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72 2 0 1 6 A N N U A L R E P O R T HISTORY OF CCC SERVICE CORPORATION CCC Service Corporation (CCCSC) was incorporated in the State of Delaware on April 3, 2002, as a for-profit stock corporation, for the purposes of providing accounting, administrative and information technology service to membership and port associations in the maritime and related industries. CCCSC commenced operations on July 1, 2002. In 2002, United States Maritime Alliance, Ltd. (USMX) and New York Shipping Association, Inc. (NYSA), related parties, invested in an ownership interest of CCCSC, split 60% and 40%, respectively. On June 25, 2009, USMX acquired all of NYSA's common shares of CCC- SC, taking 100% ownership of it. In early 2011, CCCSC applied for tax-exempt status, and, effective, May 3, 2011, received its tax exemption from the Internal Revenue Service, thereby qualifying as an organization under Section 501 (c) (6), and not subject to federal or state income tax. CCC SERVICE CORPORATION SERVICES UPDATE CCC Service Corp. (CCCSC), a division of USMX, is currently responsible for providing the following essen al services on its behalf: • Administra on of repor ng/payment of USMX member assessments • Payroll/general accoun ng services and financial repor ng for the companies and funds (USMX, CCCSC, CRCCF, CFS, CR5 & CRF) • CCCSC, in conjunc on with CRCCF, has successfully transi oned all major carriers over to the new CRCCF central collec on system, which accounts for nearly 99% of all tonnage being reported • Reduc on of receivables from a target of 45 days to 38 days (through the centralized collec on process) • Expedited data submission from carriers by implemen ng interest charges on late payments, based on sail date • Successful migra on (by CCCSC in-house IT group) to a more efficient system pla orm to improve speed and data security, at a lesser cost than previous vendor • Automa on of CFS credit process through the CRCCF data applica on • Informa on technology services CCCSC STAFF: Front row, le to right: Mary Ann Decha, Diane Trapp, Kelly Ryan, Eva Bata, Emma Roginskaya. Back row, le to right: Richard Glogowski, Joseph Marino, Nigel Jenkins, Anthony Dalonges, Naum Samardin, Daniel Melvin, Andrew Heo.