Fraternity-Testvériség, 1981 (59. évfolyam, 1-4. szám)

1981-04-01 / 2-3. szám

corded separately on the books on a simple cash basis. Our Accountants convert our book figures through proper adjustment to the accrual basis and prepare the Annual Statements to the Insurance Commissioners. The National Officers are jointly responsible for the correctness of this year-end report.

Books, records and the annual statement will be pre. sented to the Finance and Auditing Committee for detailed examination.

The analysis of expense accounts in the U.S.A. (Exhibit No. 1) and Canada (Exhibit No. 2) is atteched to the report.

ANALYSIS OF DUES INCOME

The following comparative tabulation shows adjusted life dues, Consideration of Supplementary Contracts (C.S.C.) accident and health due separately to give a better basis to analyse trends. It is a combined report for the U.S.A and Canada.

Adjusted

Total

Total

Year

Life Dues

C.S.C.

Life Dues

A & H

Dues Income

1975

$1,278,599.84

$123,661.08

$1,402,260.92

$29,377.97

$1,431,638.89

1976

1,226,230.12

139,655.88

1,365,886.00

26,706.00

1,392,592.00

1977

1,220,997.08

139,980.92

1,360,978.00

24,470.00

1,385,448.00

1978

1,167,524.00

94,306.00

1.261,830.00

21,070.00

1,282,900.00

1979

1,125.089.00

108,002.00

1,233,091.00

18,217.00

1,251,308.00

1980

1,079,038.00

100,457.00

1,179,475.00

15,957.00

1,195,432.00

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 following listing shows the changes in the deposits in 1979:

U.S.A. Canada Total

Balance on 12-31, 1979....$169,936.68 $5,814.84 $175,751.52 Balance on 12-31, 1980.... 169,696.93 5,814.84 175,511.77

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; Tibor Baksy, Miss Elizabeth Nagy, Mrs. Elizabeth Pota, Mrs. Sarolt Pota and Miss Elizabeth Balazs 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.

PAYROLL, TAXES

We deduct the various Federal and State taxes as well as contributions to Retirement Benefit Fund. Taxes withheld were always submitted to the U.S. agencies and Canadian tax offices on time.

Respectfully submitted by:

Joseph S. Molnár, Treasurer

BUDGET

We overspent the limitation of expense set by the Insurance Department of New York State for the fourth consecutive year.

N.Y. Limitation 1977 1978 1979 1980

of Expenses ...... $703,591 $677,256 $645,973 $631,478

Actual Expenses

Occured ............. 815,373 802,433 816,973 854,860

Negative Safety

Margin.................$111,782 $125,177 $179,238 $223,382

WORKMEN’S COMPENSATION

Workmen’s Compensation demanded much more attention than when on report and payment to the District of Columbia took care of our obligations. More and more states are requesting separate filing and the premium is skyrocketing in some cases. I

I wish to express sincere thanks to my Fellow Officers and Members of the Board of Directors; to our counselors, Judge Alex B. Eger, Jr., and László C. Pandy-Szekeres, our Chief Agent in Canada; to our accountants, Bennett Koppel- man and Alvin Eglow for their helpful services.

Mrs. Elizabeth Nagy retired as Branch Manager from Branch 113, Franklin, New Jersey. On picture: Mr. Steve Vajda who is taking over as Branch Manager with Mrs. Elizabeth Nagy and William B. Puskas Area Manager.

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