RETIREMENT FUND FOR EMPLOYED OFFICERS OF THE YOUNG MEN’S CHRISTIAN | ASSOCIATION REPORT TO THE INTERNATIONAL CONVENTION ATLANTIC CITY, N. J.. NOVEMBER 14-19, 1922 by the BOARD OF TRUSTEES FOR THE YOUNG MEN’S CHRISTIAN ASSOCIATION RETIREMENT FUND, Incorporated 347 Madison Avenue, New York City Lig ole A Rh ae bs ,.* ol, tay i ea matey 2: Bs. os j ‘ 7 y 3 s ee ND : ; Rea ) r - " 7 7 7 Pat A oie? ary ’ ye ee : se" 7 A ee i - > Zz : vr v eet : i . any aad h et del - a Ay Md 1. - > ' J > a = a - 7 : é« p< earn | bi .% - - P . re. ; > ee , i Fi — “ie ry 4 sip, tant, he Wee _ Ps _ ‘onl ‘ ; . Sree = ay | c ‘. Mads vere in hay t f Ste a weer al :“ e 2 yy i r y = 4 . ' Ae /d' 5 - Tay Ley 2 » xe ' ae e , i J 4 ,° iY ae i a. hy i. Sie * " 7 i 4 ) a , : ‘pe Yagi : Tey? he a gE ps rn oe wp hed OED ay 0 BES Ce AF ee ; =v? Me ee earth a aaa fete eee 2 et s eS hie REPORT OF BOARD OF TRUSTEES Y. M. C. A. RETIREMENT FUND TO THE INTERNATIONAL CONVENTION, ATLANTIC CITY, NOVEMBER 14, 1922 For a better understanding of the work of the Board of Trustees of the Y. M. C. A. Retirement Fund it would seem in order to briefly review the steps that have been taken from the time an Association employed officers retirement plan was first talked about until its present state as a going concern. With but slight overlapping there have been four distinct periods of progress in the estab- lishing of this Fund: First, the period of agitation and discussion; second, the period of investigation and preparation; third, the period of organization and promotion; and fourth, the period of operation. PERIOD OF AGITATION AND DISCUSSION While the idea of a Retirement Fund for Y. M. C. A. officers had been vaguely floating through the minds of laymen and secretaries for the past fifteen years or more, it was not until the Employed Officers’ Association held its conference at Columbus, Ohio, in 1911 that the subject came before the Brotherhood in the form of a concrete proposition. In the report of a commission on Association employed personnel made at that conference it was recommended that definite provisions be made for a Retirement Fund for Association secretaries, and specified certain general conditions that should obtain in the administration of such a Fund. This excellent recommendation took more definite form at the International Convention held at Cincinnati in 1913, when a Committee on Training Agencies advised that a retirement plan be created that would, through the raising of a fund of one million dollars, provide an income which could be used for the retirement of old - secretaries. Judged by the heartiness with which the recommendation was received the delegates present evidently felt that here was an unfulfilled duty of the brotherhood that should receive prompt and serious attention. As a result of convention action there was early appointed a Board of Trustees with full authority for the creating and management of such a Fund. Unfortunately, the appointment of the men to constitute this Board was from laymen so widely scattered throughout the United States and Canada that it was never possible to convene the first meeting, and furthermore, of the ten named to serve at least half of them promptly sent in their resignations. The subject was talked about, however, where groups of employed officers got together, and Fred B. Shipp, at that time Executive Secretary of the International Committee, after some first- hand investigations of what would be involved in creating the Fund, secured the consent of a group of prominent laymen to serve until the next Convention. The International Committee agreed to advance the funds to cover the salary of a 3 special secretary on retirement, and interested Lyman L. Pierce, who had recently resigned from the General Secretaryship of the Pittsburgh Association, to make a preliminary study of retirement systems and operations in other organizations. Mr. Pierce shortly after accepted the call to the San Francisco secretaryship, and so was unavailable for further service, and Mr. Shipp later became the General Secretary of the Pittsburgh Association. As this left the matter without an executive officer to give time and thought to its development, the Retirement Fund Board called on the Senior Secretary of the then Secretarial Bureau of the International Committee to give the necessary executive attention to getting the Fund started. PERIOD OF INVESTIGATION AND PREPARATION In anticipation of the Cleveland Convention of 1916 investigations were started as to what was really involved in the creating of a scientific and sound Retirement Fund plan for Association employed officers. It was early discovered that the raising of a million dollars was not the immediate problem. In fact, it was soon very clear that we could not tell how much money would be needed to provide such a Fund without first making a careful study of all the factors involved. Further inquiries into