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Federation of Societies for Coatings Technology: 2007 Annual Report and Reports of the Fall 2007 Annual General Meeting.

The following is a summary of reports on Federation activities and significant items of business presented at the Annual General Meeting of the Members, held October 2, 2007, during the FSCT convention in Toronto. The full reports and accompanying independent audited financial statement can be found on the FSCT's website (www.coatingstech.org).

Report of the President

The past 12 months have seen enormous change within the FSCT as well as a maturation of the Board of Directors. With the resignation of Bob Ziegler as Executive Director earlier this year, the Board acted to find a replacement by forming an ad-hoc search committee, identifying a slate of potential successors, and down-selecting the candidates to a few. The announcement of Joe Pontoski as Executive Director was made by the Board after careful consideration and pontification. We are pleased with the vitality and new direction he brings to the position.

The Board has also structurally enhanced the governance of itself, by strengthening the policies that were developed last year under the guidance of Carolyn Bailey. We now have in place the "rules" by which the Board operates and have defined the Executive limitations through which Mr. Pontoski and his staff can operate to lead the FSCT forward.

The Board continues, through each of its meetings, to develop its "aims"--those broad based initiatives that will lead us into the future. As I stated last year in my report, and as I still embrace, through listening to the words of Alan Kay, we can re-invigorate the FSCT: "the best way to predict the future is to invent it." I believe that the future lies in:

* Meeting the mission of the FSCT--"to be the leading provider of educational and professional development services to its members, as well as to professionals throughout the coatings industry, and to provide forums for the promotion and advancement of the global coatings industry"

* growing the membership of the FSCT

* allying with those that will allow us to meet our needs more efficiently and successfully

* remaining solvent and gaining additional revenue to aid in our growth

Meeting the educational needs of our members is achieved in several arenas and formats:

* Publications

* Internet Communication

* Web-based Programs, e.g., VLCs

* Short Courses and Technical Programs

* Exhibitions.

As a member of the Publications Committee, I have the pleasant experience to co-edit, along with Ray Dickie, Jon Martin (NIST) and Joanie Chin (NIST), the second Service Life Prediction book (which is a compilation of the latest scientific and technical advances leading to more reliable and qualitative predictions of the weathering performance of polymeric materials). The chapters consist of refereed papers presented at the Service Life Prediction Symposium that was held in Key Largo, FL, in February of 2006. The book will be published by the FSCT and released in 2008.

The Publication Committee has also been involved in the release of the Journal of Coatings Technology and Research, a joint publication between OCCA and the FSCT. The addition of Springer as the printer and distribution center for the journal has enabled a reduction in expense, improved marketing to institutional subscribers, and increased readership.

The Advancement in Coatings Series (ACSeries) has continued to grow and flourish. Developed by a group of dedicated volunteers, headed by the Technical Events Coordinating Committee Chair Ray Fernando, and supported by the FSCT Staff, the Wood Coatings Symposium was held in Seattle in July. Joint sponsorship by Technology Publishing Inc. and the American Institute of Architects helped raise a new level of excitement and opportunity for the program.

The FSCT has continued the tradition started last year of "Future-Coat!" the technical program offered at ICE during exhibition years and separately in ICE off-years. Under the leadership of PDC Chair Jamil Baghdachi, and Program Chair Latoska Price, over 100 technical papers, 12 short courses, and 36 posters will be featured. Although it is with great regret that I accept the resignation of Latoska Price as Annual Program Chair, I wish her success in her future endeavors, and thank her for her dedication and hard work to the FSCT. I wish her replacement, Dr. LiPiin Sung, of NIST, the best for success filling Latoska's shoes.

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The FSCT is continuing to investigate potential partners in allied industries capable of providing technical education to our membership. Several meetings have been held with the organizers of PACE, the biannual technical conference and exhibit created through the alliance of the Painting and Decorating Contractors of America and the SSPC, to investigate potential alliance opportunities. These discussions will continue in efforts to enhance the value and expansion of the every-other-year ICE, which the FSCT Board has endorsed. The alternate year schedule for ICE will continue, with the host city being Chicago.

