William Penn Life, 1969 (4. évfolyam, 1-12. szám)

1969-05-01 / 5. szám

CERTIFICATE OF AUDIT

39. It was moved, seconded and unanimously adopted by the Board to accept the Report of the National President to the Board of Directors in its entirety.

40. It was moved, seconded and unanimously adopted that the vacancy which presently exists on the Building Committee, which vacancy was created by the resignation of Richard J. Phillips, Investment Manager, be filled by Director Stephen Danko.

41. National President, Elmer Charles, is pleased to announce that Vice President Julius J. Lenart, is currently a candidate for re-election as Councilman in the City of McKeesport, Pennsylvania. He extends the best wishes of the official family and the Association to Vice President Julius J. Lenart for his continued success and it is resolved by the Board to place this information in our Official Publication urging our McKeesport members to solidly support Mr. Lenart’s candidacy.

42. It was moved, seconded and adopted by the Board to designate Director, Frank Bero, Official Representative of the William Penn Fraternal Association at the Washington Award Dinner sponsored by the American Hungarian Studies Foundation.

43. It was resolved by the Board that any Branch which is intending to sponsor excursion trips for the purpose of obtaining group rates must notify the Home Office in writing of the time, date, and place such trips are to occur. The sponsoring travel agency or carrier must furnish to the Home Office a statement to the effect that the William Penn Fraternal Association will not be responsible for any claims whatsoever which may arise as a result of the use of such facilities.

44. The Board next reviews the proposed Budget for 1969 and same is adopted. In view of the salary adjustments and certain other estimated allocations approved by the Board. Budget Director and National Controller John Sabo is to revise the budget and a copy of the revised budget be furnished to each Board member.

45. It was resolved by the Board that the William Penn Fraternal Association purchase 5,000 cook books at $1.00 each, from Branch 18, Detroit, Michigan, with the understanding that the amount paid by the Association be used for their building fund. National President and Supervisor of Agencies to determine, at a later date, how these books will be utilized to increase insurance sales.

46. National President Elmer Charles, in conclusion, takes a few minutes to thank the Board for its generosity in granting salary increases to the National Officers, Supervisors of Agencies and Home Office Employees. Mr. Charles stressed to the Board that the responsibility for planning for the future growth and progress of the Association is vested in the Board of Directors and much can be accomplished towards fulfilling these

The members of the National Auditing Committee of the William Penn Fraternal Association, met at the Home Office, 459 Forbes Avenue, Pittsburgh, Pennsylvania on Monday, March 24, 1969 to begin their semi-annual audit of the books and records of the Association.

The following Committee Members were present: Zoltán B. Emri, László Kereszti, Albert G. Kertesz, Helen Nemeth, John P. Veszprémi, William G. Kohut.

Our audit covered the period beginning July 1, 1968 and ending December 31, 1968. First hand all income accounts were thoroughly examined and verified through supporting data, bank statements, bank deposit slips, subsidiary ledgers and the control ledger. The association’s bank checking accounts at the Mellon National Bank and the Western Pennsylvania National Bank were verified as well as all savings accounts at the following banks: Mellon National Bank, City Savings Bank, Bridgeport, Conn., Pittsburgh National Bank, Magyar Savings & Loan Ass’n., New Brunswick, N. J. 1st Federal Savings and Loan Ass’n., Homestead, Penna., Peoples Savings Bank, Bridgeport, Conn, and Western Pennsylvania National Bank. Interest received was from the following sources, Stocks and Bonds, Mortgages and Loans from policyholders. Other income from rentals and miscellaneous

goals if individually and collectively each Board member would express his thoughts and ideas and once a decision is reached by the majority these decisions would then be carried out for the full benefit of the entire membership.

President Charles states that the proposed budget was realistically prepared as far as future expenses and costs are concerned, however, the projected income is always an unknown factor. He expressed the hope that the entire Field Personnel will go forth and bring in new quality business so that we can increase our premium dollar income and attain the goal projected in the budget for this item. He thanked the Board members for their fine cooperation, extends best wishes to the family members and hopes each will have a safe journey home.

47. Board Chairman John P. Balia also thanked the Board for its fine cooperation during this session. He wishes each Board member together with their respective families a very Happy Easter.

48. Meeting is adjourned Wednesday, March 12, 1969 at 3 P.M.

Respectfully submitted John P. Balia, Chairman; Frank J. Radvany, Secretary; Elmer Charles, National President; Julius J. Lenart, Vice President; Louis L. Varga, Vice President; Frank Bero, Stephen Danko, Michael Hegedűs, Jr., Stephen J. Ivancso, Rev. Andrew P. Jacobs, Dr. Andrew Kovács, Stephen Lang, Jr., Joseph Toma, Louis Vassy, Frank J. Wukovits, Sr., Directors.

sources were verified through corresponding records.

Much time was devoted to the examination of all disbursements for the period under audit and payments for death benefits, matured policies, cash surrenders, poilcy - loans, salaries, commissions, dividends, general operating expenses, per diems and other payments. All disbursements were verified through the proper accounts and were found to be in order.

In examining the Securities portfolio, it was noted that there was little activity during the last six months with three (3) Bond issues being “Called or Redeemed.” The “Common and Preferred” Stock Portfolio disclosed an increase through purchases and Stock Dividends. In addition, Three (3) Short Term, high yield Notes were purchased by the Association.

The Ledger Assets of the Association and their distribution at December 31, 1968 is as follows: — (cash basis)

Bonds ...................................$28,168,258.22

Stocks common & preferred) 926,673.58

Mortgages ......................... 1,062,593.97

Other Invested Assets ....... 200,000.00

Real Estate ......................... 545,922.75

Policy Loans & Liens ....... 1,041,582.16

Cash on Hand & Bank Deposits 236,792.07 Other Assets ...................... 240,620.17

Total Ledger Assets ..........$32,451,717.11

Less Liabilities .................. 46,056.81

Net Ledger Assets at Dec.

31, 1968 ........................$32,405,660.30

Net Increase in Ledger Assets $453,266.97

The total expenses of the 1968 annual William Penn Bowling Tournament and Fellowship days held at Youngstown, Ohio were checked and it is the opinion of this committee that the expenses incurred were justified in that this annual event serves a very worthwhile “Fraternal” purpose and we endorse and recommend its continuation in the future.

With regard to the total annual cost of the “William Penn Life” monthly publication, this committee feels that the expense involved appears to be excessive as compared to costs in publishing the “William Penn Life” on a quarterly basis. We feel that continuance of the monthly publication and the cost involved will create an alarming situation in the future and also the value of the publication to the membership is questionable. A study should be made of whether or not it is worthwhile issuing the “William Penn Life” on a monthly basis or reverting back to a quarterly basis.

The committee took time to visit the Western Pennsylvania National Bank at McKeesport to observe the operation of the Computer System which has been in use for the Association for nearly four (Continued on page 8)

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