To expand its collection of informative articles about payday loans, Payday.net has launched a new online resource with the title “Policy on Responsible Lending.” The site is offering the material with the idea that consumers searching for cash advances should be aware of the policies that will influence the contracts of loan lenders. With this information in hand, prospective loan borrowers can ensure that lenders are following the regulations set down by entities such as the Federal Trade Commission and Consumer Financial Protection Bureau.

“Payday.net strives continually to ensure consumer protection by providing the knowledge necessary for consumers to make informed financial decisions,” says Payday.net spokesperson Chuck Harrison. “Numerous articles detailing the benefits and requirements of a payday loan as well as the security of the application process help us make sure that individuals know that they are able to borrow our loans safely and with complete confidence.”

Payday.net’s “Policy on Responsible Lending” article covers the ins and outs of policies such as the Fair Debt Collection Practices Act, which prohibits lenders from using deceptive or abusive methods of collecting debt from consumers. The page also covers the Truth in Lending Act, which requires lenders to disclose details of their loan contracts, and the Dodd-Frank Wall Street Reform Act, which entitles consumers to nondiscriminatory access to bad credit payday loans. Information on state lending regulations also appears in the new content.

Since 1998, Payday.net has made it a priority to help financially troubled American families and individuals find the payday loans they need to cover emergency expenses. Rather than directly provide funds to those in tight monetary situations, Payday.net aids them in their search for loan lenders. The site’s extensive lender network allows consumers to pick and choose a loan lender contract that works in their best interests.

Filing out an application on Payday.net is a quick and easy process, and once an applicant is approved for a loan and subsequently signs a loan contract, the funds are transferred directly into their checking account by their lender in a swift and secure manner. This is advantageous to consumers who need the emergency funds as soon as possible. Payday.net advises consumers to first investigate the site’s wealth of information concerning cash advances before skipping ahead to the application process. Prospective borrowers can access various educational pieces from the site’s homepage and gain extensive knowledge. In addition to being able to learn about lending polices from the newest article, consumers can read about eligibility requirements, loan rates and fees, and the repayment process, among other topics.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9521695.htm

Copyright 2012 Midland Daily News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Get Fast EZ Payday Loans Online with FastEZPayday.com, a nationwide leader in quick payday loans.

WILMINGTON, Del., May 15, 2012 /PRNewswire via COMTEX/ –
Short-term lending resource Personal Cash Advance recently converted the entire site to a secure domain that offers consumers a higher level of security and confidentiality.

The site, now located at
https://secure.personalcashadvance.com , has employed Secure Sockets Layer (SSL) technology on every page of the site which encrypts user data and browsing information. Previously, this technology was put in place exclusively for the application form and confirmation. The new safeguard will offer increased protection to all customers and visitors to the site according to company spokeswoman Melissa Waters.

“We believe that Personal Cash Advance has become the first company in the online payday industry to use SSL for the entire website,” Waters said in a recent interview. “We have protected our customer information from day one. We simply expanded this high level of security to every page of the site to reduce confusion.”

The site specializes in pairing consumers with reputable online lenders while also including relevant information about short-term financial planning and budgeting. From the site:

Personal Cash Advance is the fastest way to obtain secure, online cash advances and payday loans. Signing up and qualifying for a payday loan is quick and easy, and in many cases there are no documents to fax depending on the lender that accepts your loan request.

Waters believes consumers will appreciate the higher level of encryption offered throughout the entire site, without any interruption.

“Instead of moving back and forth between secure browsing sessions during the application process and regular sessions when learning more about short-term loans, every interaction on our new site is protected using the latest technology,” Waters said. “This extra layer of protection will give consumers extra peace of mind when using our service from start to finish.”

For more information or to connect with Personal Cash Advance, Visit
http://www.facebook.com/pcaCares or follow @PcaCares on Twitter. The company can also be reached toll free at 866-249-2295.

Melissa WatersPersonal Cash Advancemwaters@personalcashadvance.com

SOURCE Personal Cash Advance

Copyright (C) 2012 PR Newswire. All rights reserved

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Fast EZ Payday Loans provides you with the best selection of loans and payday loans online. Find personal loans for your home, car, business, or persona

Liane Anderson, of Carson City, was sentenced on Tuesday to 40 to 102 months in prison following her conviction for felony Obtaining Money by False Pretenses and Fraudulent Use of a Credit Card.

