Verhovayak Lapja, 1953 (36. évfolyam, 1-12. szám)
1953 / Verhovay Journal
PAGE 12 Verhovay Journal May 20, 1953 El yerhovay Fraternal Insurance Association CERTIFICATE OF AUDIT We have audited the books and the accounts of the Verhovay •Fraternal Insurance Association for the six months beginning July 1, 1952 and ending December 31. 1952. We certify to the correctness of the financial schedules for the above mentioned period as shown in the records of the Verhovay Fraternal Insurance Association. An examination was made of all income accounts consisting of receipts from Verhovay branches, Senior and Juvenile Orders, all Interest on Bonds, Mortgage Loans, Real Estate Loans, Membership Certificate Loans, Bank Deposits, Trust Deposits, Home Office Building, Stock Dividends. Handling Charges, Profit on Bonds Sold, and other minor miscellaneous income. These income items -were verified as having been received, and traced back into the various ledgers and journals. The Bank Statements were all reconciled for the period under examination and the Petty Cash Fund verified. All the securities of our .Association were examined in the vaults of the Mellon National Bank and Trust Company and verified as officially listed. The examination of these securities disclosed that as of December 31, 1952 there was a total book value of $11,823.859.25, distributed as follows: United States Government Bonds Industrial Bonds Municipal Bonds Railroad Bonds Railroad Equip. Tr. Certif. Public Utilities Bonds $1,771,981.86 541,133.13 2,641,620.22 897,305.41 98,244.88 5,873,573.75 Period Ending December 31, 1952 June 30, 1952 Net Increase Assets $13,366,070.27 12,954,150.47 411,919.80 The Statement of Assets as revealed in the Annual Statement and which was verified bv our audit is as follows: Period Ending December 31, 1952 December 31, 1951 Net Increase Assets $13,366,070.27 12,517,769.26 848,301.01 Our examination commenced April 13, 1953 and was completed April 25, 1953. CASPAR PAPP AUDITING COMMITTEE ANDREW BANDY — WILLIAM C. KOHUT Our examination further verified the fact that all bond coupons were promptly presented for collction when due, and that all morieys thus obtained along with those funds received from the sale of securities were promptly credited to the Association’s account. A careful, detailed analysis of all moneys disbursed by our Association was made for the six (6) months period, July 1, 1952, to and including December 31, 1&Í2. This examination covered such, items as Death Benefit, Sickness and Accident, Permanent Disability claims, Bond Purchases;* Cash Surrenders, Medical Examination Fees, Loans to Membership, all Salaries, Commissions and Collection Fees, Home Office Building Expenses, Official Publication, Traveling Expenses, Advertising, Dividends paid on all policies issued since January 1, 1949, and all other payments made and listed under the disbursement heading and included in the totals of the six ((•’) months period. All vouchers and supporting papers for these payments were scrutinized and all payments were found to have been made according to the provisions of the By-Laws of our Association. It can be stated that our examination definitely ascertained that the official data as published by the Home Office in the official organ of our Association from month to month presented a true and correct picture of the financial condition of our Association. The Statement of Assets as of the final auditing period of 1952, that is, July 1, 1952 to December 31, 1952, is as follows: Buy U. S. Savings Bonds Life Benefit Disability Combined Department Department Departments I. Ledger Assets as of Jan. 31, 1953 12.914,046.23 650,290.5813,564:336.81 II. Income Monthly dues ...................................127,181.82 14,107.30 141,289.12 Interest on Mortgage Loans ...........1,922.14 --.--1,922.14 Interest on Bonds ..........................16,774.25 --.--16.774.25 Dividend on Stocks ..........................65.70 --.--63.70 Interest on Bank Deposits ..............28.32 --.--2S.32 Interest on Real Estate Loans ......16.20 --.--16.20 Home Office Building Income .......3,546.98 --.---3,546.93 Miscellaneous Income ......................228.75 --.--228.75 Deposits to Trust Fund ..................421.63 --.