William Penn Life, 1979 (14. évfolyam, 1-4. szám)
1979-04-01 / 2. szám
Report of The Auditing Committee To: National President, Elmer Charles The members of the National Auditing Committee of the William Penn Association met at the Home Office from March 12 to March 16, 1979. The following members were present: Emma L. Beganyi Charles Fabian Louis Fodor Michael Hrabar Michael Kara Chairlady, Helen Nemeth, due to illness has excused herself, and sent her greetings to the National Officers and Board Members. The Committee joined with the National Officers and Directors in the opening program of their meeting on March 12, 1979. On behalf of the committee Louis Fodor extended our greetings and stated we were all so thankful to be together again, all in good health and spirit. Our Audit covered the period from July 1, 1978 to December 31, 1978. During our examination all disbursements were thoroughly checked with the vouchers, cancelled checks and the computer runs. New Stock and Bond purchases made during the six month period under audit were verified. The committee went to the vault at Mellon Bank to personally check each purchase. All sales of stocks and bonds were examined and confirmed to the ledgers. The bank accounts were examined and verified with confirmations received from the bank upon request of the committee. These included the following accounts: General account, payroll account, dividend, disability and medical. The mortgage portfolio examination showed that mortgage loans are a profitable investment for the Association. The Branch Audit forms were reviewed. Out of 89 branches, 69 reports were received. All branches should adhere to the by-laws and send in their report. It was noted many of the reports were not fully completed. It is suggested by the committee that more care and consideration should be taken in preparing the report. A few of the reports were very thorough with attached sheets listing their fraternal activities. These branches are practicing fraternalism as a family affair, as they have many activities for the young people, such as baseball teams, dancing groups, bowling teams, Christmas parties and many other activities. Keep up the good work. The annual financial report was reviewed. The committee wishes to commend those who prepare the report. It is done with such fine detail and is a pleasure to examine. The Actuary Report was reviewed. After reviewing both reports we wish to report that the William Penn Association is in a very sound position and growing. The committee met with National President, Elmer Charles, National Secretary-Treasurer, Albert Stelkovics, and General Counsel, Gay B. Banes. They informed us that the American Life merger has been reached. Progress has 31so been made with the Grant St. property. Work is being done on the Scenic View property. The committee wishes to thank the National Officers and the Home Office employees for their courtesy and kind consideration extended during their stay. It is always a pleasure for the committee to come to the Home Office and meet all the employees. Our Audit was made in accordance with generally accepted auditing standards. Respectfully submitted, Emma L. Beganyi, Secretary 1978 ANNUAL STATEMENT FINANCIAL REPORT ASSETS: Bonds ................................................................................ $31,330,817 Stocks ................................................................................ 2,085,077 Mortgage Loans .......................................................... 1,823,885 Real Estate ............................................................................. 1,467,936 Certificate Loans .................................................................. 724,198 Cash .......................................................................................... 339,748 PREMIUMS: Life ............................................................................................. 30,698 Accident & Health ................................................................... 2,717 Accrued Investment Income ................................................ 606,456 Total Admitted Assets .......................................... $38,41 1,538 LIABILITIES, SPECIAL RESERVES AND SURPLUS CERTIFICATE RESERVES: Life .......................................................................................... $28,811,140 Accident & Health .................................................................. 332,020 Supplementary Contracts Without Life Contingencies 66,724 Miscellaneous ........................................................................ 385,000 CERTIFICATE CLAIMS: Life ............................................................................................. 53,676 Accident & Health .................................................................. 6,547 Refund (Dividend) Accumulations ..................................... 1,444,822 Advanced Premiums ............................................................. 735,990 Commissions, Taxes, General Expenses Due or Accrued ........................................................................ 20,875 Pension Benefit Funds .......................................................... 1,459,433 Security Valuation Reserve ................................................... 722,468 Trust Account ........................................................................ 112,363 Other Liabilities ..................................................................... 11,403 Total Liabilities ............................................................. $34,162,468 Special Reserves ..................................................................... 19,128 Unassigned Surplus ................................................................ 4,229,940 Total ................................................................................ $38,41 1,538 3