Anderson, 45, admitted to accessing the bank account and credit cards of her 83 year old mother, Amy Anderson, also of Carson City, and making numerous unauthorized purchases, withdrawals, and cash advances. Police reports indicate that, for a period of more than one year, Liane Anderson accessed her mother’s account and credit cards to buy gifts on Amazon.com, for cosmetic injections, and to post bail for a methamphetamine dealer in jail in Carson City. She also applied for credit cards using her mother’s name. The total loss was estimated to exceed $50,000.

District Court Judge James Wilson sentenced Anderson to a maximum term of 28 to 72 months for the crime of Obtaining Money under False Pretenses and to a consecutive term of 12 to 30 months for the crime of Fraudulent Use of a Credit Card. Anderson must serve a minimum of 40 months before parole eligibility. She was also ordered to reimburse $20,000 in restitution.

District Attorney Neil Rombardo applauded the sentence, stating, “Older members of our community are being targeted more frequently than ever for financial victimization, often by members of their own family. This type of financial exploitation has an everlasting impact on these victims, who will likely never recover from the loss inflicted on them. This sentence sends a message to all that we will prosecute vigorously all cases involving exploitation of the elderly and we will seek long prison terms.”

Amy Anderson was unable to attend the sentencing hearing, but the victim’s son, Gregg Anderson, traveled from California to ask Judge James Wilson to punish the defendant, his sister, as severely as possible. In a letter he read in court, Mr. Anderson said, “It was incomprehensible to me that Liane could do this to our mother. My wife and I have tried to help Liane out in so many ways. In every instance, Liane took advantage of anything that we had to offer.”

Anderson pled guilty to the charges on January 17, 2012. At sentencing, she blamed her actions on methamphetamine addiction. She told the Judge she did not want to be placed on probation, asking for a minimum prison term.

In 2010, District Attorney Rombardo established the SAVE Program, or Stop Abuse of the Vulnerable and Elderly, as a resource for senior citizens and their families in the prevention, investigation, and prosecution of elder crimes. Anyone who believes that they or a family member may be the victim elder abuse, neglect, or exploitation is encouraged to contact the District Attorney’s Office at (775) 887-2072.

Fast EZ Payday Loans provides you with the best selection of loans and payday loans online. Find personal loans for your home, car, business, or persona

SIPING, China, May 14, 2012 /PRNewswire via COMTEX/ –
THT Heat Transfer Technology, Inc.

/quotes/zigman/115741/quotes/nls/thti THTI
-6.75%

, a leading provider of heat exchangers and heat exchange solutions in China’s clean technology industry, today announced its unaudited financial results for the first quarter ended March 31, 2012.

First Quarter 2012 Financial Highlights

Sales revenue decreased by 18.5% year-over-year to US$11.45 million.

Gross profit decreased by 23.8% year-over-year to US$4.61 million.

Gross margin was 40.2%, compared to 43.0% for the first quarter 2011.

Operating income decreased by 74.3% year-over-year to US$0.84 million.

Net income attributable to common stockholders decreased by 79.0% year-over-year to US$0.56 million.

Basic and fully diluted net income per share was US$0.03, a decrease compared with net income per share of US$0.13 for the first quarter 2011.

Chairman and Chief Executive Officer Guohong Zhao commented, “Although demand for our heat exchange solutions was impacted by China’s slowing macroeconomic environment during the first quarter 2012, our intensified focus on generating orders and cultivating client relationships allowed us to achieve revenue at the high end of our previously announced guidance range.

“Looking ahead to 2012 as a whole, we continue to expect the HVAC, metallurgical and petrochemical industries to generate steady demand. We remain focused on our four core growth initiatives relating to district heating, nuclear power, air cooled heat exchangers, and spare parts and repair services offerings, and we expect growth to be strongest in the nuclear sector. While we believe demand for our competitively priced, high-quality, customized offerings will drive value in the long term, we remain cautious in view of prevailing macroeconomic conditions, and we therefore anticipate second quarter 2012 revenue to be in the range of US$10 million to US$12 million.”

