Celebrating 100 years - 141
Steven J. Watkins agreed. Fisher, AWCI's
treasurer, advocated "a complete divorce."
The decision was made. The Asbestos
Abatement Council was out.
Later that afternoon, the executives addressed another money problem. AWCI
owned an office building with a poorly
constructed parking lot (garbage trucks
could not even use it to reach the trash bins),
cracks in the exterior brick and a revolving
door of tenants. This was 1600 Cameron
St., Alexandria, Va.
The Recovery Plan. Owning a building
meant dealing with a bank. In March 1991,
AWCI's bank wanted $100,000 of additional
collateral to meet its loan requirement.
AWCI's executive committee discussed the
situation. AWCI had $150,000 in certificates
of deposit and a $50,000 deposit account
at the bank. So, was additional collateral
really needed?
It was true that AWCI's asset base had
fallen, and this may have been a bank concern. Whereas AWCI had $596,000 in
receivables on June 30, 1990, the receivables
had shrunk to $139,000 by Feb. 28, 1991.
On the other side of the ledger, the association owed money to two printers and
needed to cut refund checks to exhibitors
who had sent in deposits for the now defunct Asbestos Abatement Council and its
canceled 1991 World Congress V.
"The association is in a particular crunch
now, and there is no cushion," said Robert
F. Watkins, AWCI treasurer, at an October
1991 executive committee meeting in
Honolulu, Hawaii. "It is cash starved."
To help with short-term cash flow, AWCI's
Continuing Study Council suggested the
association borrow from its members. The
program was called "The Recovery Plan."
Some AWCI board members had already
pledged money. At the board meeting in
the fall of 1991 in Newport, Rhode Island,
members pledged $130,000 in loans, board
minutes state. Even the Foundation of the
Wall and Ceiling Industry kicked in a
$100,000 loan, AWCI documents show.
"Yes, the association was going broke," said
McNulty Bros. President Joseph Feldner,
AWCI's convention committee chairman
and a member of the board. Feldner was
present in Newport to make a pledge on
behalf of McNulty Bros. "We were asked
to contribute in $10,000 increments."
In January 1992, AWCI solicited its
members at large to make loans of $5,000
at 10 percent interest on the principal. The
loans would be repaid once the Alexandria
office building was sold.
"You can't get 10 percent interest anywhere,
so this is a good deal," AWCI Executive
Director Joe M. Baker Jr. told the membership in the January 1992 issue of Directly
for Directors newsletter.
Notes from a January 1992 executive
committee meeting show that the bank was
International Markets
In May 1991, AWCI
launched Reconstruction
Connection for $225
per year ($300 for
non-members). The
newsletter documented
construction
opportunities in Saudi
Arabia, Central Europe,
Eastern Europe, Kuwait,
Turkey and elsewhere.
still concerned about the loan covenant. It
required an assets-to-liabilities ratio of 1
to 1, but AWCI's ratio was now 0.6 to 1.
The association was too highly leveraged.
"The only thing to prevent a collision with
the bank is the sale of the building," said
Steven Watkins. He motioned that authority
be given to President Michael R. Boyd and
Treasurer Robert F. Watkins to select a real
estate agent. The motion carried.
Feldner said that Bell, who succeed Boyd
as AWCI president, sold the Cameron Street
building sometime during his 1992-1993
term. All members who had made loans
under the recovery plan got their money
back, Feldner said.
Expanded
Technical Services
In July 1995, AWCI
activated an 800
technical assistance
hotline, introduced
Tech Notes and
distributed "Tool
Box Talks" on job
site safety . The
latter became the
"AWCI Tool Box
Talks" handbook .
141
Table of Contents for the Digital Edition of Celebrating 100 years
AWCI's 100th Anniversary Video
i. Table of Contents
ii. Forward
iii. Acknowledgements
Chapter 1. 1918-1919 : The Master Minds
Chapter 2. The 1920s: Choosing Sides
Chapter 3. The 1930s: Unity Prevails
Chapter4. The 1940s: Dormancy and Revival
Chapter 5. The 1950s: Plaster vs. Drywall
Chapter 6. The 1960s: Other Lines of Endeavor
Chapter 7. The 1970s: Consolidation
Chapter 8. The 1980s: The Growth Years
Chapter 9. The 1990s: Money
Chapter 10. The 2000s: Exceptional Times
Chapter 11. The 2010s: We the Industry
Chapter 12. The Future
Chapter 13. The Sponsors
Appendix 1. AWCI’s Presidents
Appendix 2. AWCI Awards (the E.F. Venzie Award and the Pinnacle Award)
Appendix 3. Lifetime Members
Appendix 4. Longtime AWCI Members
Appendix 5. AWCI Board of Directors
Appendix 6. The Organization Behind the Leadership
Celebrating 100 years - AWCI's 100th Anniversary Video
Celebrating 100 years - Cover1
Celebrating 100 years - Cover2
Celebrating 100 years - 1
Celebrating 100 years - 2
Celebrating 100 years - 3
Celebrating 100 years - 4
Celebrating 100 years - 5
Celebrating 100 years - 6
Celebrating 100 years - i. Table of Contents
Celebrating 100 years - ii. Forward
Celebrating 100 years - 9
Celebrating 100 years - 10
Celebrating 100 years - iii. Acknowledgements
Celebrating 100 years - 12
Celebrating 100 years - Chapter 1. 1918-1919 : The Master Minds
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Celebrating 100 years - Chapter 2. The 1920s: Choosing Sides
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Celebrating 100 years - Chapter 3. The 1930s: Unity Prevails
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Celebrating 100 years - Chapter4. The 1940s: Dormancy and Revival
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Celebrating 100 years - Chapter 5. The 1950s: Plaster vs. Drywall
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Celebrating 100 years - Chapter 6. The 1960s: Other Lines of Endeavor
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Celebrating 100 years - Chapter 7. The 1970s: Consolidation
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Celebrating 100 years - Chapter 8. The 1980s: The Growth Years
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Celebrating 100 years - Chapter 9. The 1990s: Money
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Celebrating 100 years - Chapter 10. The 2000s: Exceptional Times
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Celebrating 100 years - Chapter 11. The 2010s: We the Industry
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Celebrating 100 years - Chapter 12. The Future
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Celebrating 100 years - Chapter 13. The Sponsors
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Celebrating 100 years - Appendix 1. AWCI’s Presidents
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Celebrating 100 years - Appendix 2. AWCI Awards (the E.F. Venzie Award and the Pinnacle Award)
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Celebrating 100 years - Appendix 3. Lifetime Members
Celebrating 100 years - 249
Celebrating 100 years - Appendix 4. Longtime AWCI Members
Celebrating 100 years - 251
Celebrating 100 years - Appendix 5. AWCI Board of Directors
Celebrating 100 years - 253
Celebrating 100 years - Appendix 6. The Organization Behind the Leadership
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