the subject of pension plans and retirement funds brought to light the unpleasant fact that many similar benevolent provisions for faithful servants had failed. Naturally these distressing failures had brought great embarrassment ‘ to those responsible for their administration and much anxiety and discomfort to the recipients of the supposed benefits. Your Board was impressed at the outset with the high importance of building a retirement plan on an absolutely sound foundation. The Board of Trustees was convinced that safety depended upon a plan that reflected the actual experience of the Association Movement, and that did not depend upon figures and estimates borrowed from some other pension scheme. Two additional factors were discovered: (1) That a wholly endowed plan while comparatively simple at first would gradually demand an impossible amount of money; (2) that if the plan was to make any reasonable provision for the present generation of secretaries that there was an accumulated liability for past service that would have to be taken care of before the plan could be made effective. It was, therefore, early decided that the type of pension scheme known as the “contributory plan” was the one that we should use. By “contributory plan” we mean a plan by which the one who is later to receive the benefits of the Fund would make periodical payments to it; and that the organ- ization employing him would similarly contribute, and that from these two sources there would be created a fund from which annuities would be paid when the individual had reached the age of retirement. Next, to make it possible for employed officers of middle life or beyond to thus accumulate sufficient funds for the payment to them of retirement annuities, adjustments would need to be made in the amount that they would pay or that the Associations would pay on their behalf. If they paid their full share to provide a worth-while retirement allowance, it would in many cases take a very considerable percentage of their income. That is why it was deemed necessary to raise an “Accrued Liability Fund.” The Board of Trustees, therefore, after careful inquiry, appointed a skilled actuary to make a study of the whole subject. This actuary, Mr. George B. Buck, an acknowledged expert in the field of pension building, suggested a program of six preliminary steps to the organizing and operating of the Fund. These recom- 4 mended steps were laid before the Cleveland Convention in the report of the Board of Trustees and their adoption was unanimous. These steps had to do with the securing of personnel data, the proper tabulation of the same, and then deriving from this mass of information certain basic facts and tables that would make possible several sample rates and plans that the Retirement Fund Board could then consider. This was a tedious piece of work extending over several months. Ultimately there were laid before the Board six plans for a Retirement Fund for Association Employed Officers, and these different plans in turn were submitted to leading employed officers and laymen, and a conclusion finally reached as to the one which best met the needs of our Brotherhood. This plan was finally adopted by the entire Brotherhood and received formal approval of the Cleveland Convention of 1916. A full description of the plan accompanies this report as Exhibit A. Following that Convention a period of promotion began, but before much progress had been made America’s entry into the World War interrupted all further proceedings until shortly before the Detroit Convention of 1919. PERIOD OF ORGANIZATION AND PROMOTION A full report was made to the Detroit Convention as to how the plan would function. There was also presented a revised valuation of the assets and liabilities of the proposed fund and which we here repeat. A VALUATION OF THE ASSETS AND LIABILITIES OF THE PROPOSED RETIREMENT PLAN FoR EMPLOYED OrrFicers oF Y. M. C. A., January 1, 1920 Benefits Contributions The present value of the re- The present value of secre- tirement allowances to be taries’ contributions used paid to members of the for purchase of retirement present active force who benefits. retire after attaining age Superannuation benefit ... $1,749,055 sixty. . Disability benefit ......... 306,396 Due to past service ...... $3,343,856 ——___—— Due to future service .... 3,498,110 TOtalarertttae cttecls tee $2,055,451 The present value of Asso- Thorareesat alientt he rage ciations’ contributions for disability allowances to be retirement benefits ........ 