Fraternity-Testvériség, 1987 (65. évfolyam, 1-4. szám)
1987-01-01 / 1. szám
Page 6 TESTVÉRISÉG TREASURER'S CORNER IMPORTANT NOTICE The Board of Directors approved two directives at the November meeting of 1986. Both directives will become effective as of April 1, 1987. I. NEW SCHEDULE OF DUES PAYMENTS 1. If monthly dues are less than $10.00, payments will have to be made quarterly; 2. If less than $5.00, payments can only be made semi-annually; 3. If less than $3.00, payments have to be made annually. Branch managers can make exceptions to these rules if: a. Several policies are paid with one check and one payment book with total monthly payments over $10.00. b. It would create hardship, especially in the case of our older members. However, the above exceptations do not apply to any future sales. II. INTRODUCTION OF QUARTERLY REPORTS Effective April 1, 1987, some branches will report quarterly instead of on a monthly basis. This step was necessitated by the fact that on many occasions, after the annual, semi-annual and quarterly payments were made, there were many months when hardly any payments came in with the monthly reports. A lot of effort and expense can be saved with the institution of this new way of reporting. We ask our members to cooperate with these two directives; they are for the benefit for all concerned, and members should take advantage of the discount payments when paying ahead of schedule. DIVIDENDS Although the 1984 Convention mandated the declaration and distribution of dividends for 1985, the Board postponed the declaration awaiting the effect of the following two events: 1. The purchase of a new Home Office, which took place in November 1985. 2. The introduction of the 1980 CSO tables for our insurance portfolio. The renovation work on our new Home Office was completed by the end of May, and we occupied the premises in June 1986. Most of the States have already approved our 1980 CSO rates; we are still waiting for the approval from the States of New York and Connecticut. Both events will influence our present and future annual earnings, but we are not completely sure to what degree, since other factors: interest rates, mortality experience, are also involved in the actual and projected calculations. Through the 90 years in the history of the Federation, our members have always enjoyed low rates. The profits we made were used to support our Bethlen Home for the Aged and our Orphanage. We were also very generous to other charitable organizations. Our surpluses are still getting higher and higher, and I believe that at the 1987 Spring Meeting the Board of Directors will declare dividends, retroactive to the year of 1985. We are working on several plans and studying the recommendations of our actuaries and financial advisors, however, the directives of the 1984 Convention on dividends will be implemented to the letter in the year 1987. The declaration and schedule of dividends will be published in the Fraternity. Charitable Contributions Ó Allocations from the Hungarian Reformed Federation in 1986 1. Bethlen Home ............................. $24,000.00 2. Statue of Liberty Fund ............... 16,490.00 3. Gift to Kantus ............................. 10,000.00 4. Gift to Bethlen Museum & Archives .................................... 6,000.00 5. Donations Account of the HRFA 6.000,00 (For charitable causes. Final Tabulation not complete.) 6. Presidential Fund of the HRFA 10,000.00 (Final Tabulation not complete.) 7. Fraternal Fund of the HRFA 15,000.00 (Final Tabulation not complete.) 8. Hungarian Studies Foundation . . 1,000.00 9. Bethlen Museum & Archives . . . 50,000.00 (Allocated by the Board at the 1986 Spring Meeting. Payable on demand.) 10. Calvin Synod Youth Camp ........ 1,500.00 11. Hungarian Reformed Church Youth Camp.................................. 1,500.00 12. Canadian Youth Camp .............. 500.00 13. Student Aid Fund ........................ 6,900.00 William B. Puskas, Treasurer
