Fraternity-Testvériség, 1976 (54. évfolyam, 1-4. szám)

1976-07-01 / 3. szám

Adjusted Total Year Life Dues C.S.C. Life Dues A&H Total Dues Income 1968 $1,246,579.56 $ 75,848.77 $1,322,428.33 $58,789.71 $1,381,218.04 1969 1,324,283.28 58,013.98 1,404,297.26 60,774.34 1,465,071.60 1970 1,371,345.99 63,852.68 1,435,198.67 50,499.98 1,485,698.65 1971 1,355,015.40 82,834.40 1,437,849.80 46,117.68 1,483,967.48 1972 1,356,329.88 99,083.23 1,455,413.11 40,976.81 1,496,389.92 1973 1,351,038.21 87,964.05 1,439,828.41 36,868.30 1,476,696.71 1974 1,295,888.94 117,444.08 1,413,333.02 34,065.99 1,447,399.01 1975 1,278,599.84 123,661.08 1,402,260.92 29,377.97 1,431,638.89 The declining trend in our dues income persisted throughout the past term. The only bright spot is the C.S.C. account, but we have to keep in mind that this income deriv­ing from the converted matured certificates is rather un­reliable source and depends on the number of matured cer­tificates in any particular year, as well as the willingness of the members to convert them into paid-up for life insurances. The big upsurge in this sector of our income took place in 1974 when I introduced a new form letter informing mem­bers about the optional methods of settlement beside taking cash value. Branch handling expenses went up as a result of the inflation despite the decrease of our total dues income. Branch Deductions Year U.S.A. Canada 1972 $54,593.93 $2,629.28 1973 99,693.92 3,079.54 1974 98,453.19 3,137.91 1975 102,708.90 3,700.32 Salary of the Branch Office Clerks Total $ 9,148.00 $106,371.21 9,643.00 112,416.46 10.151.00 111,251.22 10.842.00 117,251.22 III. STATISTICAL SERVICE A continuous inventory on membership, certificates and amount of insurance in force is maintained in my office. I reported monthly fluctuations to the Actuary supplying basic data for the tabulating service. A copy of these reports was forwarded to the National Officers to keep them informed about the up-to-date standing of the Federation. VI. BUDGET I am the budget officer of the Federation. I prepare a yearly budget with the cooperation of the Executive Com­mittee and the expert help of the Actuary. I forward a monthly budget-expense reconciliation to the National Of­ficers and the Accountant. VII. PAYROLL, TAXES The Controller is the payroll officer of the Federation. After deducting the various Federal and State taxes, net proceeds of the salaries were computed and figures for­warded to the Treasurer’s office. Taxes were submitted to­gether with the prescribed return forms to the U.S. agencies and Canadian ax offices on due time. VIII. REINSURANCE Insurance over $15,000.00 are automatically reinsured up to $60,000.00 with the North American Reassurance Com­pany. The amount of reimbursement payable to the Federa­tion is gradually decreasing, as reserve behind the respective policy increasing. The listing shows the reinsurance pre­mium paid and insurance ceded during the last term: Year Premium Paid Insurance Ceded Life Accidental Total 1972 $3,254.97 $517,700 $1,017,000 $1,534,700 1973 3,001.40 628,500 1,075,500 1,704,000 1974 4,318.28 790,400 1,317,000 2,107,400 1975 5,227.58 948,200 1,224,625 2,172,825 A complete fluctuation report was published in the last issue of the “Fraternity.” IV. CLAIM SETTLEMENT Details in the previous issue. I express my thanks and appreciation to the managers who are working on the field in different capacity (Area, District, Section and Branch) whose able and willing co­operation helped my department to settle properly submitted claims within 24 to 48 hours. A special recognition should go to Mrs. Katalin Paschke who besides her other diversified duties made an outstanding job as claim adjustor. V. TRUST FUND Unclaimed matured proceeds and death benefits which cannot be remitted to the legal recipients because of various reasons, are kept on our Trust Fund. Despite notifications sent to the recipients we could not substantially reduce the balance of this fund which fluc­tuated during the term as follows: Year U.S.A. Canada Total 1972 $123,394.27 $5,007.84 $129,584.62 1973 147,370.24 5,034.84 152,405.08 1974 111,079.94 5,034.84 116,114.78 1975 136,127.14 8,034.84 144,161.98 IX. OTHER SERVICES Services reported in this chapter are not enumerated in the by-laws among the duties of the Controller. They were either assigned to me by the President, or I performed them on my own initiative in order to promote the Federation’s good name and help our Hungarian brothers here and abroad. In 1974 the Congress of the United States passed the Employees’ Retirement Income Security Act to protect the interest of the employees. At the same time, we realized that the basic concept of our Plan is somewhat obsolete and a complete revision of the by-laws would be in order. With the able help of our Actuary, I worked out an entirely new retirement benefit system and drafted a by-law which con­formed to the requirements of the new federal regulations. Complying with the new law, the draft of the amended by-laws was submitted to the Internal Revenue Service and the Department of Labor for examination and final ap­proval. Changes are numerous and complex in nature. The Plan is fully funded and insured with the Pension Benefit Guaranty Corporation. I am happy to report that the new and revised Plan gives a much higher degree of security to our employees. State Welfare Departments consider these deposits aban­doned properties after a certain number of years under the escheat laws. At the end of such period the Federation must transfer unclaimed insurance proceeds to the State agencies. As of December 31, 1975, we had 17 participating mem­bers and 7 pensioners. I am ex-officio Controller of the “Bethlen Home of the Hungarian Reformed Federation of America”. In this 15 i

Next

/
  • Elrendezés
  • Igazítás
  • Forgatás
Oldalképek
Tartalom