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Quarterly Results
September 30, 2005
Dear Members:
The third quarter results
of your organization include the newly merged Fraternal Life Insurance of
America of Greenfield Wisconsin. This merger became effective on July 1,
2005. The previous first two quarters of this year included results from
Alliance of Poles of America who merged with the P.R.C.U.A. effective
January 1, 2005.
With the totals there is a
tremendous increase in our income categories. The results are a $1,423,717
increase in total income. Also contributing to this total is a slight
increase in income from interest. As many of you are aware, short term
interest has risen in 2005.
As our annuity program
brings in premium deposits, some of our members select to withdraw their
funds or interest on a monthly basis. This resulted in an increase of
$814,870.00 more than the third quarter results of 2004. Expenses
automatically increased because it included two other fraternal
organizations; the Alliance of Poles of America and the Fraternal Life
Insurance of America.
Overall, the improvement in
net income after net realized capital gains showed a $263,333 increase over
last years negative amount. This increase was a contribution from the
Federation Life’s realized gains previously declared.
Where are we going? Taxing
of fraternal organizations is still an issue in Washington D.C. I am still
encouraging our local societies and affiliates to examine their programs and
keep inviting the area Congresspersons to their events. With your help, the
Polish Roman Catholic Union of America needs to continue this vigilance.
The Hurricane Katrina
Relief Fund is still in need of donors. If you have not made some
contribution to other organizations, I encourage you and your society to
donate to the PRCUA relief fund. Checks should be made out to PRCUA with a
memo “Hurricane Relief Fund” and mailed to the home office to my attention.
During the September
meeting, your Board of Directors approved a donation of $15,000.00 to the
Hurricane Katrina Relief. These funds and your donations will be made to our
members in the effected area who need assistance as a result of this
devastation. The balance of donations will go to the Catholic Charities.
Your contributions will be listed in the Narod Polski unless you request
that your contribution be anonymous.
“Our Polish Ancestors”
Coloring book is now available, contact the Fraternal Department at
1-800-772-8632 ext. 2601 to order your books for your family and friends.
For your review the details of the Third Quarter results are shown below.
Fraternally yours,
Wallace M. Ozog, FICF
National President
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Summary of Operations |
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Current Year
To 9/30/05 |
Prior Year
To 9/30/04 |
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INCOME |
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Premiums and annuity
considerations for life |
$11,687,042 |
$11,017,980 |
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Net investment income |
4,858,620 |
4,118,801 |
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Amortization of Interest
Maintenance Reserve |
18,768 |
4,909 |
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Aggregate write-ins for
miscellaneous income |
8,253 |
7,276 |
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TOTAL |
16,572,683 |
15,148,966 |
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EXPENSES |
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Death Benefits |
1,768,553 |
1,791,531 |
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Matured Endowments |
161,013 |
158,363 |
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Annuity and old age
benefits |
2,151,958 |
292,690 |
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Disability, accidental
and health benefits |
878 |
895 |
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Surrender benefits and
withdrawals |
935,079 |
822,683 |
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Interest and adj. on
contract or deposit-type funds |
775 |
0 |
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Payments on
supplementary contracts |
392,147 |
350,649 |
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Increase in aggregate
reserve for life |
7,871,873 |
9,050,595 |
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TOTAL |
13,282,276 |
12,467,406 |
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Commissions on premiums,
annuity considerations |
159,965 |
125,709 |
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General insurance
expenses & fraternal expenses |
3,018,597 |
2,677,187 |
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Insurance taxes,
licenses and fees |
169,339 |
145,686 |
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Aggregate write-ins for
deductions |
260,157 |
246,311 |
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TOTAL |
3,608,058 |
3,194,893 |
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Net gain from operations
before refunds to members |
(317,651) |
(513,332) |
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Refunds to members |
566,513 |
558,889 |
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NET GAIN FROM
OPERATIONS AFTER REFUNDS
TO MEMBERS/BEFORE REALIZED CAPITAL GAINS |
(884,164) |
(1,072,221) |
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Net realized capital
gains |
979,735 |
904,459 |
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NET INCOME |
95,571 |
(167,762) |
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SURPLUS ACCOUNT |
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Surplus, December 31,
prior year |
15,745,613 |
16,351,194 |
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Net income from
operations |
95,571 |
(167,762) |
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| |
Change in net unrealized
capital gains or (losses) |
(832,875) |
(613,782) |
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Change in non-admitted
assets & related items |
97,647 |
108,508 |
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Change in asset
valuation reserve |
(139,333) |
(445,539) |
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Aggregate write-ins for
gains & losses in surplus |
(180,335) |
(600,000) |
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Net change in surplus
for the year |
(959,325) |
(1,718,575) |
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Surplus as of statement
date |
14,786,288 |
14,632,619 |
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