William Penn, 1958 (41. évfolyam, 1-12. szám)

1958-05-07 / 5. szám

DELICIOUS MENU AND FINE ENTERTAINERS William Penn fore the Committee, the meeting was adjourned at 11:00 P.M. April 10, 1958. Respectfully submitted: ALOYSIUS C. FALUSSY, Committee Chairman ALBERT IBOS Recording Secretary ALEXANDER MOLDOVANY Director ALEXANDER GYULAY Director LOUIS VASSY Director MICHAEL J. FACZAN Director MICHAEL KOROSY Director 61. Chairman MACKER expresses the thanks and appeciation of the Board to the Promotional and Or­ganization Committee for the excel­lent work performed. On motion made and seconded, the report of National President Revesz and Field Manager Charles is adopted by the Board. 62. The Minutes of the Finance Committee meeting held Tuesday and Wednesday, April 15-16, 1958, are presented to the Board. At the re­quest of Committee Chairman Frank RAPVANY, these Minutes were read by Committee Secretary Louis VAR­GA, and they are deliberated, ac­knowledged and approved as amended. These Minutes, as amended, become a permanent part of these Board Minutes, and are attached hereto, under Point No. 63. 63. Minutes of the Finance Com­mittee. MINUTES OF THE MEETING OF THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS TUESDAY and WEDNESDAY April 15-16, 1958 The meeting of the Finance Com­mittee is convened at 2:00 P.M., Tuesday, April 15, 1958. The meeting is called to order by Chairman Rad­­vany. The following members are present: Messrs. Frank Radvany, Louis Varga, Julius Macker, Stephen Lang, Frank Magyary, Stephen Ben­­cze, Louis Fishbein, National Trea­surer Julius E. Somogyi, and Invest­ment Manager Richard J. Phillips. Mr. Radvany presides and Mr. Varga acts as Secretary. The Agenda is adopted and the cases are considered as follows: 1. Mr. Radvany reports that he lo­cated a building that would be suit­able for our purposes in Trenton, New Jersey, located at 1030 Broad Street, Trenton. It was investigated by Mr. Charles and Mr. Sabo and the location appears to be excellent, and Mr. Radvany acts as liaison between our Association and the owners. The Committee recommends ratification of the action taken by the Staff and Mr. Radvany in behalf of the Home Office. Adopted by the Board. 2. Branch 129-V, Columbus, Ohio District Office. The Board of Direc­tors authorizes a. mortage loan to this branch. They have now arranged to renovate their old quarters. They are to submit final plans and speci­fications and cost estimates and, if found to be in order, they shall be authorized to proceed with the re­novations. The terms of the mortgage are 5%% for a ten year period. They have also agreed to include Invest­ment Manager Richard J. Phillips on their Board of Directors, who will help the branch with its overall fi­nancial problems. The Committee fa­vors the action that was taken and recommends its adoption by the Board. Adopted by the Board. 3. Cleveland Branch 14-V, William Penn Home. The Committee feels that the branch is in poor financial condition and, even though its obli­gation to us is current, it may be only a matter of time before they may be in default. It is the opinion that the branch should seriously con­sider placing this property up for sale and relocating the office in a more desirable area. The Committee suggests that the Home Office Staff work with and cooperate with the Branch Officers as much as possible to aid them in the sale of this pro­perty. The Committee concurs with the suggestion and moves its com­pliance. Adopted by the Board. 4. Branch 45-V, Cleveland West Side, asked our Association to make loan to the branch so that they could buy or build more suitable quarters. The Committee discusses the problem and feels that the informa­tion is entirely too vague since they did not have property to buy or sug­gest any location. From the informa­tion the Committee has, it is ap­parent that a new location must be acquired. The Committee would also like to bring to the attention of the branch the general rule whereby the Home Office can grant a mortgage loan only when the branch has 40% of the down payment. Since the loca­tion of this District Office is ap­parently so poor and it is necessary to get more suitable quarters, it is the recommendation of the Commit­tee that the Field Department look for suitable and adequate quarters. Adopted by the Board. 5. Branch 163, McKees Rocks, and Branch 88-V, Yatesboro, Pa. The Committee acknowledges the report that loans which were authorized to these branches had been completed. The Committee next examines the financial reports of the Social Homes of Branch 2-V, Kulpmont, Pa., Branch 14-V Cleveland, Ohio (East Side), Branch 129-V, Columbus, Ohio, Branch 132-V, South Bend, Indiana, Branch 288-V, St. Clairsville, Ohio, 189-V, Alliance, Ohio, 296-V, Spring­­dale, Pa. Their financial status is good and they are current with their obligations to the Home Office. The Committee also notes that Branch 336-V, Harrisburg, Pa., has not as yet filed its financial report. Adopted by the Board. 6. District Office Financing. The Committee next concerns itself with financing of District Offices. It is the Committee’s opinion that District Of­fices well-located and well-staffed could and should pay for themselves by additional business and additional service. Adopted by the Board. 7. Mortgages. The Committee con­cerns itself with the mortgage port­folio of the Association. It notes that there are no delinquencies and also that new mortgages are all on a 5% to 6% basis. Only limited activities are carried on in the mortgage de­partment and, in the main, refinanc­ing of the 4% and 4%% mortgages is carried on. Acknowledged by the Board. 