The Tire Industry Association (TIA) ended 2008 in the black, and has a solid cash reserve. So said Treasurer Tom Formanek at TIA's annual meeting, held Nov. 2, the day before the 2009 Specialty Equipment Market Association (SEMA) Show was set to begin.
"As you are well aware," he told TIA members in attendance, "the current economy is experiencing difficulties throughout virtually every sector. While TIA is not immune from this, our membership numbers are strong, and we have a solid cash reserve, which is rebounding quite well from the lows of the stock market.
"The executive committee and the board of directors will continue to monitor the situation and will make any necessary adjustments to keep the association in a strong economic position."
The motion to accept the financial report was carried. (TIA's books are available for viewing upon request by TIA members in good standing.)
