Fraternity-Testvériség, 1970 (48. évfolyam, 1-12. szám)
1970-04-01 / 4-6. szám
phone, do the administrative work of the three branches, fill out the monthly reports and above all get promotional engagements and dates for the local District and Section Managers. 8. New Brunswick, N. J. Branch Office. In the Greater New Brunswick Area we have two Section and one District Manager engaged in promotion work for the Federation. Mrs. Ida Bankó is not only efficiently doing the office administrative work of the branches but also sets up promotional plans for our District and Section Managers. During her illness, operation and convalescence period Rev. Carey and Mr. Puskas substituted their services. With their help the administrative work was done satisfactorily. Mr. William Puskas had his first full year with the Federation. His production was 83%. Mr. Daniel Laskay was employed upon the recommendation of Rev. Imre Bertalan. He ended his trial period with 100% production. Our New Jersey promotion work was greatly handicapped for the third consecutive year by the illness of Reverend Leslie J. Carey. 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 1969 Mr. President, Members of the Board of Directors, Fellow Officers: By-Laws, that the Treasurer report annually to the Board of Directors at the Spring meeting on the assets of the Federation, on the transactions, and such matters as pertain to the Treasurer’s Dept., the report follows. I am pleased to present my Annual Report for 1969 to the Board of Directors of The Hungarian Reformed Federation of America. The year 1969 was one in which definite progress was made. Our ratio of assets to liabilities increased from 110.88% to 112.00%, the highest in years, and the ratio of net investment income to means assets from 4.27% to 4.59%, which is most encouraging. Our Ledger Assets increased from $15,344,748.51 to $15,925,641.55 in 1969, an increase of $580,893.94, as compared with the increase of $431,623.73 in 1968. The increase of bonds over the previous year was $349,000 Par Value with a Book Value of $286,844.82. While the 1969 bond market was not a seller’s market, it certainly was a buyer’s market. Whenever the funds were available, we took advantage of the market by purchasing higher-yielding bonds to offset some of our lower interest bonds, thereby improving our portfolio and increasing our ratio. I am sure we could have done better had it not been for the large amount of previously committed lower interest mortgages which first had to be satisfied. The increase in mortgages were: United States mortgages ...........$159,051.87 Canadian mortgages _________ 16,332.08 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, 1969 Total Receipts, 1969 .............................................$3,299,548.21 Total Disbursements, 1969 _________________ 3,223,175.12 Balance, December 31, 1969 ______________$ 76,373.09* BANK RECONCILEMENT, December 31, 1969 .Cash “H.R.F.A.” Checking Account, December 31, 1969 ___________________$ 193,443.75 Outstanding Checks, December 31, 1969 ___ 117,070.66 Balance forwarded to January 1, 1970 _____$ 76,373.09* *Plus funds in transit (R.E. XIV.) $765.41 Total increase ...............................$175,383.95 VALUATION Ratio of net investment Ratio of assets to liabilities income to mean assets 1969 _________ 112.00% 1969 __________ 4.59% Our real estate also was increased by $78,321.55. While I have called attention to the increase in assets, bonds, mortgages and real estate, in accordance with the a. The Bank of Nova Scotia, Toronto, Ontario, Canada “H.R.F.A.” Canadian Office General Account STATEMENT December 31,1969 Total Receipts, 1969 ...............................................$98,054.20 Total Disbursements, 1969 ___________________ 54,922.82 Balance, December 31, 1969 ......................................$43,131.38* 15
