The Society of Plastics Engineers is back in the black, when it comes to total net assets, society officials said at Antec 2010 in Orlando.
Paul Andersen, SPE's president for 2009-10, announced the news in his president's message at the technical conference. By the end of 2008, SPE had negative assets of $322,232. But the group ended 2009 with positive net assets of $1,009,766.
“I am pleased to report that despite such difficult economic times, SPE ended 2009 with positive net assets of over $1 million,” Andersen said.
SPE Executive Director Susan Oderwald cited two reasons for the turnaround. Last year, SPE sold its longtime headquarters in Brookfield, Conn., and moved to much smaller, rented offices in nearby Newtown, Conn.
SPE also has become a leaner organization, after laying off some staff employees and cutting the number of meetings of its top leaders, she said.
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