Fraternity-Testvériség, 1973 (51. évfolyam, 1-12. szám)
1973-04-01 / 4-6. szám
CONTROLLER’S REPORT—continued D) FLUCTUATION SUMMARY FOR 1971-72 CERTIFICATES U.S.A. CANADA 1971 1972 1971 1972 Beginning Inventory ..................... 33,863 33,169 710 730 Add: New Certificates ............. 1,201 1,077 74 25 Reinstated .......................... 48 58 1 3 Transfers, etc....................... 3 — 1 6 Total: ................................ 35,115 34,304 786 764 Less: Death .................................. 376 384 9 6 Matured ............................ 351 327 — — Lapses ................................ 614 522 31 44 Surrender .......................... 604 567 13 6 Transfers, etc...................... 1 6 3 — Year-End Inventory ..................... 33,169 32,498 730 708 CHANGES DURING THE YEAR ................................. — 694 — 671 + 20 — 22 INSURANCE IN FORCE Beginning Inventory ..................... .$48,273,082 $48,500,528 $ 987,979 $1,118,479 Add: New Insurance ................... . 3,403,750 3,339,400 232,000 110,500 Reinstated .......................... 101,500 128,750 2,000 3,000 Transfers, etc........................ 94,539 137,337 1,000 22,000 Total .................................... .$51,872,871 $52,106,015 $1,222,979 $1,253,979 Less: Death .................................... .$ 356,893 $ 427,576 $ 2,250 $ 1,750 Matured .............................. 380,969 359,197 —--' Lapsed ..................-............ . 1,606,147 1,321,753 85,500 124,750 Surrender ............................ 863,027 929,189 15,500 12,000 Miscellaneous ..................... 165,307 228,552 1,750 6,808 Year-End Inventory ....................... . 48,500,528 42,839,748 1,118,479 1,108,671 CHANGES DURING THE YEAR .................................. $ + 227,446 $ + 339,220 $+130,500 $ — 9,808 IV. CLAIM SETTLEMENT 1971 1972 U.S.A. Canada U.S.A. Canada No. Amt. No. Amt. No. Amt. No. Amt. Death 355 $363,108 9 $2,250 352 $432,092 6 $1,750 Sick Ben’t. 134 9,548-- -146 10,709 — — Hosp’n. 134 24,901 2 180 108 23,542 2 420 Matured 593 538,849-- -570 524,887 — — Surrender 608 264,251 13 1,870 578 285,297 6 1,338 Others 300 — 7 — 352 — 8 — We granted loan against 156 certificates in the USA and 2 in Canada. On December 31, 1972, we had outstanding loan in the USA in the amount of $580,872.57 and in Canada in the amount of $6,772.24. I issued 978 expense vouchers in the USA and 78 in Canada. With the commendable co-operation of our field-force and branch managers we were able to settle properly submitted claims within 24-48 hours. V. TRUST FUND We keep unclaimed matured proceeds and death benefits which cannot be remitted (beneficiary is a minor, or cannot be located) on the Trust Fund. Recipients seem to respond to our repeated publications in the official paper since the balance slightly decreased last year: U.S.A. Canada Dec. 31, 1971 ....$124,576.78 $5,007.84 Dec. 31, 1972 .... 123,394.27 5,007.84 VI. BUDGET I submit a budget-expense reconciliation for the year 1972 combined with the proposed budget for the current year. The proposed budget was prepared with the co-operation of the Executive Committee and the Business Counsellors. I forwarded a monthly budget-expense reconciliation to the National Officers and the Accountants. VII. PAYROLL, TAXES After deducting the various Federal and State taxes, net proceeds of the salaries were computed and figures forwarded to the Treasurer’s office. Taxes were submitted together with the prescribed return forms to the US. agencies and Canadian tax offices always on due time. VIII. REINSURANCE Members carrying more than $15,- 000.00 insurance are reinsured with the North American Reassurance Company. I determined and reported re- insurable certificates and subsequent changes. I give account on the cost of reinsurance as follows: Reinsurance premium actually paid in 1972 ...........$4,278.13 Less: Experience refund for 1971 ....................... 1,023.16 Net reinsurance premium paid for the year ...................$3,254.97 We ceded $517,700.00 life and $1,- 017,000.00 accidental death insurance as of December 31, 1972. None of our reinsured members died since the contract is in force. 165 members are reinsured. IX. OTHER SERVICES 1) The President reappointed me to act as Chairman of the Employees’ Retirement Benefit Plan. I report on the affairs of the Plan as follows: Balance as of December 31, 1971 .............$185,836.85 Contributions from Employees in 1972 ............. 6,170.76 Contribution of the Federation in 1972 ............. 12,000.00 Interest Income in 1972 .... 8,564.43 TOTAL INCOME ...............$212,572.04 Benefits paid and Equity Withdrawn in 1972 ............. 9,364.79 Balance on Dec. 31, 1972 ....$203,207.25 21
