Fraternity-Testvériség, 1948 (26. évfolyam, 1-12. szám)
1948-05-01 / 5. szám
TESTVÉRISÉG 7 1947 — MICHIGAN ÉRTÉKELŐ JELENTÉS —VALUATION REPORT (EXTRACT) Made by HUNGARIAN REFORMED FEDERATION OF AMERICA as of December 31, 1947 I hereby certify to the correctness of the answers and to the correctness of items 37, 48 and 50, of the Valuation Exhibit. GEORGE E. K. BORSHY Secretary VALUATION EXHIBIT (Basis other than Accumulation) ASSETS—Actual and Contingent (Excluding assets of expense and special funds) Assets available for payment of death losses determined as follows: Admitted Assets, item 38, page 4 of annual statement (including loans and interest thereon secured by reserves or accumulations actually maintained on the corresponding individual certificates) $3,270,827.27 less sum of general or expense funds $3,853.89, sick and accident funds when not valued $46,300.71, and special funds (include all funds other than general or expense funds not available for payment of benefits) $15,895.08 ________________________________$3,204,777.64 Assets—Actual and Contingent—sum of above items ______________________________$3,204,777.64 LIABILITIES—Actual and Contingent (Excluding liabilities of expense and special funds) Present mid-year value of promised benefits, or net tabular mid-year values, on following forms of certificates: Am. Exp. 4% death only--------------------------$1,836,903.00 Am. Exp. 3y2% death only---------------------- 874,758.00 Am. Exp. 3% ____________________________ 92,456.00 Juvenile________________________ 64,646.00 Inter Company D. I. 3% ------------------------- 6,490.00 Contingency Reserve*____________________ 60,000.00 Total______________________________$2,935,253.00 Deduct liens and interest thereon, not included in Admitted Assets, and not in excess of required reserves on the corresponding individual certificates valued:— Basis other than Accumulation __________ —.— Balance above____________________________$2,935,253.00 Liabilities of mortuary or benefit funds determined as follows: Total Liabilities, except reserve, page 5 of annual statement $32,453.80 less sum of liabilities of general or expense funds, page 5 of annual statement, not in excess of balance in corresponding funds $3,645.26; liabilities of sick and accident funds when not valued, page 5 of annual statement, not in excess of balance in corresponding funds, and liabil- ties of special funds (funds other than general or expense funds not available for payment of benefits), page 5 of annual statement, not in excess of balance in corresponding funds $17,513.71 ___________ 11,294.83 Liabilities — Actual and Contingent — sum of above items _____________________$2,946,547.83 Dec. 31, 1947 _ 108.76% Dec. 31, 1946 _ 108.92% Dec. 31, 1945 _ 111.07% Dec. 31, 1944 _ 111.2 % Dec. 31, 1943 _ 112.5 % (N. B. The following is to be used only where the ratio of assets to liabilities is equal to or in excess of 100%) The above valuation indicates that, on the basis of the Am. Exp. & Stand. Ind. table of mortality with interest at 4 and Zy2 per cent., the future payments of the society, at the net rate now being collected, together with the now invested assets, are sufficient to meet all certificates as they mature by their terms, with a margin of safety of $258.229.81 (or 8.76%) over and above the statutory standards. INVESTMENT PROFIT AND LOSS EXHIBIT Gross profit on sale or maturity ________$ 21,222.82 Gain from change in difference between book and admitted values ___________ 7,714.02 Totals------------J------------------------------$ 28,936.84 Gross loss on sale or maturty __________$ 15,572.20 Net Profit from Investments______________$ 13 364.64 Ratio per cent of Assets—Actual and Contingent—to Liabilities—Actual and Contingent _________ *Two-sevenths of difference between 4% reserves and S'A % basis.
