William Penn Life, 1969 (4. évfolyam, 1-12. szám)

1969-10-01 / 10. szám

made for the benefit of our Association. He extended best wishes to family members at home and hoped all would have a safe and pleasant journey home. President Charles reminded the Board to remain after the meeting in order to conduct the organizational meeting of the William Penn Scholarship Foundation Board Meeting.

46. Board Chairman, John P. Balia, thanked the members for the fine cooperation extended to him during the course of the meeting. He felt the problems were well discussed, and the decisions brought forth would be for the best interest of the Association.

Respectfully submitted:

John P. Balia, Chairman of the Board;

Elmer Charles, National President; Frank J. Radvany, Secretary of the Board; Julius J. Lenart, Vice President and Director; Louis L. Varga, Vice President and Director; Frank Bero, Stephen Danko, Michael Hegedűs, Stephen J. Ivancso, Rev. Andrew P. Jacobs, Dr. Andrew Kovács, Stephen Lang, Jr., Joseph Toma, Louis Vassy, Frank J. Wukovits, Sr., Directors.

CERTIFICATE OF AUDIT

The members of the National Auditing Committee of the William Penn Fraternal Association, convened at the Home Office, 429 Forbes Avenue, Pittsburgh, Pennsylvania on Monday, September 22, 1969 to begin their semi-annual examination of the books and records of the Association.

Committee Members present: William C. Kohut, Chairman; John P. Veszprémi, Secretary; Zoltán B. Emri, László Kereszti, Albert G. Kertesz and Helen Nemeth.

President Elmer Charles announced to the committee the death of “Illustrious Member” Stephen Lukacs, former distinguished member of the National Auditing Committee and former manager of Branch 18, Detroit, Michigan. This committee stood for a minute in silent tribute to Mr. Lukacs, truly one of our greater “Fraternalists”.

Our examination covers the period beginning January 1, 1969 to June 30, 1969. All income accounts were examined through corresponding records which included bank statements, deposit slips, statements of premium income from the computer center and other appropriate records. Income received and realized came mainly from premium payments, mortgage and policy loans, interest from securities, loans, bank savings accounts. Income from common and preferred stocks were in the form of cash and stock dividends. Income from rentals was derived from proporties now owned by the Association. Special attention was given to income from capital gains, pension plan and investments. Total income for the period amounted to, $2,101,474.90.

Considerable time and effort was devoted to examining all expenses and disbursements by the Association with special emphasis being placed on claims paid for sick and death benefits, matured policies and cash surrenders, policy loans, investments in securities and notes, general operating expenses, salaries, commissions, dividends, miscellaneous expenses and other sundry items. A study of the method of payment for pension plans was made and found to be in order according to the provisions governing these payments. All disbursements were properly authorized and paid when due. Total disbursements for the period amounted to, $1,722,430.28. Our Association’s operations for the period resulted in a net gain of $379,044.62 which would indicate that our Association is being operated in an excellent manner by the Officers and Directors and also points to a “healthy” future as a great fraternal association.

With regard to the 1969 annual bowling tournament and fellowship days held in New York City, a statement of all receipts and expenses was submitted by the tournament committee and examined, the net result disclosing that a profit was realized from this event, which in turn was remitted to the Home Office. This committee feels that due to the careful planning of the tournament committee and their assistants, the event was successful.

This committee noted that the investment committee has made wise and prudent decisions in their management of the securities portfolio. The purchase of short term, high yield notes has proven worthwhile. A continued effort in

Ledger Assets—June 30, 1969

Bonds ......................................................................$28,130,651.38

Stocks (Common & Preferred) .......................... 962,154.31

Mortgages 840,076.54

Real Estate ............................................................ 544,922.75

Branch Real Estate Loans ................................. 28,780.02

Policy Loans & Liens ......................................... 1,039,205.29

Cash on Hand & In Banks ............................... 116,327.12

Other Invested Assets ......................................... 800,070.31

Other Assets ........................................................ 348,169.51

Total Ledger Assets .............................................$32,810,357.23

Less Liabilities ...................................................... —25,652.31

Net Ledger Assets at June 30, 1969 .................$32,784,704.92

Net Increase in Ledger Assets, 6 Months ....... $379,044.62

Financial Statement Semi-Annual—Jan. 1 to June 30, 1969

INCOME

Monthly Dues (Premiums)

Investment Income ............

Capital Gains ....................

Pension Plan Income .....

Miscellaneous Income ......

Total Income for Period ..

$1,345,165.88

699,459.57

4,839.55

19,945.51

32,064.39

.....................$2,101,474.90

EXPENSE (Disbursements)

Claims ...............................................$1,115,165.25

Dividends ........................................... 3,098.58

Commissions & Fees .................... 179,368.57

General Operating & Investment.... 359,091.16

Taxes & Licenses ............................ 23,076.16

Pension Plan Payments .................. 8,917.70

Miscellaneous ................................... 33,712.86

Total Expenses (Disbursements) for Period $1,722,430.28 Net Income (Gain) for Period (6 Months) ..... $379,044.62

this endeavor is needed to help maintain a healthy organization.

This committee also visited the Mellon National Bank for the purpose of checking the association’s securities. It was noted that the current coupons (interest bearing) have been detached and properly deposited for payment.

As in the past, this committee again received excellent co-operation from the National Officers and the entire Home Office employees which in turn helped to expedite our examination.

Our semi-annual examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, the audit being concluded on Saturday, September 27, 1969.

Respectfully submitted: William C. Kohut, Chairman; John P. Veszprémi, Secretary; László Kereszti, Albert G. Kertesz, Zoltán B. Emri and Helen Nemeth, members.

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