THE MUTUAL BENEFIT ASSOCIATION OF SUFFOLK COUNTY, N. Y. RIVERHEAD, N. Y. Examined to ascertain condition September 30, 1918. Report dated October 25, 1918. The income and disbursements for the nine months from Jan uary 1 to September 30, 1918, were as follows: Balance, ledger assets, December 31, 1917..... $21,449 36 The real estate consists of a two and one-half story frame building in Port Jefferson, Long Island, formerly used as a saloon and dwelling, but now unoccupied. This property was taken over in April, 1917, through the foreclosure of a mortgage held by the association. The mortgage was for $3,000, the present book value of the property. The deed is in the name of John Bagshaw, the secretary of the association. His explanation of this is that the association, being unincorporated, cannot hold said real estate. This matter should be investigated, and if it transpires that the association is an unincorporated body the real estate should be held by trustees. Death Claims On September 30th there were eight claims approved, but not due, and three notices of death, papers not complete. As there was approximately $3,000 cash in bank, three claims will doubtless be paid in the near future. The association has from time to time borrowed money from the bank in order to pay claims within the ninety days required by the by-laws. Membership and Assessments All members pay the same amount. The original plan was to collect $1.10 for each death, but when the membership grew to over 1,000 only enough assessments at $1.10 each were called to pay the claims. During recent years it has been the custom to call several assessments at one time. During the years 1913 and 1914 six calls per year at $3.30 each were made. During the years 1915 and 1916 seven calls per year, and during 1917 nine calls were made, all at $3.30 each. Beginning with January, 1918, the calls were increased to $4.40 each, with the intention of making six per year. Judging from past experience this will not be sufficient. In 1917 there were nine calls at $3.30 each, making the cost to each member for the year $29.70. Six calls at $4.40 each amount to $26.40, which it is safe to assume will not be sufficient to pay the claims for the year 1918. Several attempts have been made to increase the membership by the employment of a solicitor, but the results were not satisfactory. The acquisition of new members has practically ceased. Six were obtained in 1916, none in 1917 and one during the first nine months of 1918. The following table shows the condition of the association as of December 31st of each of the last five years and as of September 30, 1918. Each member is insured for $1,000: Expenses The ratio of total expenses of management to income from members for the last five years was as follows: The higher expenses in 1914 and 1915 were caused by the employment of an agent to solicit new business. The number of new members obtained did not compare favorably with the cost, and the attempt was abandoned. It will be noted that in 1913, 1916 and 1917, when the expenses were normal, that they were exceptionally low. Officers At the annual meeting of the association held January 9, 1918, the following officers were elected: President... First Vice-President. Second Vice-President. Treasurer.. Secretary. Medical Director.. Counsel.. Fred S. Hill John Bagshaw George W. Hildreth The salary of the secretary is $720 and that of the treasurer $200 per annum. The secretary is bonded for $2,000. THE POSTAL EMPLOYEES' MUTUAL AID ASSOCIATION NEW YORK Examined to ascertain condition December 31, 1918. Report dated February 20, 1919. Examiner: J. F. Tucker. Financial Statement The financial condition of the association as of December 31, The association owns $5,000 of the first and second issues of Liberty Loan bonds, 4 and 44 per cent, respectively. It has also subscribed for $5,000 of the fourth issue, $2,500 of which had been paid prior to December 31, 1918. The association also owns 242 war savings stamps which were purchased at $4.14 each, making the book value thereof $1,001.88. Income and Disbursements The income and disbursements for the year ended December 31, 1918, were as follows: Balance, ledger assets, December 31, 1917... Certificate fees Income $51,608 86 $550 |