Fraternity-Testvériség, 1974 (52. évfolyam, 1-12. szám)
1974-04-01 / 4-6. szám
Reinsurance premium actually paid in 1973 ........... $4,282.67 Less: Experience refund for 1972 ................................. 1,281.27 Net Reinsurance premium paid for the year ...................$3,001.40 We ceded $628,500.00 life and $1,- 075,500.00 accidental death insurance as of December 31, 1973. None of our reinsured members died since the contract is in force. 182 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: Income............................... $231,557.24 Benefits paid in 1973 ....... 9,946.36 Balance on Dec. 31, 1973.. $221,610.88 The Fund had 15 participating members and 7 pensioners on December 31, 1973. 2 ) As one of the associate editors, I wrote 2 Hungarian and 3 English articles in the “Fraternity”. 3) I attended 35 conferences of the Executive Committee during the past year. 4) As the Controller of the Bethlen Home, 1 attended five meetings of the Board of Managers and one Board of Directors' meeting, f checked the books at the quarterly meetings at random and I have found them in order. Complying with the request of the Board 1 prepared another cost calculation on the operation of a 75 and 100 bed skilled nursing home with the fine and able co-operation of the Superintendent, Reverend and Mrs. Csia and the office personnel for which I express my grateful appreciation. Based on the projected cost of the construction and operation the Board felt that another nursing home cannot be erected without jeopardizing the Federation's assets and ordered to build a wing to the existing home. 5) I am ex-officio Controller of the Bethlen Freedom Press, Inc. Loss on operation amounted to $8,557.33 as of December 31, 1973, despite the fact that the Press pays only $1.00 yearly rent to the Home for the building and the machinery. Mr. Alexander Chomos, the manager of the Press, made an offer to buy the machinery, equipment and goodwill in behalf of a Pennsylvania corporation to be formed. This offer was conditionally accepted. X. SUMMARY 1973 was the worst business year in the recorded history of the Federation. It seems to me, however, that we finally hit the bottom and began bouncing back. The outstanding start of the current year gives high hopes that we are on our way to recover from the slump. Our insurance in force is growing again and we surpassed the long sought-after magic mark of fifty million dollars on January 31, 1974. We suffered heavy losses in membership and number of certificates. This was the first year which we closed with a decrease in our insurance in force. The growing number of term certificates with high face value will probably change this undesirable situation to the better but it remains to be seen how our declining dues income will be effected. The $20,519.36 decrease in our total income is not exactly tragic but we certainly must turn the tide because dues represent the largest single income item on our budget and in this inflationary era we can ill-afford shrinking income. The $370,086.57 increase in our admitted assets is respectable but lags far behind the $425,215.00 gain in 1971 and $524,713.00 in 1970. Our growth in assets show> a shrinking trend, Loss on real estates and growing expenses are primarily responsible for the slow-down. The 5.06% yield on our invested assets is another new high but only slightly above the average of the fraternal societies’ 5.01%. The net gain on operation was $141,- 206.67 comparing to the $69,987.14 experienced in 1972 which was a convention year. Analysis of our inventory shows that we lost $85,135.00 less in insurance in force this year than in 1972 while new business together with reinstated and revived insurances was lower by $437,- 000.00. It is my opinion that no significant further improvement can be achieved through more intensive conservation, our production must be stepped up if we want to become a healthily growing organization again. * # # My office force deserves credit for the outstanding services rendered in 1973. Mrs. Katalin Paschke, secretary and claim adjustor; Dr. Zoltán Korossy, machine operator and statistician; Mr. Gyula László, head bookkeeper, Mrs. Katalin Galanthai-Nagy, assistant adjustor and bookkeeper, Miss Elizabeth Nagy, Mrs. Adrienne Vegh and Mrs. Agnes Kiss, bookkeepers are all worthy of the recognition of the Board. On October 1, Mr. Tibor Baksy took over the duties of the head-bookkeeper which he performed in a praiseworthy manner being an unexperienced man in this field. I express my sincere appreciation to our advisers for their expert support during the last year. I gratefully acknowledge the co-operation of my fellow-officers and I thank you, Gentlemen, for your understanding, concern and fellowship I was happy to enjoy during the past year. T hope that my report will meet your approval and gain final acceptance. Respectfully submitted, László L. Eszenyi Controller TERRIBLE TAX TIME TALES FUEL HAPPY Another difference between death and taxes is You have the power within you to be happy or sad. that death is frequently painless. Depends on whether vour fuel is love or hate. ' I have just enough money to pay my state and federal taxes. Now I need some nionev for such essentials as food, clothing, and vitamins. “How do I start on the road to success?” the young man asked. Replied the old man, “Begin todav.” 21