First Quarter 2012 Financial Results

Revenue

Sales revenue for the first quarter 2012 was US$11.45 million, an 18.5% decrease from US$14.05 million during the same period of 2011. The decrease was primarily attributable to lower sales revenue from shell-and-tube heat exchangers, heat exchange units and plate heat exchangers. Sales volume of heat exchange products totaled 660 units in the first quarter 2012, a decrease of 268 units from 928 units in the same period of 2011.

For the first quarter 2012, sales revenue from shell-and-tube heat exchangers decreased by US$2.03 million, or 70.8%, to US$0.84 million from US$2.86 million in the same period of 2011. Sales revenue from heat exchange units was US$3.67 million, a decrease of 13.7% compared with US$4.25 million in the same period of 2011. During the first quarter 2012, sales revenue from spiral plate heat exchangers totaled US$0.79 million, as compared to no revenue contribution from this segment in the first quarter 2011. In addition, sales revenue from air-cooled heat exchangers rose to US$0.48 million, an increase of 12.7% compared to the first quarter 2011.

Cost of Sales

Cost of sales for the first quarter 2012 decreased 14.6% to US$6.84 million from US$8.01 million in first quarter 2011. The decrease largely reflected the lower sales revenue.

Gross Profit and Gross Margin

Gross profit decreased 23.8% to US$4.61 million during the first quarter 2012, from US$6.04 million in the same period of 2011, mainly due to the lower sales revenue. Gross margin was 40.2% for the first quarter 2012, as compared to 43.0% during the same period of 2011. The decrease in gross margin was mainly attributable to an increase in the Company’s labor and raw material costs.

Operating Expenses

Administrative expenses increased 75.7% to US$1.25 in the first quarter 2012, from US$0.71 million for the same period of 2011. The increase was primarily due to increases in the Company’s audit fees and allowance for doubtful accounts.

Research and development expenses decreased 26.9% year-over-year to US$0.25 million, from US$0.35 million in the first quarter 2011, as the Company increased its focus on marketing its existing portfolio of diversified products and customized heat exchange solutions.

Selling expenses increased 32.6% to US$2.25 million for the first quarter 2012, from US$1.70 million during the same period of 2011. The increase was mainly attributable to higher travelling expenses incurred by THT’s sales force as the Company intensified its focus on positioning itself to capitalize on future business opportunities.

This resulted in a 36.3% rise in total operating expenses to US$3.76 million in the first quarter 2012 from US$2.76 million for the same period of 2011.

Other income

Other income amounted to approximately US$229,461 in the first quarter 2012, a significant increase from US$4,757 in the same period of 2011. The increase was mainly due to the recategorization of sales revenue from the Company’s installation services as other income starting from the first quarter 2012.

Income before Income Tax

Income before income taxes was US$0.68 million in the first quarter 2012, a decrease of 78.1% compared with approximately US$3.11 million in the same period of 2011.

Income Tax

Income tax decreased 82.1% to US$0.08 million in the first quarter 2012 from US$0.42 million in the same period of 2011. The decrease was mainly due to lower taxable income.

Net Income

Net income attributable to common shareholders was US$0.56 million in the first quarter 2012, a 79.0% decrease compared to US$2.66 million in the same period of 2011.

Basic and fully diluted net income per share was US$0.03 in the first quarter 2012, compared with US$0.13 in the same period of 2011.

Liquidity

As of March 31, 2012, the Company had cash and cash equivalents of US$1.86 million and restricted cash of US$2.08 million. During the first quarter 2012, there was a net cash outflow of US$5.48 million, compared with a net cash outflow of US$8.59 million in the same period of 2011.

Net cash used in operating activities was US$5.17 million for the first quarter 2012, compared with US$6.49 million for the same period of 2011. Net cash used in operating activities during the first three months of 2012 decreased compared to the same the period in 2011, largely due to relatively high collections from trade customers during the first quarter 2012, as well as reduced credit sales granted to customers due to lower turnover during the quarter. In addition, cash used for prepayment of other receivables and deposits for the three months ended March 2012 decreased year-over-year due to a reduction in the level of cash advances to staff and prepayments to trade suppliers.