2,085,400 paid to members of the The present value of the present active forces who accrued liability, t.e., the lia- become disabled after com- buity not coyre ed _ by Soe pleting five years of serv- centage contributions 0 CCE MCRL ooo soso SG oe oes 1,039,078 secretaries and Associations *3,740,193 Total benefits .......... $7,881,044 Total contributions ..... $7,881,044 Since the Detroit Convention serious work has been done by your Board in bringing this Fund to its present stage. There were four main steps to be taken in the process of establishing the Fund. First, there had to be secured signed agreements to participate from a majority of the employed officers of the Asso- ciations of North America. This was a comparatively easy step, notwithstanding * The amount of the accrued liability has increased since this valuation was made. To be on the safe side the Board of Trustees decided upon the sum of $4,000,000. A revaluation will be made as of January 1, 1923. it called for a considerable amount of education through circulars, letters, personal interviews, and addresses before groups of employed officers all over the country. The actuary had stated that as a matter of safety at least 2,500 employed officers out of the 5,000 should agree to participate in the Fund. We are glad to state that at the present time there are more than 3,500 registered participants as well as about 500 others that have applied but whose papers have not been satisfactorily cleared with regard to past service or other details. The second important step and one which seemed more difficult to take was the securing of signed agreements from Boards of Directors of local Associations, as well as State Committees, and the National and International Committees to participate on behalf of their employed officers. This also called for considerable educational work. Many boards recognized the need and value of the Fund at once, and promptly passed resolutions approving the plan and agreeing to par- ticipate on behalf of the men on their secretarial staffs. It took more time to convince others. In some cases independent investigations were made as to the reliability of the scheme and the responsibility of those in charge. To satisfy the local Association boards that had doubts about the character of the enterprise, the Board of Trustees made special inquiries from experts in pension matters which included a number of the actuaries of leading life insurance companies. All investigations of this sort gave a clean bill of health to our plan, and a high endorsement of the thoroughness and reliability of the actuarial work that had been done. At the present writing there are 892 Associations in the United States and Canada that have taken formal action to participate in the Fund, and are now making their regular payments on behalf of their own participating employed officers. In this way payments for 4,275 men are guaranteed by their Associations. The third step was the raising of the Accrued Liability Fund. The actuary’s report indicated that on January 1, 1920, this amounted to $3,740,193. To provide for all contingencies and on the advice of prominent Association laymen the Board decided upon the round figure of $4,000,000 as the amount that must be secured. Association men have the reputation of being expert in money raising. They demonstrated this during the War when overwhelmingly huge sums were raised in a remarkably short time. The feeling was general that this step would be the least difficult one to take. At this point we had some bitter disappoint- ments. During the period of business prosperity following the Armistice we were prevented from entering the field to campaign for this money due to the fact that the Interchurch World Movement had just launched its tremendous financial canvass, and it seemed inappropriate for our Movement to be also canvassing for funds from many of the same donors who would give to that great enterprise. Before the Interchurch canvass had come to a conclusion there set in the great business depression that made all but impossible the raising of money for any cause whatever. As the failure to secure this Accrued Liability Fund threatened to undo all the previous hard work and expense to get the Fund into operation, it was finally decided, after much counselling with influential laymen and employed officers, that in spite of the immense difficulties created by the business situation we must go ahead and secure this money. At the meeting of the Employed Officers’ Association held at Lake Geneva in January, 1921, the chairman of the Retirement Fund met with a group of the leading local and state secretaries attending that conference, and a general plan was devised for a quiet canvass for the Accrued Liability Fund. 6 At this meeting it was decided that the Board of Trustees under the personal leadership of Dr. Mott should assume responsibility for securing the first two millions, and that a committee of laymen and secretaries under the leadership of Mr. A. H. Whitford, General Secretary of the Buffalo Association, should under- take a canvass for the remaining two millions. This plan met the approval of the Employed Officers’ Conference and later was confirmed at a meeting of the Board of Trustees of the Retirement Fund. As an expression of the employed