Fraternity-Testvériség, 1981 (59. évfolyam, 1-4. szám)
1981-04-01 / 2-3. szám
charitable and benevolent work. Our aims of getting everyone behind our cause in a united effort were stressed, for in unity there is strength. At our 1980 Convention it was most appropriate to honor two great fraternalists, our President, Arpad George and Executive V.P., László L. Eszenyi. A plaque was presented to each of them for their dedicated services as they prepared for retirement. It is our prayer that the blessing of Almighty God will be with them and their family as they enjoy these golden years in good health and happiness. CLAIM SETTEMENT, CERTIFICATE LOANS 1979 U. S. A. Canada Number Amount Number Amount Death 283 $373,819 9 $ 5,750 Sick Benefit 94 11,875 — — Hospitalization 34 9,770 — — Matured 479 564,007 11 12,097 Surrender 507 313,739 7 4,417 Other 288 — 20 — Total: 1,685 1980 47 — U. S. A. Canada Number Amount Number Amount Death 284 $370,001 5 $ 1,250 Sick Benefit 73 8,131 — — Hospitalization 29 4,881 1 380 Matured 470 517,521 7 9,000 Surrender 583 364,645 10 12,731 Other 311 — 17 — Total: 1,750 — 40 — We granted 196 new loans against insurances certificates. The outstanding loans amounted to $671,847.00 in the I'.S.A. and $3,660.00 in Canada as of December 31, 1980. My heartfelt thanks and appreciation are extended to my fellow Officers, Directors, Business Counselors, Ben Koppelman and A1 Eglow; Legal Counselor, Alex B. Eger, Jr.; Medical Director, Dr. Katalin Korossy; Field Force and CPS Actuaries, for their cooperation and assistance during the year. Further, my thanks and appreciation to the Home Office employees and especially to those in my Department for their cooperation. Namely Mrs. Katalin Pashke, Secretary and Claim Adjuster; Mrs. Martha Major Secretary and Underwriting Department; Dr. Zoltán Korossy, Machine Operator and Dr. George Topor, Underwriting Department. We have many important decisions confronting us during this meeting. Let us hope and pray that we will be given courage and wisdom to make proper conclusions for the good of the HRFA and the preservation of our Hungarian culture and heritage. This report is being presented for your review, evaluation and ultimate acceptance. Sincerely and fraternally, E. E. Vargo, F.I.C. Vice President-Secretary REPORT of the TREASURER for the year of 1980 Mr. President, Members of the Board of Directors, Fellow Officers; I hereby submit to the Board of Directors my Annual Report of the financial analysis of the Hungarian Reformed Federation of America, which is in accordance with regulations set forth in our By-Laws. The data contains the transactions and changes that occured during the year 1980. My report is based on the Ledger Assets of the Federation as of December 31, 1980. STATEMENT OF LEDGER ASSETS Ledger Assets, Dec. 31, 1980 Cash: U.S.A. C CLThddci Book Value Check Accts .... ...$ 67,373.19 $ 47,365.89 Savings Accts .. — 109,248.00 C. D.-s ........... ... 2,152,730.00 39,962.80 Columbia Fed.., 122,554.74 — 2,539,235.00 Petty Cash .... 24.20 — 24.20 Bonds ............ ... 13,401,059.00 605,206.00 14,006,265.00 Loans: Mortgages .... ... 2,874,496.59 24,938.08 2,899,434.67 Certificates .... 671,846.57 3,659.54 675,506.11 Real Estate .... 17,504.03 — 17,504.03 TOTAL............$19,307,588.32 $830,380.31 $20,137,969.00* * The difference in amounts is due to the required dropping of cents on the Annual Statement. The Valuation Exhibit of the Ratio Assets to Liabilities and the Ratio of Net Investment Income to Mean Assets from 1970 to 1980 follows: Ratio of Assets to Liabilities 1970 ................... 112.02% 1971 ................... 113.36% 1972 ................... 113.45% 1973 ................... 113.29% 1974 ................... 113.63% 1975 ................... 112.45% 1976 ................... 112.04% 1977 ................... 112.08% 1978 .....................119.06% 1979 ................... 121.15% 1980 ................... 123.29% 9 Ratio of Net Investment, Income to Mean Assets 1970 ........... ...........4.59% 1971 ........... ...........4.96% 1972 ........... ...........4.91% 1973 ........... ...........5.06% 1974 ........... ...........5.35% 1975 ........... ...........5.46% 1976 ........... ...........5.53% 1977 ........... ...........5.82% 1978 ........... ...........6.28% 1979 ........... ...........6.72% 1980 ........... ...........6.95%
