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

1976-07-01 / 3. szám

capacity I attended 27 meetings of the Board of Directors and Board of Managers of the Home. I used every occasion to examine the books of the Expense and Building Funds and in the interim between meetings I exercised control over the financial affairs of the Home through frequent telephone calls to the Superintendent and the bookkeeper. I am happy to report that the result of the examinations conducted by both governing bodies was good.

Expansion and the alteration of the building for the Aged was the most significant single event in the life of the Bethlen Home during the past term.

It is rather difficult to draw reliable and valid conclusions from the 1975 calendar year. It was a mixed year from an accounting point of view. We started the 100 bed operation on May 1, 1975, only. The frighteningly low balance of $732.29 on the Expense Fund reported by the Superintendent at the year-end, does not reflect the true financial picture of the institution. While I am writing this report, the balance increased to $36,608.86. It is still not sufficient for an estimated yearly budget close to $750,000.00.

I wish to express my heartfelt appreciation to the Right Reverend Louis Nagy, Superintendent and the Reverend Kalman Csia, Supervisor of the Bethlen Home, for their always willing and able cooperation. The resignation of Reverend Csia and the departure of Mrs. Csia is a great loss to the institution. Their dedicated services and loving care made the Home what it is today: a wonderful manifestation of Christian charity.

I was the Controller of the Bethlen Freedom Press, Inc. We started this non-profit organization, closely affiliated with the Bethlen Home, using the generous donation of the Mellon Foundation, in September, 1965. Despite the significant support of the Federation (“Fraternity” and the order of thousands of printed forms yearly) we have invariably wound up in the red. After nine years of hopeless struggle we closed the operation of the print shop and sold the chattel (machinery and tools) to the Bethlen Press, Inc. for $30,- 000.00. The upper floor of the building is used for living quarters and we intend to convert the lower level into a Hungarian Reformed Archive and Museum. That’s what we could salvage from this ill-fated venture.

The Board of Directors elected me to serve as Recording Secretary. I took the minutes at 8 regular and 3 special meetings.

I served as one of the guardians of the deposit boxes. I always was ready to accompany the Treasurer to the bank whenever he wanted to enter the vault where our securities are kept.

I twice substituted for the Treasurer during his extended illnesses. I wish to recognize the fine support of Miss Betty Balazs, Mrs. Irene Simon and Mrs. Flora Rivera, employees of the Treasurer’s office. Without their kind and willing help I could not possibly wear two hats for several months.

As one of the associate editors of the “Fraternity”, I wrote several articles in English and Hungarian. My articles also appeared in the American and Canadian Hungarian newspapers and in the Bethlen Almanac. I was several times interviewed by the ‘“Voice of America” in connection with the Bethlen Home and participation of Hungarians in the American Revolutionary War. I also wrote a book under the title “Faithful unto Death” about the life and heroic death of Colonel Michael Kovats de Fabricy, the first high-ranking Hungarian who gave his life for the United States.

I am the Vice-President and Chairman of the Committee

for International Relations of the American Hungarian Federation. This Committee with the able and dedicated support of Dr. Zoltán Beky, National President, is primarily responsible for the successful drive which tries to reveal and stop violations against the human rights of Hungarians living in Rumania and in other neighboring countries.

X. SUMMARY

During the past four years a declining trend prevailed in several areas of our operation. Worsening economic conditions in the U.S.A. and Canada were primarily responsible for the unfavorable situation.

Constant decrease in membership and number of certificates is the darkest spot in the general picture. We lost a yearly average of 712 in membership and 701 in number of certificate.

In 1973, our insurance in force decreased for the first time in the recorded history of the Federation but on the average, we still could show an annual growth of $348,689.

Despite the efficient collection of our branch managers and the steadily growing considerations for supplementary contracts, our total dues income decreased by $64,751 compared to the increase of $102,749 achieved during the previous four year period.

Now let’s see the brighter side of the picture. The steady increase in our assets and yield kept our operation out of the red. The $1,394,763 increase in the net admitted assets is a respectable achievement, but considerably less than the $1,894,459 experienced during the last term. Our constantly growing yield on the invested assets reached the record high of 5.46% as a result of improved portfolio policy.

The 112.46% solvency ratio would make dues refund permissable on certain certificates, but we have to keep in mind that our net profit on operation — as low as $69,987.14 in 1972 — might force us to lower the amount of refunds or stop payments altogether which would embarrass the Federation and upset the members involved. We certainly shall start payment of refunds as soon as possible to avoid the ever growing criticism of our older members and their beneficiaries belonging to more sophisticated younger generation.

This may go down in the history of the Hungarian Reformed Federation of America as one of the most important conventions. We are facing crucial problems. In making our far-reaching decisions let’s consider the Federation’s future first, and our personal interest second.

It is my pleasant duty to report that I enjoyed excellent support and cooperation from my office force. Mrs. Katalin Paschke, secretary and claim adjuster; Dr. Zoltán Korossy, machine operator and statistician; Mr. Tibor Baksy, head bookkeeper; Mrs. Katalin Galanthai-Nagy, assistant claim adjuster and bookkeeper; Miss Elizabeth Nagy and Mrs. Adrienne Vegh, bookkeepers, are all worthy of the highest recognition of the Convention.

I express my sincere appreciation to our advisers for their expert support during the last term. In Dr. Paul Har- sanyi we gained an outstanding Medical Director and a very co-operative co-worker. I gratefully acknowledge the cooperation of my fellow-officers and I thank you, Gentlemen, serving on :he Board, for your understanding, concern and fellowship I was happy to enjoy during the past term.

I hope that my report will meet your approval and gain final acceptance.

Respectfully submitted, László L. Eszenyi, Controller

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