officers’ interest in the Fund, and of their eager desire to see the Accrued Liability Fund promptly raised, there was initiated at the Geneva Conference a campaign among the employed officers of North America for a unit gift of $200,000 which was to apply on the first two millions. Mr. L. A. Coulter, State Secretary of Texas, who first suggested the idea, was asked to serve as chairman of a committee for the instituting of a nation-wide campaign. During the summer, he, in cooperation with others, developed a plan of canvass, and in a short, intense period of two weeks there was quietly raised among the employed officers of North America a unit gift fund of $346,104. The secretaries were asked to give on a basis of 1% of their annual salary per year for five years. There were 3,334 subscribers to the Fund. There had been a previous subscription of $34,000 for initial expenses from this same source which had been made at and following the Detroit Convention. This gift was on a basis of $1.00 for each year of Association service. These voluntary gifts from our employed officers are indicative of the confidence they have in the plan and their earnest wish to have it put into operation. Dr. Mott’s days and hours are planned for long ahead and it was not easy for him to rearrange his program to give the Retirement Fund the right of way. He realized, however, that the time for action had struck, made the costly adjust- ments necessary, and threw himself with intense earnestness into the task of raising $2,000,000 in a time of great business depression. There had been made a conditional subscription of $50,000 by a member of the Board of Trustees, which at a conference of wealthy laymen in Chicago in the previous April had been increased to $100,000. This subscription, with the unit pledge of the employed officers, helped to give substance to the appeal that Dr. Mott made to Mr. John D. Rockefeller, Jr., which resulted in a conditional gift of $750,000 from the Laura Spelman Rockefeller Memorial and a similar personal gift of $250,000 from Mr. John D. Rockefeller, Jr. This magnificent response is one of the marked evidences of answered prayer that accompanied this quiet canvass. The correspondence between Dr. Mott and Mr. Rockefeller accompanies this report as Exhibit B. The announcement of the great gift right in the midst of summer vacation gave courage to the Brotherhood, and was a stimulus to the campaign for the rest of the money. There is tabulated elsewhere in this report the details with reference to the various gifts that made up the total of this magnificent fund. (See Exhibit C.) Dr. Mott undertook to round out his part of the undertaking by the first of January, 1922. He was able to report six weeks in advance of that date, at a meeting of the General Secretaries held at Atlantic City in November, 1921, that subscriptions had been secured, including the Rockefeller gift, that at that time aggregated $2,025,000. Then promptly followed the organization of the Campaign Committee to which Mr. Whitford gave the needed leadership. It had been hoped that the work of this 7 committee would be completed during the spring of this past year. Certain unex- pected difficulties developed that delayed the finishing of the Fund in the time planned. On the whole the delay proved beneficial as there was an added educa- tional value through the distributing of the load as widely as possible throughout the country. Many Associations and individuals who accepted the idea of the Fund as simply a good idea came to understand it in detail. Just as participating Associations agreed to share in the future payment on behalf of their staffs, many agreed to share in the payments for past services through a pledge from current expense budgets or by covering gifts from individuals. The general state of Association finances the country over, and the extremely slow recovery of business prosperity, made the securing of an adequate number of satisfactory pledges from Associations and individuals a long-drawn-out process. Many Associations were in a bad way financially. Heavy current expense debts had accumulated, much needed repair or extension work was held up, there had been staff reductions and program curtailments, and there were the responsibilities of these Associations to the Home and Foreign budgets of the International Committee, and to the taintenance of the Training Agencies. All this added to the problem of the Campaign Comrnittee. Further details on this great effort will be found in Exhibit C. The fourth important step was the setting up of the operating machin- ery. This called for the technical aid of actuary and auditor and many hours of hard work of our secretaries. In May of this year at a meeting of the Board of Trustees the campaign for this Fund had reached a stage where its early com- pletion seemed assured. The Board of Trustees, therefore, decided to begin operations