Bethlen Naptár, 1956 (Ligonier)

The Assets of Our Celebrating Federation

BETHLEN NAPTÁR

149

THE ASSETS INVESTED.

On September 1, 1955 the groups of assets invested for income are:

On Check Account, ready for investments ...$ 139,129.98

On Savings Deposits ............................................ 3,108.13

In Bonds ............................................................... 4,851,048.47

In Real Estate Mortgages ................................... 1,616,812.81

In Real Estate ................................................... 254,558.96

In Certificate Loans .......................................... 217,160.47

In Shares .............................................................. 7,509.20

Total: ............................................................$7,089,328.00

* * *

HANDLING OF THE ASSETS

The Treasurer’s office handles and keeps a record of our Federation’s properties. All receipts and disbursements are handled through the Federation’s checking account in the Liberty National Bank, Washington, D. i Each item, whether receipt or disbursement, is veriLed and on file in the Treasurer’s office, and checks with the monthly statement sent out by the bank. The statements of assets are filed separately and the profit on each investment is recorded in detail.

The Treasurer is responsible for handling and keeping detailed records of all of our Federation’s real estate and other properties, generally speaking, as well as all cash investments. He is assisted in his work by one full-time and one part-time employee. Our full-time employee is Elizabeth Balazs, who since 1939 has worked competently and untiringly in the Treasurer’s Office. We hereby recognize and express appreciation for her outstanding work. Our part-time employee is Louis Kakuk, who works two hours daily and capably handles the work entrusted to him.

SUPERVISION OF THE ASSETS

The assets and their administration are supervised by the Auditing Department of the Federation, the Finance Committee of the Supreme Council, the Finance Committee of the Convention, and finally by the Insurance Department of the District of Columbia.

Not wishing praise, but that this too might serve the good reputation of our Federation, let me state that the examiners of the Insurance Department of the District of Columbia found no fault even in the smallest items of receipts, bond investments, or disbursements handled in the Treasurer’s Office. These records are available.

To verify this I will quote a few sentences referring to the Treasurer’s Office from the last two examination reports of the D. C. Insurance examiners: 1945 to November 15, 1949, and 1949 to Dec. 31, 1953, which, at the same time, give an account of the interest-bearing investments and give a short report on how we purchase, handle and guard our bonds.

1945 - 1949

In the months of October and November, 1949, the Chief Examiner of the D. C. Insurance Department, Mr. Creighton, with his two assistants, held an pva.minat.inn of our Home Office for the period from December 31, 1945 to November 15, 1949. From the examiner’s report on the Treasurer’s Office I quote:

“Income and Disbursement — All recorded income and disbursements were verified by appropriate tests.”