Net cash used in investing activities was US$0.02 million for the first quarter 2012, compared with US$1.33 million for the same period of 2011.

Net cash used in financing activities was US$0.34 million for the first quarter 2012, compared with US$0.82 million for the same period of 2011. The decrease in net cash used in financing activities was mainly due to a US$0.34 million decrease in restricted cash.

Second Quarter 2012 Guidance

THT expects to generate sales revenue in the range of US$10 million to US$12 million in the second quarter 2012, compared with US$14.18 million in the same period of 2011. This represents the Company’s preliminary view, and is subject to change.

Conference Call

THT’s senior management will host a conference call at 8:00 a.m. (Eastern) / 5:00 a.m. (Pacific) / 8:00 p.m. (Beijing) on May 15, 2012 to discuss the Company’s first quarter 2012 financial results and recent business activity. The conference call may be accessed by calling:

US Toll Free: 1-800-860-2442
International Toll: +1-412-858-4600
Canadian Toll Free: 1-866-605-3852
China (North) Toll Free: 10-800-712-2304
China (South) Toll Free: 10-800-120-2304
Hong Kong Toll Free: 800-962475
Passcode: THT Heat Transfer Technology

Please dial in approximately 10 minutes before the scheduled time of the call.

A replay of the conference call may be accessed by phone at the following numbers until May 24, 2012:

US Toll Free: 1-877-344-7529
International Toll: +1-412-317-0088
Passcode: 10014069

A live webcast of the conference call and replay will be available on the investor relations page of THT's website at:
http://www.tht.cn/ir.asp .

About THT Heat Transfer Technology, Inc.

Through its Chinese operating subsidiaries, THT Heat Transfer Technology, Inc. designs, manufactures and sells plate heat exchangers, shell-and-tube heat exchangers, heat exchanger units and other heat exchanger products with total heat exchange solutions. Heat exchangers play an integral part in helping customers improve energy efficiency. Used in a number of industries, THT's products focus on energy conservation, emission reduction and other environmentally friendly applications. Its six major product categories are plate heat exchangers, shell-and-tube heat exchangers, air-cooled heat exchangers, weld plate heat exchangers, heat exchanger units and plate-and-shell heat exchangers. The Company also offers comprehensive heat exchange solutions.

THT's in-house R&D capabilities enable it to deliver tailored products that better meet the changing demands of its customers. The Company has a strong record of delivering high-quality products and services to leading domestic and international customers. THT has completed over 3,000 projects and has provided heat exchange solutions to several Fortune 500 companies. The Company is headquartered in Siping City, Jilin Province, China. For more information, please visit the Company's website at
www.tht.cn .

Safe Harbor Statement

This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the risk factor sections of the Company's periodic reports that are filed with the Securities and Exchange Commission and are available on its website (
http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:

The Company:
Mr. Jack Xiao
Investor Relations Manager
THT Heat Transfer Technology, Inc.
Tel:+86 (434) 326 6779
Email: IR@tht.cn
Investor Relations (Beijing):
Xiaoyan Su
Taylor Rafferty
Tel: +86 (10) 8588 6722
Email: tht@taylor-rafferty.com
Investor Relations (US):
Bryan Degnan
Taylor Rafferty
Tel: +1 (212) 889 4350
Email: tht@taylor-rafferty.com

FINANCIAL TABLES FOLLOW -

THT Heat Transfer Technology, Inc.
Unaudited Consolidated Balance Sheets
As of March 31, 2012 and December 31, 2011
(Stated in US Dollars thousands)
March 31,2012 December 31,2011
Assets
Current assets
Cash and cash equivalents $1,863 $7,340
Restricted cash 2,078 1,726
Accounts receivable, net 33,881 33,573
Inventories, net 32,209 32,531
Other current assets 12,318 9,763
Total current assets 82,349 84,933
Long-term accounts receivable 1,215 1,184
Other non-current assets 13,495 13,693
Total assets $97,059 $99,810
Liabilities
Current liabilities
Short-term bank loans $16,284 $16,183
Other current liabilities 21,923 25,748
Total current liabilities 38,207 41,931
Long-term loan 2,846 2,828
Total liabilities 41,053 44,759
Total shareholders' equity 56,527 55,616
Noncontrolling interests (521) (565)
Total liabilities and equity $97,059 $99,810

