The income and disbursements for the year ended December 31, 1918, were as follows: Balance, ledger assets, December 31, 1917... $17,849 66 The bank deposits during the year 1918 were in excess of the receipts as shown by the secretary's cash book. This is apparently due to inaccurate cash book entries. The income entered in the foregoing financial statement is that shown by the bank pass book. Assessments, Memberships and Benefits Members pay annual due of two dollars each and assessments for each death according to age at entry as follows: Although one assess The death benefit in each case is $500. ment is supposed to be called for each death, the by-laws limit the number of assessments which may be called in any one year. There are therefore twenty-six death claims incurred for which no assessments have been called. Four of said claims were paid in 1917, seventeen in 1918 and five were unpaid at the end of 1918. Unless the number of deaths decreases materially, and such decrease is unlikely to occur, the League will soon have used up all its reserves in the payment of claims for which it has no power to make assessments. Some modification of the provisions of the by-laws should therefore be made before the financial condition of the League becomes hopeless. The records show that the present membership numbers approximately 500, of which some 25 or 30 members will probably be lapsed at the next monthly meeting for nonpayment of assessments. Officers The present officers of the League are as follows: Byron W. Greene Wilbur F. Brown John D. Hoffmire.. President Secretary Treasurer The only salaried officer is the secretary. He receives a salary of $720 per year and in addition an allowance of $75 for rent. THE WORKMEN'S CO-OPERATIVE ASSOCIATION OF INSURANCE LEAGUE OF NEW THE YORK UNITED NEW YORK CITY Examined to ascertain condition December 31, 1918. Examiner: J. F. Tucker. The income and disbursements for the year ended December 31, 1918, were as follows: Balance, ledger assets, December 31, 1917.. $67,877 93 This association was incorporated on August 24, 1886, and commenced business on September 6, 1886. It transacts a life, health and accident insurance business on the industrial plan and confines its operations within the limits of Greater New York. For a number of years no certificates with a death benefit in excess of $200 have been issued. There are, however, two $1000 and twenty $500 certificates in force. These were issued some years ago. Any member having a life certificate may have issued to him a sick and accident certificate paying a benefit not to exceed four dollars per week. No sick benefit certificate is issued without the life certificate. Sick benefits are not payable until the certificate has been in force six months, nor to exceed eight weeks in any twelve months. Assessments of five cents or multiples thereof are collected weekly. The approximate number of certificates, both health and accident and life, in force at the end of the year 1918 was 18,124 and the amount of insurance in force was, according to the records, $1,448,867.82. Officers The following are the present officers of the association: |