William Penn, 1957 (40. évfolyam, 1-12. szám)

1957-05-01 / 5. szám

PAGE 6 May 15, 1957 William Penn continued, but changes should be made by the Field Manager and the Staff. It directs the Field Manager to cover cities where we have a large number of members with 5 minute programs or spot announcements. A report on the effectiveness of such a program will be made by the Field Manager at the next Board Meeting. The Committee recommends to the Board that the Staff be empowered to revaluate our newspaper advertising program, exerting all efforts to keep the cost to a minimum and, at the same time, try to secure the maximum benefit out of the advertising for the Association. The Committee discusses gift articles and staffers. After lengthy dis­cussion, the Committee recommends that the gift articles should be con­tinued and expanded in the near future. The Committee approves the method established in the past year and wishes it to be continued during the present year. Certain gift items on which the individual’s name is being advertised, will be provided on an equally shared cost basis. After a brief discussion by the Committee regarding the Bowling Tournament, it was pointed out that there is a definite increasing interest shown in regards to the participation in the tournament. The Committee recommends, therefore, that the Bowling Tournament be held in 1958 and continued in the future. National President, Mr. Coloman REVESZ, and Director, Mr. Aloysius C. FALUSSY arrived. They were welcomed back by the Chairman, Mr. Albert IBOS. The Committee approves a tentative plan on Junior Club camping programs. Complete details of the plan will be submitted to the Fall Meeting of the Board of Directors. The Committee considers Mr. Stephen LUKACS’ request. The Com­mittee regrets that his request cannot be granted. The Board of Directors recognizes the fact that the Association’s mem­bers are entitled to the best service available and this service can best be giyen by full-time men, and directs that the Field Manager make available such service in all areas wherever full-time personnel are presently em- , ployed, and hopes that the Branches will cooperate and make such service available to their membership. The Committee recommends that the 2% collection commission be paid on an annual production result. This collection bonus to be paid in February of each year, except where there is a termination of service. If service is terminated, the collection bonus will be paid in 30 days. On a properly made and seconded motion, the Board unanimously adopts the Minutes of the Promotional and Organizational Committee meeting, as amended. The Board next takes up the matter of the Minutes of the Finance Committee meeting, presented to the Board by Louis VARGA, Secretary of said Committee. The Minutes of the meeting of the Finance Committee are read, deliberated, amended, approved and accepted with thanks by the Board. These Minutes, as amended, become a permanent part of the Board Minutes and are attached hereto. MINUTES OF THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS. WEDNESDAY AND THURSDAY, APRIL 3 AND 4, 1957 The meeting of the Finance Committee was convened at 9:20 A. M., Wednesday, April 3rd. The meeting was called to order by Mr. RADVANY. The following members were present: Messrs. Frank RADVANY, Louis VARGA, Julius MACKER, Stephen LANG, Frank MAGYARY, Stephen BENCZE, László FISHBEIN, National Treasurer Julius E. SOMOGYI, and Investment Manager Richard J. PHILLIPS. Mr. RADVANY was elected chairman and Mr. VARGA secretary. The first order of business was adoption of the agenda. Mr. RALPH RUSSELL of Moody’s Investors Service made his ap­pearance and discussed at length our bond and stock portfolio and was completely satisfied with our investment policy in 1956. He concurred with our Investment Department in its selection of high-grade convertible bonds for yield and appreciation . He said a 2.80% yield after expenses was a fair yield under the con­ditions, particularly since amortizations were taken in the former Rákóczi bond portfolio to conform with the former Verhovay and now William Penn policy. Concerning the request for a mortgage loan of Branch 129, Columbus, Ohio. A Delegation consisting of George TOKÁR, Louis TOKÁR, Louis MILLER and Ernest GALL, presented the Branch’s point of view. They presently operate a Home in Columbus and have been relatively successful with its operation. They now desire to extend these facilities so they can more adequately service their members. Plans, specifications, and bids were submitted on the proposed changes. Questions were asked of them as to whether they could do sufficient business to warrant this large loan. They indicated they could double or triple their business. The Committee discusses the proposal and recommends that Messrs. PHILLIPS and SOMOGYI make an on-the-spot investigation and report their recommendations to the Finance Committee in September. The Committee next checked the securities purchased during the last six months and made an evaluation thereof. No discrepancies were found in the purchase price, par value, or goody’s rating. The indentures were also examined. The Committee recommends adoption of the securities transactions as submitted. Mortgage loans in the Bridgeport and Pittsburgh areas. Mr. VARGA spoke on the mortgage situation in Bridgeport. Since our Fall meeting very little activity occurred in the granting of mortgage loans, because of the fact that the bond market was most favorable. The policy which is pursued at the present time is a most flexible one and depends upon the valuation, duration of the mortgage loan and the character and ability of the applicant. There are no delinquent payments and cur equities are more stable than ever before. The Committee recommends the acceptance of the report. Branch Home Financial Statements. The Committee