Under resolutions agreed upon by the Board in May, FSCT and OCCA will develop a Strategic Alliance to cover all aspects of membership publications, technical meetings, and exhibitions of the two organizations. FSCT and OCCA have already combined their technical publications into a co-owned journal published by Springer. While the alliance does not change the corporate governance of either organization, it does provide for increased Internet services, and expanded delivery options of technical programs. With the formation of this alliance and the addition of OCCA's membership into the FSCT family, the alliance will serve the educational needs of almost 6,000 coatings professionals in over 60 countries, with the potential to expand to include other coating societies worldwide. As part of the alliance, OCCA General Secretary Chris Pacey-Day will take on the additional responsibilities as Director for Global Policy of the strategic alliance.

The FSCT also participates as a member of Coatings Societies International, an international group of coatings-related organizations that have allied together to aide in the establishment of available technical speakers to utilize at each others' events and to help align dates for such conferences so as to not overlap. The FSCT participated in providing speakers for many of our sister societies in this fiscal year, thanks in great part to Colin Penny's leadership in his role as the FSCT's International Liaison Committee Chair. In addition, Mr. Penny is investigating ways to increase the participation of associations in South America through the beta testing of an "International Industry Partner" program which will offer individual membership to multiple company employees at site-specific locations.

We have accomplished quite a lot in the past year. We have solidified our governance structure, named a new Executive Director to lead us into our "kinder, gentler, and more communicative" structure, partnered with Springer and OCCA to deliver enhanced member benefits, laid the groundwork to enhance and expand the value of ICE, continued to build the brand image of "FutureCoat!," and developed strategic partners to expand our membership and capabilities into the rest of the world. Although the NPCA at this point has decided not to partner with the FSCT, we have kept the door open on possible collaborative efforts with them to further enhance the education of those in the Coatings and Allied Industries.

I wish the best of success to President Yasmin Sayed-Sweet, Vice President Joe Brown, the Board, and Staff in the upcoming year. The ground work has been laid for what can only be a successful, vibrant FSCT. Through the efforts of volunteers and staff alike, the FSCT certainly has a bright future. Without them, we would not exist!

ROSE A. RYNTZ, PH.D.

FSCT President, 2005-2007

Report of the Vice President

The past two years have gone by fast. During this time FSCT implemented and executed the new governance structure, laid out policies, and developed aims by which to govern itself. The Board is able to work better with FSCT Staff and is more agile to the ever-changing needs of our consolidating industry and our members. I envision this providing us with several opportunities and challenges in the upcoming years.

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We continue the means to strengthen the FSCT mission through publication, educational programs that are web-based, e.g., VLCs, technical programs, short courses, and exhibitions, as well as networking opportunities. Also as part of our ongoing efforts, we continue to investigate appropriate partners domestically and abroad to help us achieve and strengthen our mission.

In the past year I have chaired the Strategic Alliance task force with FSCT and our international friend, OCCA. This relationship will further bring added services to our domestic members and the ever increasing international members of our global paint and coatings industry.

On the domestic front, it is disheartening to see in this consolidating industry environment and shrinking pool of resources that NPCA has decided not to partner with FSCT's ICE show, and instead is planning to host a separate show. As my commitment to FSCT, I will make every effort to bridge this divide between our two organizations and look for possible ways to collaborate with NPCA to help educational efforts for both our organizations and our members.

I understand the commitment it will take in the next two years and look forward to working with the FSCT Board and staff in accomplishing our goals and implementing the strategies. I would like to take this opportunity to thank the FSCT volunteers and members, President Rose Ryntz for her commitment and groundwork for FSCT in the past two years, and to the staff for their dedication to the FSCT mission. I extend my commitment to work with FSCT members, Vice President Joe Brown, and staff to further enhance our commitment to the coatings industry.

YASMIN SAYED-SWEET, PH.D.

