pilots just a few years ago.

The NeuGroup is the leader in peer knowledge exchange and intelligence for treasurers through its iTreasurer publication and The NeuGroup Network of 18 member groups serving more than 350 treasury and finance professionals across functions, industries and global regions. Visit here for more information on The Assistant Treasurers’ Group of Thirty.

Blog entry
Job opening
By jneu, March 16, 2015

The NeuGroup is looking for a research associate/analyst to assist with peer benchmarking and research across our unrivaled network of membership groups for treasury and finance professionals. You will work with group leaders, members and sponsors in preparing high-quality research in support of member projects, group agendas and meeting discussions.

Indicative research topics include changes in the organizational structure of the finance function; the evolving role and responsibilities of treasury leadership; headcount and compensation by area of responsibility; talent management and training programs; performance metrics; major treasury and finance systems deployed; technology implementation and support best practices; key banking partners and relationship metrics; best practice for bond issuance; share buyback execution; functional currency of liquidity, payments and collections infrastructure.

We seek continual improvement in our research and benchmarking processes, so this is a great role for someone who can problem solve, develop new approaches on their own and adapt quickly with the team. This role requires someone who can: 

  • create and execute web and phone surveys;
  • develop and maintain question libraries;
  • manage data in databases and analyze in Excel;
  • prepare reports in Word and presentation decks in PowerPoint;
  • summarize results in written form, charts, graphs and data tables;
  • contribute web posts, graphics and articles containing research highlights and trends; plus,
  • manage project timelines with internal team and clients.

Familiarity with online survey tools (SurveyGizmo), Salesforce, Asana and a Web Community/CMS (Drupal) platform is a major plus.  The role also needs someone who possess professional communication skills, personality and creativity to promote engagement, along with excellent writing skills and attention to detail.

The job can be part- to full-time with flexible scheduling and there is the opportunity to work remotely. Travel to meetings to interact with clients is a possibility, but not required. You will report to one of our senior directors in charge of peer research and support them with the above and related research surrounding clients’ key projects and priority topics for benchmarking.

To be a fit for this job, you should have at least 2 years’ experience in a relevant research role. Salary will be commensurate with experience.  

The NeuGroup provides leading peer knowledge exchange services to treasury and finance professionals at large multinational corporations, US regional banks and their service providers.  We have an unrivaled network of groups catering to the treasurer and their direct reports, plus colleagues in risk, audit and regional finance. The NeuGroup facilitates over 18 groups, with 350 members from 200+ companies. With more than 30 face-to-face meetings in the Americas, Europe and Asia, numerous webinars, conference calls and on-line forums, we have privileged access to current intelligence and insight from global practice leaders.  To maintain this access requires that everyone who works with us earn and maintain their trust, give in order to get and go about their business with objectivity and integrity.  

To apply, click here

Blog entry
By Anonymous, March 09, 2015

The Path to Bolder RMB Implementation Roundtable Series wrapped up its US tour with a final stop in Menlo Park on March 5, 2015. As was the case with our two previous stops in Chicago and New York, many meeting attendees were from companies who have been in China for 20-plus years. But this time we also had one company brand new to the Chinese market with plans to launch its business there next week.

Overall, treasurers and senior finance professionals at the roundtables have appreciated the timeliness of the renminbi (RMB) discussions and have walked away with a better understanding of what’s possible in China as they continue to refine their global liquidity management strategies and roll RMB into their global planning.  

The theme of "Be Bold, but Cautious" played out again in Menlo Park as we heard from Tina Kobetsky, Vice President and Treasurer at VMware who described her company’s successful project to redenominate all trade activity into RMB, which began first with intercompany invoices in 2010 and continued on to vendor and sales contracts thereafter. VMware has now completed its first full year of invoicing and receiving payments in CNH/CNY and they have experienced smooth invoicing, efficient revenue recognition and payment remittance with no major collection issues.  

We hear many MNCs comment that “we settle in USD, so there’s no exposure for us in China.” This may not really be the case, since most Chinese companies that are accepting USD as a form of payment have already built in a currency component into the contract. By changing the USD invoice to an RMB invoice, MNCs have the immediate ability to more closely monitor and manage the currency exposure. Based on Tina’s presentation, by changing its in-country price list to RMB VMware was able to compete more effectively in China.

“This is the future,” Tina said. “Set yourself up to win by redenominating your trade now. Test it first with intercompany trade and then with one or two trusted Chinese counterparties.  You can take it slow, but you are strongly encouraged to begin as soon as possible.”