THT Heat Transfer Technology, Inc.
Unaudited Consolidated Statements of Income
(Stated in US Dollars thousands, except earnings per share)
Three months ended March 31,
2012 2011
Sales revenue $11,449 $14,053
Cost of sales (6,844) (8,010)
Gross profit 4,605 6,043
Operating expenses
Administrative expenses 1,253 713
Research and development expenses 254 348
Selling expenses 2,254 1,700
Total operating expenses 3,761 2,761
Operating income 844 3,282
Interest income 8 14
Other income 230 5
Financial costs (401) (193)
Income before income taxes 681 3,108
Income taxes (76) (424)
Net income before noncontrolling interests 605 2,684
Net income attributable to noncontrolling interest (48) (27)
Net income attributable to the equity stockholders $557 $2,657
Earnings per share attributable to THT Heat Transfer
Technology Inc. common stockholders $0.03 $0.13
Weighted average number of shares outstanding
- Basic and diluted 20,453,500 20,453,500

THT Heat Transfer Technology, Inc.
Unaudited Consolidated Statements of Cash Flows
For the three months ended March 31, 2012 and 2011
(Stated in US Dollars thousands)
Three months ended March 31,
2012 2011
Net cash used in operating activities $ (5,172) $ (6,488)
Net cash used in investing activities (19) (1,327)
Net cash used in financing activities (341) (815)
Effect of exchange rate changes on cash and cash equivalents 55 39
Net decrease in cash and cash equivalents (5,477) (8,591)
Cash and cash equivalents at beginning of the period 7,340 18,438
Cash and cash equivalents at end of the period $ 1,863 $ 9,847

SOURCE THT Heat Transfer Technology, Inc.

Copyright (C) 2012 PR Newswire. All rights reserved

/quotes/zigman/115741/quotes/nls/thti

Add to portfolio

THTI

THT Heat Transfer Technology Inc.

US

: U.S.: Nasdaq

$
1.52

-0.11
-6.75%

Volume: 57,505
May 16, 2012 3:59p

P/E RatioN/A
Dividend YieldN/A

Market Cap$31.09 million
Rev. per EmployeeN/A

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Merchant Cash Advance Leaders web site continues to be the small business resource of choice.

New York, NY (PRWEB) May 09, 2012

Today, Merchant Cash and Capital, LLC, a national leader in Merchant Cash Advances, announced it has added significant upgrades to its already industry leading web site, continuing its promise to maintain the most comprehensive and functional web site available in the business. MCC’s new and upgraded web site has become even more user friendly and provides extensive information on merchant funding cases that are more commonly referred to as, “done deals.” These upgrades add to MCC’s reputation of already having built one of the easiest, quick and full-service sites the industry has to offer.

MCC has always placed significant emphasis on keeping its customers at the forefront of the online environment by providing easy and quick access to business cash advance information, answers to questions and by providing detailed explanations about funding program options merchants need to know most. The company has also placed a premium on serving and supporting the ISO community as well as introducing the Merchant Cash Advance calculator functionality. In addition to the website, MCC has created an informational blog that serves as a secondary source providing current information about the cash advance industry. Now, both ISO’s and merchants have another medium to communicate with MCC and other participants in the industry.

“With our newest web site upgrades and improvements we have taken the information and experience available to our clients to an entirely new level,” said MCC CEO Stephen Sheinbaum. “As merchant cash advances continue to explode in popularity, we need to be positioned to anticipate anything our clients might need or want us to address while they research online for the best possible company to work with. Our newly designed website with functionalities such as the Blog and Merchants Funded section do just that.”

“It’s important that we not only make the web site informational but make it a destination that will draw the attention of current and future clients over and over again,” said Mark Lowenstein, MCC Director of Marketing.

Merchant Cash and Capital has continued to stay ‘ahead of the curve’ by offering innovative cash advance programs, unrivaled technology and reporting and creative underwriting. This allows MCC to fund businesses of all sizes, industries, and credit worthiness; which other competing advance companies are not capable of. Just as important, MCC has earned a reputation for working with businesses on a case-by-case basis to find the true story behind each business and to find ways to say “yes” to funding.

