Fraternity-Testvériség, 1970 (48. évfolyam, 1-12. szám)

1970-04-01 / 4-6. szám

BANK RECONCILEMENT, December 31, 1969

Cash “H.RJ’.A.” Checking Account,

December 31, 1969 ____________________$43,424.53

Outstanding Checks, December 31, 1969 _______ 293.15

Balance forwarded to January 1, 1970 .......-....—...$43,131.38*

•Plus $5.60 December, 1969 bank service charges recorded in January, 1970.

In our official publication, “Fraternity”, together with the Controller we publish a monthly statement of income and disbursements. Each month the Income from Branches report also appears in the publication.

II. PETTY CASH

This fund takes care of incidental expenses paid by cash in the Home Office.

b. Certificate Loans*

Loan on Certificates of members, December 31, 1969:

United States of America ___________________$ 523,587.45

Canada ....................................................................... 1,173.42

TOTAL ____________________________________.$ 524,760.87

•The Office of the Controller keeps an itemized record of this item.

SUMMARY December 31,1969

a. Mortgages ....... $6,389,178.29

b. Certificate Loans and Liens _____________ 524,760.87

TOTAL .................................... $6,913,939.16

V. REAL ESTATE

HI. BONDS

The Federation owned the following bonds on December 31, 1969:

Bonds owned, Par Value Cost

December 31, 1968 _____$7,991,250.00 $7,831,001.42

Increase in Par Value

and Cost _______________ 349,000.00 282,720.50

Bonds owned,

December 31,1969 ...............$8,340,250.00 $8,113,721.92

IV. LOANS

a. Mortgages

In the United States the Federation placed $898,146.27 in first mortgage loans in 7 churches, 4 residences and 5 commercial or industrial properties; and in Canada $35,000.00 in residences, a total of $933,146.27.

On Dec. 31, 1968 we had in

mortgages in the U.S.A..........$5,992,583.80

Increase in U.S. mortgages in 1969 __________________ 159,051.87

Balance of mortgages in the

U.S. Dec. 31, 1969 _________ $6,151,635.67

On Dec. 31, 1968 we had in

mortgages in Canada ...........$ 221,210.50

Increase in Canadian mortgages in 1969 _________ 16,332.08

Balance of mortgages in

Canada Dec. 31, 1969 _____ 237,542.62

TOTAL MORTGAGES,

December 31, 1969 ______ $6,389,178.29

On all mortgage documents we had the legal opinion of our Counsellors, Alex B. Eger, Jr., in the United States and Elmer J. Isaac in Canada, before any funds were disbursed. For their cooperation I extend my appreciation.

We were saddened by the sudden passing on January 27, 1970 of Jerry L. Wizon, our accountant, who advised us on the purchase and sale of bonds, who had placed some of our larger mortgages, and who prepared our Annual Statements. He will be missed as an associate and as a friend of the Federation. Mr. Bennett Koppelman, who is now the head of the J. L. Wizon & Co., took over the preparation of our Annual Statement for 1969. To him we extend our appreciation in his handling of the crisis.

SUMMARY OF REAL ESTATE December 31,1969

a. Property occupied by the Federation #V_ $408,514.03

b. Property acquired in satisfaction of debt:

XI. Chino, Calif. ____________$ 33,808.63

XIV. Newark, New Jersey ____ 109,508.55 143,317.18

c. Investment real estate:

III. Branch Office,

Bethlehem, Pa.........................$ 92,719.94

IV. Branch Office,

Cleveland, Ohio ....... 71,070.72

VI. Branch Office,

Detroit, Michigan_________ 17,504.03

VIII. Branch Office,

Columbus, Ohio __________ 28,921.52 210,216.21

TOTAL REAL ESTATE OWNED BY THE FEDERATION.

December 31, 1969 ___________________ $762,047.42

VI. DUE FROM BRANCHES

TOTAL _____________________________ $ 1,846.05

VII. STATEMENT OS LEDGER ASSETS Ledger Assets, Total

Dec. 31, 1969 U. S. Canada Book Value

1. Cash on Check

Accounts ----------$ 77,138.50 $ 43,136.98 $ 120,275.48

2. Petty Cash ____ 400.00 —.— 400.00

3. Bonds _________ 8,032,462.81 94,670.63 8,127,133.44

4. Mortgage Loans..... 6,151,635.67 237,542.62 6,389,178.29

5. Certificate

Loans _________ 523,587.45 1,173.42 524,760.87

6. Real Estate ____ 762,047.42 —762,047.42

7. Due from

Branches ______ 1,861.88 -15.83 1,846.05

TOTAL -------------$15,549,133.73 $376,507.82 $15,925,641.55

I express my sincere thanks and appreciation to Elizabeth Balazs, Secretary and to Mrs. Agnes Harsanyi, Bookkeeper, for their faithful service and cooperation in my department.

To my Fellow Officers and the employees at the Home Office and on the field I extend my thanks for their ready cooperation.

I submit my 1969 Treasurer’s Report, trusting that upon examination, it meets with your approval and acceptance.

Fraternally yours,

Paul St. Miklossy, Treasurer

Washington, D. C., March 16, 1970

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