Fraternity-Testvériség, 1956 (34. évfolyam, 1-12. szám)
1956-04-01 / 4-5. szám
FRATERNITY 17 After a lengthy discussion the following resolution was made: The Federation will continue to maintain the orphange and also gradually build and furnish an old people’s home so that our old folks, left without work and care, might be cared for. These two resolutions meant that not only must the orphanage become self-supporting but that the Federation must be self-supporting also, if these two institutions are to be maintained properly and all obligations to the members discharged adequately. The Supreme Council was given the responsibility of finding ways and means of making this plan work. However, the new Supreme Council was hindered in carrying out this program because of retarded economic conditions and financial collapse by the end of 1931. Our Federation’s investments were affected by this financial and economic crisis so that 20.6% of its invested assets became insolvent, which meant an impressive loss in our 855,609.03 assets. Beginning in the year 1932 the Supreme Council found ways and means for our Federation’s operations to flow smoothly. The orphanage and old folk’s home became a model institution in the State of Pennsylvania and a pride of the American-Hungarian Reformed people. The Council also found ways to supplement abundantly the assets that had become insolvent in the critical years. A financial adviser was installed for the purpose of administering investments. From this point on, the assets were no longer placed in safety deposit boxes and vaults but invested, put to work, for greater returns. Our table of Capital and its Growth, above, attests to the success of good, planned investments. The Convention approved the Council’s every proposal: relocating the home of the Federation to Washington, D. C., and electing the four executive officers who were to fill their respective positions on January 1, 1936. The Supreme Council wisely, courageously and faithfully directed the affairs of our organization at the 1931 and 1935 Conventions as well as in the interim. This fine directing body made the Federation self-supporting and gave it the impetus to start on a new road toward the future, increasing thereby our membership and assets as well. THE ASSETS OF THE FUNDS All the property and income of the Federation are constituted and are handled in eight funds. These funds are: a. The General Expense Fund.