--421.68 Interest on Mbship Certif. Loans....13.60 --.--13.60 ifandling Charges - Cash Surrenders344.00 --.--344.00 Handling Charges - Certif. Loans ...1.60 --.--1.60 Deposits to Pension Fund ..............525.30 --.--525.30 Employees & Officers — Withholding Tax Deductions .......3,326.27 --.--3,328.27 Employees & Officers — Social Security Deductions ........306.94 —.— 306.94 Reimb. from Jr. Order for Combined Expenses ..................................... 3,096.84--.--3,096.84 Total Income .................. 157,800.39 14,107.30 171.907.69 TOTAI............................ 13.071,846.62 664,397.8813,736,244.50 III. Disbursements Death Benefit Claims ......................36,164.60 _#_ 36,164.60 Matured Endowments ........... 2,000.00--.--2 ,000.00 Cash Surrenders .............. 7,286.95--.__ 7,286.95 Dividends ........................ 611.54 611 54 Home Office Building Dish.............1,261.73 _#_ 1,261.73 Investment Expenses .................... 45.00--.--45.00 Actuarial and Auditing Expenses 191.66--.--191.66 Monthly Dues Refunds ......................170.69 --.--170.69 Accrued Bond Interest ...................459.13 --.---459.13 Interest on Mbship. Certif. Loan -Adj. ..................................................57.68 --.--57.68 Sickness and Accident Claims .......--.--10,924.07 10,924.07 Trust Fund Paid Deposits ..............2,298.24 --.--2,298.24 Premium Refund .............................300.77 --.--300.77 Bond Amortization Decrease ..........1.73 --.--1.73 Commissions5,127.94 5,127.94 Medical Examinations ......................310.00 _ #_810.00 Collection of Dues ............................11,951.76 --.---11,951.76 Jr. Order Combined Expenses .........3,096.84 --.--3,096.84 Pension Fund Paid Deposits ...........106.40 --.--106.40 Inspection of Risks ..........................28.30 --.--28.30 Office Employees Salaries ............6,241.89 --.--6,241.89 A 333 323,333.32 Travel and Other Expenses ...........361.15 --.--861.15 Insurance Department Fees ...........265.00 --.--265.00 Branch Office Rentals ....................338.00 --.--.338.00 Home Office Rental .......... ............910.00 --.--910.00 Gén. Office Main. & Mise. Expenses71.50 --.---71.50 Office Mach. Main. & Other Equip. Main112.55 112.55 Advertising, Printing, Stationery....651.69 --.--651.69 Postage, Teleg., Telephone, Express358.64 —.— 358.64 American Hungarian Federation....83.33 --.--83.33 Verhovay Fund .................................83.33 --.--83.33 Official Publication ..........................1,242.46 --.--1,242.46 Other Legal Expenses ..................225.00 —.— 225.00 Furniture and Equipment ..............1,006.50 —.— 1,006.50 Bureau & Assn. Dues & Assessments10.00 --.--19.00 Books, Newspapers and Periodicals8.50 --.--8.59 Sports Activities Fund ....................325.00 --.---325.00 Social Security Federal Tax ............558.48 --.---558.48 Collector of Internal Revenue — Withheld Taxes - January, 1953 ....2,749.48 —•— 2.749.48 Total Disbursements ................91,496.78 10,924.07 102,330.85 Ledger Assets - February 28„ 195312,980.139.84 653,473.81 13,633.913.65 JOHN SZALANCZY National Treasurer JOHN SABO National Auditor LEDGER ASSETS-FEBRUARY 28, 1953 Real Estate — Home Office Building Less Reserve ................................................................... $ 120,516.80 Accounts Receivable ........................................-........................... 210.00 Mortgage Loan Account ............................................................... 570,179.96 Branch Real Estate Account ........................................................ 6,209.73 Bond Account .................................... 12,066.568.10 Loans and Liens ........................................................................... 560, (45.72 Stock Account .......................................... 35,032.47 Cash Account ..................................... 234,931.26 Savings Account .................................V........................................ 39,819.61 Total Ledger Assets .................................................... $ 13,633,913.65 JOHN SZALANCZY JOHN SABO National Treasurer National Auditor Statement for the Month of February, 1953