July 1, 1922, with the understanding that the actual payment out of retirement allowances would not begin until the Board was satisfied that it had in hand satisfactory pledges aggregating four million dollars. PERIOD OF OPERATION We thus on July 1, 1922, entered upon the period of operation. Starting a big business in the summer time, following the strain of a long period of promotion and with tried and trusted clerks needing a vacation, breaking a new pathway of operating procedures, was not an easy task, for it must be understood that this Fund has nearly five thousand separate accounts, all active, requiring accurate monthly bills to Associations and individuals to flow out with regularity and the returning payments of many small sums to be properly posted and banked, and receipts sent out each month. Incidentally many corrections and adjustments have to be made each month due to changes in salaries or locations. This, with the handling of the payments to the Accrued Liability Account, has involved a piece of accounting procedure which we think very creditable to Mr. O. T. Johnston, C. P. A. of the International Committee staff, who made the preliminary plans for the accounting system and to the firm of Hurdman and Cranston, Certified Public Accountants, who directed its installation and adapted it to the peculiar requirements of the Fund, and to our own efficient Retirement office staff who do the work. Briefly the work of administration of this great trust breaks up into five general divisions. First, that which has to do with publicity and promotion, and which results in the continuous advent of new participants in the Fund. Like any insurance concern it is dependent upon a steady inflow of new business. This 8 end is being attained through the use of circulars, letters, bulletins, and printed articles in Association papers as well as addresses at conferences and gatherings of secretaries. By thus keeping the fact of the Retirement Fund and its benefits before the Movement the young men coming into service are enlisted and the interest of the participants is maintained. A second section of the work of considerable importance is registration. Now that an employed officer’s past service in the Movement has a dollars and cents value it is highly important that we have records of unquestioned accuracy for the period spent by men in Association work up to July 1, 1922, in order that these men may have proper credit for that portion of the Accrued Liability fund to which they are entitled at the time of their retirement. The receiving, checking, and registering of the participants, with the securing of their proper applications with all the necessary details as to date of birth, salary, time of entry and leaving the work, and various changes that have occurred, is an important item in the smooth working of our retirement machinery. While the procedure on retiring is made as simple as possible, there are certain formalities that must be observed before the Board of Trustees is justified in authorizing the payment of retirement or disability benefits. On the date the Fund went into effect there were 204 employed officers sixty years of age and over, who were eligible to the benefits of the Retirement Fund. Of this number, eighty have filed application for retirement. There is shown elsewhere a list of those to whom regular or disability allowances have been granted by the Retirement Fund Board at the time we go to press. (See Exhibit D.) Third, the Accounting Section of the work is a very large part of the business of operating the Fund. Any failure to do this work accurately, rapidly, and well would throw the whole undertaking into chaos. A procedure has been carefully worked out for every step in the entire accounting process, and a business secretary and staff have reduced to a regular routine the processes for billing and receiving the premiums from Associations and employed officers, the crediting to each individual account of the payments made on his behalf, as well as keeping general accounting records of the details of investments, expenses, etc. A section of the operating work which is highly important has been the reconciling of the reported pledges to the four million dollar fund with the pledges actually sent in. Many cases of adjustment had to be made, and others need still to be made. From now on we will be busy in collecting the payments that fall due annually during the next three and a half years. Fourth, the Investment Section. As funds accumulate in excess of what is necessary to meet the payments on account of retirement or disability benefits, after retaining a reasonable margin on deposit in the banks the balance of the money is put into high-grade securities of the type that satisfy the conditions of the insurance and investment laws of the state of New York governing trust funds. A list of these investments to date is also published with this report. (See Exhibit E.) We have had the disinterested advice of well-known, con- servative investors in the purchase of our securities. Our funds are deposited with the Central Union Trust Company, the National Bank of Commerce, and the Bankers Trust Company, all of New York City, and for all Canadian funds with the Bank of Montreal (Toronto Branch). 