FSCT Vice President, 2005-2007

Report of the Executive Director

As the newly appointed Executive Director for the FSCT, let me say that I am excited to face the challenges and opportunities that lay ahead. There are many issues, both externally and internally, that are impacting our organization, but through the leadership of the Board, the dedication and commitment of the volunteers, and the participation and support of the membership, I firmly believe there are brighter days ahead.

We present here a review of the major areas of activity of the FSCT during the past year, as well as a look ahead to the challenges on the horizon.

GOVERNANCE:

This past year has seen one of the most actively involved and action-oriented Boards in recent history. The recently adopted Board governance policies and procedures resulted in allowing the Board to quickly respond to issues and to focus their attention on key strategic objectives. Most notably, they debated and acted upon matters surrounding the NPCA as well as the development of a strategic alliance with OCCA and other international objectives.

The terms of three members of the Board will expire this year and the FSCT will conduct elections in December to elect new Directors from the list of candidates provided by the FSCT Nominating Committee and by member petition. We thank the members of the Committee as well as our general membership for participating in the democratic process.

SOCIETIES:

The restructure of the FSCT's governing body included the formation of a Society Liaison Council (SLC). The SLC is a critical component for ensuring that the link between the Societies and the FSCT as well as among the Societies at large is maintained. Several productive meetings have occurred in the past year as the group continues to find the most effective means of improving the overall value that is provided to the membership at both the local and national level.

The past six months have seen an increase in the amount and level of communications between the national and local levels. As part of this process, we have participated in several Society events, have attended local Society board meetings, and are distributing reports to the local Society leaders detailing the activities of the FSCT Board.

EDUCATION:

The focus of the FSCT continues to be the development of excellent educational programs for its members and the industry. Programs sponsored in fiscal year 2007 included an ACSeries on Wood Coatings, 12 Virtual Learning Conferences, eight different short courses offered prior to ICE, and development and continued branding of the technical conference, FutureCoat!, which consisted of over 100 technical presentations and papers.

Advancement in Coatings Series (ACSeries) programs have proven to be very successful as stand-alone events, particularly when focused on a broad subject matter. They provide both quality programming for attendees and tabletop exhibit opportunities for suppliers. We strongly believe that the education provided by the ACSeries addresses a long-term need for focused, quality programming developed on a national scale. The FSCT is now planning for future programs with the potential for collaboration with other organizations to expand the programming and networking opportunities.

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While the ACSeries addresses the need for quality in-person education, the FSCT's Virtual Learning Conferences (VLC) provide programs of equal quality on a remote basis through electronic delivery systems. The VLC's single-topic programming, which normally runs about one and half hours long, is a very effective educational tool, saving the attendees and their employers both time and money. Due to its e-delivery method, the VLC program can be attended by a single individual at their desktop, or by a large group at a location using conference-style computer projection. The VLC concept is very flexible, adapting to many needs. As an example, several Societies have used VLCs as part of their monthly programming. We will be looking to expand the delivery options for these programs in the coming months by offering recorded versions that can be downloaded and viewed at any time or location.

CONVENTIONS:

The decision of the Board of Directors to hold ICE in 2007 was certainly not an easy one. There were many factors and considerations, particularly stemming from the impact of hurricane Katrina on the ICE 2006 event. Obviously this was not a decision that everyone favored and whether their decision was based on finances, location, principle, or timing, we respect their viewpoint and are working hard to address their concerns. It is important to note that the intention was not to return to an annual ICE exhibition schedule and unfortunately that message was not adequately communicated. We are committed to returning to the every-other-year schedule in Chicago as previously endorsed by the Board.

Although ICE 2007 will be unlike many previous shows, it will provide an excellent opportunity for all those participating to interact in a more focused and intimate environment. Several new features have been added including exclusive exhibit hours, a new product showcase area, and a student welcoming committee.

FutureCoat! features themed tracks of papers as well as major technical presentations, such as the Mattiello Lecture (presented by Dr. Gordon Bierwagen, of NDSU) and the Technical Focus Lecture (presented by Dr. Rigoberto Advincula, of the University of Houston). Starting the program is the Keynote Address by John Warner, of the Warner Babcock Institute, who will discuss Green Chemistry. The 2007 FutureCoat! program will feature a record number of presentation--totalling more than 100. In addition, a full-day track discussing the impact of REACH on North American companies has also been developed.