examined financial statements of Branches 296, 288, 189, 163, 132, \29, and 2. In all cases we found them progressive and no delinquencies in mortgage payments from those branches having balances. Regarding the request of KALMAN ERDEKY, District Manager, Branch 383, Buffalo, New York. The request was denied. Messrs. PHILLIPS and SOMOGYI give a thorough explanation of the background to the negotiations that led to the final purchase of the St. Nicholas Building. The Committee checked the deed, satisfaction of mortgage, and agreement to purchase. The Committee next reviews bids for the demolition of the Building and recommends this work be done as soon as possible and the land be used temporarily as a parking lot. Branch 336 Harrisburg Home Association. A request for a loan by the Harrisburg Home Association was made last year. An on-the-spot investigation was made by Messrs. PHILLIPS, SOMOGYI, and BANES. Among other things they found a dispute exists between the Branch and the Harrisburg Home Association. There could possibly be legal difficulties in this situation and Mr. BANES has checked the land records and transactions between Branch 336 and the Harrisburg Home Association. Since the liquor license is held by the Harrisburg Home Association and the land and building by Branch 336 and the Verhovay, the Finance Committee concurs with the recommendations of Messrs. PHILLIPS and SOMOGYI that their application for a loan can not be considered at this time until the liquor license is transferred and the corporation dissolved. Status of Trenton Hungarian Home — New Jersey At our last meeting the Board decided to sell the Trenton Hungarian Home. Mr. RADVANY was able to consummate this sale on December 12, 1956. The Committee acknowledges wdth thanks Mr. RADVANY’s report. The Board also extends a vote of thanks to Director RADVANY for his efforts in bringing about the saie of this building. Messrs. PHILLIPS and SOMOGYI report on their trip to Johnstown Branch 8-V to look into the details of their request made at the last Board meeting for a mortgage loan to the Branch for the purchase of a Home. They recommend the loan be denied, with which the Committee concurs. The Committee deliberates for some time on the Management Consul­tant Service and unanimously adopts the following resolution: “Be it resolved that the Finance Committee recommends that the Services of a Management Consultant be retained as soon as possible and a Committee of three Directors, to whom the consultant would be responsible, be designated; be it further resolved, that the Committee be authorized to confer with the Consultants and select the one which in its judgement is best qualified to make a study of the operations of the William Penn Fra­ternal Association. . Be it further resolved, that upon selection of a firm by the Committee the Legal Advisor be directed to draw up a proper contract to be executed by the Officers of the Association and a study be made as soon as is practicable.” These studies shall be submitted by the Committee to the Board of Directors and the recommendations contained therein be carried out to the closest degree possible. The Board adopts the Committee’s recommendation and a three-member committee is elected to work out the details on Management Consultant Service. They are as follows: Vice President Julius MACKER Vice President Louis VARGA Director Julius J. LENART The Finance Committee recommends the adoption of the reports of the National Treasurer and Investment Manager as amended by the above report. On a properly made and seconded motion, the Board unanimously adopts the Minutes ef the Finance Committee meeting, as amended. The Board of Directors, by unanimous vote, decide to continue the services of Vice-President Louis VARGA as previously overseer of our mortgage portfolio in the Bridgeport area and the Eastern District Office. The Board now discusses item VIII. of the Board’s Agenda, — Partici­pation of the William Penn Fraternal Association in Coordinated Hun­garian Relief, Inc. After a lengthy discussion and debate, the Board on a motion made and seconded, recognizes the participation of the William Penn Fraternal As­sociation in the Coordinated Hungarian Relief, Inc. The Board recognizes, as representatives of our Association to the Coordinated Hungarian Relief, Inc., National President REVESZ, serving as Executive President, and National Auditor John SABO, who is on the Executive Committee of said Coordinated Hungarian Relief, Inc. The Board next takes up the Minutes of the Requests, Complaints and Suggestions Committee, which, at the request of Dr. KOVÁCS, Chairman of said Committee, are presented to the Board by National Secretary STELKOVICS. Due to the lateness of the hour, the Board unanimously resolves to continue the presentation of this Committee’s Minutes at Saturday’s session. The Board continues to hear the presentation of the Minutes of the Requests, Complaints and Suggestions Committee meeting. After a lengthy discussion and debate, these Minutes are approved as amended and ac­cepted with thanks by the Board. Said Minutes, as amended, become a permanent part of these Board Minutes and are attached hereto. MINUTES OF THE REQUESTS, COMPLAINTS AND SUGGESTIONS COMMITTEE OF THE BOARD OF DIRECTORS OF THE WILLIAM PENN FRATERNAL ASSOCIATION, — WEDNESDAY, APRIL 3, 1957 The Committee convenes at 9:30 A. M. in the Office of the National Secretary. The following are present: Dr. Andrew KOVÁCS, Director Julius J. LENART, Director Joseph KORMONDY, Director Gabriel CZERNAI, Director Louis VIZI, Director Andrew FEJES. Director John SABO, National Auditor Albert J. STELKOVICS, National Secretary Director VIZI opened the meeting with the motion to unanimously re-elect Dr. Andrew KOVÁCS as Chairman and Director, Julius J. LENART v

Next

/
  • Elrendezés
  • Igazítás
  • Forgatás
Oldalképek
Tartalom