Fraternity-Testvériség, 1974 (52. évfolyam, 1-12. szám)
1974-04-01 / 4-6. szám
TREASURER’S REPORT for the year of 1973. Mr. President, Members of the Board of Directors, Fellow Officers: In accordance with the directive set forth in our By-Laws “The Treasurer shall make a report of the annual transactions and the condition of the Treasury,” I faithfully present the following material to you, The Board of Directors, for your reviewal and information: To summarize the essential aspects of the year 1973, the Book Value of our Ledger Assets increased $356,648.24 and the Ratio of Assets to Liabilities was 113.29%. VALUATION EXHIBIT Ratio of Assets Ratio of net investment to Liabilities income to mean assets 1969 ................... 112.00% 1969 .......... ............ 4.59% 1970 ................... 112.02% 1970 .......... ............ 4.81% 1971 ................... 113.36% 1971 .......... ............ 4.96% 1972 ................... 113.45% 1972 .......... ............ 4.91% 1973 ................... 113.29% 1973 .......... ............ 5.06% STATEMENT OF LEDGER ASSETS Ledger Assets Total Dec. 31, 1973 United States Canada Book Value Cash on Check Accounts ............... $ 185,114.06 $ 42,337.91 $ 227,451.97 Pettv Cash ........... 400.00 — 400.00 Bonds .................. . 10,448,425.62 318,393.78 10,766,819.40 Loans: Mortgages ............. , 5,012,697.04 153,827.47 5,166,524.51 Certificates .......... 570,269.77 7,814.05 578,083.82 Real Estate ........... 850,002.45 —.— 850,002.45 Due from Others: Custom Pkg.......... 13,035.85 Newark Vinyl....... 865.41 — Note Receivable: R. E. XIV ........... 1,750.00 — 15,651.26 TOTAI.............. $17,082,560.20 $522,373.21 $17,604,933.41 a. GENERAL ACCOUNTS 1. United States of America Total receipts in 1973 ........................................ ..$4,039,892.75 Balance forwarded from Dec. 31, 1972 ......... 65,186.04 Total receipts ...$4,105,078.79 Total disbursements in 1973 ..................... .. 3,919,964.73 Balance on Check Account, Dec. 31, 1973 .. ...$ 185,114.06 Bank Reconcilement, December 31, 1973 Cash on “H.R.F.A.” Check Account, 12-31-73....$ 256,287.08 Outstanding checks, Dec. 31, 1973 ............... 71,173.02 2. Canada Total receipts in 1973 .........................................$ 92,585.96 Balance forwarded from Dec. 31, 1972 ............. 91,784.05 Total receipts ..............................................$ 184,370.01 Total disbursements in 1973 ....................... 142,032.10 Balance on Check Account, Dec. 31, 1973 ....$ 42,337.91 Bank Reconcilement, December 31, 1973 Cash on “H.R.F.A.” Check Account, 12-31-73....$ 43,126.91 Outstanding checks, Dec. 31, 1973 ................... 780.00 Balance forwarded to Jan. 1, 1974 .....................$ 42,337.91 SUMARY Cash on U.S.A. Account ...................................$ 185,114.06 Cash on Canadian Account ............................... 42,337.91 Total ......................................................................$ 227,451.97 BONDS As specified in the By-Laws I made bond purchases of $1,000,000.00 Par Value as directed by the Executive Committee, in 1973. All matters pertaining to the purchase and sale of bonds, mortgage loans and other matters concerning the Federation were presented and acted upon at the Executive Committee meetings. We met 47 times during the year 1973. I acted as Secretary of the Committee during January and February, 1973. After my illness Secretary Arpad George took over, for which I extend my appreciation, for after 12 years as secretary I know the work and time it involves. The statement of bonds, based on actual cost follows: Actual Cost Par Value Bonds owned, Dec. 31, 1972 ....$ 9,822,083.16 $10,068,250.00 Total bonds purchased in 1973.. 996,833.67 1,000,000.00 Total ...........................$10,818,916.83 $11,068,250.00 Bonds redeemed and matured ...........$114,091.54 Inc. & deer. in adjustments ........... -0Total .......................$114,091.54 -114,091.54 -113,000.00 Total Bonds owned, Dec. 31, 1973 .............................$10,704,825.29 $10,955,250.00 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. LOANS On all mortgages we had the legal opinion of our counsellor, Alex B. Eger, Jr., Esq. before any funds were disbursed. In the year 1973 the Federation placed $557,193.12 in first mortgage loans in the United States. No mortgages were placed in Canada in 1973. • • • Balance forwarded to Jan. 1, 1974 ...............$ 185,114.06 The Federation is a member of the National Fraternal Congress, and during the year I attended the New Jersey 17
