Fraternity-Testvériség, 1973 (51. évfolyam, 1-12. szám)
1973-07-01 / 7-9. szám
of our field managers which helps also in our membership drives. There is a definite need for a “Scholarship Fund” for those young people who would be willing to do graduate work in the field of insurance upon the completion of their regular college work. The graduates were to commit themselves to serve our Federation either in the field in the Home Office at least for a few years. From the viewpoint of the future of our Federation it would be highly important to train our young people and to gain their knowledge and skill for our Federation. THE BEQUEST OF ISTVÁN TOTH For student aid, scholarship contest (which we held with great success last year and should be continued in the future as extremely beneficial for our Federation) and the scholarship mentioned above we already have a special fund of three thousand dollars, which was bequeathed to us in the last will and testament of our brother István Toth of Franklin, New Jersey, who died during the past year. We received his bequest last August and it is held in a special scholarship fund account. We wish to express our gratitude for the noble legacy of our brother István Toth. May many others follow his example. His memory may be blessed in our midst. NEW POLICIES — NEW PAYMENT SYSTEM 3. Our Convention resolved the issuance of new policies, the modification of our rate system in accordance with the American mortality experience, and the establishment of a new payment system for our field force. These plans were prepared by experts and recommended to our Board at the special meeting held in January. The Board wished to study the plans more carefully and this meeting will have to bring the final decision. 4. The Convention absolved the members older than 90 from payment of membership dues. The membership and voting rights of the paid-up members were secured by the resolution of the Convention. ARCHIVES 5. The Convention entrusted the Board to study the feasibility of building a Centre of Archives to preserve the historical documents of the American Hungarian Reformed Life. 6. The Convention accepted the principle of paying dividends to members as soon as the Reserve Fund will make it possible. NURSING HOME 7. The Convention voted unanimously the erection of a new, modern Nursing Home without endangering the Reserve Fund of the Federation. The implementation was entrusted to the Board. The Building Committee and the architect prepared the necessary drafts and the budget, obtained the facts and conditions of a bank loan and it was presented to our special meeting in January. That Board meeting resolved first to execute the specifi- fications and modifications required by state laws, such as changes in the old building and the building of apartments in the building of the printing press, which are in process. The plans for a Nursing Home will be decided upon at this present meeting. 9. Many other resolutions of the Convention has already been implemented or their implementations are in process. THE RESULTS OF THE PAST YEAR Taking into consideration that the past year was a Convention Year with the many extraordinary activities as already indicated, which in the past usually caused some reductions in our progress and also taking into consideration of the ever increasing competition in the field of insurance, we are happy and grateful to report that in many areas we have achieved encouraging gains during the past difficult year loo. These significant results indicate the progress, the stability of our Federation. A few of these encouraging results shall be indicated as follows: 1. ASSETS: December 31, 1971.........................$16,855,381.13 December 31, 1972 ... $17,049,213.48 Increase ..... $ 193,832.35 2. INSURANCE IN FORCE: December 31, 1971................. $49,588,417.00 December 31, 1972 .........................$49,920,242.00 Increase ------------------...$ 331,771.00 3. DUES: December 31, 1971.............. $ 1,483,967.48 December 31, 1972 ..... $ 1,496,389.92 Increase ............... $ 12,422.44 4. INVESTMENT INCOME: 1971 ____________________ $ 801,633.19 1972 ______________ $ 811,489.95 Increase ............... $ 9,856.76 5. RATIO OF INVESTMENT INCOME: 1971 ------------------- 4.96% 1972 ___________________________ 4.92% 6. VALUATION RATIO: 1971 ------------ 113.36% 1972 ............ 113.45% 20
