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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>YONG KIM</PersonNm>
        <TitleTxt>CHIEF FINANCIAL OFFICER</TitleTxt>
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        <AverageHoursPerWeekRltdOrgRt>1.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>122121</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>18858</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JILL LEIMBACH</PersonNm>
        <TitleTxt>DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>103478</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>354277</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>37803</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>3</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <CntrctRcvdGreaterThan100KCnt>0</CntrctRcvdGreaterThan100KCnt>
      <GovernmentGrantsAmt>453318</GovernmentGrantsAmt>
      <TotalContributionsAmt>453318</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>CONFERENCES AND MEETING</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>1399086</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1399086</RelatedOrExemptFuncIncomeAmt>
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      <ProgramServiceRevenueGrp>
        <Desc>MEMBERSHIP DUES</Desc>
        <BusinessCd>900099</BusinessCd>
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        <RelatedOrExemptFuncIncomeAmt>680535</RelatedOrExemptFuncIncomeAmt>
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        <Desc>COURSES AND PROGRAMS</Desc>
        <BusinessCd>900099</BusinessCd>
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        <RelatedOrExemptFuncIncomeAmt>450099</RelatedOrExemptFuncIncomeAmt>
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      <ProgramServiceRevenueGrp>
        <Desc>EDUCATION</Desc>
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        <ExclusionAmt>85056</ExclusionAmt>
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        <ExclusionAmt>20783</ExclusionAmt>
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      <NetIncomeOrLossGrp>
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        <RelatedOrExemptFuncIncomeAmt>-10544</RelatedOrExemptFuncIncomeAmt>
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      <OtherRevenueMiscGrp>
        <Desc>OTHER RELATED INCOME</Desc>
        <BusinessCd>900099</BusinessCd>
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        <RelatedOrExemptFuncIncomeAmt>3640</RelatedOrExemptFuncIncomeAmt>
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      <TotalRevenueGrp>
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        <ExclusionAmt>134574</ExclusionAmt>
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      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>250799</TotalAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>954783</TotalAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>32360</TotalAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>175717</TotalAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>96664</TotalAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>66195</TotalAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>43792</TotalAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>2249</TotalAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>9879</TotalAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>29859</TotalAmt>
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      <OfficeExpensesGrp>
        <TotalAmt>18774</TotalAmt>
      </OfficeExpensesGrp>
      <OccupancyGrp>
        <TotalAmt>232560</TotalAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>51017</TotalAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>358967</TotalAmt>
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      <DepreciationDepletionGrp>
        <TotalAmt>14254</TotalAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>48303</TotalAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>EQUIPMENT RENTAL</Desc>
        <TotalAmt>141085</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>OUTSIDE SERVICES</Desc>
        <TotalAmt>129475</TotalAmt>
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      <OtherExpensesGrp>
        <Desc>SUPPLIES</Desc>
        <TotalAmt>51230</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MERCHANT SERVICE FEES</Desc>
        <TotalAmt>46543</TotalAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>-448579</TotalAmt>
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        <EOYAmt>1104942</EOYAmt>
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        <EOYAmt>19330</EOYAmt>
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        <EOYAmt>21297</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
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        <EOYAmt>133882</EOYAmt>
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      <LandBldgEquipBasisNetGrp>
        <BOYAmt>25840</BOYAmt>
        <EOYAmt>24042</EOYAmt>
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      <InvestmentsPubTradedSecGrp>
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        <EOYAmt>1669667</EOYAmt>
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        <EOYAmt>791030</EOYAmt>
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        <EOYAmt>881786</EOYAmt>
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      <TotalLiabilitiesGrp>
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        <EOYAmt>1961217</EOYAmt>
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      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
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        <EOYAmt>9324717</EOYAmt>
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        <EOYAmt>9324717</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>9938630</BOYAmt>
        <EOYAmt>11285934</EOYAmt>
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      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <ConsolidatedBasisFinclStmtInd>X</ConsolidatedBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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    <IRS990ScheduleC documentId="RetDoc1039700001">
      <SubstantiallyAllDuesNondedInd>0</SubstantiallyAllDuesNondedInd>
      <OnlyInHouseLobbyingInd>0</OnlyInHouseLobbyingInd>
      <AgreeCarryoverPriorYearInd>0</AgreeCarryoverPriorYearInd>
      <DuesAssessmentsAmt>680535</DuesAssessmentsAmt>
      <NonDeductibleLbbyngPltclCYAmt>60000</NonDeductibleLbbyngPltclCYAmt>