Becky Liu, Standard Chartered Bank’s Director and Senior Rates Strategies-Hong Kong walked the group through a summary of the macro economic outlook for China and noted that the landscape was “totally different than just one year ago.” Although growth has slowed from the double digits experienced a few years ago, she still predicts stable growth at or around 7 percent. Based on her projections, “there is no fundamental need to weaken RMB, and although we may see some near-term weakness based on USD strength, it is still a strong currency.”

The rapid uptick in the CNH offshore activity has led many treasurers to reevaluate their currency exposures and consider the impacts of RMB redenomination. The RMB is now the fifth most common SWIFT payment currency globally, just behind the Japanese yen. RMB was number 13 just two years ago and is expected to surpass the JPY in the next year or so. It is not too early to implement your RMB strategy.  

Based on Standard Chartered Regional Head of RMB Solutions Caroline Owen’s presentation, the very obvious absence of the US from the global map of clearing banks is seen as a political move and does not have an impact on the globalization of the RMB.  The world has already endorsed the RMB with or without US support or acceptance. “US MNCs are encouraged to get on board with these changes even if the US decides not to act as a clearing bank.  Europe and Asia have plenty of options for clearing banks for US MNCs to effectively manage their global trades,” Caroline said. There are currently 15 global clearing banks with 10 more expected during 2015.  

Cross-border lending was another strategy that US roundtable attendees discussed at great length. Many see this as a basic foundation for future liquidity enhancements in China and something that they are moving up on the treasury priority list. There are a few strategies to pick from depending on the needs of the business. The one-way program is a great way to use trapped cash by lending it offshore to an entity that needs cash. The two-way program allows Chinese entities to borrow funds from offshore for working capital purposes without affecting the foreign debt quote.

A major component of any cross-border pooling or lending program is the transfer pricing policy that defines interest rates and other payment details to ensure the structure is treated as ‘arms-length’. The creation of a transfer pricing program was a very in-depth discussion at the roundtable as members reflected on the appropriate arms-length transaction rate that should be used for intercompany activity in light of the limited market rate options available. This is a critical component to the creation of a cross-border lending program, which everyone agreed is an exciting new opportunity in the global liquidity arsenal which allows idle or excess cash to be moved offshore to parties that have a cash need.  

In wrapping up our day, attendees agreed that although there are complexities in setting up any new cross-border program, it is important to keep the RMB at the top of their priority list so that they take advantage of the changing regulations and set the stage for more efficient liquidity management for the RMB activity.  

On behalf of Standard Chartered Bank and The NeuGroup, we would like to thank those companies who joined us on our US tour. We look forward to wrapping up the series later this year with stops in London and Singapore. Please contact Geri Westphal gwestphal@neugroup.com if you are interested in attending the London or Singapore meetings.

The NeuGroup is the leader in peer knowledge exchange and intelligence for treasurers through its iTreasurer publication and The NeuGroup Network of 18 member groups serving more than 350 treasury and finance professionals across functions, industries and global regions.

Blog entry
By Anonymous, February 26, 2015

The Treasurers’ Group of Thirty will discuss ways to prep for an activist battle.

Industry professionals envision an increase in shareholder activism in light of falling stock prices and growing activist successes. Activist battles could get even uglier in 2015 as hedge funds continue their trend toward piling into the same stocks. Having a strategic playbook on hand is seen as a prudent response to the increase in shareholder activism activity.

The Treasurers’ Group of Thirty (T30) will discuss the activist outlook for 2015 and ways that they can be prepared in the event of an activist attack at their upcoming March meeting.  The meeting is sponsored and hosted by Chatham Financial in Kennett Square, PA.  

The T30 will also focus a fresh set of challenges for 2015 that could greatly impact global treasury structures, As the OECD further refines their Base Erosion and Profit Sharing Action Plan with updates to transfer pricing and permanent establishment guidelines expected later this year, members are expecting at least a moderate impact on their current tax and/or legal structures. The members are also focused on the increase in market volatility for both FX and interest rates, as treasurers continue to look for ways to smooth the spikes and manage a strong USD.

The Treasurers’ Group of Thirty (T30), the first NeuGroup for treasurers’ of large MNCs, is the premier members-only group for strategically-minded treasurers at large-cap, global companies. Members meet to discuss topics on their agendas, share experiences and discuss solutions to common challenges. For executive summaries from the meetings of T30 and other NeuGroup peer groups, subscribe to iTreasurer.com.