PUBLICATIONS:

2007 saw the start of an expanded version of JCTR, which resulted from a combination of FSCT's Journal of Coatings Technology Research and OCCA's Surface Coatings International Part B: Coatings Transactions. From the first issue of the new, joint publication, Journal of Coatings Technology and Research, this publication has received glowing reviews by all segments of the industry. The journal will publish one-third more research articles, providing more information to FSCT and OCCA members alike. The FSCT's members' journal, JCT CoatingsTech, will continue to be published separately by the Federation. Both publications will be included as a member benefit, and will be available to non-members by subscription.

In addition, the FSCT and OCCA have entered into an agreement with Springer Media, a well-respected global publisher of scientific literature, to publish and distribute the new journal. Members of both organizations will have access to Springer's extensive library of publication archives, greatly expanding the benefits of membership.

Expanding upon the collaboration of the FSCT and OCCA on the research journal, we have recently announced the formation of a strategic alliance, which will provide for increased benefits to members of both organizations, including access to a global membership network, increased internet services, and expanded delivery options of technical programs. Through this alliance, the educational and professional development needs of over 6,000 coatings professionals will be served.

FUTURE CHALLENGES:

The FSCT is moving forward to achieve its mission of technical education and professional development to its members and the global industry. We are achieving this through expanded educational events, enhanced publications, and increased use of e-delivery methods, all with the purpose of achieving its goal of providing more benefits to its membership and the industry.

We are all aware that continuing industry consolidation and globalization are significant challenges for both the short- and long-term. The FSCT Board of Directors, its committees, and staff will be seeking solutions to these challenges throughout this coming year and the involvement and participation of the membership is vital in choosing the correct path.

I thank the Board for their continuing support and especially appreciate the hard work and dedication of the FSCT staff. We look forward to continuing to serve the needs of the membership.

JOSEPH S. PONTOSKI

Executive Director

Report of the Secretary-Treasurer
SUMMARY OF UN-AUDITED FINANCIALS*

 FY 2007 FY 2007 FY 05-06

Income Actual Budget Actual
Publications 747,847 708,000 1,312,235
Dues 280,260 315,000 510,576
Conventions & Trade Shows 1,931,500 1,800,835 2,470,938
Other Educational Activities 225,936 432,745 967,995
Other 57,007 50,500 134,925
Total Income 3,242,550 3,307,080 5,396,669

Expense
Operating Expenses 1,054,718 1,083,875 2,289,163
Publications 563,187 596,500 1,159,149
Membership 12,133 15,000 33,280
Conventions & Trade Shows 760,550 757,000 723,786
Officers/Board/Exec 126,895 110,000 251,239
Committee Appropriations 28,267 47,000 71,160
Educational Activities 248,010 248,000 729,494
Other 235,930 232,750 475,574
Total Expense 3,029,690 3,090,125 5,732,845
Operating Profit 212,860 216,955 (336,176)

Other Income & Expenses
Non-Operating Income 48,244 55,000 174,698
Non-Operating Expenses (117,886) (122,000) (165,418)
Net Surplus(Deficit) 143,218 149,955 (326,896)

*The report of the financial conditions, statement of financial
activities, and changes in the net assets of the FSCT is provided in the
independent auditors' report, which is published on the FSCT website.


MARK ALGAIER

Secretary-Treasurer

Nominating Committee Report

The following candidates have been nominated for the three available positions on the 2008 Board of Directors:

* Paul Delmonico, Old Western Paint Co., Inc., Denver, CO

* Chris Harding, Waterlox Coatings, Cleveland, OH

* Robert Henderson, Lonza Inc., Pittsburgh, PA

* Rick Mazzariello, Enrichem Specialties, LLC, Sandy Hook, CT

* Paul Nicholson, WhitChem Limited, Newcastle under Lyme, Staffordshire, England

Elections by the membership will be held December 3-17, 2007. All FSCT members in good standing as of November 30, 2007, are eligible to vote. Members may vote electronically beginning December 3 by logging into the Members Area of www.coatingstech.org to access the ballot. Members will need their user name and password. First-time users should allow 24 hours from initial log-in to access the ballot section. Members who require paper ballots are requested to contact FSCT Headquarters.

