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

1974-10-01 / 4. szám

Minutes of the Board of Directors Quarterly Meeting

Report of the National A uditing Comm ittee

TO: National President Elmer Charles

The National Auditing Committee met at the Home Office, Monday, September 16, 1974 through Friday, September 20, 1974.

Committee Members present were:

László Kereszti, Chairman Emma L. Beganyi, Secretary Louis Fodor Michael Hrabar Michael Kara Helen Nemeth

National President Elmer Charles welcomed the Committee and extended the invitation to join in the opening session of the National Board of Directors quarterly meeting.

Auditor Michael Hrabar, on behalf of the Committee, expressed the joy of the Committee Members in seeing all the National Officers and Directors in good health.

The audit covered the period from January 1, 1974 to June 30, 1974. Committee Members certify that the following were examined:

All disbursements were thoroughly checked, the cancelled checks against the vouchers, invoices and ledgers.

All deposits to Equibank were verified. The payroll account, the pension plan, the disability, dividend and medical, and the general account.

The premium income accounts were all thoroughly checked.

Mortgage files were examined. Some new mortgages were granted.

The income and expenditures on investment accounts were thoroughly examined. The Committee went to the vaidt at Mellon Bank to check the new purchases' as of January 1, 1974. to June 30. 1974. We must commend the Investment Co mnittee on making good investments.

The minutes of the March and June meetings of the Board, the Executive Committee report, the President’s report were all read, so the Auditing Committee will be fully informed of the Association’s future plans and programs.

The Semi-Annual Financial Statement is attached.

At the close of audit, the Committee met with National Officers, President Elmer Charles, Secretary Albert J. Stelkovies and Treasurer Julius E. Somogyi. Chairman László Kereszti thanked the Officers for their courtesy extended during their audit, and thanked the Home Office employees for their cooperation.

Our examination was made an accordance with generally accepted auditing standards and included such tests of accounting records and other auditing procedures as we considered necessary.

Respectfully submitted, László Kereszti, Chairman Emum L. Beganyi, Secretary

Minutes of the third quartely meeting of the hoard of directors of the William Penn Association held, September 16-18, 1974 in the hoard room of the home office in Pittsburgh, Pennsylvania

1) National President, Elmer Charles opened the third quarterly meeting at 10:00 A.M. He welcomed the Board of Directors, National Officers and Auditing Committee members present who are also meeting at this time. He was honored and pleased to greet everyone at this fall meeting. He considers this fall meeting most important as this affords its the opportunity to review the work of the past nine months and enables us to make improvements, where necessary, before the year ends.

The Agenda and Report of the National President to the Board of Directors has been prepared.

President Charles is somewhat saddened because Director John Sabo is unable to attend today’s meeting because of the death of his brother, Bill Sabo. He expressed the sincere sympathies of everyone to the John Sabo family.

President Charles hoped each of us had a pleasant, enjoyable and restful summer.

With saddened heart, President Charles announced the deaths of the following persons:

Illustrious Member, Stephen Szabó, Branch 71, Duquesne, Pennsylvania.

Illustrious Member, M iehael Mikula, Branch 76,Philadelphia, Pennsylvania.

Illustrious Member, John Jeso, Branch 150, Masontown, Pennsylvania.

Gáspár Papp, Jr. son of former Auditing Committe Member Caspar Papp, Sr.

Mrs. Olga Carter, sister of Mrs. Gizella Dudrik, retired Home Office Employee.

Mr. Andrew Hleba, father-in-law of

LEDGER ASSETS June 30, 1974

BONDS $30,325,499.39

STOCKS ............................. 1,097,895.41

MORTGAGES 1,081,838.35

REAL ESTATE 1,331,587.14

POLICY LOANS&LIENS 909,558.58

CASH & OTHER ASSETS 358,989.58

Total Ledger Assets $35,105,368.45

Less: Liabilities -29,893.71

NET LEDGER ASSETS . $35,075,474.74

Mrs. Elizabeth Hleba, Home Office Employee.

Bill Sabo, brother of Director John Sabo.

The members present rose for a moment of silent prayer in tribute to its deceased members.

President Charles is pleased to announce that the first full time student of the Association Mr. George Charles, Jr. has enrolled in the College of Insurance, New York, New York and after completing his course, will become a full time employee of the Association.

President Charles extended congratulations to Mrs. Emma Beganyi Secretary of the Auditing Committee who was appointed Manager of the First State Savings and Loan Association, Springdale Branch Office. He also extended best wishes, good health and much success on her promotion.

Although the Agenda is short on paper there are items which are most important and will need the full attention, and deliberation and action by the Board as they are quite crucial at this time. The Association has the same problems that are plaguing the entire country, namely higher cost of operations, mounting inflation, and the forecast for the future is not the rosiest. For these reasons the fall meeting is so important, we will have to review what has occurred, and take proper steps to plan fot the future.

Exactly one year from now we shall be holding our General Convention. Initial preparations must be made during this meeting so that ground work may be laid for a successful Convention. President Charles hopes for a good, productive and successful meeting.

Mr. Charles welcomed the Auditing Committee members and hoped they will have a successful, fruitful, and pleasant meeting. Mr. Charles also welcomed Dr. Samuel C. Gomory, Medical Director and extended birtday greetings to him.

2) Chairman of the Board, John P. Balia, welcomed everyone present. He too was sorry to see the absence of Director, John Sabo, due to the death of his brother and he too expressed his deepest sympathy.

Chairman Balia stated that as the Agenda shows, there is much to be done. The preparations for the forthcoming Convention is most important, and he hopes we shall have harmony and unity in planning for this Convention. He feels we have a united Board and we will be able to go before the Convention with great pride in our aeeomplishents, He was happy to see all of the official family present and hoped for a pleasant and meaningful meeting. Chair-9