Fraternity-Testvériség, 1978 (56. évfolyam, 1-4. szám)
1978-07-01 / 3. szám
I am also Secretary of the Student Aid and Loan Fund and these minutes were distributed to the Board of Directors. MEDICAL DIRECTORS Our Medical Director, Dr. Paul Harsanyi resigned as of December 31, 1977. My appreciation and best wishes are extended to him for the cooperation I had received from him. His replacement is Dr. Katalin Korossy, and I am looking forward to the same cooperation from her, as has been demonstrated to date. FRATERNITY I wrote various articles for the Fraternity as an associate editor. I tried to stimulate the interest of our membership and Field workers. More articles on insurance are being planned for this year. IRS INSPECTION The most important point stressed was the holding of branch meetings and holding charitable and fraternal activities. I have stressed the importance of this to our branches and have repeated it constantly. The Board of Directors have received copies of the minutes and circulars informing the branches. I urge you all, to let the branches know about this. They were not concerned with monthly meetings being held so long as they are regular meetings held and fraternal activities sponsored. All minutes of the Branch meetings must be on file in the Secretary’s Office in accordance with the request of the IRS. • • Much time and energy was spent to accomplish our aims and execute the duties of my office. I did the utmost to promote the Federation in my travels while attending various banquets, dances, card parties, Calvin Synod Youth Camp and etc. I was the keynote speaker at the Pennsylvania-Ohio Presbyter Association held on September 25, 1977 at the Christ Reformed Church in Akron, Ohio. The donation I received was given to the Lorantffy Care Center and the First Hungarian Reformed Church, Cleveland, Ohio. I wish to express my heartfelt thanks and appreciation to all members of our Team — namely — my fellow National Officers who offered the utmost cooperation and assistance during this initial year of service as a National Officer. Our work together was in harmony and trust, which leads to the strengthening of our obligations. My personal thanks is also expressed to my staff, Field Force and all employees of the Home Office. This report is submitted for further study and evaluation with the request that it be accepted and your approval given for the work concluded in the Year of 1977. Fraternally yours, E. E. Vargo, F.I.C. National Secretary TREASURER’S REPORT for the year of 1977 Mr. President Members of the Board of Directors, Fellow Officers: The usual practice of the Treasurer is to submit an Annual Report on the financial condition of the Federation. My report will be consistent with the method of presentation of my predecessors. This report contains and describes in detail our financial condition and the changes thereto during the year 1977 since I took office. It was important that I remain flexible in my approach as Treasurer and Officer of the Federation so that the transition from Board Member to Executive be made expeditiously and harmoniously. There were situations where problems arose. But, with the cooperation of my fellow officers, the advisors and my staff, these difficulties were overcome. For this I wish to thank them. My report, based on the Ledger Assets of the Federation, as of December 31, 1977 is as follows: STATEMENT OF LEDGER ASSETS Ledger Assets Dec. 31, 1977 US. A. Canada Book Value Cash: Check Accts. .. ..$ 138,204.04 $ 53,910.84 Savings Acct. 63,861.01 $ 255.975.89 Petty Cash .... 400.00 400.00 Bonds .......... .. 12,228,948.00 657,455.00 12,886,406.00 Loans: Mortgages .... .. 4,085,508.72 68,708.18 4,154,216.90 Certificates .... 520,053.92 13,074.92 533,128.84 Real Estate ... 614,696.82 614,696.82 Due from Others: a. Escrow, RE XIV .... 1,234.45 1,759.34 b. Shortage ... 521.50 3.39 1,759.34 TOTAL ....... .$17,589,567.45* $857,013.34 $18,446,584.00* *The difference in amounts is due to the required dropping of cents on the Annual Statement. The Valuation Exhibit of the Ratio of Assets to Liabilities and the Ratio of Net Investment Income to Mean Assets from 1970 to 1977 follows: VALUATION EXHIBIT Ratio of Assets Ratio of Net Investment to Liabilities Income to Mean Assets 1970 ................. 112.02% 1970 .. ................... 4.59% 1971 ................. 113.36% 1971 .. ................... 4.96% 1972 ................. 113.45% 1972 .. ................... 4.91% 1973 ................. 113.29% 1973 .. ................... 5.06% 1974 ................. 113.63% 1974 .. ................... 5.35% 1975 ................. 112.46% 1975 .. ................... 5.46% 1976 ................. 112.04% 1976 .. ................... 5.53% 1977 ................. 112.08% 1977 .. ................... 5.82% 11