Votes will be tabulated by December 21 and the results confirmed by the FSCT Board of Directors.

DR. FRITZ WALKER

Chair, Nominating Committee

International Liaison Committee

The past year has been the most active since the FSCT began the relationships in Latin America some nine years ago.

SATER (Sociedad Argentina de Tecnologos en Recubrimientos)--This organization has become the dynamic center of technical education in the coatings industry in South America. In July, SATER organized a two-day program in Santiago, Chile, the center of that country's coatings industry. A very good attendance was reported. In August, SATER organized its "off-year program" in the industrial center of Cordoba, Argentina. A strong attendance was reported, particularly from local technical employees who would not normally travel to Buenos Aires for their major event.

SATER worked with ASETER (Ecuador) to conduct a two-day Technical Seminar in Guayaquil, Ecuador with some 70 attendees.

In addition, SATER had planned a one-day program in Spanish to be presented at ICE 2006, but the lack of Spanish-speaking attendees caused the cancellation of this undertaking.

Finally, SATER is sending speakers to the ABRAFATI (Brazil) conference in October (24-26).

STAR (Sociedad Tecnicos Andina en Recubrimientos)--STAR organized a two-day Technical Seminar and Paint Show in Lima, Peru. This was significant since it was the first program of its type in Peru and marked the establishment of the Peruvian Chapter of this organization. Over 200 persons were in attendance. President Rose Ryntz and I were in attendance.

Working with FSCT, STAR arranged a four-day Speaking Tour utilizing the talents of Dr. Clifford Schoff. His tour, consisting of one-day lectures, took him to Valencia, Venezuela; Bogota, Colombia; Lima, Peru; and Quito, Ecuador, with an additional two half-day lectures in Guayaquil, Ecuador.

It should be noted that STAR has recruited 25 new members for FSCT.

OTHER ACTIVITIES:

ABRAFATI (Brazil) -- FSCT will be represented by two speakers at their conference on October 24-26: Dr. Graham Howarth and Dr. Ray Fernando.

Working in conjunction with Staff, we have formulated a program to be known as International Industrial Partnership (IIP) (Socios Internacionales Industriales--SII). The initial reaction from our contacts in Latin America has been positive.

ANAFAPYT (Mexico) -- A meeting to reinforce our relationship with this organization has been planned for Toronto.

COMMENTS:

The Federation can be particularly proud of the vigorous Educational Activities now taking place in Latin America. Our infusion of financial, educational, and structural support in this region is now paying enormous dividends.

SATER is a dynamic organization with a very enthusiastic membership.

STAR has established an International Annual Program with various regional meetings.

ASETER is a semi-autonomous group within STAR, which is becoming well established.

ABRAFATI--While this is a manufacturing organization, we have developed a strong cooperative rapport and have reason to believe that the IIP program will find good acceptance in Brazil.

I would like to thank President Rose Ryntz together with Joe Pontoski and Staff for their continued support and encouragement in these endeavors.

COLIN D. PENNY

Director, International Affairs

FSCT Publications Committee

The Committee's projects continue to progress and the journals under our authority continue to do well. Our big news items in 2007 were the move to publication of JCT Research by Springer and the beginnings of it becoming a joint FSCT-OCCA scientific publication. We believe that publication of JCTR by Springer will increase the impact of the journal, raise the number of institutional subscriptions, attract new authors, and speed the handling of papers, yet keep standards high. Initially, papers were handled following normal JCTR procedures, but papers are now being submitted, reviewed, and accepted/rejected using the Springer Editorial Manager System. The September 2007 issue is the first one where nearly all the papers were received and evaluated via the Springer software. Bringing OCCA into the publication of the journal was a little difficult at first due to differences in reviewing processes and other areas, but things seem to be working out. To help with Springer, OCCA, and the greater influx of papers, a new editorial layer has been instituted. Technical Editors now replace the old Principal Reviewers, but have additional editorial duties. Unfortunately, OCCA still has not signed a contract, which causes a certain degree of uncertainty for the journal.