8. The Committee studies the re­port of Mr. Fishbein concerning the William Penn Retirement Home. Our Actuary, Mr. Bruce, was questioned on possible means of financing such a home. He agreed to make a study for us wherein we mig'ht set up a non-profit cooperative corporation and construct this Home. The Com­mittee further requests that Messrs. Phillips and Somogyi get more infor­mation and draw a feasibility study on the possibility of erecting such a Home. The Committee feels that this would be a great fraternal activity. Mr. Fishbein states that he volun­tarily will visit a home in Philadel­phia and Florida to get more first­hand information. Acknowledged by the Board. 9. The Committee next reviews the security transactions for the past six months and checks the files, and finds no differences from what was reported. The Committee, therefore, approves the complete transactions of the Investment Department of all purchases and sales of these securi­ties and hereby attaches it with ap­proval to this report. Acknowledged by the Board. 10. The Committee considers the erecting of office space in the lobby of our present building for use as a Pittsburgh District Office and re­commends that a feasibility study be made by an architect and costs sub­mitted to the Executive Committee which should have power to act. Adopted by the Board. 11. The Committee has completed the financial matters brought before it and has carefully examined the re­port of the Treasurer and Invest­ment Manager and recommends that it be adopted. Adopted by the Board . Adjournment was at 8:00 P.M., April 16th, 1958. Respectfully submitted, LOUIS VARGA, Vice-President Recording Secretary FRANK RADVANY, Chairman FRANK MAGYARY LOUIS FISHBEIN STEPHEN BENCZE JULIUS E. SOMOGYI JULIUS MACKER STEPHEN LANG RICHARD J. PHILLIPS 64. Chairman MACKER expresses his thanks to the Finance Committee for a job well done. 65. On motion made and seconded, the Report to the Board of National Treasurer SOMOGYI and Investment Manager Phillips is adopted. 66. A letter from the MAGYAR GAZDASZÖVETSÉG in Austria is read to the Board. The Board does not desire to act upon this request. 6/. Chairman MACKER adjourns the meeting until 9:00 A.M. Saturday morning. MINUTES OF THE REGULAR SEMIANNUAL MEETING OF THE BOARD OF DIRECTORS OF THE WILLIAM PENN FRATERNAL ASSOCIATION, HELD SATURDAY, APRIL 19. 1958, IN ROOM 735 OF THE PENN-SHERAXON HOTEL. PITTSBURGH, PA., 68. Chairman MACKER convenes the meeting at 9:00 A.M. and all members are present. 69. The Bowling Tournament Com­mittee makes its report to the Board and reports on all arrangements made for the 1958 Bowling Tourna­ment and Fellowship Days to be held in Philadelphia, Pa. on May 31 & June 1, 1958. The Report of the Bowling Tourna­ment Committee is accepted by the Board of Directors. 70. On motion made and seconded, it is voted by the Board that Director Stephen LANG, SR. and Director Frank RADVANY aie the two nearest Board members to Philadelphia, and therefore, under the Convention rul­ing, shall represent the Board at the 1958 Bowling Tournament. May 21, 1958 Director Stephen LANG, SR, ap­preciates the Board’s action. How­ever, he feels that the Tournament and Fellowship Days are very vital, and therefore he declines in favor of Director Joseph KORMONDY, thus assuring that a former Verhova/ and a former Rákóczi Board member will be present at the affair. 71. National President REVE3Z re­ports to the Board that he invited Governor George M. LEADER, In­surance Commissioner Francis R. SMITH and Deputy Insurance Com­missioner Thomas R. Balaban to at­tend the Bowling Tournament in Philadelphia. Governor LEADER ex­pressed his regrets that he would not be able to attend on account of a previous engagement. However, In­surance Commissioner SMITH and Deputy Insurance Commissioner BA­LABAN havp indicated that they will be present. 72. Motion is made and seconded that the William Penn Fraternal As­sociation hold a National Bowling- Tournament and Fellowship Days in 1959. The motion is adopted by a vote of 14 to 4, and the September 1958 Board meeting will decide on the site of the 1959 tournament. 73. The Agenda having been ex­hausted, National President REVESZ thanks Board Chairman Julius MA­CKER for conducting such a fine meeting and voices his gratitude to the Board for seriously discussing and debating- all matters brought be­fore it. He expresses the hope that this fine spirit of cooperation will continue to prevail at future Board meetings. 74. Chairman MACKER entertains a motion for adjournment and states that this Board, during the past week, accomplished as much good for the future welfare of the Association as a formal convention could have done. This was accomplished because the Committees did excellent work and there was fine cooperation be­tween the National Officers and Di­rectors. In addition to this, the Board Members were at all times courteous to one another and respected one another’s opinions. It is such spirit of cooperation that makes for a good meeting. With these remarks, Chair­man MACKER again expresses his thanks for everyone’s cooperation and adjourns the meeting at 12:30 P.M. Respectfully submitted: JULIUS MACKER, Vice-President Chairman of the Board JULIUS J. LENART, Director Recording Secretary COLOMAN REVESZ, National President LOUIS VARGA, Vice President Directors: JOHN P. BALLA STEPHEN BENCZE GABRIEL CZERNAI ALOYSIUS C. FALUSSY MICHAEL J. FACZAN ANDREW FEJES LOUIS FISHBEIN ALEXANDER GYULAY ALBERT B. IBOS JOSEPH KORMONDY MICHAEL KOROSY Dr. ANDREW KOVÁCS STEPHEN LANG, Sr. FRANK MAGYARY ALEXANDER MOLDOVANif FANK RADVANY LOUIS VASSY LOUIS VIZI Attest: ALBERT J. STELKOVICS National Secretary

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