Since 2005, MCC has provided approximately $400 million in financing to over 12,000 distinct customers and a total of over 21,000 advances. For more information about MCC’s innovative programs visit http://www.merchantcashandcapital.com or call 866-792-9366.

For the original version on PRWeb visit: http://www.prweb.com/releases/prwebmerchantcashandcapital/website/prweb9487568.htm

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Equipment financing options for small businesses are easier than ever to find, thanks to the recent launch of Retail Capitals merchant cash advance services.

Troy, MI (PRWEB) May 11, 2012

Equipment financing options for small businesses have increased thanks to the recent launch of Retail Capital’s merchant cash advance services. Retail Capital now offers fast cash for business owners who need to purchase or repair equipment, but who may not have the collateral or the time to apply for a traditional business loan. According to Retail Capital spokesman, Erik Stamell, equipment financing options are now easier than ever to find. “For many small businesses, a piece of broken equipment can mean having to shut your doors until it can be replaced or repaired. The merchant cash advance services provided by Retail Capital are fast, providing you with equipment financing options that help you get back into business quickly.”

Restaurants, retail stores and other customer-focused businesses have traditionally struggled when it comes to finding capital for things like new equipment or other supplies that are often needed to keep the business running smoothly. The online merchant cash advance services provided by Retail Capital give business owners access to business capital when they need it the most, without the hassle and time associated with applying for a traditional business loan. The company boasts a 97% approval rate for cash advance requests and doesn’t require an application fee. Stamell said, “Equipment financing options are really limited for those who don’t want to apply for a regular business loan. The application process is lengthy, and you may not even be approved once the application is processed by the bank. Our merchant cash advance services make it easy to take care of those new equipment purchases that simply can’t wait.”

Retail Capital provides merchant cash advances that are a simple and convenient alternative to traditional business loans. The company serves small to mid-size businesses by providing an alternative to traditional sources of capital, including bank loans, home equity loans and credit cards. Retail Capital provides a flexible, hassle-free solution for business owners who need immediate access to working capital. For more information, please visit http://RetailCapital.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9499678.htm

Fast EZ Payday Loans provides you with the best selection of loans and payday loans online. Find personal loans for your home, car, business, or persona

In this era of tight money, many small businesses feel that theyve been hung out to dry by traditional lenders, a new survey shows. As a result, a growing number of companies are turning to alternative sources of funding, such as merchant cash advances (MCA). Though its money that comes with a steep price, for many business owners it provides the cash infusion they need to stay in business or grow their business.

Many small businesses using merchant cash advances either didnt think they would qualify for financing from traditional lenders (42 percent) or had already been declined or withdrew their application (57 percent), according to a survey of its customers conducted by Merchant Cash and Capital (MCC), a provider of MCAs.

The MCA funds were used for expansion and growth (32 percent), purchase of inventory (15 percent), followed by payroll, paying taxes/bills and marketing, the survey found.

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In Kearney and Buffalo County, the credit card policies vary according to which governmental subdivision is using them.

For the city of Kearney, almost 15 percent of employees are issued cards so they can make smaller purchases. At Kearney Public Schools, only administrators and a select few other staffers are allowed to use district credit cards, while Buffalo County’s credit card policy is similar to the city’s.  

Cards widely used by city

About 75 city of Kearney employees have city-issued credit cards and are authorized to make purchases of less than $1,000 per transaction and no more than $10,000 per month.

Director of Finance Wendell Wessels said the Kearney City Council adopted the purchasing card system in July 2000 to streamline how the city buys low-dollar, high-frequency items and to make the purchasing of those items accountable.

“If you have a park department employee who is painting a picnic table, he can go buy a gallon of paint,” Wessels said.

Without the purchasing cards, the employee would use a requisition process that would include a written request and getting Wessels’ pre-approval for each purchase.

Accountability in the city’s purchasing card policy follows three steps:

Each month, employees with purchasing cards match receipts from their card purchases with their credit card statements. Employees then hand the receipts and statement over to a department head for review. After department heads sign off, the receipts and statements are turned over for Wessels’ office to review.

When reviews are complete, the city issues a payment to the credit card provider, US Bank.

