Fraternity-Testvériség, 1973 (51. évfolyam, 1-12. szám)
1973-04-01 / 4-6. szám
TREASURER’S REPORT for the year of 1972. Mr. President Members of the Board of Directors Fellow Officers: In the following I make my report for 1972 to the Board of Directors on the assets of the Federation as defined in the By-Laws, that, “He shall make a report of the annual transactions and the condition of the treasury to the meetings of the Board of Directors.” It gives me pleasure to report that today I have completed twelve years as Treasurer of our Federation. Our Ledger Assets in 1960 were $10,628,631.42; today our Ledger Assets have reached $17,248,285.17, an increase of $6,619,653.75. The Book Value of our Ledger Assets increased from $16,991,712.54 in 1971 to $17,248,285.17 in 1972, an increase of $256,572.63. Our ratio of assets to liabilities increased from 113.36% to 113.45% and the ratio of net investment income to mean assets decreased from 4.96% to 4.91%. The following statetment shows the Ledger Assets of the Federation: Bank Reconcilement, December 31, 1972 Cash on “H.R.F.A.” Check Account, 12-31.72 ....$ 252,346.04 Outstanding Checks, December 31, 1972 ........... 187,160.00 Balance forwarded to January 1, 1973 ...........$ 65,186.04 2. Canada Total receipts in 1972 ..........................................$ 81,432.16 Balance forwarded from December 31,1971 ....... 78,820.69 Total receipts ..............................................$ 160,252.85 Total disbursements in 1972 ................... 68,468.80 Balance on Check Account, Dec. 31, 1972 .......$ 91,784.05 Bank Reconcilement, December 31, 1972 Cash on “H.R.F.A.” Check Account, 12-31-72 ....$ 91,784.05 Outstanding checks, Dec. 31, 1972 ................... —.— Balance forwarded to Jan. 1, 1973 .......................$ 91,784.05 SUMMARY Cash on U.S.A. Account ...........................$ 65,186.04 Cash on Canadian Account ....................... 91,784.05 Total ..............................................................$ 156,970.09 STATEMENT OF LEDGER ASSETS Ledger Assets Total Dec. 31,1972 United States Canada Book Value Cash on Check Accounts ............. ..$ 65,186.04 $ 91,784.05 $ 156,070.09 Petty Cash ......... 400.00 —o— 400.00 Bonds ................. .. 9,658,131.11 218,150.87 9,876,281.98 Loans: Mortgages ......... .. 5,582,940.31 181,661.52 5,764,601.83 Certificates ......... 580,872.57 6,772.24 587,644.81 Real Estate ......... 858,122.12 —o— 858,122.12 Due from Branches ........... 2,144.29 370.05 2,514.34 Note Receivable Morristown, N.J. 1,750.00 1,750.00 TOTAL ....... ..$16,749,546.44 $498,738.73 $17,248,285.17 I. CASH ON CHECK ACCOUNTS The Federation maintains all financial transactions on both the General Account and Transfer Fund Account with the National Bank of Washington, Washington, D. C. and in the Bank of Nova Scotia, Toronto, Ontario, Canada. a. GENERAL ACCOUNTS 1. United States of America Total receipts in 1972 .......................................$3,814,645.28 Balance forwarded from Dec. 31, 1971 ....... 117,474.66 Total receipts ...............................................$3,932,119.94 Total disbursements in 1972 ....................... 3,866,933.90 Balance on Check Account, Dec. 31, 1972 .......$ 65,186.04 II. PETTY CASH This fund takes care of incidental expenses in the Home Office, and is set at $400.00. III. BONDS As specified in the By-Laws I made bond purchases as directed by the Investment Committee. All matters pertaining to the purchase and sale of bonds, mortgage loans and other matters concerning the Federation were presented and acted upon at the Executive Committee meetings. We met 53 times during the year 1972. As Secretary of the Committee, the minutes of these meetings are in my files. The statement of bonds, based on actual cost follows: Actual Cost Par Value Bonds owned, Dec. 31, 1971 ....$ 9,401,528.07 $ 9,640,750.00 Total bonds purchased in 1972 1,026,906.86 1,025,000.00 Total....$10,428,434.93 $10,665,750.00 Bonds sold and matured .......$597,053.19 Adjustments ....... 9,297.58 Total .....................$606,351.77 606,351.77 597,500.00 Total Bonds owned Dec. 31, 1972 ...........................$ 9,822,083.16 $10,068,250.00 IV. LOANS On all mortgages 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 services I extend my appreciation. 17
