Fraternity-Testvériség, 1978 (56. évfolyam, 1-4. szám)

1978-07-01 / 3. szám

The following is a summarized report on the Ledger Assets:

I. CASH ON CHECK & SAVINGS 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.

The banks mail monthly statements on all transactions which correspond with the balance of the ledger on all income and disbursements. These are kept on file in the Treasurer’s office.

a. GENERAL ACCOUNTS

1. United States of America

Total receipts in 1977 .....................................$3,390,161.29

Balance forwarded from Dec. 31, 1976 .......... 33,365.21

Total receipts ..........................................$3,423,526.50

Total disbursements ................................. 3,285,322.46

Balance on Check Account, Dec. 31, 1977 ......$ 138,204.04

Bank Reconcilement, December 31, 1977

Cash on HRFA Check Account, 12-31-77 ......$ 185,840.68

Outstanding Checks, Dec. 31, 1977 .................. 47,636.64

Balance forwarded to Jan. 1, 1978 .................$ 138,204.04

2. Canada

Total receipts in 1977 .....................................$ 142,248.82

Balance forwarded from Dec. 31, 1976 ..........+ 67,336.97

Total recepits ..........................................$ 209,585.79

Total disbursements .................................— 155J674.95

Balance on Check Account, Dec. 31, 1977 ......$ 53,910.84

Bank Reconcilement, December 31, 1977 Cash on HRFA Check Account, Dec. 31, 1977 ....$ 57,778.44

Outstanding Checks, Dec. 31, 1977 ................. 3,867.60

Balance forwarded to Jan. 1, 1978 .................$ 53,910.84

3. Canadian Savings Account Bank of Nova Scotia,

Toronto, Ontario, Canada ........................$ 63,861.01

SUMMARY

Cash on U.S.A. Account .....................................$138,204.04

Cash on Canadian Account ............................... 53,910.84

Canadian Savings Account ................................. 63,861.01

Total ...................................................................$255,975.89

III. BONDS:

As specified in the By-Laws and directed by the Executive Committee during the year 1977 the following bonds were purchased:

$775,000.00 Par Value bonds in U.S. funds 50,000.00 Par Value bonds in Canada funds

$825,000.00 Par Value was purchased in 1977

All matters pertaining to the purchase and sale of bonds, mortgage loans and other matters concerning the Federation were presented and acted upon at the Executive Committee meetings.

The statement of bonds, based on actual cost follows: Actual Cost Par Value

Bonds owned,

Dec. 31, 1976 ................

.....$12,209,895.00

$12,466,750.00

El Paso, Texas bonds Par Value raised ...........

5,300.00

Total bonds purchased in 1977 ....................

......

821,335.00

825,000.00

Total .......................

.....$13,031,230.00

$13,297,050.00

Matured or redeemed

bonds in 1977 ................

244,041.00

242,000.00

Actual cost of bonds owned, Dec. 31, 1977 .....

.....$12,787,189.00

$13,055,050.00

In the Book Value of our bonds there is a difference due to the dropping of cents in the Annual Statement.

IV. LOANS

On all mortgages the legal opinion of the counsellor, Alex B. Eger, Jr., Esquire, was requested before any funds were disbursed.

In the year 1977 the Federation placed $344,500.00 in first mortgage loans in the United States. No mortgage« were placed in Canada.

The following mortgages were placed:

$ 20,000.00 for two church mortgages 110,000.00 for two residences

214,500.00 for one commercial property

$344,500.00 placed in 1977

a. MORTGAGE SUMMARY

Mortgages in the United States,

Dec. 31, 1977 ...................................................$4,085,508.72

Mortgages in Canada, Dec. 31, 1977 ............... 68,708.18

Total mortgages, Dec. 31, 1977 ......................$4,154,216.90

• • •

My report would not be complete without expressing sincere thanks to my Fellow Officers and Members of the Board of Directors; to our Counsellors, Judge Alex B. Eger, Jr. and Elmer J. Isaac, who is also the Chief Agent in Canada; to our Accountants, Bennett Koppelman and Alvin Eglow for their helpful services.

I extend my thanks to those in the Home Office and to the members of the Field Force for their cooperation; to Elizabeth Balazs, my former secretary, who is now retired after 49 years of faithful service; to Mrs. Irene Simon, my present secretary; to Mrs. Adrienne Vegh, my bookkeeper, Elizabeth Nagy, Mrs. Elizabeth Pota, Mrs. Sarolta Pota, and Mrs. Flora Rivera, my office staff for their outstanding work in the Treasurer’s Department.

I trust that my report upon examination will meet with your approval and acceptance.

Joseph S. Molnár, Treasurer

12