“You have multiple levels of approval,” Wessels said.

City employees make as much as $95,000 per month in purchasing card transactions.

Wessels said he can electronically remove cards from the system when employees leave or retire. He explains the policy whenever an employee is issued a card, then employees then sign an acknowledgement form.

Among the items city employees cannot buy with their cards are alcohol and pharmaceutical products, flowers, food, appliances, entertainment tickets, gifts and airline tickets. Employees cannot make cash advances to themselves or make payments to other departments.

Wessels said 12 years of using the purchasing cards have proven their worth in streamlining purchases and accounting for what the city buys. “Vendors are paid earlier, and we cut fewer accounts payable checks because we send one check per month to the bank.”

Members of the City Council are not issued purchasing cards. They turn in city-related expenses, such as travel for meetings, to the finance director. Council members then vote during their public meetings to reimburse members for the expenses.

112 use county cards

According to Lynn Rauner, Buffalo County Purchase Card Program administrator, the county has 112 active credit cards in use by employees. The employees can use the cards for fuel for county vehicles, computer purchases or anything that follow the county’s policy for spending public funds.

Like the city of Kearney, a single purchase on a county’s credit card cannot exceed $1,000, and the spending limit per budget cycle is $10,000. Department heads are responsible for monitoring transactions, and employees must turn in a receipt, invoice and copies of the order, registration or application form to document the purchase.

In emergencies, any two county board members can approve purchases of more than $1,000.

According to the county’s 13-page policy, elected members of the Buffalo County Board of Supervisors can be issued credit cards.

KPS limits card use

Kearney Public Schools issues credit cards to a few people and audits expenditures monthly.

“I feel very good about the practice and procedures used for all expenditures, including utilization of credit cards,” Superintendent Brian Maher wrote in an email interview. “Our people do a good job in providing the checks and balances necessary for quality accountability in an organization of our size and scope.”

According to Maher, a few staff members are authorized to use district-issued credit cards.

Maher, Associate Superintendent Carol Renner, Director of Finance Chris Nelson and Director of Curriculum Dick Meyer all have the authority to use the district credit card.

High schools and middle school principals also are authorized to use a district credit card.

“This use is for those items, or those vendors, who will not accept a district purchase order,” Maher said. “In those rare occasions, a credit card is used.”

The transportation department also has access to a district credit card when money is needed immediately, for example, if a district vehicle breaks downs on the road.

“We do not have a policy specifically designed to cover the use of credit cards,” Maher wrote. “Our guidelines would be more general to expenditure of public funds — those covered in state statute for the legitimate expenditure of public funds. Our policies are not specific to funding sources used for the expenditure such as cash, credit cards, purchase orders, etc.”

The finance office audits all expenditures monthly, Maher added.

“If there are any practices inconsistent with state law or good practice, we should catch it within a month,” he said.

The Kearney firm McDermott and Miller PC audits KPS expenditures each year.

“After those filters are employed, our information is turned over to the state department for their perusal,” Maher wrote.

email to:

mike.konz@kearneyhub.com  

Fast EZ Payday Loans specializes in fast cash online services for payday loans when you need a quick payday loan.

In this era of tight money, many small businesses feel that theyve been hung out to dry by traditional lenders, a new survey shows. As a result, a growing number of companies are turning to alternative sources of funding, such as merchant cash advances (MCA). Though its money that comes with a steep price, for many business owners it provides the cash infusion they need to stay in business or grow their business.

Many small businesses using merchant cash advances either didnt think they would qualify for financing from traditional lenders (42 percent) or had already been declined or withdrew their application (57 percent), according to a survey of its customers conducted by Merchant Cash and Capital (MCC), a provider of MCAs.

The MCA funds were used for expansion and growth (32 percent), purchase of inventory (15 percent), followed by payroll, paying taxes/bills and marketing, the survey found.

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Fast EZ Payday Loans specializes in fast cash online services for payday loans when you need a quick payday loan.

We know that there are so many advantages to cash advances, and with our new article, we are making a concerted effort to spell out these advantages for people in the clearest, most concise terms possible.

Fast EZ Payday Loans specializes in fast cash online services for payday loans when you need a quick payday loan.