Fraternity-Testvériség, 1971 (49. évfolyam, 1-12. szám)
1971-04-01 / 4-6. szám
step to check our eligibility for exempt status. I am afraid that a thorough examination of our lodge system will sooner or later follow: The necessary preparations should be made at the earliest possible time. VIII. REINSURANCE Members carrying more than $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 of reinsurance as follows: Reinsurance premium acttually paid in 1970 ..............$2,418.29 Less: Experience refund for 1969 ........................ 622.78 Net reinsurance premium paid for the year.......................$1,795.51 We ceded $241,500.00 life and $727,- 000.00 accidental death insurance as of December 31, 1970. None of our reinsured members died since the contract is in force, but I firmly believe that the relatively small premium gives us valuable protection against possible big losses in the future. 128 members are insured. IX. OTHER SERVICES 1) The President reappointed me to act as Chairman of the Employees’ Retirement Benefit Plan. I report on the affairs of the Plan as follows: Balance as of December 31, 1969 ...................$154,737.49 Contributions from Employees in 1970 ................... 5,649.81 Contribution of the Federation in 1970 ................... 12,000.00 Interest Income in 1970 ........... 7,115.71 Total Income .............................$179,503.01 Benefits paid and Equity Withdrawn in 1970 ................... 10,871.17 Balance on Dec. 31, 1970 .......$168,631.84 The Fund had 15 participating members and 5 pensioners on December 31, 1970. The amended by-laws of the Plan were approved by the Board at our last meeting. A few copies were printed and submitted to the Internal Revenue Service together with an application for determination. As of date of the writing of this report, we did not receive approval. 2) Together with the Treasurer, I prepared a monthly statement of income, disbursements and assets for publication in the Fraternity. As one of the associate editors, I wrote 12 Hungarian and 2 English articles. 3) As the Controller of the Bethlen Home, I participated at five conferences of the Board of Managers in Ligonier, Pennsylvania, the activities of which will be reported by the Superintendent in behalf of the managers. I also attended the annual meeting of the Board of Directors and the meeting of the by-law committee. 4) I am the Controller of the Bethlen Freedom Press, Inc., an affiliated enterprise of the Bethlen Home. I respectfully recommend that the relationship of the Press and the Federation be precisely determined and if this Board has final jurisdiction over the Press, its affairs should be carefully examined and the feasibility of the further operation decided upon. 5) I am one of the Vice-Presidents of the American Hungarian Federation. Throughout the year, I served as Chairman of the Public Relation and Information Committee and wrote several articles in the Hungarian newspapers in the United States, Canada and Germany. Membership and the number of certificates further declined but there are two hopeful signs. The rate of decrease improved somewhat and the losses are just about evenly distributed among the adult and juvenile departments. Last year all losses occurred in the juvenile department. With the spectacular net increase of $1,321,201.00 we had $49,305,061.00 insurance in force as of the year-end which gives every assurance that we will surpass the magic mark of 50 million dollars in 1971. High quality new production, efficient conservation and unprecedented low mortality rate (37.2) made this outstanding result possible. After several years of decline and stagnation our assessments and dues income hit the upward trend. It is a long- awaited and welcome news, however slight the increase may be. The $643,087.17 increase in our ledger assets is the most spectacular achievement of the year. It represents more than 4% of the assets held at the end of 1969. Another $77,413.55 was added to our Unassigned Fund and the solvency ratio reached the record level of 112.02. Summing up, 1970 turned out to be the second very good year on our road to recovery. If the economy does not show any dramatic change to the worse, we may proudly report the financial condition of the Federation to the Convention in 1972. I hope that my report will meet your approval and gain final acceptance. Fraternally yours, László L. Eszenyi Controller X. SUMMARY Graduated With Honor Katalin Kovach graduated from the Walter Johnson Senior High School with high honor. She received one award for sport activities and another for outstanding achievements in English. Recently, she successfully participated in a Public Speaking Contest and has won a scholarship. She will continue her studies at the University of Kentucky. She is the daughter of Mr. and Mrs. Tibor Baksy, an employee in the Home Office and member of Branch 300. Good luck and further successes, Kathy. Miss Katalin Kovach 21
