Fraternity-Testvériség, 1969 (47. évfolyam, 1-12. szám)

1969-04-01 / 4. szám

Our Gross Assessment has shown a slight decrease:

V. TRUST FUND

U.S.A. CANADA TOTAL

Gross Assessment in 1967 ......................$1,425,746.62

Gross Assessment in 1968 ......................... 1,412,051.63

$34,402.37 $1,460,148.? 38,485.58 1,450,537.?

DECREASE — INCREASE IN 1968 -$13,694.99 +$4,083.21-$9,611.?

Decline in Assessments as well as in Dues Income is caused by two reasons:

1. ) The volume and quality of the new business fell short of expectation

again;

2. ) The number of non-paying certificates (Paid-up and extended) further

increased as the following schedule indicates:

Certificates Ins. in Force

Non-Premium Paying on December 31, 1964. 4,146

Non-Premium Paying on December 31, 1965. 4,448

Non-Premium Paying on December 31, 1966. 5,016

Non-Premium Paying on December 31, 1967. 5,449

Non-Premium Paying on December 31, 1968. 5,923

$4,092,874

4,470,339

5,104,998

5,563,754

6,175,254

III. STATISTICAL SERVICE

FLUCTUATION OF

MEMBERSHIP,

CERTIFICATES

FORCE

AND INSURANCE

MEMBERSHIP:

U.S.A.

CANADA

U.S.A. & CAN.

12-31-64

34,324

34,324

12-31-65

33,886

537

34,423

12-31-66

33,096

712

33,808

12-31-67

32,433

803

33,236

12-21-68

31,837

801

32,638

CERTIFICATES

12-31-64

37,224

37,224

12-31-65

36,757

538

37,295

12-31-66

35,958

713

36,671

12-31-67

35,301

820

36,121

12-31-68

34,679

827

35,506

INSURANCE IN FORCE

12-31-64

44,560,999

44,560,999

12-31-65

45,233,395

525,500

45,758,895

12-31-66

45,496,531

932,500

46,429,031

12-31-67

45,519,015

1,417,500

46,936,515

12-31-68

45,626,506

1,340,000

46,966,506

IV. CLAIM SETTLEMENT

Kind of Claims:

1967

1968

No.

Amount

No.

Amount

Death .............. 387 ( 9) $364,056.50 (2,250.00) 365 ( 15) $352,047.05 (8,000.00)

Sick Benefit.... 203 ( 2) 13,801.28 ( 286.00) 216 ( —) 15,193.00 ( — )

Hosp................... 216 ( 2) 34,028.47 ( 310.00) 177 ( 2) 27,081.45 ( 340.00)

Matured .......... 536 ( —) 436,493.29 ( — ) 521 ( —) 423,344.69 ( — )

Surrender ...... 631 ( 2) 257,752.71 ( 227.91) 626 ( 5) 239,553.82 (1,834.24)

Loan ................ 285 ( —) 127,782.52 ( — ) 205 ( —) 84,491.25 ( — )

Others ............ 187 ( 10) — ( — ) 183 ( 12) — ( — )

Expenses ____ 982 (141) — ( — ) 965 (150) — ( — )

Total ................3,427 (166) 3,258 (184)

This is a combined report for the U.S.A. and CANADA. Figures in parenthesis indicate claims settled in Canada.

Properly submitted death, matured, sick benefit, hospitalization claims and loan requests are settled within 24 — 48 hours.

Death benefits which cannot be paid to the beneficiaries because of various reason (Minor, address unknown, etc.) and proceeds of unclaimed matured certificates are kept on our Trust Fund of Unpaid Claims. Balance of the Fund was $112,909.41, as of December 31, 1968.

In the November issue of the Fraternity we published the list of such claims and we got a very good response from the recipients and beneficiaries.

Most of these deposits are considered abandoned property under the Escheat Law and must be transferred to the Welfare Departments of the respective States, after six or seven years from the due date.

VI. BUDGET

I submit a budget-expense reconciliation for the year of 1968, combined with the proposed budget for the current year. The proposed budget was prepared with the co-operation of the Excutive Committee and our Business Counsellor.

I forwarded a monthly reconcilation to the Supreme Officers and the Business Counsellor.

VII. PAYROLL AND PAYROLL

TAXES

After deducting the various Federal and State Taxes, net proceeds of the salaries were computed and figures forwarded to the Treasurer’s Office.

Taxes were submitted together with the prescribed return forms to the U.S. agencies and Canadian tax offices always on due time.

VIII. REINSURANCE

Members carrying more that $15,- 000.00 insurance are reinsured with the North-American Reassurance Company. I determined and reported reinsurable certificates and subsequent changes. I give account on the cost reinsurance as follows:

Reinsurance premium

actually paid in 1968 ..........$1,635.11

Less: Experience

Refund for 1968 .................... 501.30

NET REINSURANCE

PREMIUM PAID FOR

THE YEAR .............................$1,133.81

IX. OTHER SERVICES

a.) I report the financial condition of the “Employees Retirement Benefit Fund’’ as follows:

Balance as of

December 31, 1967 ............$139,432.00

Contributions from

the Employees in 1968 .... 4,090.03

Contributions of the

Federation in 1968 ............ 10,000.00

Interest

Income in 1968 ......... 6,300.37

TOTAL INCOME .............$159,822.40