DETROIT - The Society of Plastics Engineers, through the joint efforts of its Detroit Section and Automotive Division, raised more than $50,000 for educational purposes at its annual materials auction Dec. 4 in Troy, Mich. A group of 28 resin suppliers contributed 155,000 pounds of virgin resin for the auction. Successful bidders could credit their resin purchase as a charitable contribution. This year's event surpassed the last two auctions, which raised about $40,000 each.
The funds are divided evenly between the division, an international group with 2,600 members, and the section, which comprises 1,800 Detroit-area members.
The Detroit Section puts its share of the auction proceeds directly into an education fund, which is dedicated exclusively to educational purposes, said President Douglas Stratton.
About half the proceeds the Detroit Section receives is disbursed for educational projects. The remainder is retained to build an asset base and generate more scholarship money.
The Automotive Division has put its auction funds in an escrow account for the past two years and is discussing several options for the money, Chairman Roy Palasek said.