      <NonDedLbbyngPltclCyovAmt>36840</NonDedLbbyngPltclCyovAmt>
      <NonDeductibleLbbyngPltclTotAmt>96840</NonDeductibleLbbyngPltclTotAmt>
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        <BookValueAmt>24042</BookValueAmt>
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      <OtherSecuritiesGrp>
        <Desc>INVESTMENT IN NACM REALTY CORP</Desc>
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        <MethodValuationCd>C</MethodValuationCd>
      </OtherSecuritiesGrp>
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      <OtherAssetsOrgGrp>
        <Desc>DUE FROM AFFILIATES</Desc>
        <BookValueAmt>7168275</BookValueAmt>
      </OtherAssetsOrgGrp>
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      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO NACM REALTY CORP</Desc>
        <Amt>881761</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>DUE TO NACM SCHOLARSHIP FOUNDATION</Desc>
        <Amt>25</Amt>
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    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>THROUGHOUT THE COUNTRY, COMPANIES THAT EXTEND COMMERCIAL CREDIT JOIN THROUGH AN INDEPENDENTLY GOVERNED, OPERATED AND MANAGED LOCAL OR REGIONAL AFFILIATED ASSOCIATION. NACM AFFILIATES COLLECT DUES FROM THESE MEMBERS AND REMIT A DESIGNATED PORTION TO NACM FOR NATIONAL MEMBERSHIP. COMPANIES WHICH HOLD AN NACM MEMBERSHIP MAY ALSO JOIN THE CREDIT &amp; FINANCIAL DEVELOPMENT DIVISION (CFDD). NACM'S FINANCE, CREDIT &amp; INTERNATIONAL BUSINESS (FCIB) DIVISION OFFERS MEMBERSHIPS TO COMPANIES WHICH EXTEND COMMERCIAL CREDIT GLOBALLY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>BY REGION AND FROM AMONG ITS MEMBERSHIP, NACM MEMBERS ELECT INDIVIDUALS TO SERVE ON THE NACM BOARD OF DIRECTORS. THE MEMBERSHIP IS DIVIDED INTO FOUR GEOGRAPHIC REGIONS: CENTRAL, EASTERN, SOUTHERN AND WESTERN.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBERS MAY EXERCISE VOTING RIGHTS AT NACM SPECIAL BUSINESS MEETINGS CALLED FOR THE PURPOSE OF APPROVING OR DISAPPROVING A PROPOSED CONSOLIDATION, MERGER, TRANSFER OF SUBSTANTIAL ASSETS, OR DISSOLUTION, AND ANY AMENDMENT OF THE ARTICLES OF INCORPORATION. MEMBERS MAY OVERRIDE AN AMENDMENT TO NACM'S BYLAWS BY PETITION WITHIN A SPECIFIED TIME FRAME OF THE NOTICE OF SUCH AMENDMENT. THE PETITION WOULD REQUIRE A SPECIAL VOTE ON SAID AMENDMENT AND A 51% MAJORITY WOULD BE REQUIRED TO AFFECT AN OVERRIDE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>NACM'S FORM 990 IS POSTED ELECTRONICALLY FOR REVIEW AND COMMENT BY ITS BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE PRESIDENT REVIEWS THE REQUIRED CONFLICT OF INTEREST FORMS. ANY FORM WITH A DISCLOSED CONFLICT IS THEN REVIEWED BY NACM'S EXECUTIVE COMMITTEE. AT THE START OF EVERY MEETING, NACM BOARD MEMBERS ARE REMINDED OF THEIR DUTY TO REPORT CONFLICTS AND ARE ASKED IF THEY HAVE CHANGES TO THEIR CONFLICT OF INTEREST STATEMENTS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE NACM COMPENSATION COMMITTEE ANNUALLY REVIEWS AND DETERMINES THE COMPENSATION OF ALL EMPLOYEES MEETING THE IRS KEY EMPLOYEE OR OFFICER OF THE CORPORATION TEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>NACM PUBLISHES ITS BYLAWS, CONFLICT OF INTEREST POLICY, AND ANNUAL AUDIT REPORT FOR PUBLIC INSPECTION AND REVIEW ON ITS WEBSITE AT WWW.NACM.ORG.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE B</FormAndLineReferenceDesc>
        <ExplanationTxt>THIS SCHEDULE EXCLUDES EMPLOYEE RETENTION TAX CREDIT FUNDS OF $453,318 AS REPORTED ON FORM 990, PART VIII LINE 1E, AS THE NATURE OF THIS INCOME IS NOT A TRUE CONTRIBUTION FROM THE FEDERAL GOVERNMENT.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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          <BusinessNameLine1Txt>NACM SCHOLARSHIP FOUNDATION INC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>8840 COLUMBIA 100 PARKWAY</AddressLine1Txt>
          <CityNm>COLUMBIA</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21045</ZIPCd>
        </USAddress>
        <EIN>202574848</EIN>
        <PrimaryActivitiesTxt>AWARDING OF SCHOLARSHIPS</PrimaryActivitiesTxt>
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          <BusinessNameLine1Txt>NATIONAL ASSOCIATION OF CREDIT MANAGEMENT INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>1</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>NACM REALITY CORPORATION</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>8840 COLUMBIA 100 PARKWAY</AddressLine1Txt>
          <CityNm>COLUMBIA</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21045</ZIPCd>
        </USAddress>
        <EIN>522021524</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE RENTAL</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MD</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(2)</ExemptCodeSectionTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NATIONAL ASSOCIATION OF CREDIT MANAGEMENT INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>1</ControlledOrganizationInd>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>SERVICE CORPORATION OF NACM INC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>8840 COLUMBIA 100 PARKWAY</AddressLine1Txt>
          <CityNm>COLUMBIA</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>21045</ZIPCd>
        </USAddress>
        <EIN>135265918</EIN>
        <PrimaryActivitiesTxt>PUBLISHING &amp; COMMERCIAL CREDIT &amp; CONSTRUCTION SERVICES</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MD</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NATIONAL ASSOCIATION OF CREDIT MANAGEMENT INC</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
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        <ShareOfEOYAssetsAmt>386783</ShareOfEOYAssetsAmt>
        <OwnershipPct>1.00000</OwnershipPct>
        <ControlledOrganizationInd>1</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
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      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>1</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>1</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>1</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>1</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>1</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>NACM REALTY CORPORATION</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>K</TransactionTypeTxt>
        <InvolvedAmt>232560</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>LEASE AGREEMENT</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>