Verhovayak Lapja, 1954 (37. évfolyam, 1-12. szám)
1954 / Verhovay Journal
IT’S YOUR BIG DATE: MAY 29 —30, 1954 PAGE 1 .. Verhovay Journal May 19, 1954. Verhovay Journal Journal oÍ the Verhovay Fraternal Insurance Ass’n. OFFICE OF PUBLICATION 7907 West Jefferson Ave. Detroit 17, Mich. PUBLISHED MONTHLY BY THE Verhovay Fraternal Insurance Association Managing Editor: JOHN BENCZE Editor: JOHN SABO Editor’s Office: 436—442 FOURTH A VENUE PITTSBURGH 19, PA. Telephone: COurt 1-3454 or 1-3455 • All articles and changes of address should be sent to the VERHOVAY FRATERNAL INSURANCE ASSOCIATION 436—442 FOURTH AVENUE PITTSBURGH 19, PA. SUBSCRIPTION RATES: United States and Canada ..................................... $1.00 a year Foreign Countries .................................................... $1.50 a year Entered as Second Class Matter at the Post Office at Detroit, Michigan under the Act of March 8, 1879. UNITED NATIONS BUILDING The tall rather unconventional type United Nations Building dwarfs the structures in its immediate vicinity. Here the representatives of many nations and diverse races are attempting- to resolve the differences among the countries. United Nations occupies an 18 acre six-block area along the East River in Manhattan. The 39 story Secretariat Building houses the offices of 3,400 persons of 63 nationalities who form the administrative organ of the United Nations. The shallow-domed building is the General Assembly meeting place of the representatives of .the member nations and the various councils and commissions meet in the Conference Building. Many Verhovayans will see the United Nations Building- during their 1954 National Verhovay Fellowship Days rally in New York City May 29—30. Stephen E. Balogh Heads Organization The former secretary of the American Hungarian Federation, Stephen E. Balogh, is now president of the FOREIGN SERVICES CORPORATION, 1624, Eye Street, N. W., Washington 6, D.C., a body dealing in foreign securities, currency exchange, export-import, investment counsel, patent assignment and licensing. In addition to the aforementioned business activities, FOREIGN SERVICES CORPPORATION offers other services of personal interest, as: 1. REMITTANCE OF MONEY at free market rates to most countries of the world; 2. MEDICINE AND GIFT PACKAGE shipments to any country in the world (except Rumania); 3. CONSULTATION AND ASSISTANCE in matters connected with IMMIGRATION, NATURALIZATION, AUTHENTICATION OF DOCUMENTS and all types of problems which involve inquiry and liaison with the agencies of our own Government,. or the EMBASSIES and LEGATIONS of the foreig-n governments in Washington, D.C. FOREIGN SERVICES CORPORATION may be contacted for almost any kind of business or personal information, The services mentioned above are but a few covered by this helpful organization. WRITE FOR FURTHER FACTS TO ADDRESS ABOVE.--------------------------One of the virtues of a man who isn’t afraid of criticism is that, he’s never afraid to admit a mistake. Worry is a perfect incubator that can guarantee you a perfect hate of troubles. VERHOVAY FRATERNAL INSURANCE ASSOCIATION CERTIFICATE OF AUDIT We have audited the books and accounts of the Verhovay Fraternal Insurance Association for the six months beginning July 1, 1953 and ending December 31, 1953, and We Certify to the correctness of the financial schedules for the above-mentioned period as shown in the records of the Verhovay Fraternal InsuTance Association. An examination was made of all income accounts consisting of Receipts from Verhovay Branches, Senior and Junior 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 of the securities of out 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, 1953, there was a total book value of $12,726,390.86, distributed as follows: United States Government Bonds $1,772,149.85 Industrial Bonds 708,763.14 State and Municipal Bonds 3,097,854.82 Canadian Municipal Bonds 110,019.70 Railroad Bonds 904,037.27 Railroad Equip. Trust Certificates 183,088.73 Public Utilities Bonds 5,950,477.35 Our examination further verified the fact that all bond coupons were promptly presented for collection when due, and that all monies thus obtained along with those funds received from the sale of securities were promptly credited to the Association’s account. A very careful, detailed analysis of all monies disbursed by our Association was made for the six (6) months period under examination. This examination covered such items as Death Benefit, Sickness and Accident, and Permanent Disability claims, Bond Purchases, Cash Surrenders, Medical Examination Fees, Loans to members, 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 (6) months period. All vouchers and supporting papers for these payments were carefully scrutinized and all payments were found to have been made according to the provisions and dictates of the By-Laws of our Association. Those Verhovay members who were favored with Scholarship Loans in the past years can greatly assist those desiring similar loans by making prompt repayment of their obligations. Verhovay members are true fraternalists and meet their obligations. Branch Managers are requested to comply with the By- Laws and mail requests for sick benefit payments to the Home Office every thirty days, rather than at later intervals. The Auditing Committee also requests the co-operation of the Branch Managers in remitting all membership dues to the Home Office before the end of the month. It can be stated that our examination definitely ascertained that the official data as published by the Home Office in the official jourhal 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 1953, i.e., July 1, 1953 to December 31, 1953, reads as follows: Period Ending Assets December 31, 1953 $14,275,197.23 June 30, 1953 13,866,962.11 Net Increase $ 408,235.12 The Statement of Assets as revealed in the Annual Statement and which was verified by our audit reads as follows: Period Ending Assets December 31, 1953 $14,275,197.23 December 31, 1952 13,366,070.27 Net Increase $ 909,126.96 Our examination commenced April 19th, 1954 and was completed May 1, 1954. AUDITING COMMITTEE GÁSPÁR PAPP, ANDREW BANDY, WILLIAM C. KOHUT
