Fraternity-Testvériség, 1975 (53. évfolyam, 1-12. szám)
1975-04-01 / 4-6. szám
VALUATION EXHIBIT Ratio of Assets Ratio of net investment to Liabilities income to mean assets 1970 ......... ........ 112.02% 1970 ........... .......... 4.59% 1971 ........ ......... 113.36% 1971 ........... .......... 4.96% 1972 ........ ......... 113.45% 1972 ........... ........... 4.91% 1973 ...... ........ 113.29% 1973 ........... .......... 5.06% 1974 ........ ........ 113.63% 1974 ........... ........... 5.35% a. GENERAL ACCOUNTS 1. United States of America Total receipts in 1974 .........................................$3,544,931.24 Balance forwarded from Dec. 31, 1973 ........... 185,114.06 Total receipts ...............................................$3,730,045.30 Total disbursements in 1974 ..................... 3,621,616.50 Balance on Check Account, Dec. 31, 1974 .......$ 108,428.80 Bank Reconcilement, December 31, 1974 Cash on “H.R.F.A.” Check Account, 12-31-74....$ 160,439.02 Outstanding checks, Dec. 31, 1974 .................. 52,010.22 Balance forwarded to Jan. 1, 1975 ....................$ 108,428.80 2. Canada Total receipts in 1974 ........................................$ 90,289.44 Balance forwarded from Dec. 31, 1973 ............ 42,337.91 Total receipts ...............................................$ 132,627.35 Total disbursements in 1974 ...................... 94,659.46 Balance on Check Account, Dec. 31, 1974 .......$ 37,967.89 Bank Reconcilement, December 31, 1974 Cash on “H.R.F.A. Check Account, 12-31-74 ....$ 41,747.77 Outstanding Checks, Dec. 31, 1974 .................. 3,779.88 Balance forwarded to Jan. 1, 1975 ..................$ 37,967.89 Canadian Savings Account in Bank of Nova Scotia, Toronto .....................................$ 25,000.00 SUMMARY Cash on U.S.A. Account ....................................$ 108,428.80 Cash on Canadian Account ............................... 37,967.89 Canadian Savings Account ................................. 25,000.00 Total ....................................................................$ 171,396.69 On August 21, 1974 we placed $25,000.00 on a Savings Account in the Bank of Nova Scotia, Toronto, Ontario, Canada, at 91/4%. BONDS As specified in the By-Laws and directed by the Executive Committee, I made purchases of: 18 $275,000.00 Par Value bonds in U.S. funds 25,000.00 Par Value bonds in Canadian funds 300,000.00 Certificates of Deposit in U.S. funds $600,000.00 Total 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. The statement of bonds, based on actual cost follows: Actual Cost Par Value Bonds owned, Dec. 31, 1973....$10,704,825.29 $10,955,250.00 Total bonds purchased in 1974 598,491.00 600,000.00 Total ........................ ........*11.303.316.29 *11.555.250.00 Matured bonds................ ........ 298,805.87 294,500.00 Total bonds owned, December 31, 1974 ........ ........$11,004,510.42 $11,260,750.00 The Book Value of our bonds, as shown on page 10 of this report was $11,078,035.02 on December 31, 1974. * * « I wish to thank my Fellow Officers and the Members of the Board of Directors for their cooperation and support; I extend my thanks to our Counsellors, Judge Alex B. Eger, Jr. and Elmer J. Isaac, Chief Agent in Canada; to our accountants and investment counsellors, Ben Koppelman and A1 Eglow, and to those in the Home Office and Field Force for their cooperation and service during the year 1974. I wish to extend my appreciation to my secretary, Elizabeth Balazs, who has been with the Federation for 46 years, and to my bookkeeper, Mrs. Iren Simon, who has been with the Federation for 9 years, for their outstanding work in the Treasurer’s Department. I would again like to mention that the ever-increasing work in my department is more than can be handled by 3 persons. I would appreciate it if the Board of Directors would seriously consider a part-time worker for the Treasury Department. May the growth of the Federation increase steadily in the future as it has in the past, and may the Officers and Members of the Board continue to cooperate for the good of the Federation. In 1976 we will celebrate the 80th Anniversary of our Federation, as our Nation marks its 200th Anniversary. Celebrations will be held in our Districts, combined with District Banquets and other gatherings, where we will have an opportunity to meet many of our members. We will celebrate with anticipation that the Federation will reach a goal of $19,000,000.00 in assets. I submit my report for the year 1974, trusting that upon examination, it meets with your approval and acceptance. Fraternally yours, Paul St. Miklossy, Treasurer March 12, 1975
