Fraternity-Testvériség, 1976 (54. évfolyam, 1-4. szám)
1976-04-01 / 2. szám
The statement of bonds, based on actual cost follows: Actual Cost Par Value Bonds owned, Dec. 31, 1974 ...................... $11,004,510.42 $11,260,750.00 Total bonds purchased in 1975 .............. + 1,313,843.75 + 1,315,000.00 Total ............................ $12,318,354.17 $12,575,750.00 Matured bonds ..................- 1,046,869.64 — 1,046,000.00 Actual cost of bonds owned, Dec. 31, 1975 ....... $11,271,484.53 $11,529,750.00 SUMMARY DECEMBER 31, 1975 a. Mortgages: United States of America ..... .. $5,508,769.56 Canada .................................. . + 102,817.44 Total ..................................... .. $5,611,587.00 $5,611,587.00 b. Certificate Loans & Liens United States of America...... . $ 573,198.64 Canada .................................. . + 11,106.38 Total ...................................... . $ 584,305.02 584,305.02 TOTAL LOANS............................................... $6,195,892.02 SUMMARY OF REAL ESTATE DECEMBER 31, 1975 a. Property occupied by the Federation: V. Home Office, Washington, D. C........................ $408,514.03 VI. Branch Office, Detroit, Michigan ........................ 17,504.03 Total ..................................... $426,018.06 $426,018.06 b. Property acquired in satisfaction of debt: XIV. Newark, N. J. 17-41 Lexington Ave..................... $109,508.55 XXI. St. Marys, W. Va. 210 Second St............................... 79,170.21 Total ..................................... $188,678.76 188,678.76 TOTAL REAL ESTATE OWNED, December 31, 1975 ............................................. $614,696.82 I wish to thank my Fellow Officers and the Members of the Board of Directors for their cooperation during the year 1975. I extend my appreciation to each of my Fellow Officers, especially to the Controller, László Eszenyi, for substituting for me during my illness, and also to my Secretary, Elizabeth Balazs and to my Bookkeeper, Mrs. Iren Simon. My thanks are extended to our Counsellors, Judge Alex B. Eger, Jr. and Elmer J. Isaac, Chief Agent in Canada; to our accountants, Bennett Koppelman and Alvin Eglow; to those in the Home Office, to the Members of the Field Force, to Elizabeth Balazs, who has been with the Federation for 47 years, o Mrs. Iren Simon, who has been with the Federation for 10 years and to Mrs. Flora Rivera, my part-time worker, for their cooperation and service. I submit my report for the year 1975, trusting that upon examination, it meets will your approval and acceptance. Fraternally yours, Paul St. Miklossy, Treasurer CONTROLLER’S REPORT for the year of 1975. Mr. President, Distinguished Members of the Board: I respectfully submit my report for the year 1975 as requested by paragraph 46. of our by-laws. I. ACCOUNTING Transactions in the United States and in Canada were kept separately on the books and a monthly Trial Balance was forwarded to the Accountant. On this basis, he prepared the Annual Statements to he Insurance Departments of those States where the Federation is licensed to operate. FINAL BALANCE (U.S.A. and Canada Combined) DEBIT 1974 1975 Cash - Checking Account .... ...$ 146,396.69 $ 144,090.50 Bonds .................................. ... 11,078,035.02 11,353,764.18 Mortgage Loan ................... ... 5,357,688.21 5,611,587.00 Real Estate Owned ........... 820,238.26 614,696.82 Certificate Loans................. ... 581,013.31 584,305.02 Petty Cash ........................... 400.00 400.00 Deposit for Checking Acct. in Canada ............... ... 305.373.71 308,973.71 Note Receivable ................. 1,750.00 Due fr. Twinkle Inc. Personal Note ................. 4,000.00 Escrow - Koppelman and Eglow ....................... 3,730.13 Unlisted Assets ................... 13,134.09 13,134.09 Cash - Savings Accounts .... 25,000.00 40,000.00 $18,329,029.39 $18,678,681.45 CREDIT Consolidated Fund .............. .-.$17,300,118.27 $17,542,337.00 Sick Benefit Fund .............. 166,130.47 172,070.95 Hospitalization Fund .......... 140,364.07 152,291.76 Trust Fund ......................... 116,114.78 144,161.98 Retirement Benefit Fund .... .. 287,549.00 345,445.21 State Income Tax Withheld.. 245.00 266.75 Credit from Home Office ..... 305,373.71 308,973.71 Reserve for Losses on Unlisted Assets ................ 13,134.09 13,134.09 $18,329,029.39 $18,678,681.45 II. COLLECTION OF DUES In 1975 the U.S. economy went through one of the worst recessions since the Second World War. In such trying period fraternal dues are often the first account on which people stop payment. Despite the staggering unemployment and severe hardship our branch managers were able to come up with an almost perfect collection, an achievement which deserves the praise and recognition of the Board. Aside the few tardy reports, we had no serious problems. Prepaid dues exceeded dues in arrears, an eloquent proof of managerial efficiency. 9
