Fraternity-Testvériség, 1977 (55. évfolyam, 1-4. szám)
1977-07-01 / 3. szám
FLUCTUATION SUMMARY FOR 1975-76 CERTIFICATES U.S.A. CANADA 1975 1976 1975 1976 Beginning Inventory ................................................. ................... 31,118 30,451 661 645 Add: New Certificates ......................................... ................... 838 812 25 37 Reinstated ..................................................... ................... 45 32 — — Transfers, etc.................................................. ................... — 1 — 1 Total: ............................................................. ................... 32,001 31,296 686 683 Less: Death ............................................................. ................... 373 374 9 7 Matured ......................................................... ................... 240 246 7 11 Lapses ........................................................... ................... 455 436 17 10 Surrender ....................................................... ................... 482 512 8 12 Transfers, etc.................................................. ................... — 1 — 1 Year-End Inventory ................................................... ................... 30,451 29,727 645 642 DECREASE DURING THE YEAR ..................... ................... — 667 — 724 — 16 — 3 INSURANCE IN FORCE Beginning Inventory ................................................. ................... $49,348,242 $49,676,705 $1,225,008 $1,337,059 Add: New Certificates ......................................... ................... 3,316,200 3,510,500 189,000 289,000 Reinstated ..................................................... ................... 145,250 110,000 — — Transfers, etc.................................................. ................... 153,608 151,097 2,301 1,000 Total: ............................................................. ................... $52,963,300 $53,448,302 $1,416,309 $1,627,059 Less: Death ............................................................. ................... 377,220 473,143 4,250 3,500 Matured ......................................................... ................... 294,860 318,731 8,000 13,000 Lapses ........................................................... ............... 1,449,575 1,203,033 58,000 32,250 Surrender ....................................................... ................... 998,995 1,469,438 9,000 51,000 Miscellaneous ............................................... ................... 165,945 184,857 — 1,000 Year-End Inventory ................................................... ................... $49,676,705 $49,799,100 $1,337,059 $1,526,309 CHANGES DURING THE YEAR .......................... ................... + 328,463 + 122,395 + 112,051 + 189,250 IV. TRUST FUND Unclaimed matured proceeds and death benefits which cannot be remitted to the legal recipients because of various reasons, are kept on our Trust Fund. The amount of the deposits is constantly growing as the following listing shows: U.S.A. Canada Total Balance on 12-31-75 ....$136,127.14 $8,034.84 $144,1161.98 Balance on 12-31-76 .... 164,492.43 6,069.44 170,561.87 V. BUDGET We overspent the limitation of expenses set by the New York State Insurance Commissioner. The projected limitation for 1977 is $675,959.00, considerably lower than the $728,275.00 proposed for 1976. We have to start a rigorous austerity program if we want to fit into this budgetary straight jacket. I submit such budget for 1977 prepared with the cooperation of the National Officers and the Actuary. VI. PAYROLL, TAXES After deducting the various Federal and State taxes as well as contribution to the Retirement Benefit Fund, we forwarded net payroll to the Treasurer’s office. Taxes withheld were always submitted to the U.S. agencies and Canadian tax offices on time. In Canada we have paid $9,701.75 in corporate taxes in 1976. Since January 1, 1974, Canada also levies 2% tax on dues collected. 12 VII. REINSURANCE Insurances over $15,000.00 are automatically insured up to $60,000.00 with the North American Reassurance Company. Over $60,000.00 the facultative basis is issued. According to the applicable stipulation of our reinsurance contract the amount of reimbursement gradually decreased as the reserve accumulates along the years. In 1976 we paid the following reinsurance premium: U.S.A. Canada Premium ............................................... $5,719.01 $2,575.52 Less: Experience refund ................... 2,285.85 111.47 Cost of Reinsurance ........................... $3,433.16 $2,464.05 In 1976 one reinsured member died carrying $75,000.00 total coverage. We collected $55,385.00 under the reinsurance contract. VIII. OTHER SERVICES 1) I represented the Members of the Board and the Federation at the last rite of Mr. Géza Vespremi. I participated in the funeral services in the Church and at the grave- site. 2) I substituted for the Treasurer twice for a longer period of time in 1976 and served as Acting Treasurer from January 29 to March 15, 1977. In the absence of the late Treasurer Mr. Paul St. Miklossy, a special committee supervised the transition of the duties to Treasurer-elect Mr. Joseph Molnár. Director William Szuch, Chairman of the Committee, will report on the findings.
