William Penn Life, 1973 (8. évfolyam, 1-4. szám)
1973-04-01 / 2. szám
ary 1, 1966 to current date, except Five (5) and Ten (10) Year Renewable and Convertible certificates. The amount of dividend declared is that which is contained in the regular dividend tables of the Association for the respective certificates. 29. The Board of Directors acknowledged the receipt of letter of thanks and appreciation from S. G. Somy of Medford, Massachusetts. Moved, seconded, and the Board authorized its publication in the William Penn Life. 30. Letters of thanks were acknowledged by the Board of Directors from American Hungarian Studies Foundation; Miss Julia R. Orosz, Garden of Hungarian Song; Rev. László Berzeviczy, Magyar Reformed Radio Program. The Board acknowledged receipt of letter of thanks and appreciation from Coloman Bertalan for the increase in pension granted last Autumn to several retired employees. 31. The Board acknowledged receipt of letter from the Lorantffy Care Center, Inc., Akron, Ohio, seeking a donation. The Board instructed the National Secretary to appropriately reply to this request, advising them that the Association has its own program of Housing for the Elderly. 32. The Board acknowledged receipt of letter from Radio Station WEDO, McKeesport, Pa., pertaining to a proposal for radio time on the Hungarian Varieties Program. Moved, seconded, and the Board authorized sponsoring this program for a trial period. 33. National Secretary Albert J. Stelkovios read a letter to the Board of Directors from Branch 1, Bridgeport, Connecticut, cordially inviting the Board of Directors, Auditing Committee and National Officers to a testimonial dinnerdance honoring Vice President Louis L. Varga to be held in Bridgeport, Conn., on April 28, 1973. National President Elmer Charles accepted the kind invitation with sincere gratitude and requests Officers, Board Members, Auditing Committee Members, and Branches to be represented at this testimonial to a fine man. 34. Director Frank Bero, speaking on behalf of the Board of Directors and National Officers, expressed sincere thanks and appreciation to Branch 296, Springdale, Pa., for the invitation they extended in celebrating the dedication of the William Penn Room at the United Church of Christ. 35. The Board acknowledged receipt of letter of request from the Miners for Democracy for Action - Local 5 U.M.W. The Board regrets it can not support such causes on a local level. However, the Board recognizes candidate Louis Antal, a member of Branch 296, for his accomplishments in bringing about the success of the program for Miners for Democracy. 36. The Board acknowledged receipt of letter of request from the Miners for Democracy for Action - Local 5. The Board regretted it can not support this cause financially. 37. Director Joseph Toma presented a check for $25.00 to the William Penn Scholarship Foundation from Branch 48, New York City. 38. Vice President Louis L. Varga, speaking in behalf of the Board of Directors, wishes to express sincere thanks to the National Officers; President Elmer Charles, National Secretary Albert J. Stelkovics and National Treasurer Julius E. Somogyi for the excellent progress the Association made in 1972. Citing the Actuary’s report which stated “The year 1972 was another very good year. Insurance in force, new business issued, assets, surplus and first year and renewal premiums and excess earning all increased.” The statement figures reveal among other things, that Solvency Ratio was 110.92%, which means that behind each $100.00 of liabilities the Association had admissable assets of $110.92. Profits after dividends were $208,698.00 in 1972 or 8.73% more than the profit reported in 1971. Dividends paid or credited in 1972 were $161,165.00. Premiums on first year life business was $348,720.00 an increase over 1971. Operating expenses indicated an increase in some areas due to programs instituted by the Board. On the whole, other expenses remained in the normal areas. Mortality ratio in 1972 was 61.43%, reflecting an increase from 1971 ratio of 56.71%. Net investment yield was 4.54% in 1972, which again is a slight increase over 1971. The Association enjoyed a substantial increase in the number of certificates in force in 1972. This is a significant reversal of the trend of the past years. Once again, Vice President Varga conlmended the National Officers and Employees of the Association for the very fine showing exhibited in the Actuary’s report and the Annual Statement. President Elmer Charles thanked Vice President Varga for his kind remarks and reminded everyone that this tremendous accomplishment was gained through hard work, team work and united effort of everyone. 39. In his closing remarks, National President Elmer Charles expressed many thanks to the Board for the utmost consideration and thought given to our problems. Most importantly, the readiness and willingness to plan for the future. We proved this by taking the field and production problems and assigning it to the Executive Committee and National Officers for their recommendations. The President acknowledged, on behalf of all the Association Employees, the commendation the Board expressed for their accomplishment in 1972. He hoped the year 1973 will be just a little bit better. iSr A He hoped that with the full cooperation of the Board the Association will continue to move forward. He was delighted to see the reversal in declining membership and hoped this will continue on the upgrade. President Charles expressed his thanks to the Board and Auditing Committee for attending the church services and dinner in Springdale, Pa. It is always a pleasure to pray together and break bread together, because those who pray together will remain together. Mr. Charles stated the tribute he paid to Vice President Varga at the William Penn Room dedication ceremony applied to each and everyone of us. He hoped and prayed that we can be together in unity for many more years. He bid everyone a pleasant and safe return to our homes and expressed sincere gratitude to our wives, families and membership for remembering him during his illness and wishes everyone a Happy Easter. 40. Chairman of the Board John P. Balia thanked each and everyone for their fine cooperation. He felt this was a very constructive meeting, and with understanding and harmony we can continue to solve the problems that may arise. He, too, thanked everyone for their prayers and remembrances during his illness and hoped we can all see each other again in Bridgeport, Connecticut at the testimonial dinner to be given in honor of Vice President Louis L. Varga. He wished all a safe and pleasant journey to our homes 4L Vice President Louis L. Varga also thanked the Board for the work it has accomplished and hoped the plans submitted by the Board for the coming year will bear fruit. Respectfully submitted: Frank J. Radvany Secretary of the Board John P. Balia, Vice President Chairman of the Board Elmer Charles National President ATTEST: Albert J. Stelkovics National Secretary 12
