Fraternity-Testvériség, 1980 (58. évfolyam, 1-4. szám)

1980-04-01 / 2. szám

REPORT

of the

TREASURER for the year of 1979

Mr. President,

Members of the Board of Directors,

Fellow Officers:

SUMMARY December 31, 1979

a. Mortgages:

United States of America......$ 581,195.95

Canada ..................................... 43,587.41

Total .........................................$ 3,314,988.50 $ 3,314,988.50

b. Certificate Loans and Liens:

United States of America .......$ 581,195.95

Canada ..................................... 5,443.78

Total .........................................$ 586,639.73 586,639.73

TOTAL LOANS, Dec. 31, 1979 ................... $ 3,901,628.23

My report is based on the Ledger Assets of the Federation as of December 31, 1979:

STATEMENT OF LEDGER ASSETS

V.

REAL ESTATE December 31, 1979

Ledger Assets VI. BRANCH OFFICE

Dec. 31, 1979

U.S.A.

Canada

Book Value

Date Acquired

Book Val.

Market Val.

3719 Fort St.

Check Accts. ...

.$ 100,769.06

$ 39,037.05

Detroit, Mich.

1962

Savings Accts. .

74,629.50

Dec. 31, 1979 .

.....$ 17,504.03

$ 17,504.03

C.D.s ...............

85,683.92

TOTAL ..........

.....$ 17,504.03

$ 17,504.03

Columbia Fed. .

100,366.00

$ 410,485.53

Petty Cash ......

69.52

69.52

VALUATION EXHIBIT

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

.. 15,156,542.00

412,225.00

15,568,767.00

Ratio of Assets

Ratio of Net Investment

Loans:

to Liabilities

Income to Mean Assets

Mortgages.......

.. 3,271,401.09

43,587.41

3,314,988.50

1970 ...............

... 112.02%

1970 .............

........ 4.59%

Certificates .....

581,196.00

5,443.00

586,639.00

1971 ...............

... 113.36%

1971 .............

........ 4.96%

Real Estate ....

17,504.03

17,504.03

1972 ...............

... 113.45%

1972 .............

........ 4.91%

1973 ...............

.... 113.29%

1973 .............

........ 5.06%

TOTAL ..........

.$19,237,847.70*

$660,605.88

$19,898,453.58*

1974 ...............

.... 113.63%

1974 .............

........ 5.35%

*The difference

in amounts is due to the required dropping

1975 ...............

.... 112.45%

1975 .............

........ 5.46%

of cents on the Annual Statement.

1976 ...............

... 112.04%

1976 .............

........ 5.53%

1977 ...............

... 112.08%

1977 .............

........ 5.82%

The increase in our Ledger and Net Admitted Assets

1978 ...............

.... 119.06%

1978 .............

........ 6.28%

were:

1979 ...............

.... 121.15%

1979 .............

........ 6.72%

December 31, 1979 ..............

December 31, 1978 ..............

Ledger Assets .$19,898,453.58 . 19,494,741.00

Net Admitted $19,780,057.00 19,534,901.00

Increase in Assets ..................

.$ 403,712.58

$ 245,156.00

The statement of bonds, based on actual cost follows:

Actual Cost Par Value

Bonds owned, Dec. 31, 1978 ....$14,687,039.00 $14,982,550.00 Total C.D.s purchased in 1979 2,525,196.00 2,525,196.00

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

..$17,212,235.00

$17,507,746.00

Matured or redeemed bonds & C.D.s in 1979 .................

.. 1,756,150.00

1,776,046.00

I wish to express sincere thanks to my Fellow Officers and Members of the Board of Directors; to our counsellors, Judge Alex B. Eger, Jr., and László Pandy-Szekeres, our Chief Agent in Canada; to our accountants, Bennett Kop- pelman 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 Mrs. Iren Simon, my secretary; to Mrs. Adrienne Vegh, my bookkeeper; Miss Elizabeth Nagy, Mrs. Elizabeth Pota, Mrs. Sarolta Pota, and Miss Elizabeth Balazs, my office staff for their outstanding work in the Treasurer’s Department.

Respectfully submitted by:

Actual cost of bonds owned, JOSEPH S. MOLNÁR,

Dec. 31, 1979 .......................$15,456,085.00 $15,731,700.00 Treasurer

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