Verhovayak Lapja, 1949 (32. évfolyam, 1-12. szám)
1949 / Verhovay Journal
PAGE 4 Verhovay Journal April 20, 1949 Verhovay Journal Journal of the Verhovay Fraternal Insurance Ass’n. OFFICE OF PUBLICATION 7907 West Jefferson Ave. Detroit 17, Mich. PUBLISHED MONTHLY BY THE Verhovay Fraternal Insurance Association Managing Editor: JOHN BENCZE Editor: JOHN SABO Editor’s Office: 436—442 FOURTH AVENUE PITTSBURGH 19, PA. » Telephone: COurt 3454 or 3455 All articles and changes of address should be sent to the VERHOVAY FRATERNAL INSURANCE ASSOCIATION 436—442 FOURTH AVENUE PITTSBURGH 19, PA. SUBSCRIPTION RATES: United States and Canada j..................................................... $1.00 a year Foreign Countries ............................................................................. $1.50 a year Entered as Second Class Matter at the Post Office at Detroit, Michigan under the Act of March 3, 1879. Report Of The Auditing Committee Certificate Of Audit We have audited the books and accounts of the Verhovay Fraternal Insurance Association for the six months beginning July 1, 1948 and ending December 31st, 1948, and We Certify to the correctness of the financial schedules for the above-mentioned period as shown in and part of the Annual Statement published in the March 2nd, 1949 issue of the Verhovay Journal. The scope of the work undertaken in connection with the above-listed period of operations included the following: An examination of all income accounts consisting of receipts from Verhovay Branches, real estate income, mortgage •loans, mortgage interest, bond interest, dividend on stocks, loan and bank interest, profit on bonds sold, Trust deposits, Handling Charges, Hungarian Hall Income, mise. income, and Home Office Building Income. All of the above income items were verified as'having been received, and eventually traced back into the various ledgers and journals. The bank statements were reconciled for the period under examination, and the Petty Cash Fund verified. Verhovay’s holdings of securities were examined at the Mellon National Bank and verified. The examination of these securities disclosed the fact that as of the December 31st, 1948, date, there was a total Book Value of $2,101,471.18 in U.S. Gov’t Bonds, $68,197.53 in Industrial Bonds, $927,142.91 in State & Municipal Bonds, $786,302.87 in Railroad Bonds and $5,048,707.78 in Public Utilities Bonds, for a grand total of $8,931,822.27, in our investment portfolio. This portfolio, incidentally, can be considered as being in an excellent condition. Our examination also disclosed the fact that bond coupons were promptly presented for collection when due, and that all monies thus obtained, as well as those obtained on the sale of securities, were accurately credited to our account. A very careful examination of the monies disbursed and paid out by the Association was undertaken for the six months period under study. It covered such items as commissions, salaries, traveling expenses, payments on death claims, sick benefit claims, maiming benefits along with cash surrenders, medical examinations, and all other payments made and listed under the disbursement heading, and included in the totals of the Annual Statement. Vouchers and supporting papers for each payment were carefully examined, and all payments were found to have been made according to the dictates of the by-laws of our Association. Through the above examinations, it is definitely ascertained that the official data as published by the Home Office in the official journal from month to month gave a true and clear picture of the financial condition of the Association. The Statement of Assets as of the second auditing period of 1948, i.e., July 1, to December 31, 1948, is as follows: Period ’ Assets July 1, 1948 9,567,246.71 Dec. 31, 1948 9,948,683.11 Net Increase: 381,436.40 The Statement of Assets asv revealed in the Annual Statement and which was verfied by our audit is as follows: Minutes Of The Board Of Directors' Meeting MINUTES taken at the meeting of the Board of Directors of the Verhovay Fraternal Insurance Association, held on Monday, March 21st, 1949, and the following days, in the Verhovay Building, Pittsburgh, Pa. Present are: Vice Presidents Albert B. Ari and Julius Macker; directors Coloman Kolozsvary, Stephen Nyers, Stephen Lang, Joseph Turner, Henry Gross, Andrew Kovach M.D., Louis Vizi, Bertalan Kun, Michael Korosy, Richard Phillips; National Officers John Bencze, Coloman Revesz, John Szalanczy and John Sabo. Director Falussy reported that his arrival will be slightly delayed. Present are also, at certain sessions, Stephen Matassy, Legal Counsel and Samuel Gomory, M.D., chief Medical Adviser. 1. ) National President John Bencze calls the meeting to order at 10 a.m. He extends a hearty welcome to the Directors and states that they are about to render a very complete and detailed report on last year’s operations for the directors to consider and to plan accordingly. He also extends a warm welcome to Director Kun who had been unable to attend our previous meeting due to very serious illness. 2. ) Director Kun expresses his heartfelt appreciation to the Board members for their manifestation of goodwill toward him on the occasion of the last Board meeting, stating that this had affected him deeply as a true indication of the fraternal spirit. 3. ) Director®Vizi conveys to the Board the sincere and heartfelt greetings of Field Supervisor Joseph Nemes and a group of fifteen-branch managers attending a meeting held in Windber, Pa. The Board acknowledges the message. 4. ) According to the ruling adopted by the Board at their March 1948 meeting, the terms of the offices of the Chairman and Secretary were fixed at one year. In view of this, the election of a Chairman and Secretary are again put on the agenda. Albert B. Ari and Richard Phillips are unanimously elected to fill the respective offices for the term of another year. 5. ) Chairman Albert B. Ari acknowledges the election and thanks the Board for again considering him for this signal honor in the year of 1949. He emphasizes that he will carry on as heretofore, bending all efforts for the good of the Association. 6. ) The agenda of the meeting is adopted by the Board with the provision that additions may be inserted, if necessary. 7. ) The minutes of the special meeting, held on November 27, 1948, is read and approved. 8. ) The reports of the national officers are read and adopted for detailed discussion. 9. ) The Board separates into committees for the customary examination of the Home Office. The committees consist of the following: Organization and Planning: Directors Nyers, Lang, Korosy and Turner, Requests and Complaints: Directors Falussy, Vizi, Kolozsvary and Kun, Finance, Investment and Real Estate: Directors Ari, Phillips, Macker, Dr. Kovács and Gross. 10. ) The Chairman adjourns the meeting until the completion of the examinations. 11. ) The committees having completed their examinations, Chairman Albert B. Ari calls the meeting to order on Tuesday, March 22nd, at 3:45 p.m. The Committee on Complaints and Requests render their report. 12. )' National Secretary Coloman Revesz conveys to the Board the request of former director Joseph Szalay and Joseph M. Toth, Manager of Branch 14, Cleveland, O., for an appearance before the Board on Wednesday, March 23rd, to personally make known matters relating to the Cleveland Verhovay Home. The Board grants their request and instructs the National Secretary to so inform them. 13. ) National Secretary Coloman Revesz reads the examinatiori report of the Committee on Complaints and Requests, and the following actions are taken by the Board. (Continued on page 5) Period _ Assets Dec. 31, 1948 9,948,683.11 Dec. 31, 1947 9,165,534.55 Net Increase: 783,148.56 Our examination commenced on March 21st, 1949, and was completed on April 2nd, 1949. ALEX NYIRATI Auditing Committee: GASPAR PAPP WILLIAM C. KOHUT
