Fraternity-Testvériség, 1977 (55. évfolyam, 1-4. szám)
1977-07-01 / 3. szám
Bank Reconcilement, December 31, 1976 Cash on HRFA Check Account, 12-31-76 .......$ 72,606.33 Outstanding checks, Dec. 31, 1976 ............... 39,241.12 Balance forwarded to January 1, 1977 ...........$ 33,365.21 2. Canada Total receipts in 1976 .......................................$ 155,456.58 Balance forwarded from Dec. 31, 1975 ...........+ 76,998.46 Total receipts ...............................................$ 232,455.04 Total disbursements .....................................— 165,118.07 Balance on Check Account, Dec. 31, 1976 ....$ 67,336.97 Bank Reconcilement, December 31, 1976 Cash on HRFA Check Account, Dec. 31, 1976 $ 67,708.79 Outstanding checks, December 31, 1976 ....... 371.82 Balance forwarded to January 1, 1977 ...........$ 67,336.97 3. Canadian Savings Account: Bank of Nova Scotia, Toronto, Ontario, Can.....$ 42,537.21 SUMMARY Cash on U.S.A. Account .......................$ 33,365.21 Cash on Canadian Account ................... 67,336.97 Canadian Savings Account .................. 42,537.21 Total .........................................................$143,239.39 b. TRANSFER FUND ACCOUNT This account does not usually have a balance at the end of the year. We stopped using the Transfer Fund Account in Canada in 1974. If. PETTY CASH: This fund takes care of incidental expenses in the Home Office, and is set at $400.00. III. BONDS As specified in the By-Laws and directed by the Executive Committee during the year 1976, the following bonds were purchased: $1,125,000.00 Par Value bonds in U.S. funds 110,000.00 Par Value bonds in Canadian funds 499,367.00 U.S. Treasury Bills $1,734,367.00 was invested in 1976 The statement of bonds, based on actual cost follows: Actual Cost Par Value Bonds owned, 12-31-75 ....... $11,271,484.00 $11,529,750.00 Total bonds purchased in 1976 ...............+ 1,730,669.00 + 1,734,367.00 Total ............................... $13,002,154.00 $13,264,117.00 Matured bonds ..................... -—792,259.00 —797,367.00 Actual cost of bonds owned, December 31, 1976 ............... $12,209,894.00 $12,466,750.00 In the Book Value of our bonds there is a difference of $3.43 due to the dropping of cents in the Annual Statement. IV. LOANS On all mortgages the legal opinion of the counsellor, Alex B. Eger, Jr., Esq. was requested before any funds were disbursed. In the year 1976 the Federation placed $212,700.00 in first mortgage loans in the United States. No mortgages were placed in Canada. a. MORTGAGE SUMMARY Mortgages in the United States, 12-31-76 .......$4,593,577.19 Mortgages in Canada, 12-31-76 ....................... 84,559.39 Total mortgages, 12-31-76 ................................$4,678,136.58 b. CERTIFICATE LOANS The Officer of the Controller keeps an itemized record of this item. V. REAL ESTATE The Federation owned the following real estate as of December 31, 1976: WASHINGTON, D.C. #V. Rent for the Kossuth House, the Federation’s Home Office, is set at $24,000.00 a year. DETROIT, MICHIGAN #VI. This property serves as a branch office in the Detroit area. McCarter highway, #xiv. This property is handled by Koppelman & Eglow for the Federation. ST. MARYS, W. VA. #XXI. Expenses on this property were $2,396.00. WHITEHALL, PA. #XVI. This property was sold in 1975, then repossessed by the Federation in 1976. VI. DUE FROM OTHERS In the United States a personal note in the amount of $4,000.00 (R.E. XVI.), $712.56 held in escrow by Koppelman & Eglow for R.E. XIV. McCarter Highway, a shortage of $5,359.55, and $644.39 shortage in Canada, amount to $10,716.50 due from others. VII. ORPHANS & UNCLAIMED TRUST FUND This is kept on file by the Controller. VIII. MISCELLANEOUS ITEMS a. Home Office — Kept on file in Home Office b. Escrow Account for taxes and insurance premiums of mortgagors. c. H.R.F.A. Student Aid & Loan Fund. o o o o o On behalf of the Board of Directors special thanks should be given to László L. Eszenyi for his excellent service as Acting Treasurer in handling the work in the Treasurer’s Department. Thanks are extended to our two counsellors, Judge Alex B. Eger, Jr. and Elmer J. Isaac, who is also Chief Agent in Canada, and to our accountants, Bennett Koppelman and Alvin Eglow for their cooperation and service. Thanks go to those in the Home Office: Elizabeth Balazs, who has been with the Federation for 48 years, to Mrs. Iren Simon, who has been with the Federation for 11 years, and to Mrs. Flora Rivera, part-time worker, for their outstanding work in the Treasurer’s Department. I submit this report for the year 1976 on behalf of Paul St. Miklossy, our late Treasurer, trusting that upon examination, it meets your approval and acceptance. Fraternally yours, March 11, 1977 Joseph S. Molnár, Treasurer 10
