Document 4QoZjgpOxaN7ZK7LD20pZ4JYN

PLASTICS COMPANY RECEIVED APR 1 8 1977 March 31, 1977 Mr. J. R. Lawrence, Technical Director The Society of the Plastics Industry, Inc. 250 Park Avenue New York, New York 10017 Dear Mr. Lawrence: We have analyzed the General Ledger computer printouts for the individual months of June, 1976 through February, 1977, for the SPI-VCM/PVC Producers Group, and the legal and public relations billings as submitted. A summary "Source and Disposition of Funds," as of 2/28/77, is attached which includes February legal and public relations billings that are not as yet reflected on the computer print-outs. Also attached is a detail listing of assess ments made, payments received and net assessments due as of 2/28/77. Outstanding assessments of the 1975-76 fiscal year indicate the following companies in default of these assessments as of 2/28/77* cgas&qy Amt. Outstanding Great American Chemical Hooker Chemical $ 912.00 167.50 Total $ 1,079.50 We have considered the amount of $656 due from Keysor-Century Corporation as a write-off since their relationship with this Society has been cancelled. Efforts should be made to collect the amounts due from the two companies above. Two assessments, totaling $300,000. for this fiscal year, have been reduced to a net amount or $295,240. with the cancellation of Certain-Teed and Keysor-Century portions thereof. As of 2/28/77, the first assessment has been paid-in-full and 64$ of the second assessment has been received. * FIRESTONE PLASTICS COMPANY . DIVISION OF THE FIRESTONE TIRE & RUBBER COMPANY BOX 699, FIRESTONE BOULEVARD, POTTSTOWN, PENNSYLVANIA 19464 GENC 010 Page -2March 31, 1977 With regard to expenses, the computer print-outs are mis leading in that the year-to-date legal expenses are actually understated by $23,483.34. This is the result of including a 1975-76 correction in June, 1976 operations rather than making the correction to the amount carried forward from the previous year. The following entry should be made in the General Ledger to correct this situation: Debit Account I96-O8-657 $23,483.34 Credit Account 196-00-000 23,483.34 Expenditures for the first nine months have amounted to $312,177*77 with Legal and Public Relations expenses accounting for 50# and \7% of this total, respectively. The major portion of these expenses represent staff services of the law firms and of the public relations firm. No budget nor projection of expendi tures has been prepared by The Society as of this date. Please continue to send me copies of all Minutes as well as copies of all legal and public relations billings for review with the General Ledger computer print-outs. These print-outs and the supporting Invoices should be forwarded monthly as soon as completed. Very truly yours, RKJ/MEB/slc cc: Mr. T. C. Walker Attachments (2) Olo 4 J \ SPI-VCM & PVC PRODUCER GROUP SOURCE AND DISPOSITION OF FUNDS FIRST THREE...QUARTERS F$SCAL49?6-77 as of February 28. 197? SOURCE; TOTAL ASSMT.* ASSMT. CANCELLED ASSMT. PAID NET ASSMT. DUE AMOUNT Carryover from 1975/76 Operations ASSESSMENTS; 1. 1975/76 Assessments Due as of June 1, 1976 $ 36835.50 $ $ 40430.37 656.00 $ 35100.00 $1079.50 2. 1976/77 Assessment No. 1 (6/1 to 11/30/76) 100000.00 1840.00 98I6O.OO 3. 1976/77 Assessment No. 2 (12/1/76 to 5/31/77) TOTAL ASSESSMENT INCOME 200000.00 2920.00 126670.00 70410.00 $2^9930.00 $259930.00 N t Assessments Receivable (See Attached Detail) Income From Sales of Literature $71489.50 71489.50 $ 147.65 Total Funds Available-2/28/77 DISPOSITION; Current Year Expenses To Date \ Legal Expense Public Relations Expense Me ting Expense (Incl. Travel) Research & Development Office Supplies & Expense Tel phone & Telegraph Miscellaneous TOTAL EXPENSE f t Funds Available as of 2/28/77 for Op rations Thru 5/31/77 $371997.52 $156212.12(1) 147025.32(2) 2057.24 5595.65 155.00 1129.24 3.20 $312177.77 $ 5981 9.75 (1) Includes $25*466.27 to be paid in March (2) Includes $28,448.59 to be paid in March * Assessments Cancelled Represent Amounts Originally Set-up For Certain-Teed Products and Keysor-Century Corp. These Companies Have Withdrawn From This Group. QENC 010273 SPI-VCM & PVC PRODUCERS GGRRO_U._P assessmenT INCOME aNaLYSIs aS 6F 2728/77 BASED ON NET ASSESSMENTS OF 8295.240 FOR FIS CAL YEAR 1 976-1977 1975-76 Total Less * Net Total Net Assmt. 1976-77 Assmt. Total Payments Assmt. Still Due Assfflti Cancelled Assmt, Thru 2-28-77 Receivable Air Products & Chemicals Allied Chemical B. F. Goodrich Borden'Chemical Certain-Teed Products Continental Oil Co. Diamond-Shamrock Dow Chemical Ethyl Corporation Firestone Plastics General Tire & Rubber Goody ar Tire & Rubber Great American Chemical Hooker Chemical Keysor-Century Corp. Pantasote Co. of N.Y. PPG Industries Roblntech, Inc. Sh 11 Chemical Co. Shlnt eh, Inc* Stauff r Chemicals lenneco, Inc. Union Carbide Jniroyal -- - ** - 912.00 167.50 656.00 - -- -- 4950 7450 49850 17400 4350 19880 13890 32000 13180 9920 2860 6320 1730 4350 410 3720 22320 7100 38200 3660 13^70 11770 79MO 3280 -- -- - 4350 - - - - 1066 - - ** - ** 4950 7450 49850 17400 - 19880 13890 32000 13180 9920 2860 6320 2642 **517.50 - 3720 22320 7100 38200 3660 13470 11770 7940 3280 3290 4990 16390 10740 -- 19880 9230 32000 13180 6590 2860 6320 1150 **350 - 3720 22320 7100 25380 3660 8690 11770 7 9**0 3280 1660 2460 33**60 6660 - -- 4660 -- - 3330 - 1492 167.5C - - -- 128 -- 4780 -- p -- TOTALS 1735.50 300000 5416 296319.50 224830 71489.50 * Amounts cancelled due to withdrawal of these companies from the Society. GENC 010274