JOURNALS:

JCT Research is doing very well with many excellent papers, including a number from overseas, some of which arrived via OCCA. JCTR definitely is an international journal and should only become more so under Springer. Although we already consider JCTR to be the leading coatings journal in the world, it will become even better with the help of Springer.

JCT CoatingsTech has had a number of good articles and papers, but needs more submissions of all kinds, particularly "how to do it" articles and those on practical technology and manufacturing. The series of articles on the application of analytical techniques to coatings has continued with the latest publication being a two-part article on the "Rheology of Melts and Solutions" in the August and September issues. More submissions are needed in this area as well.

COMMITTEE ACTIVITIES: During late 2007 and into 2008, the committee will be finishing up and publishing the next title in the new "Fundamentals" series, Mechanical Properties, publishing the next Service Life Prediction book and revising FSCT Pictorial Standards for eventual publication in digital and print formats. We also are very interested in finding new ways of using the FSCT website as a means of communication with members and for the publication of articles and other useful information.

CLIFFORD K. SCHOFF, Chair

Technical Events Coordinating Committee

Technical Events Coordinating Committee's (TECC) primary mission is to oversee the development of alternate year technical events and ICE technical program.

This year, only one ACSeries event was held during the summer in order to avoid overlap with ICE 2007. The event, a symposium on "Coating Wood and Wood Composites: Designing for Durability," was built on the success of a similar event held in 2005, and was held on July 23-25 in Seattle, WA.

The event, attended by 162 participants and speakers, was once again successful, generating over $25,000 of net income for FSCT. More financial details are available from the Head-quarters Staff. On behalf of TECC, I would like to thank the organizing committee of the symposium for their excellent teamwork throughout this effort.

Plans are in place for the next ACSeries event on the topic of "Nanotechnology in Coatings: Emerging Applications." This symposium will be held March 26-28 in Orlando, FL, at the Caribe Royale Resort. The organizing committee has put together a two and one-half day program with 36 technical papers, including two plenary lectures. Registration for the event is already open, and the considerable lead time is expected to help a great deal in attracting a large number of participants.

Topics being considered for future ACSeries events include "Regulatory Issues of Coatings," "Architectural Concrete Coatings," and "Analysis and Testing of Coatings." TECC will coordinate the timing and venues of next year's ACSeries events based on the ICE 2008 calendar.

The Annual Meeting Program Sub-Committee has organized an excellent program for ICE 2007. Details of the program can be found within the ICE FutureCoat! brochure and the Program Committee Chair's report.

As TECC Chair, I would like to extend my sincere appreciation to all the volunteers who made the FutureCoat! and ACSeries events held so far very successful. I have no doubt that, with the dedication of the excellent individuals involved with all of the FSCT technical programs, future events will build on the success we have had in the past.

DR. RAY FERNANDO, Chair

Professional Development Committee

COMMITTEE MEMBERSHIP:

The committee currently has 12 members who represent various aspects of the industry: manufacturers, scientists, educators, marketing and FSCT staff member. Members include: Jamil Baghdachi, Eastern Michigan University (Chair); Carl Sullivan, Reichhold Co.; E. Galgoci, Air Products Inc.; Marc Hirsch, Luna Innovations; R. Sivasubramanian, Southern Clay Co.; Rev Tomko, Sherwin-Williams Co.; Dean Webster, North Dakota State University; Jon Lawniczak, Eastman Chemical Co.; Yasmin Sayed-Sweet, Alberdingk USA (FSCT Vice President); Stephanie A Crette, Meadwestvaco; Eunice Kin Leung; Jennifer Majchrzak, FSCT Educational Events Coordinator.

