William Penn Life, 1974 (9. évfolyam, 1-4. szám)

1974-04-01 / 2. szám

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4. Auditing Committee member Louis Fodor spoke on behalf of the Auditing Committee and extended greetings to the Board and National Officers and hoped they would have a succersful meeting. He was sorry to hear our National President is ill and expressed hope that he will soon return to his duties in good health. He also expressed deep appreciation that the Auditing Committee could meet at the same time as the Board.

5. The Board of Directors, National Officers and Auditing Committee members pledged allegiance to the flag of the United States of America. Vice President Louis L. Varga offered the invocation.

6. The Auditing Committee was excused from the Board Room at this time so they may proceed with their work.

7. Chairman of the Board and Vice President John P. Balia duly installed Stephen Danko as a Director of the William Penn Association. Director Danko was happy to be back as a Director, but was sorry that it had to occur as a replacement due to death. He has always held the William Penn Association high as an institution leading the way of Hungarians in this country. He pledged to further the best interest of our Society in the future.

8. Secretary of the Board Frank J. Radvany calls the roll and the following are present:

Louis L. Varga and John P.Balia, Vice Presidents;

Directors: Frank Bero, Stephen Danko, Zoltán B. Emri, Michael Hegedűs, Albert G. Kertesz, William C. Kohut, Stephen Lang, Jr., Frank J. Radvany, John Sabo, Joseph Toma, John P. Veszprémi, Jr., Frank J. Wukovits, Sr.; Albert J. Stelkovics, National Secretary; Julius E. Somogyi, National Treasurer; Gay B. Banes, General Counsel and Dr. Samuel C. Gomory, Medical Director.

9. The Agenda is presented to the Board and same is adopted with the proviso that any matter properly belonging before the meeting may be added thereto during the course of the meeting.

10. Medical Director, Dr. Samuel C. Gomory, submitted his report. The Board acknowledged the Report of the Medical Director with sincere thanks and appreciation and ordered same to be placed in file.

11. Chairman of the Board John P. Balia introduced the Actuary, Mr. Robert E. Bruce, and requested him to submit his Report on the operation of the William Penn Association for the year 1973. Mr. Bruce expressed thanks for the opportunity to address the Board and to present his report. He extended

best wishes from his entire staff to the William Penn Association for the fine cooperation. Mr. Bruce commenced to read his report. The report was then discussed page by page. Mr. Bruce answered all questions posed by the Board and Officers. The Board of Directors accepted the Actuary’s Report and ordered same to be placed on file.

12. The Board of Directors commenced to review the Annual Statement page by page and a full discussion of same ensued between the Board of Directors, National Officers and the Actuary. Moved, seconded, and the Board accepted the Annual Statement with sincere thanks and appreciation to the National Officers and Home Office Employees who participated in the preparation of this Statement.

13. Moved, seconded and the Board unanimously adopted amendments to the employees pension plan By-Laws as required by I.R.S.

14. General Counsel Gay B. Banes submitted his report to the Board. Following a lengthy discussion of same, it was moved, seconded, and the Board accepted the Report.

15. National Secretary Albert J. Stelkovics read the Minutes of the Excutive Committee meeting held on Sunday March 17, 1974. Moved, seconded, and the Board unanimously accepted same.

16. BE IT RESOLVED by the Board of Directors, that retroactive to January 1, 1974 the annual salaries of the elected and appointed Officers be increased.

17. The Board commenced to review page by page the Proposed Budget and Report of the National President to the Board of Directors dated March 18, 1974. Discussions and deliberations ensued on the various subjects reported on, Moved, seconded, and the Board adopted the 1974 Budget as presented with the proviso that the National Officers make the necessary adjustments as authorized at this Board Meeting and the Executive Committee is empowered to make necessary adjustments as may be required.

18. Moved, seconded, and the Board authorized the Executive Committee to survey the possibility of investing more fimds into home mortgages and to review present guide lines used in granting such mortgages.

19. Moved, seconded, and the Board authorized the Investment Committee to review the possibility of making investments in Certificate of Deposits or Short Term Paper, thereby improving our rate of return.

20. Moved, seconded, and the Board adopted the following resolution pertaining to monthly minimum premium payments.

RESOLUTION

WHEREAS, the Board of Directors at its regular meeting on September 9, 1969 did adopt a $5.00 monthly minimum premium payment rule, and

WHEREAS, since that date postage rates have again been increased, and

paper costs have increased considerably, and

WHEREAS, the Association cannot increase its premiums to cover these additional costs,

NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED by the Board of Directors that effective with premium notices for due date of July 1, 1974 the minimum monthly premium payment required of each paying member as follows:

Monthly Premium of:

$10.01 or more pay Monthly, Quarterly, Semi-Annual or Annual

$5.01 to $10.00 pay Quarterly, Semi- Annual or Annual

$2.51 to $5.00 pay Semi-Annual or Annual

$2.50 or less pay Annually only.

BE IT FURTHER RESOLVED that a full explanation as to the reasons why this economy move had to be made again be explained in the Official Publication, William Penn Life.

21. Moved, seconded, and the Board authorized the Executive Committee to review the possibility of consolidating premitun billing records so that all notices going to one address be mailed in one envelope. The Committee is to review the cost of prepaid envelopes furnished to advance payors and to effect a saving in postage fees there too if possible.

22. Moved, seconded, and the Board unanimously accepted the Report of the National President, dated March 18, 1974.

23. Director Veszprémi made the following report with reference to the 1974 Bowling Tournament to be held in Detroit, Michigan, May 25&26, 1974. He informed the Board that rooms have been reserved at the Ramada Inn, Hilton and Sheraton Motor Inns located near Metropolitan Airport in Detroit. Limousine service will be available from Metropolitan Airport to the respective Motor Inns which are just across the highway from the Airport. Room rates will be $18.00 for singles and $23.00 for double occupancy. Bowling will take place at the Thunderbowl Lanes which is about 8 miles awav or about a 10 minute drive. Bus service will be available to and from the Bowling Alleys and the Motor Inns. It is

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