William Penn Life, 1974 (9. évfolyam, 1-4. szám)

1974-04-01 / 2. szám

anticipated that all bowling will be accomplished with one shift. Field Assistant to the President, Gus G. Nagy informed the Board that a Local Committee was being organized to as­sist in the activities of this Tournament and Scholarship Banquet. Director Danko had been requested to assist in making this fraternal affair a success. Director Danko pledged he would help and assist in finalizing arran­gements for this Tournament. It is moved, seconded, and the Board desig­nated Director Stephen Danko to be Co-Administrator with Director Vesz­prémi for the 1974 Bowling Tourna­ment and Scholarship Days. 24. Moved, seconded, and the Board adopted that the Home Office Em­ployees be given an increase in salary effective April 1, 1974. 25. Moved, seconded, and the Board adopted the following resolution pertai­ning to divisible surplus: RESOLUTION BE IT RESOLVED by the Board of Directors, that divisible surplus for the calendar year 1974 be distributed on those certificates only which are based on the following Mortality Tables: a) American Men 2'A% issued from January 1, 1949 to June 30, 1956. b) 1941 C.S.O. m% issued from July 1,1956 to December 31, 1965. c) 1958 C.S.O. issued from January 1, 1966 to current date, except Five (5) and Ten (10) Year Renewable & Con­vertible Term Certificates. The amount of declared divisible sur­plus shall be that which is contained in the regular surplus (dividend) tables of the Association for the respective certi­­ficatcs 26. BE IT RESOLVED THAT the IN MEMÓRIÁM BOOK be prepared and furnished to the family members of Rev. Andrew P. Jacobs, Director, and Hono­rary President John Beneze. 27. The Board of Directors ratified the action taken by the National Secre­tary in changing the issue age of the Student Protector Plan from age 5 to age 0, thus the Plan can now be sold from “0” age to Insurance age “24”, using the application on the brochure, in those States where approved. 28. The Board sincerely acknowle­dged receipt of letters of thanks from the bereaved families of Honorary President John Beneze and Director Rev. Andrew P. Jacobs. The Board further acknowledged receipt of letters of thanks from the Hungarian Catholic League of America, Bishop Arpad Be­­retz of The Calvin Synod, Hungarian Religious Radio Program and Miss Julia R. Orosz. The Board acknowledged receipt of letter from John Albok who informed the Association that his art photos of the Roosevelt Years are being exhibited in the Franklin D. Roosevelt Library at Hyde Park, New York. The Board con­gratulates Mr. John Albok who is a member of Branch 48, New York. 29. Director Michael Hegedűs exten­ded a cordial invitation to the National Officers, Directors and Auditing Com­mittee members to attend the New Jersey Dinner-Dance to be held on April 20, 1974 in Avenel, New Jersey. This affair is being sponsored by all the William Penn branches of New Jersey, with Branch 16 of Perth Amboy, New Jersey acting as host. The proceeds of the affair will be donated to the Scho­larship Foundation. 30. Director John Sabo extended a cordial invitation to the National Of­ficers,Directors and Auditing Commit­tee members to attend a Scholarship Dinner-Dance to be held at the Duquesne Golf Club, West Mifflin, Pennsylvania on May 4, 1974. This affair is being sponsored by all the William Penn branches in Western Pennsylvania and Greater Pittsburgh area. The proceeds of this affair will be donated to the Scholarship Foundation. 31. National Treasurer Julius E. Somogyi stated that he has received donations to the Scholarship Founda­tion from the following Board Members and Branches: Frank J. Wukovits - $40.00, John P. Balia - $30.00, Stephen Lang - $16.25, Joseph Toma - $40.00, Frank J. Radvany - $15.00, Albert G. Kertesz - $50.00, Branch 22, Roebling, N.J. - $35.00, Zoltán B. Emri - $30.00, John Sabo - $178.90, Branch 13, Tren­ton, N.J. - $10.00, Gus G. Nagy - $30.00, Louis L. Varga - $25.00. These dona­tions total $500.15. The Board expressed sincere thanks and appreciation to all tlie donors for this kind remembrance. 32. Director Michael Hegedűs infor­med the Board that Branch 19, New Brunswick, N.J. is selling cook books. The proceeds of this sale will be donated to the Scholarship Foundation in 1975. These books are available for other Branches to purchase for resale. 33. National Secretary Albert J. Stelkovics and National Treasurer Julius E. Somogyi thanked the Board of Direc­tors for their kind consideration in gran­ting an increase in their annual salary. 34. Director Frank J. Radvany, spea­king on behalf of the Board of Directors, extended sincere congratulations and appreciation to the National Officers and Home Office Staff in the prepara­tion of year-end reports and statements and for the fine performance they ren­“I can’t help but feel that you’ve been trying to avoid me lately.” dered during the year of 1973 which resulted in an appreciable growth of our Association, to point out a few achieve­ments: There was a net increase of $273,034.00 in surplus, total surplus being $3,372,932.(X). The solvency ratio is 111.71%. This means that Association has $111.71 of admissible assets for each $100.00 of liabilities. Year-end profit was $206,893.65 after payment of $163,596.09 in dividends. Net invest­ment yield was 4.67%. The Association earned net investment income of $1,573,252.28, but was required to earn only $826,633.00. Average certificate written was $2,329.00 and the average annual premium was $77.31. For the third year there was a net increase in certificates in force. 35. Vice President John P. Balia, speaking in behalf of the National Presi­dent, Elmer Charles, expressed sincere thanks and appreciation for the annual salary adjustment the Board granted him. He also hopes each and every Board member had a pleasant meeting, and extended best wishes for a safe journey home. 36. Chairman of the Board John P. Balia thanked the Board for the kind cooperation extended to him during the course of this meeting. It was quite difficult to conduct such a meeting without the National President being present, however, we covered all the points and took care of the problems that had to be dealt with. Chairman Balia feels we dealt with these items in the best interest of the Association. He wished a Happy Easter to those present and to all our membership. Respectfully submitted: Frank J. Radvany Secretary of the Board John P. Balia Chairman of the Board ATTEST: Albert J. Stelkovics National Secretary 12

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