William Penn Life, 1972 (7. évfolyam, 1-4. szám)
1972-10-01 / 4. szám
AUDITING COMMITTEE'S REPORT LEDGER ASSETS FOR THE FIRST SIX MONTHS 1972 Bonds -__ $29,808,070.68 Stocks__________________________________—--------------------- 982,568.09 Mortgages ---------------------- 1,079,728.46 Real Estate .................................................--------------------------------- 867,153.77 Branch Real Estate Loans __________________________________ — 0 — Policy Loans and Liens -------------- 1,028,574.83 Cash and Bank Deposits ____________________________________ 71,11 5.45 Other Assets _____________________________________________ 488,555.72 Total Ledger Assets __________________________ $34,325,767.00 Less: Liabilities __________________________________—- — 26,352,43 NET LEDGER ASSETS ____________________________________ $34,299,414.57 SEMI-ANNUAL FINANCIAL STATEMENT LIFE DEPARTMENT Ledger Assets — January 1 _______________________________ $31,647,342.60 INCOME Premium Income _________________________________________ $1,175,090.27 Investment Income ______________________________________ 742,109.83 Capital Gains____________________________________________ 34,261.60 Miscellaneous Income _____________________ 108,225.10 Total ______________________________________ $2,059,686.80 DISBURSEMENTS Death Benefits __________________________________________ $ 558,274.00 Double Indemnity ..............................................—----------------------- 0 Disability Waiver________________________________________ 1,925.92 Matured Endowments ____________________________________ 328,068.66 Cash Surrenders ..............................................................................- 210,380.87 Dividends ____________________ 90,122.15 Miscellaneous ---------------- 55,912.51 Commissions and Fees _---- 222,727.89 General and Field Operating Expenses ______________________ 381,551.05 Investment Expenses ____________________________ 1,907.80 Taxes, Licenses and Fees..................................—-------------------- 8,208.25 Total _______ $1,859,079.10 Ledger Assets — June 30 _________________________________ $31,847,950.30 DISABILITY DEPARTMENT Ledger Assets — January 1 ________________________________ $1,919,150.95 INCOME Premium Income _______________________________________ $ 106,835.33 Total ____________________________________- $ 106,835.33 DISBURSEMENTS Benefits Paid ___________________________________________ $ 94,306.16 Commissions and Fees ___________________________________ 8,048.58 Total ______________________________________ $ 102,354.74 Ledger Assets — June 30__________________________________ $1,923,631.54 SEMI-ANNUAL FINANCIAL STATEMENT PENSION DEPARTMENT Ledger Assets — January 1 ------------------$519,593.31 INCOME Investment Income_________________ 13,919.72 Contributions (Employees) _____________________ 2,542.33 Contributions (Assn.) __________________________________ 0 Capital Gains _________-___________________________________ 1 1,280.00 Total ................................................................................. $ 27,742.05 DISBURSEMENTS Investment Expenses _____________________________________ $ 171.43 Retired Employees Pensions ________________________________ 13,856.52 Contributions and Interest Returned ________________________ 5,474.68 Total _______________________________________ $ 19,502.63 Ledger Assets — June 30_____________________ $527,832.73 ALL DEPARTMENTS COMBINED Ledger Assets — January 1 ___ $34,086,086.86 Total Income __________________________________________ 2,194,264.18 Total Disbursements ____________________________________ 1,980,936.47 Ledger Assets — June 30_________________________________ $34,299,414.57 REPORT OF THE NATIONAL AUDITING COMMITTEE The members of the National Auditing Committee of the William Penn Association met at the Home Office, Monday, September 11, 1972 through Friday September 15, 1972. Committee Members present were: László Kereszti, Chairman, Emma Beganyi, Secretary. Helen Nemeth, Michael Hrabar, Louis Fodor and Michael Kara. National President Elmer Charles welcomed the Committee and invited them to take part along with the National Directors at the Memorial Service for Dr. Andrew Kovács. Our audit covered the Home Office operation from January 1, 1972 to June 30, 1972. As members of the Committee we certify that the following were examined: All bank deposits to Mellon Bank and Western Pennsylvania National Bank wrere verified and compared with the ledger entries. Premium Income was examined as was the Pension Plan and the Payroll Account. Sick Benefit and Dividend Accounts were all thoroughly checked. All disbursements were checked against the vouchers and invoices. Investment accounts were all verified and it was noted by the Committee that good investments are being made by the Investment Committee. The mortgage portfolio was examined. The Scholarship Foundation shows Assets of $33.697.83 as of June 30, 1972. The Committee conferred with Director John Sabo, President of the Scholarship Foundation, and with National President Elmer Charles. They both enlightened us on the progress of the Scholarship Fund and urged all Committee Members to take part in promoting the Fund. The Committee pledged their utmost support of this great endeavor by starting with the following donations: László Kereszti $100, Emma Beganyi $100, Helen Nemeth $100, Louis Fodor $100, Michael Kara $100, Michael Hrabar $100. The -minutes of the March Board Meeting, the Executive Committee Report and the President’s Report were all read. The Ledger Assets and Semi-Annual Financial Statement as of June 30, 1972 are attached and made part of this report. At the close of the Audit the Committee met with National President Elmer Charles, National Secretary Albert J. Stelkovics, National Treasurer Julius E. Somogyi, and General Counsel Gay B. Banes. They informed the Committee on the progress of the merger with the American Life, and on the Building Program, the Home for the Elderly, and New Business Statistics. The Committee is pleased to report satisfactory progress in all these fields of endeavor. Chairman Kereszti informed the Officers that after conducting this audit the Committee finds that everything is in order and that the Association is being (Continued on page 10)
