William Penn Life, 1971 (6. évfolyam, 1-4. szám)

1971-05-01 / 2. szám

CERTIFICATE OF AUDIT The members of the National Auditing Committee of the William Penn Fraternal Association, met at the Home Office, 429 Forbes Avenue, Pittsburgh, Pennsylvania on Monday, March 22, 1971 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. The period under audit is for the six months beginning July 1, 1970 and ending December 31, 1970. Certification of our examination is being made to attest to the authenticity of all records on hand and elsewhere, the annual financial statement, securities now owned by the Association, income and expenses accounts and other supporting documents and data. All bank accounts of the Association were verified through confirmation re­quests received from various banks and found to be in accord with the Home Office records. These included checking N. J. SCHOLARSHIP DINNER Continued from, page 6 strated outstanding leadership qualities, both locally and on the national level as well. Their devoted and dedicated service, that they have rendered the William Penn Fraternal Association, are commendable and deserve the support of one and all in their future endeavors. Mr A. J. Stelkovics, Nadi Sec’y presents Scrolls to Past Pres. S. Barnacz and Sec’y A. Tezsla of St. Stephen Society for their Fraternal accomplishments and coopera­tion during their merger with Wm. Penn, l-r A. J. Stelkovics, Stephen Barnacz, Jr., Stephen Barnacz, Sr., Pres. E. Charles. Director Frank Radvany closed the formal part of the program, by thanking the committee members for their diligent work, and that without their complete and total participation, an affair of this kind could not be a success. Music for dancing was rendered by the nationally famous Kara-Nemeth Orchestra. accounts, payroll accounts and various savings accounts. Sources of income for the period under examination were de­rived from, premium payments, real estate and mortgage loans, loans on policies, interest on bonds and bank savings accounts, dividends on stocks, rentals from properties and miscellaneous items. Each and every income item was traced and verified through supporting data and found to be in proper order. Special effort was given to examining all forms of disbursements for the period and disbursements were made for death and sick benefit claims, matured policies, policy loans, cash surrenders, investments, salaries, commissions, dividends, general operating expenses, honorariums for directors and auditing committee members, and miscellaneous expenses. All expendi­tures for the period were found by your committee to be properly authorized for payment. An entire day was devoted to examining all securities now owned by the Associa­tion and deposited in the vaults of the Mellon National Bank. Bonds were classi­fied into two categories, negotiable and registered bonds. Interest coupons on each security were checked to verify that all coupons had been detached and presented for payment. Bonds now owned by the Association total $28,741,661.63 and com­mon and preferred stocks now owned amount to $978,606.73. Your committee feels that the present investment com­mittee comprised of the National Presi­dent, National Secretary and National Treasurer are making wise and prudent decisions when expending your Associa­tions funds into investments of this type. After examining the William Penn Scholarship Fund account, your committee noted that before granting any awards to deserving members, they will be required to -submit statements showing the need for a scholarship grant, the financial status of the applicant and also the mem­bership status of the applicant. The National Secretary informed this com­mittee that to date no scholarship grants have been awarded because the Fund is awaiting Tax Exemption from I. R. S. and this has been delayed because a Charter Amendment is required. Further report will be rendered at our next meeting. Inquiring into the Fraternal Activities of the Association, we learned that in ad­dition to the National Bowling Tourna­ment and Fellowship Days held annually, 35 branches had sponsored their annual Children’s Christmas Party with the Home Office subsidizing each Branch Treasury towards the cost of these pro­grams. The National Officers and your committee feel that affairs of this type will assist greatly in keeping our great Association bonded together in unity. Your Association, in addition to its fraternal activities, has also contriDuted generously to the American Hungarian Federation and the American Hungarian Studies Foundation. Donations to organi­zations of this type are encouraged and endorsed. Our donations to other Hun­garian organizations further proves that our great Association stands ready to assist them whenever possible to further -their own cause. After examining the Actuary’s report on the operations of the Association for the year 1970, your committee would like to comment on the solvency of your Association. The solvency ratio for 1970 was 110.50% which represents a surplus position of $110.50 for each $100.00 liability and indicates a strong and healthy surplus position. The National President stated that he anticipates 1971 will be as profitable as 1970 providing no unforseen economic conditions will pre­vail. Your Association will do their utmost to put its best effort forward, to provide better protection and benefits for its members as they have been provided with in the past. Costs will be kept at a mini­mum, which in turn will show favorable results in the final profit structure of the Association. The National President also -stated that the future era of our Associa­tion promises to be a “tremendous era” and management is equipped with plans to definitely move ahead with great strides during the coming years. The fraternal aspect is to be generated from within the branches throughout the country by in­creased membership and activities. Upon completing the semi-annual phase of our examination, your committee next examined the annual financial -statement for the year 1970 and which is also being made part of this report to the membership. The final net gain from operations after refunds to members and excluding capital gains and losses amounted to $163,386.90 and total assets amounted to $33,535,297.81. Assets as compared to 1969 have increased by $617,273.76 which further indicates the strong financial position of your Associa­tion. Again, as in the past, your committee wishes to express their sincere apprecia­tion for the co-operation received from the National Officers and employees of the Home Office. Their efforts assisted us greatly in completing our examination rapidly and efficiently. Our 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, March 27, 1971. Respectfully submitted, William C. Kohut, Chairman, John P. Veszprémi, Secretary, László Kereszti, Albert G. Kertesz, Zoltán B. Emri, Helen Nemeth. 7

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