Document rxNwwXbn18m6wbbejY3d8zkYe

TFut?@ei50ii PLASTICS COMPANY RECEIVED APR 1 8 1977 March 31, 1 977 Mr. J. R. Lawrence, Technical Director The Society of the Plastics Industry, Inc. 250 Park Avenue New York, New York 10017 Dear Mr. Lawrence1 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: ---------------Conwy_________ 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 of $2951240. 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 6k% 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 196-08-657 $23,483.34Credit 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 47# 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) SPI-VCM & PVC PRODUCER GROUP SOURCE AND DISPOSITION OF FUNDS FIRST THREE-QUARTERS FISCAL 1976-77 as of .February 28.-JL927- SOURCE: NET TOTAL ASSMT.* ASSMT. ASSMT. ASSMT. CANCELLED PAID DUE AMOUNT --------------------------------- ------------------------------------ -------------- Carryover from 1975/76 Operations ASSESSMENTS: 1. 1975/76 Assessments Due as of June 1, 1976 $ 36835*50 S 40430.3' 656.00 $ 35100.00 $1079.50 2. 1976/77 Assessment No. 1 (6/1 to 11/30/76) 100000.00 1840.00 9816O.OO 3. 1976/77 Assessment No. 2 (12/1/76 to 5/3V77) 200000.00 2920.00 126670.00 70410.00 TOTAL ASSESSMENT INCOME $259930.00 $259930.0( Net Assessments Receivable (See Attached Detail) Income From Sales of Literature $71489.50 71439.5c $ 147.6! 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 ! Telephone & Telegraph Miscellaneous TOTAL EXPENSE f t Funds Available as of 2/28/77 for Operations Thru 5/31/77 $371997.5; $156212.12(1) 147025.32(2) 2057.24 5595.65 155.00 1129.24 * 3.20 $312177.77 $ 59819.7 (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. GENC 010223 UN a SPI-VCM & PVC PRODUCERS GROUP assessment INCM aNAl8Is a5 6'F'~2/28/77 BASED ON NET ASSESSMENTS OF $295.240 FOR FISCAL YEAR 1976-1077 1975-76 Total Less * Net Total Net Assmt. 1976-77 Assmt. Total Payments Assmt. SU11 PUfi Assat. Cancelled Assmt. Thru 2-28-77 Receivable Air Products & Chemicals Alii d Chemical B. F. Goodrich Borden'Ohemical Certain-Teed Products Continental Oil Co. D1amond-Shamrock Dow Chemical Ethyl Corporation Firestone Plastics General Tire & Rubber Goodyear Tire <& Rubber Great American Chemical Hooker Chemical Keysor-Century Corp. Pantasote Co. of N.Y. PPG Industries Robintech, Inc. Sh 11 Chemical Co. Shintech, Inc. Stauffer Chemicals T nneco, Inc. Onion Carbide Unlroyal - - - - - - 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 13470 11770 79*tO 3280 -- - 4350 w - 1066 - -- 4950 7450 49850 17400 -- 1 988O 13890 32000 13180 9920 2860 6320 2642 4517.50 - 3720 22320 7100 38200 3660 13470 11770 7940 3280 3290 4990 16390 10740 -- 19880 9230 32000 13180 6590 2860 6320 1150 4350 3720 22320 7100 25380 3660 8690 11770 7940 3280 1660 2460 33460 6660 -- 4660 -- 3330 -- 1492 167.5< 4* 128^ 4780 - T0TAIB 1735-50 300000 5416 296319.50 224830 71489.50 * Amounts cancelled due to withdrawal of these companies from the Society. GENC 010224