Fraternity-Testvériség, 1969 (47. évfolyam, 1-12. szám)
1969-04-01 / 4. szám
Section Managers. A “do nothing policy” can no longer be tolerated. Authorization should be given to the secretary to make changes. 5. Approval is asked for the amount of 1969 quota as published in the January Monthly Production Report and the subsequent changes made up to date. 6. Contracts for the year 1969 were approved on the uniform salary and expense rates of schedule for our Field Force. 7. The production year in the future should start with January 1st and end on December 31st. Contracts should be signed at the end of the previous year. Monthly reports should cover the period from the first to the last day of the month. Accordingly, quota plans should be presented at the September Board of Directors meeting. 8.1 received many requests from the Field Force and my staff for the need of “Paid-up at age 65” Plan. Elderly peolpe do not like to pay insurance premiums out of their Social Security and limited pension incomes. The children instead of paying the premiums usually cash in the parents’ policies. 9. Secretary should recieve authorization to send new Field Force personnel to special training programs. 10. The case of one of our supervisors makes it mandatory for us to think seriously about the disability coverage of our full-time employees in the Home Office and in the Field Force. Action is respectfully requested on this matter. During my short time in office it was my aim to work together with the Members of the Board of Directors in their respective areas. In all local cases I seeked for the counsel, asked for the co-operation and kept the Members informed in all matters related to their constituencies. It is my endeavour to continue this policy in the future. Submitting my report for further study, analysis, evaluation and action, I hope that it will meet with your approval and gain your acceptance. Fraternally yours, Arpad George Secretary TREASURER’S REPORT FOR 1968 Mr. President, Members of the Board of Directors, Fellow Officers: It is a pleasure to respectfully present my Annual Report for 1968 to the Board of Directors of The Hungarian Reformed Federation of America. According to the By-Laws an annual report on the assets of the Federation, on the transactions, the condition of the treasury, and such matters as pertain to this department are to be reported to the Board of Directors at the Spring meeting. Our Ledger Assets as of December 31, 1967 were $14,913,124.78, with an increase of $405,306.62 over the previous year. In 1968 we passed the 15-million-doIlar-mark, with assets of $15,344,748.51, which is an increase of $431,623.73. Our ratio of net investment income to mean assets was maintained at 4.27%, but the Valuation Exhibit shows a decrease of .58 of our solvency ratio from 111.46% in 1967 to 110.88% in 1968. The following shows the fluctuation since 1962: Ratio of net investment Ratio of assets to liabilities income to mean assets 1962 ....... ........110.2% 1962 ....... .............4.25% 1963 ....... .........110.3% 1963 ....... .............4.28% 1964 ....... .........110.3% 1964 ....... .............4.43% 1965 ....... ........110.1% 1965 ....... .............4.46% 1966 ....... .........110.6% 1966 ....... .............4.48% 1967 ....... .........111.46% 1967 ....... .............4.27% 1968 ....... .........110.88% 1968 ....... .............4.27% In my report last year I stated that the increase in our assets depended greatly on higher-yielding investments in bonds and mortgages, and more production by the field force to bring higher dues income. The investment ommittee kept this in mind. Our mortgage placements in 1968 show that mortgages were placed at 6% to 7J4% as compared with the lower rates of 516% to 694% in 1967. Our bond portfolio was slightly increased in 1968, but we are still trying to replace the low interest with higher-interest-yielding bonds. The Secretary reports that there is an increase in new members for the first three months of 1969. With this upward trend, I am sure that our dues income for 1969 will also show an increase. I submit the following in accordance with the By-Laws defining my duties as Treasurer, followed by a more detailed report: I. CHECK ACCOUNTS A. The financial transactions of the Federation are handled on a Checking Account in The National Bank of Washington, Washington, D.C. and on a General Account in the Bank of Nova Scotia, Toronto, Ontario, Canada. a. The National Bank of Washington, D.C. “H.R.F.A.” Checking Account STATEMENT December 31, 1968 Total Receipts, 1968 .................................................$3,125,185.09 Total Disbursements, 1968 ...................................... 3,041,418.39 Balance, December 31, 1968 .....................................$ 83,766.70 12
