As President of the Durham Funding finance firm in Pittsford, New York, Craig McGrain belongs to numerous professional organizations. Among these societies are the American Factoring Association, the New York State Bar Association, and the Turnaround Management Association (TMA). Established in 1988, the TMA maintains its international headquarters in Chicago, Illinois. This group is the only global organization that fosters the practice of corporate renewal and turnaround management.
With more than 9,000 members, the TMA sponsors 47 chapters around the world, with more than 30 in North American alone. Other countries that are involved with the organization include Brazil, France, Germany, Italy, Japan, Sweden, and others. Most of the association’s membership is comprised of financial advisors and corporate managers who provide turnaround services for financially distressed companies, while other members include attorneys, lenders, investors, and other professionals. Each year, members of the TMA must sign a Code of Ethics that renews their dedication to support the highest standards of integrity, competence, and professionalism in their practice.
In addition to the international conferences sponsored by the TMA each year, members also receive a monthly subscription to The Journal of Corporate Renewal. The TMA enacted a public service program called TMAssist that is designed to help businesses that were impacted by the 2005 Hurricane Katrina on the Gulf Coast. Other services and accolades offered through the TMA include its yearly Turnaround of the Year award, the Transaction of the Year award, the previously hosted Carl Marks Student Paper Competition, and the Butler-Cooley Excellence in Teaching Award.