PDC ACTIVITIES -- ICE 2006 IN NEW ORLEANS:

The Committee originally developed 14 courses for the 2006 meeting. Later, after it was forecasted that the attendance may not be as expected, the committee was told to reduce the number. The final program was launched with a total of seven courses that included three two-day and four one-day courses. The total paid attendance of 205 was better than expected.

VIRTUAL LEARNING CONFERENCES -- 2006:

PDC developed six spring and four fall VLC courses in year 2006. The PDC assigned a sub-committee to be in charge of developing a VLC strategy and plans. This sub-committee is led by Jamil Baghdachi and reports to the PDC.

PRESHOW SHORT COURSES -- TORONTO 2007:

The Committee has developed four two-day and six one-day courses for this event. As of this report the registration is as predicted and expected to inch up in the coming days.

VIRTUAL LEARNING CONFERENCES 2007-2008:

Since the Toronto meeting takes place quite early this year where many of the VLC topics are presented in person, the committee decided to focus on scheduling 10 topics beginning in early January 2008. Similarly, we intend to schedule four (two back-to-back) VLC courses for the fall 2008.

OTHER ACTIVITIES:

The committee also continues to work with local Societies to provide lectures and courses for Society events. In year 2006 and 2007, a total of 12 Distinguished Lecture Series were conducted. The Society Speakers program hosted lectures at Kansas City, Louisville, Cleveland/Pittsburgh's Sink or Swim, and Detroit's FOCUS. The committee has provided each Society with an updated list of Distinguished Speakers available to speak at Society meetings. In 2007, Dr. J. Martin of NIST was selected as the eighth member of this group.

The committee would like to express their appreciation and gratitude to FSCT Executive Director Joseph Pontoski, Educational Events Coordinator Jennifer Majchrzak, Mary Sorbello, and others for their support of this committee.

JAMIL BAGHDACHI, Chair

Report of the Coatings Industry Education Foundation

George Schmitz, president of CIEF, convened the annual meeting of the Stockholders of CIEF and presented a report on the status of the organization.

REPORT OF THE CIEF PRESIDENT

In Fiscal Year 2006 ending Dec. 31, 2006, CIEF had income of $134,240, compared to $96,129 in 2005; an increase of $38,111 or 39.6%. Administrative expenses (meetings, CPA audits, tax filings) were reported as $6,160 in 2006 compared to $7,327 in 2005; a reduction of $1,167 or -15.9% and an expense ratio of 4.6% ($6160/$134,240). Scholarship and grant disbursements in 2006 were $62,000 compared to $71,000 in 2005. Therefore, Total Expenses including Disbursements and Administrative were $68,160 in 2006 compared to $78,327 in 2005; or a reduction of 13%. Total assets are valued at $776,193 in 2006 versus $710,113 in 2005; an increase of 9.3%. The funds are managed by The Vanguard Group.
Financials 2006 2005 Change

Income $134,240 $96,129 +39.6%
Expenses
Admin $6,160 $7,327 -15.9%
Grants/ Scholarships $62,000 $71,000 -12.6%
Total Expenses $68,160 $78,327 -13%
Total Assets $776,193 $710,113 +9.3%*

* $100,000 of total assets are permanently restricted in the Leo Roon
Fund.


II. Support and Revenue: The 2006 Project Tomorrow Fund Raiser resulted in an income of $5000 compared to $1000 in 2005. This program tries to solicit contributions from companies and individuals supporting the coatings industry. The 2006 Project Tomorrow campaign has so far collected $5000, but commitments for another $3000 have been received.

III. Financial Strategy for 2007: A total of $56,500 in scholarships and fellowship grant money was distributed in 2006 (vs. $71,000 in 2005). Awards also contributed another $5,500, increasing 2006 disbursements to $62,000. The total amount of money requested by institutions was $85,500; therefore CIEF fulfilled 72.5% of the requests. In 2007, the CIEF Trustees approved a total of $79,000 in grant money to be distributed to five universities based on estimated 2007 Income projections, Total Expenses, and Assets to determine a responsible 2007 funding level, given our current financial situation.

