Fraternity-Testvériség, 1975 (53. évfolyam, 1-12. szám)

1975-07-01 / 7-9. szám

English Section

Report of the President to the

BOARD OF DIRECTORS of

The Hungarian Reformed Federation of America

for the year of 1974.

Distinguished Members of the Board,

Dear Brethren:

GRATITUDE

With deepfelt gratitude to Almighty God I present my report to the Board of Directors concerning the activities of the past year and the plans for the future.

With deepfelt gratitude to Almighty God is not only a phrase but it originates from my innermost feelings as the past year was one of the most difficult and trying years in our history. The ongoing economic crisis — only comparable to the depression years of the thirties, — unemployment, inflation, energy crisis, the social and political tensions in our society caused almost insurmountable difficulties in our work.

1. Assets of our Federation:

December 31, 1973 ............................-.......$17,521,232.74

December 31, 1974 ....................................$17,855,519.02

Increase__________________$ 334,286.28

2. Insurance in force:

December 31, 1973 ......................................$49,900,058.00

December 31, 1974 ................. $50,545,918.00

Increase............................-........$ 645,860.00

3. Dues:

December 31, 1973.....................................$ 1,476,696.71

December 31, 1974 ......................................$ 1,447,399.01

Decrease ......................................$ 29,297.70

4. Investment Income:

1973 .....................................$ 853,891.14

1974 .....................................$ 920,725.71

Increase.....................................$ 66,834.57

5. Ratio of investment income:

1973 5.06%

1974 5.21%

Increase.................. 0.15%

6. Valuation ratio:

1973 113.29%

1974 113.63%

Increase............................ 0.34%

7. Deceased:

1973 ____________________ U.S. 340 — Canada: 17

1974 _____________________ U.S. 323 — Canada: 11

But God was gracious to us and He helped us through this era of tensions and uncertainties. In the society fighting inflation and unemployment the officers, field workers and directors of our Federation faithfully persevered in accordance with their solemn oaths and were able to do their work entrusted to them despite the exceptionally difficult circumstances. Due to their efforts, the past year 1974 of many trials ended in a relatively good and successful way.

Decrease...................................... 23

8. We paid in death benefits:

1973 ......................... U.S. $406.343.00 — Can. $13,250

1974 ......................... U.S. $378.700.00 — Can. $ 6,000

Less than the previous year ....$31,823.00

9. Mortality experience:

1973 50.05%

1974 45.14%

Better than last year .......... 5.39%

PROGRESS-INCREASE

Our Federation progressed and was strengthened in the past year. Our insurance in force increased by more than a half million dollars and we passed the fifty million. Our assets increased and we have reached the 18 miUion mark. Our evaluation equally surpassed the results of the best years.

To substantiate the above claims, permit me to indicate a few important data of the past year.

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From the above we conclude that our Federation stands on firm foundations.

We have fulfilled all our obligations. We paid the death and sick benefits in the shortest possible time.

We have carried out the resolutions of the Board of Directors.

We have supported our youth with financial aid as ordered by the Board: with student aids, scholar