William Penn Life, 1968 (3. évfolyam, 1-12. szám)
1968-05-01 / 5. szám
Detailed map of the Youngstown, Ohio area showing the four most important spots for all participants in the Bowling Tournament and Fellowship Days. Certificate of Audit The duly elected members of the National Auditing Committee for the William Penn Fraternal Association convened at the Home Office, 429 Forbes Avenue, Pittsburgh, Pennsylvania on Monday, March 25, 1968 to begin their audit of the books and accounts of the Association. The period under audit was for the six months beginning July 1, 1967 and ending December 31, 1967. This certification of the audit is hereby made attesting to the correctness of the annual financial statement and accompanying exhibits, securities owned, income and expense items and supporting data. All income accounts were thoroughly examined, i.e., Premium payments, dividends, bond interest, loans and miscellaneous. Deposit statements to banks, (Mellon Bank and Western Pennsylvania Bank) were compared with ledger records and found to be in accord. Considerable time was devoted to checking all expenditures, general, death benefit payments, sick benefits, salaries, commissions, dividends, investments, advertising, official publications, convention expenses, district office and miscellaneous items of expense. Each check disbursed for the period under audit was scrutinized, traced and accounted for. All checks outstanding at December 31, 1967 were noted and traced to being returned in 1968. Tests were made at random on expenditures and traced to their source. The entire auditing team visited the Mellon National Bank to check and count every stock and bond now owned by the association. All securities as of December 31, 1967 were accounted for and compared against the annual financial statement for the year 1967. Investment Manager Richard J. Phillips and Treasurer, Julius Somogyi were present for this phase of the audit and answered questions for the auditing committee members. It is to be mentioned at this point that all securities were accounted for as of March 28, 1968. All coupons have been detached and deposited for payment as required. Stocks and Bonds owned by the association at December 31, 1967 total $28,957,853.69. The ledger assets of the association and their distribution at December 31, 1967 is as follows: Bonds .....................................$27,965,967.58 Stocks .................................. 991,886.11 Mortgages ............................. 1,131,828.61 Real Estate ........................... 549,841.21 Branch Real Estate Loans 27,752.63 Policy Loans & Liens ....... 1,034,570.23 Cash on hand & Bank deposits 206,316.41 Other Asssets ....................... 48,638.41 Total Ledger Assets $31,956,801.19 Less Liabilities ................... —4,407.86 Net Ledger Assets at December 31, 1967 .........$31,952,393.33 During the audit, National Officers were asked questions by the committee as to how their respective offices functioned, the responsibilities of their employees, the manner in which their records and books were maintained and other questions in general. All departments of the association were visited and observations made as to departmental procedure and operations. Employees were interviewed and their comments duly noted. It is to be mentioned that in the opinion of the committee, all departments are operating at a high degree of efficiency and each employee appears to be fully qualified for their individual position of responsibility. The Direct Premium billing system appears to have progressed considerably since its inception and has eliminated many problems in premium billing experienced in the past. This current method of premium billing has apparently justified itself in that the field representatives have been freed from collecting premiums thus enabling them to devote more time and effort to securing new member business. The computer system now in operation is handling practically all accounting data, i.e., premiums received, payroll, dividend checks, sick benefits, death benefits, and other pertinent transactions, thus relieving personnel of burdensome duties and allowing for more efficient operations at the home office. The Auditing Committee is pleased to report that on the final day of their examination, the National Officers were again summoned and President Elmer Charles outlined the goals and objectives of the association for the coming year, the highlights being: Increase in new business and premium dollars Reduction of expenses Establish more agencies Increase the field force, with an ultimate goal of 70 field representatives. During the entire phase of our audit, the co-operation received from the National Officers and employees of the association is to be commended. Through their efforts our examination progressed rapidly and with a minimum of re-tracing. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, the audit being concluded on Saturday, March 30, 1968. William C. Kohut, Chairman John P. Vezpremi, Secretary László Kereszti, Member Albert Kertesz, Member Zoltán Emri, Member Helen Nemeth, Member NOTICE TO MEMBERS OF BRANCHES 14 AND 45 Due to the telephone strike we have to delay the opening of the combined offices of Branches 14 and 45. It is hoped that we wil be able to do so on June 1. It will be located at Knollwood Plaza, Suite 9—9701 Brookpark Road, Cleveland, Ohio 44129. Telephone (when available): 741-2122.—Office hours: 9-5 Monday through Friday. 4
