Fraternity-Testvériség, 1976 (54. évfolyam, 1-4. szám)
1976-07-01 / 3. szám
STATEMENT 1972-73-74-75 Total Receipts ...................................................$15,487,962.53 Total Disbursements ......................................... 15,420,870.49 Balance, December 31, 1975 .............................$ 67,092.04 BANK RECONCILEMENT, DECEMBER 31, 1975 Cash “H.R.F.A.” Checking Account, December 31, 1975 .................................................$212,509.79 Outstanding Checks, Dec. 31, 1975 .................. 145,417.75 Balance forwarded to Jan. 1, 1976 ......................$ 67,092.04 As our assets increased the department requested additional bond deposits and on December 31, 1975 we had $226,000.00 par value bonds on deposit with the Receiver General and $125,000.00 par value in the safe deposit'vault of The National Bank of Washington, a total of $351,000.00 par value Canadian bonds at a Book Value of $343,398.00. The interest due on these bonds is forwarded to the Federation’s Home Office as it becomes due and deposited to the Canadian General Account. We have $50,000.00 Province of Quebec bonds, purchased with U.S. currency, which is not included in the Canadian Annual Statement b. Canada, Bank of Nova Scotia, Checking Account: Receipts Disbursements 1972 .......................................$ 81,432.16 $ 68,468.80 1973 ........................................ 92,585.96 142,032.10 1974 ....................................... 90,289.44 94,659.46 1975 ........................................ 120,765.03 81,734.46 Total ......................................$385,072.59 $386,894.82 Balance from 12/31/71....... 78,820.69 . Total .....................................$463,893.28 $386,894.82 STATEMENT 1972-73-74-75 Total Receipts ........................................................$463,893.28 Total Disbursements ............................................... 386,894.82 Balance forwarded to 1/1/76 ..............................$ 76,998.46 BANK RECONCILEMENT, DECEMBER 31, 1975 The Statement of Bonds, including both U.S. and Canadian bonds owned, as of December 31, 1975 was $11,529,- 750.00. IV. MORTGAGE LOANS AND CERTIFICATE LOANS: a. Mortgage Loans Mortgage loans during the four years decreased $382,- 943.37 from $5,994,530.37 on December 31, 1971 to $5,611,587.00 on December 31, 1975. Mortgage repayments during the four years amounted to $3,766,394.43, with investments in mortgages amounting to $3,383,451.06. Our Executive Committee throughout the four years held meetings at which all mortgage loan requests, the purchase and sale of securities and other matters were presented and acted upon. On all mortgages we had the legal opinion of our counsellors: Alex B. Eger, Jr. in the United States and Elmer J. Isaac in Canada. I extend my sincere appreciation to them for their kind cooperation. Cash on HRFA Check Account, Dec. 31, 1975 ....$77,303.14 Outstanding Checks, Dec. 31, 1975 ........................ 304.68 Balance forwarded to January 1, 1976 .................$76,998.46 c. Canadian Savings Account: The Bank of Nova Scotia, Toronto, Ont. 8/21/1974 1974 ...........................................................................$25,000.00 1975 ........................................................................... 15,000.00 Total ..........................................................................$40,000.00 The Savings Account has earned $2,537.21 to date. a. Mortgages In the past four years the Federation gave $3,383,451.06 in first moitgage loans in the United States and none in Canada. STATEMENT OF MORTGAGES U.S.A. & CANADA Mortgages in U.S.A. December 31, 1975 .......$5,508,769.56 Mortgages in Canada December 31, 1975 ....... 102,817.44 Total Mortgages, December 31, 1975 ..............$5,611,587.00 The Federation also has a Transfer Fund Account, which is used to cover the various vouchers for commissions, salaries and expenses of our field-workers and for medical fees, at The National Bank of Washington, Washington, D.C. V. REAL ESTATE The Federation owned the following properties from 1972 to 1975: II. PETTY CASH: This fund takes care of incidental expenses paid by cash in the Home Office. III. BONDS: The four year increase in bonds owned by the Federation from December 31, 1972 to December 31, 1975 in Par Value was $1,889,000.00 at a cost of $1,869,956.46. Total bonds owned December 31, 1975 was $11,529,750.00 Par Value at cost of $11,271,484.53. The Federation began its work in Canada in 1964, and purchased its first $10,000.00 Government of Canada bond December 21, 1964 and placed it on deposit with the Receiver General, Chief of Securities Deposit Division, Department of Finance, Ottawa, Canada, as required by the Canadian Department of Insurance. This first $10,000.00 bond bought in Canada matured June 1, 1971. REAL ESTATE OWNED De<$mber 31, 1975 Date Acquired Book Value Market Val. V. Washington, D.C. 1961 $408,514.03 $325,290.89 VI. Detroit, Mich. 1962 17,504.03 12,602.91 XIV. Newark, N.J. 1969 109,508.55 95,093.44 XXL St. Marys, W. Va. 1975 79,170.12 77,586.81 TOTAL $614,696.82 $510,574.05 b. Ratio of Net Investment Income The Valuation Exhibit shows the ratio of assets to liabilities of 108.16% in 1960 to 112.46% in 1975, and the ratio of net investment income to mean assets of 4.04% in 1960 to 5.46% in 1975. 0 0 0 o 13
