William Penn Life, 1968 (3. évfolyam, 1-12. szám)

1968-05-01 / 5. szám

Minutes of the Board of Directors Quarterly Meeting Excerpts of Minutes of the Quarterly Meeting of the Board of Directors of the W.P.F.A., held March 11-13, 1968 1. The meeting was opened at 10 A. M. by National President Elmer Charles, who welcomed the Board Mem­bers and National Officers to the Spring Meeting of 1968. He expressed the hope that our deliberations would meet with much success. President Charles was most happy to report the results of the 1967 Operation. He hopes this will be the beginning of seven fat years in lieu of the seven lean years we have experienced. He stated that we would review and analyze the past accomplish­ments, and collectively plan ahead for the future. Speaking in behalf of his Fellow-Officers, he once again welcomed the Board Members. President Charles regretfully reports the passing of a former Board Member, Alexandor Moldovany, and the Board stands for a moment of silence in tribute to the late Mr. Moldovany. Floral tribute was taken care of, in the usual manner. 2. Board Chairman John P. Balia officially calls the meeting to order. He too, welcomes the Board Members and National Officers to this Board meet­ing, and calls upon the Board Secretary to call the roll. 3. Secretary of the Board, Frank J. Radvany calls the roll and the following are present: Elmer Charles, National President, Louis L. Varga and Julius J. Lenart, Vice Presidents; Directors: John P. Balia, Frank Bero, Stephen Danko, Aloysius C. Falussy, Michael Hegedűs, Jr., Stephen J. Ivancso, Rev. Andrew P. Jacobs, Stephen Lang, Jr., Frank J. Radvany, Joseph Toma, Louis Vassy and Frank J. Wukovits, Sr.; Officers: Albert J. Stelkovics, National Secretary, John Sabo, National Controller and Budget Director, Julius E. Somogyi, National Treasurer and Richard J. Phillips, In­vestment Manager. In addition thereto, Gay B. Banes, General Counsel and Dr. Samuel C. Gomory, Medical Director, were also present. 4. The Agenda is presented to the Board and same is adopted, with the proviso, that any matter properly be­longing before this meeting may be added thereto during the course of the meeting. 5. National President Elmer Charles makes his Report to the Board and the same is accepted as a basis for further deliberations. 6. The Board accepts the Report of the Investment Committee regarding the Springdale transaction. 7. It was moved, seconded and adopted that Point 23(b) of the Minutes of the April 14, 1964 Board meeting regarding mortgage loans, be rescinded, and the Board now approves expanding our residential mortgage loans to selected areas where proper controls can be applied. All mortgages must be approved by the Investment Committee. 8. The Bowling Tournament Commit­tee now gives the Board a report on its progress for the 1968 Tournament and Fellowship Days, to be held in Youngs­town, Ohio. 9. The Board acknowledges the invi­tation extended by the Youngstown Bowling Committee to the Board Mem­bers, National Officers, Auditing Com­mittee Members, their wives and other members to attend the 1968 Bowling Tournament and Fellowship Days to be held in Youngstown, Ohio on June 1-2, 1968. 10. The Board acknowledges the in­vitation extended by Branch 48 of New York City, to hold the 1969 Bowling Tournament and Fellowship Days in New York, N. Y. 11. It is resolved by the Board to afford Branches the opportunity to bid for the hosting of the 1969 and 1970 Bowling Tournaments, this will be pub­licized in our Official Publication. There­fore, the Board will defer selection of the sites until the June Board meeting. 12. Dr. Samuel C. Gomory, Medical Director, now submits his report for the Medical Departments activities for the year. 1967. The Report is accepted and ordered placed on file. 13. On motion made and seconded, the Board grants Dr. Samuel C. Go­­mory’s request for a 1200.00 donation for the purpose of promoting a fund raising program by the Hungarian Room Committee, whereby the proceeds will be used for the Hungarian Room located in the Cathedral of Learning of the University of Pittsburgh. 14. The Board acknowledges with thanks a telegram from Mrs. Michael Hegedűs, Jr., in which she extended best wishes for success to the newly elected Officers and Board Members, as they begin their new term of office. 15. National Controller and Budget Director John Sabo now submits the proposed Budget for the year 1968. Much time was spent in reviewing the proposed Budget. The Board acknowl­edges with increasing alarm the rising cost of our conventions and is deeply concerned. The Board plans to deliberate this matter at future meetings in an effort to make provisions for the reduc­tion of these convention costs. It was then moved, seconded and adopted that the Budget for 1968, as reviewed, be accepted, as adjusted. 16. The Board acknowledges letter of thanks and appreciation from the Amer­­ican-Hungarian Studies Foundation for the Association’s annual contribution. 17. The Board acknowledges receipt of letters of thanks and appreciation from the Susch and Blizman Families of Branch 296, Springdale, Pa. for the floral tributes sent in their recent be­reavements. 18. In recognition of the services rendered to the Association and to their respective Branches by Mr. Andrew So­­lay, President and Mr. Michael Zag­­nasky, Auditor of Branch 89, Home­stead, Pa., and Mrs. Margaret Marhan, Vice President of Branch 48, New York, N. Y. who have continuously served in various capacities as a Branch Officer for more than 25 years it is resolved by the Board that the ILLUSTRIOUS CITATION and attendant diamond studded Pin be awarded to Mr. Andrew Solay, Mr. Michael Zagnasky and Mrs. Margaret Marhan. 19. The Board acknowledges the letter from William B. Puskas of New Bruns­wick, N. J. with reference to Vested Commissions, and finds that, in ac­cordance with the provisions of his then Contract, the Board cannot comply with his request. 20. Board Chairman Balia now intro­duces Mr. Robert E. Bruce, our Actuary, who presents his report to the Board. Following the reading of same, the Board conducted a lengthy discussion and deliberation on our operations for 1967. It was brought out that we have on our books 70,730 Life Certifi­cates and 10,593 Accident & Health Certificates and Sick Benefit Riders. It was moved, seconded and adopted that the Board accept the Actuary’s Report. 21. The Employees Fringe Benefits and Pension Plan is updated and lib­eralized and adopted retroactive to January 1, 1968. 22. Regarding Hospitalization protec­tion for new full time field and Home Office employees, it is resolved by the Board of Directors that the Association provide full coverage for full-time Agents and Employees and their families, on the basis of already adopted schedules, if they qualify, beginning on the first day of the month following the date of their employment. (Continued in the next issue) CHICAGO BRANCHES 15 AND 24 NOTICE! The Chicago William Penn District Office will be moved to the following new location on June 1, 1968: William Penn Fraternal Association District Office 639 West Diversey Parkway Chicago, Illinois 60614 6

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