William Penn Life, 1971 (6. évfolyam, 1-4. szám)
1971-11-01 / 4. szám
CERTIFICATE 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, August 23rd, 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 Helen Nemeth Our examination covered the period beginning January 1, 1971 and ending June 30, 1971. This being our last official visit during the four year term of our office, necessitated an extra effort to make certain that the financial and operational affairs of your Association were in proper order. Each and every income account was thoroughly examined and compared Continued from Page 16 76 Philadelphia, Pa. Christmas Party — On December 11th, 1971, the second Saturday, Philadelphia Branch 76 will hold their annual Christmas Party. As always, this party is for the children who are MEMBERS of our William Penn. Starting at 3:00 P. M., the children will receive goodies and Santa Claus will distribute gifts. It’s a real pleasure for these youngsters, so Mom and Dad, don’t forget 3:00 P. M., December 11th, come to the Philadelphia Hungarian Club, 1125 Southampton Road for our annual Christmas Party. The banquet held on October 9th, was a huge success. We were more than pleased with the turnout and judging from the comments, everyone had a grand time. b>'t it ended all too soon. Our thanks to all who worked so hard to make it the success it was. Friends and relatives of Jule .1. Szabó will be pleased to learn that he has completed his basic Army training at Fort Dix School. Aberdeen Proving Grounds. Maryland. Sometime in November he expects to be transfered to Fort Lewis, Seattle, Washington. I know all his friends will ioin his parents in wishing him well in this new venture of his life, and even though far from home, hope he will have Happy Holidays in the coming months. And speaking of holidays, we hape all of you have a Blessed Thanksgiving Day, a Merry Christmas and a Healthy, Prosperous New Year. Until our next news letter, take care. Julie Melnick, Reporter OF AUDIT with supporting data. All bank accounts were found to pe correct through written verification received írom the various banking institutions within the State of Pennsylvania and other states where bank accounts are maintained by your Association. Ail checking, savings, certificates of deposit, premium income accounts and petty cash accounts were found to be intact and correct as of June 30, 1971. Primarily, income for the Association was derived mainly from premium payments, interest on bonds and bank accounts, dividends from stocks, repayment on policy loans, rentals from properties, payments received on mortgages held by your Association, sales of short term notes, sales from the bond portfolio and other miscellaneous sources. No discrepancies or errors were found by your committee. A strict and concerted effort was given to the examination of all disbursements made during the period under audit. Disbursements were mainly for death benefit payments, policies that had matured, cash surrenders, loans on policies, salaries, commissions to field agents, dividends to policyholders, operating expenses, per diems, travel allowances, honorariums and miscellaneous items. All disbursements were properly authorized and verified through the proper accounts and found to be in order. Your committee did not note anything that might indicate any improper use of your Association’s funds that were disbursed. The financial statement submitted by the administrators of the 1971 annual Bowling Tournament and Fellowship Days held in Pittsburgh was examined and disclosed that all money disbursed for this annual event was properly authorized and paid. All money designated for prizes to bowlers, trophies, operating expenses, banquet costs and entertainment and after being paid, resulted in a net return to the Home Office of $361.58. Your committee has evaluated the cost to the Home Office for this annual event and although at times the costs have appeared to be high, it is our opinion that activities of this type will assist greatly in keeping our great Association bonded together in fraternal unity. Special notice was taken of the refined and updated method of the ledger print out from the computer center. This revised method deletes various non-pertinent information and expands necessary required data only. To date, the processing center personnel are constantly seeking ways to further update our computer system for the Association, which in turn will result in a more efficient operation of vour Association’s business functions. Extensive time and effort was devoted to the preparation of your committee’s report to the 27th National Convention scheduled to begin Monday, September 13th. The findings by your committee for the past four years and which included eight semi-annual visits to the Home Otfice, were examined and evaluated. Our study of these previous reports resulted in compiling a very thorough and precise Aeport which was submitted to the distinguished delegates to the National Convention. During our examination we had the extreme pleasure of meeting with your Board of Directors and to observe their actions during the opening day of their meeting. After our observations, it is our opinion that the business of your Association has been and is being conducted in a very efficient and thorough manner, always with the best interests of your Association at heart. In examining the general ledger from which our usual financial statements have been compiled and prepared, it is noteworthy to mention that because of the complete updating of the ledger system by the data processing center, we were not able to secure the necessary information for the entire six month period and therefore are not submitting a financial statement for this period. The final phase of our audit included meeting with the National Officers and after receiving answers to the many questions directed to them, your committee feels that your National Officers are not only handling the responsibilities of their individual office, but also those of the field, investments, finance and internal control; and we might add, a heavy responsibility! Your committee feels that during the past four years, we have endeavored to carry out, to the fullest extent, the responsibilities delegated to us upon our election at the 26th National Convention and we sincerely feel that we have administered every effort to keep you. the general membership, fully informed of the operation and the administration of your Association by its National Officers, Board of Directors and employees. Therefore, we respectfully submit this semiannual report to you with our audit being concluded on Saturday, August 28. 1971. 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 necessarv in the circumstances. Respectfully submitted: William C. Kohut, Chairman John P. Veszprémi, Secretary Zoltán B. Emri. Member László Kereszti, Member Albert G. Kertesz. Member Helen Nemeth, Member 17
