Fraternity-Testvériség, 1976 (54. évfolyam, 1-4. szám)

1976-07-01 / 3. szám

TREASURER’S REPORT for the years of 1972 - 1973 - 1974 - 1975

(Excerpts)

Mr. President,

Members of the Board of Directors, Fellow Officers,

Delegates to the Convention:

It is a great pleasure to present my fourth report to this 30th Convention on the 80th Anniversary of our Federation.

Treasurer’s duties are to give a report to the Convention on the financial condition of the Federation, I would like to extend my appreciation to all those who worked with me during the past 41 years, both in the field where I spent 25 years as District Manager and Supervisor, and in the Home Office, where I spent 16 years as Treasurer. It was always a pleasure to work with my co-workers for the benefit of our Federation. Those who laid the foundation for The Hungarian Reformed Federation of America are no longer with us, but their memory and achievement will never be forgotten. May they rest in peace, knowing that their efforts were not m vain, but are being carried on by their children.

In presenting this report to the Convention I would like to compare the assets of the Federation on December 31, 1975 with the assets on December 31, 1961 from my first report to

Before I comply with the By-Laws, which state that the

the Supreme Council.

LEDGER ASSETS

1975

1961 Decrease

Increase

I. CASH.................................

.... $ 184,090.50

$ 172,292.42

$ 11,798.08

II. PETTY CASH ..................

400.00

400.00

III. BONDS:

Bonds .............................

.... 11,353,764.18

6,115,448.54

5,238,315.64

Shares ...........................

12,241.12 $12,241.12

IV. LOANS:

Mortgages ......................

5,611,587.00

4,751,757.25

859,829.75

Certificates .....................

584,305.02

367,439.69

216.865.33

V. REAL ESTATE.................

614,696.82

268,797.89

345,898.93

VI. DUE FROM OTHERS....

7,730.13

1,355.52

6,374.61

$12,241.12

$ 6,679,082.34

— 12,241.12

TOTAL: ........................

... $18,356,573.65

$11,689,732.42

$ 6,666,841.22

INCREASE OF LEDGER ASSETS 1971-75

U.S.A. Canada Total

Ledger Assets,

Dec. 31, 1975 ....$17,782,253.37 $574,320.28 $18,356,573.65

Ledger Assets,

Dec. 31, 1971 .... 16,536,742.28 454,970.26 16,991,712.54

Increase,

1971-1975 ........$ 1,245,511.09 $119,350.02 $ 1,364,861.11

I have made my annual reports to the Board of Directors each year of 1972 through 1975, and now present my report to the Convention in the following:

I. CHECK ACCOUNTS:

The Federation maintains all financial transactions on both the General Account and Transfer Fund Account with the National Bank of Washington, Washington, D. C. and in the Bank of Nova Scotia, Toronto, Ontario, Canada.

NOTICE: The Statement of Ledger Assets’ figures represent the Book Value of our Assets. The Admitted Assets on December 31, 1975 as per our Annual Statement was $18,250,144.99.

COMPARISON OF LEDGER ASSETS BY YEARS, 1972-76 Assets Increase

1971 .................. $16,991,712.54 ..................

1972 .................. 17,248,285.17 .................. $ 256,572.63

1973 ..................... 17,604,933.41 356,648.24

1974 ..................... 18,010,521.59 405,588.18

1975 ..................... 18,356,573.65 346,052.06

TOTAL INCREASE,

1971 to Dec. 31, 1975 ................................... $1,364,861.11

According to the By-Laws of the Federation the duties of the Treasurer pertaining to reports is defined as follows:

“e. He shall make a report of the annual transactions and the condition of the treasury to the meetings of the Board of Directors and shall present a full report to the Convention.”

SUMMARY OF BANK ACCOUNTS, 12/31/75

Cash on U.S.A. Account .......................................$ 67,092.04

Cash on Canadian Account .................................. 76,998.46

Canadian Savings Account ................................... 40,000.00

Total ................................................................$184,090.50

The comparison of the receipts and disbursements for the years 1972-73-74-75 follows:

a. H.R.F.A. Checking Account, The National Bank of W ashington:

Receipts

1972 ......................................$ 3,814,645.28

1973 ..................................... 4,039,892.75

1974 ...... 3,544,931.24

1975 ..................................... 3,971,018.60

Total ....................................$15,370,487.87

Forwarded from 12/31/71 117,474.66

Total ...................................$15,487,962.53

Disbursements $ 3,866,933.90 3,919,964.73 3,621,616.50 4,012,355.36

$15,420,870.49

$15,420,870.49

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