AFP Pinnacle Winners Announced

Indianapolis-based Eli Lilly was recognized for its broad-ranging strategic capital management initiative, as well as enhancing the company’s global management focus on economic value added (EVA) cash flow and balance sheet reporting. Cash flow improved by nearly $600 million over 1998 figures.

As part of the 2000 award, AFP and Wachovia will make a $10,000 donation to a charity of Lilly’s choice.

Innovation, Technology Winners

In addition to Lilly’s recognition, for the first time in its four-year history, the program recognized accomplishment in two additional categories:

Innovation – The Ohio Treasurer’s Office, which manages more than $15 billion, and is custodian for more than $145 billion, for its development of a new process of investing interim funds through online competitive bidding. BidOhio, a “live” 30-minute monthly online auction, allows all state depository institutions to participate and receive immediate notification of bid status. Over the past year, BidOhio has earned an additional $3 million for Ohio taxpayers, more than double the original estimates.

Technology – Dell Computer developed and implemented a fully-integrated, Web-based treasury workstation that supports cash management, foreign exchange, investments and accounting activities to reside on a single platform. The platform replaced a previous system of emails, voice mail and manual data entry into spreadsheets, while back office accounting was performed on a DOS-based system. The new system has saved Dell $2 million to date.

The AFP Pinnacle Award, jointly sponsored with Wachovia Corporation, is presented annually to organizations demonstrating groundbreaking solutions to cash management and financial challenges. Winners were announced at the AFP’s 21st annual conference in Philadelphia.