IV. Scholarship Recipients: Proposals are received by December of each year from universities requesting scholarship monies for their students. The universities determine which students specifically receive the monies. The schools that received money last year are: California Polytechnic, DePaul, Eastern Michigan, North Dakota State, Southern Mississippi, and University of Missouri-Rolla. The Trustees evaluate the proposals and decide which programs to help fund. The details are available upon request.

V. Details of the specific funds and scholarships will be presented at the annual meeting in November, but are available upon request.

VI. By-laws of the CIEF: The by-laws have been updated, discussed, and edited at the March 23rd trustees meeting and circulated for approvals. By-laws are expected to be approved before April 1, 2007.

VII. Meetings: The Trustees meet together at least four times each year, once in person and at least three times via conference call. However, since the creation of new CIEF committee appointments in 2007, more phone meetings shall occur. Key meeting topics of discussion include: expense reductions (need for regular audits); methodologies for grant awards; increasing fund- raising success and CIEF base; CIEF marketing and promotions; and university audits and compliance.

VIII. New Committees: In order for the CIEF to take a more pro-active role in fufilling its objectives, the President created a series of specialized committees with trustee volunteers to meet on a more frequent basis to have detailed discussions and have a greater impact (i.e., "Specialized Committee Champions"). Champions include: By-Laws Champion; Fund Raising Champion; Promotions-Marketing Champion; Financial Management Champion; University Audits Champion; Investment Strategy Champion; University Liaison Champion; Methodologies Champion; and Reports Champion (Capture Ratios/Indices).

IX. Trustee Changes: Paul Sara (Past-President) and Roger Woodhull (Past Vice President) resigned at the November 2006 Trustee meeting; and two new officers (George Schmitz, President/Treasurer; Lou Floyd, Vice President) were elected. In March, Joe Pontoski resigned as Secretary-Treasurer, and Mark Algaier was appointed as the new CIEF Secretary-Treasurer.

X. New Trustees: Three (3) new trustees were appointed and elected at the November 2006 meeting: Jackie Savoca, Charlie Hegedus, and Bob Seidewand.

XI. Trustees for 2007 are: George Schmitz (President), Lou Floyd (Vice President), Mark Algaier (Secretary-Treasurer), Sid Lauren, Jim Geiger, Lou Floyd, Charles Hegedus, Jackie Savoca, and Robert Seidewand.

XII. Key Long-term Issues: CIEF Funding strategies (increasing donations), increasing the capture ratio of funded students (employment status), increasing impact of university grants (educational impact).

GEORGE M. SCHMITZ

President, CIEF

In Memoriam--2007

With regret, we report the passing of the following members, with grateful remembrance of their contributions to the Federation and the industry.
British Society
Brian Gilliam (Retired)
Robert Howse (Retired)
 Society Past-President

Chicago Society
Henry (Hank) Godshalk (Retired)

Houston Society
Gerald Goldberg (Retired)
 Society Past-President
Charles Robertson (Retired)

Los Angeles Society
William Ellis (Retired)
 FSCT Past-President
 FSCT Secretary-Treasurer
 FSCT Board Member
Dirk Vendekieft Pacific Chem Tech

Louisville Society
Joseph A Bauer Sr. Porter Paint Company
Larry Hartman Porter Paint Company
Bobbie Stephens Red Spot Paint

Philadelphia Society
Robert C. Sonntag (Retired)
 Society Past-President

Pacific Northwest Society
Curtis Paul Bailey Consultant
 Society Past-President
Warren Cordano (Retired)
 50-Year Member

Southern Society
James McCormick Cippcon, Inc.
 FSCT Past-President
 FSCT Board Member

FATIPEC
Andre Toussaint General Secretary
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Title Annotation:FSCT News
Publication:JCT CoatingsTech
Date:Nov 1, 2007
Words:5802
Previous Article:New members.
Next Article:'Going green' in Toronto: ICE 2007 attracts international audience to major industry event.


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