Bethlen Naptár, 1956 (Ligonier)
The Assets of Our Celebrating Federation
BETHLEN NAPTÁR 151 “Mortgage Loans — The title papers and fire insurance policies were examined and no errors were noted.” “Bonds — The bonds and stocks were counted and examined on November 15, 1949 at the safe deposit vault of the Liberty National Bank, Washington, D. C. ” “All purchases and sales since December 31, 1948 to the date of count, November 15, 1949 were verified with the investment records and traced through the cash receipts or disbursements.” 1949 - 1953 In the year 1954, during the months of January - March, the examiners of the District of Columbia Insurance Department examined the Office of the Treasurer, its administration, receipts and disbursements for the previous five years. From the report on the Treasurer’s Office made by the Chief Examiner, Mr. Robert L. Starling, I quote: “Deposits in Bank were verified by certificates from the depositories and were reconciled to the Federation’s records.” p. 37 “All bonds listed above were in the possessions of the Federation and are kept in the vaults of the Liberty National Bank, Washington, D. C. These securities were verified by actual count on January 28, 1954 in the presence of authorized representatives of the Federation.” p. 28 “Invoices, statements or other valid evidence of the propriety of the purchases and sales were inspected on all transactions and it was ascertained that proper authority had been obtained for all transactions.” p. 29 “The stocks were verified by actual count of January 28, 1954, in the presence of authorized representatives of the Federation at the vaults of the Liberty National Bank . . p. 31 “An inspection was made of the individual mortgage loan folders and the notes, deeds of trust or mortgage, title policies or opinions, appraisals, hazard insurance policies and other pertinent documents were examined and found to be in good order.” p. 34 THE OBLIGATIONS. Since its inception our Federation has always and in all things fulfilled that to which it had obligated itself and thus no judgment has ever brought against it. According to the provisions in our by-laws, if a member is in arrears for three months, he is automatically suspended from membership and a form of withdrawal equity is open to him. From 1928 to 1934, as a result of unemployment, 1575 of our members were one year in arrears with their dues. The Supreme Council, considering the unusual situation, decided not to lapse the certificates of these members, but to record the amounts in arrears as loans on the certificates of those who so requested, and thus to reinstate them to membership. All of these members were well over 50 years of age. Had their certificates been lapsed they could not have bought insurance elsewhere, or if so, at a much higher rate. Measured in cash, this decision of the Supreme Council meant a donation of 1575 members’ withdrawal equities. This was certainly an act performed in the spirit of brotherly love. If left without a guardian the Federation kept the inheritance of the minor children of our deceased members until they came of age. The Federation opened a savings account for each such child. These deposits bore interest. In 1932, when the banks closed, there were $36,400.04 in such deposits. Our Federation paid out these deposits in full to the orphans involved. (After the bank settlement, through the years, a portion of hese
