Fraternity-Testvériség, 1972 (50. évfolyam, 1-12. szám)

1972-07-01 / 7-9. szám

TREASURER'S REPORT

for the years of

1968-1969-1970-1971

(EXCERPTS)

Mr. President,

Members of the Board of Directors, Fellow Officers,

Delegates to the Convention:

It gives me great pleasure to present my report to the 29th Convention of The Hungarian Reformed Federation of America for the years of 1968 through 1971.

According to the By-Laws of the Federation the duties of the Treasurer pertaining to reports is defined as follows:

“that he shall make a report of annual transactions and the condition of the Treasury to the meetings of the Board of Directors and shall present a full report to the Convention” covering the four year period.

I have made my annual reports to the Board of Directors each year of 1968 through 1971, and now present my report to the Convention in the following:

I. CHECK ACCOUNTS

The Federation’s income is handled on a checking account in The National Bank of Washington and at the Bank of Nova Scotia in Toronto, Ontario, Canada.

a. H.R.F.A. Checking Account, The National Bank of Washington

Receipts Disbursements

1968 .......................................$ 3,092,608.94 $ 3,041,418.39

1969 ....................................... 3,215,781.51 3,223,175.12

1970 ....................................... 3,512,535.73 3,501,798.49

1971 ....................................... 3,689,441.94 3,659,077.61

Total .......................................$13,510,368.12 $13,425,469.61

Forwarded from 12-31-67 .... 32,576.15

Total .......................................$13,542,944.27 $13,425,469.61

STATEMENT

1968-69-70-71

Total Receipts ........................................................$13,542,944.27

Total Disbursements .............................................. 13,425,469.61

Balance, December 31, 1971

117,474.66

b. “H.R.F.A.” Canadian General Account, The Bank

of Nova Scotia

Receipts

Disbursements

1968 ....................................

...$

81,004.98

$ 123,855.05

1969 ....................................

69,865.17

54,922.82

1970 ....................................

72,211.65

35,145.88

1971 ....................................

79,551.07

89,927.53

Total ....................................

...$

302,633.41

$ 294,851.28

Forwarded from 12-31-67 .

71,038.56

Total ....................................

...$

373,671.97

$ 294,851.28

STATEMENT

1968-69-70-71

Total Receipts ........................................................$ 373,671.97

Total Disbursements ................................................. 294,851.28

Balance forwarded to January 1, 1972 ...............$ 78,820.69

The Federation also has a Transfer Fund Account, which is used to cover the various vouchers for commissions, salaries and expenses of our field-workers and for medical fees at The National Bank of Washington, and at the Bank of Nova Scotia, Toronto.

II. PETTY CASH

This fund in the amount of $400.00 takes care of incidental expenses paid by cash in the Home Office.

III. BONDS:

The four year increase in bonds owned by the Federation from December 31, 1967 to December 31, 1971 in Par Value was $2,310,500.00 at a cost of $2,194,379.84. Total bonds owned December 31, 1971 was $9,640,750.00 par value at a cost of $6,401,528.07.

SUMMARY OF BOND INCREASE 1968-71

U.S.A. U.S.A. Canada Canada

Year Par Value Actual Cost Par Value Actual Cost

1971 $9,464,750.00 $9,234,584.32 $176,000.00 $166,943.75

1967 7,250,250.00 7,133,235.75 80,000.00 73,912.50

Increase $2,214,500.00 $2,101,348.59 $ 96,000.00 $ 93,031.25

Total Increase Total Par Value Total Cost

Increase in U.S.A...............................$2,214,500.00 $2,101,348.59

Increase in Canada ......................... 96,000.00 93,031.25

Total Increase ...................................$2,310,500.00 $2,194,379.84

We also invested money in Certificates of Deposit, which are short term investments offered by banks, in order to keep the funds set aside for mortgages earning interest.

IV. MORTGAGE LOANS & CERTIFICATE LOANS: The report of the loan activity in 1968-69-70-71 follows:

a. Mortgages

In the past four years the Federation gave $2,419,419.37 in first mortgages in the United States and $121,500.00 in Canada, a total of $2,540,919.37.

Year

Given

1967

1968

1969

1970

1971 Total

UNITED STATES OF AMERICA 1968-69-70-71

Balance on

first of Yr. New Loans New Balance Interest Principal

$6,288,218.07

5,992,583.80

6,151,635.67

6,049,033.28

$ 341,854.27 898,146.27 691,418.83 488,000.00

$2,419,419.37

$6,630,072.34

6,890,730.07

6,843,054.50

6,537,033.28

$ 351,950.35 342,416.33 391,164.55 377,201.91 $1,462,733.14

$ 637,488.54

739.094.40 794,021.22

747.058.40 $2,917,662.56

Balance at end of year $6,288,218.07 5,992,583.80 6,151,635.67 6,049,033.28 5,789,974.88 $5,789,974.88

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