Fraternity-Testvériség, 1964 (42. évfolyam, 1-12. szám)
1964-06-01 / 6. szám
FRATERNITY 25 considered to be good investments, giving the Federation an interest rate return which in no small measure has contributed to our very favorable solvency ratio. At the present time there is one mortgage loan under foreclosure proceedings and that is in the State of California. However, as in the past, such foreclosure will inure to the benefit of the Federation financially. VII. Bethlen Home Matters Of major significance was the completion of the building program of the Bethlen Home. During the course of construction and completion of the new addition, various problems arose which necessitated meetings with the contractor, architect and members of the Board of Directors of the Home. Prior to the acceptance of the new addition, necessary clearance papers were prepared, mutual releases executed and reserves retained for the work remaining to be completed. This building program raised innumerable problems, which were all solved, with the end result to have the new building proudly proclaim the charitable aims of the Federation. Our Bethlen Home, as one approaches Ligonier from the main highways, stands out as a proud monument of our organization which has a heart, and the favorable comments of the passersby reaffirm the care and attention which went into the planning, designing and completion of the work. In addition to the other matters heretofore referred to in this report, the Bethlen Home was organized, as it has always been contemplated, as a separate corporation, and the necessary By-Laws were prepared and adopted. A Board of Directors, on which the Federation is adequately represented, now conducts the operation of the Bethlen Home. During the past four years, innumerable trips were required to attend the activities of the Bethlen Home, and most of its regular meetings were attended by your Legal Counsellor. VIII. VIII. Our New Home For reasons which will be more fully disclosed at Committee Meetings, the Federation embarked on the program of constructing a new home for itself located at 3216 New Mexico Avenue, Washington, D. C. The members of this Convention have had the opportunity to view this beautiful structure known as the Kossuth House. In connection with this undertaking, various contract documents had to be prepared, and both written and oral opinions had to be rendered as the work progressed. Upon completion of the building, the contract documents and specifications were examined and compared with the work which was performed, and it was determined legally that the contractor had complied substantially with the contract documents and the building, in its entirety, was therefore accepted on behalf of the Federation. This is