9 Fifth, the Actuarial Service. In order that the Retirement Fund Plan be on a basis that is at all times thoroughly sound it is necessary for a periodical revalua- tion of the entire plan. This work will be done by our actuary, Mr. George B. Buck, whose carefulness and knowledge of the entire subject has been invaluable in the creation, starting, and operating of our Fund. Through his help the constitution and by-laws were prepared, revised, and finally as now published, represent the conditions of operation under which the Fund was incorporated in 1921. These are found in the appendix to this report. (See Exhibit F.) GENERAL SUPERVISION Your Board of Trustees has taken its responsibilities seriously. Meetings are held several times a year at which reports are presented by the subcommittees on special claims and on investments and there are discussed the many problems of administration. The chief executive officer of the Retirement Fund Board has been the secretary of the Personnel Bureau of the International Committee who has served without salary. It has been of great convenience to have the office of the Fund where the ‘record files of the Personnel Bureau are easily accessible. This has saved expense in office space and supervision, and has facilitated the handling of the many responsibilities and details involved during the formation period of the Retirement Fund. A financial statement accompanies this report showing the condition of the Fund as revealed in its four main accounts on November Ist. (See Exhibit G.) At first there are expenses that will disappear when the Fund has had a longer time to run. The plan provides for the expenses of operation to be met out of the payments made by Associations on behalf of participating secre- taries. A small loading of the rate paid by Associations is deemed sufficient for this purpose. This is the common practice of all insurance companies and pen- sion schemes similar to ours. FINAL WorK After the unsuccessful effort to get together a working group of trustees on the plan proposed at the Cincinnati Convention it was recommended at the Cleveland Convention of 1916 that the appointment of the Board of Trustees should be left to the International Committee, with the understanding that the men so selected should live near enough to each other so that the holding of frequent meetings would not be a difficult matter. It was also expressly stated from the Convention platform that when the Fund could be gotten on an operating basis the participants should have a voice in its management. Just as great insurance companies have been mutualized we feel that it makes for greater democratization within our own ranks to have those who trust their money to the Fund to have a voice in the management of the Fund. As a step to that end the constitution provides that triennially there shall be held a meeting of participants who will elect three trustees for a term of nine years. These will replace two appointed at the Cleve- land Convention of 1913. In connection with this Convention such a meeting will be held. Similar procedure will take place at the time of the International Con- ventions of 1925 and 1928. Mutualization will then be completed. The creation of this retirement plan has been watched with the deepest interest by other organizations. While the Association Movement is subject for criticism 10 for the way it has lagged behind church boards and other organizations and insti- tutions in the matter of establishing retirement provisions for its employed officers, there has also been a real gain in that it has given us an opportunity to study carefully the operation of other plans and profit by their experience. The plan that has been devised for the Association may serve as a practical suggestion to similar organizations in the creating of their own retirement plan. We are hopeful that our sister organization, the Y. W. C. A., will before long have its Retirement Fund on as satisfactory an operating basis as that of the Y. M. C. A. Inquiries also from the National Associations of Australia, South America, New Zealand, Great Britain, China, and European countries indicate the possibility of similar plans being instituted in these countries. We are happy if our experience may be of any help to them. To the many friends of the Association Movement who through prayers and gifts have made possible this magnificent undertaking, and to the many secre- taries whose belief in this Fund as the greatest stabilizing factor in our Association personnel has led to their personal sacrifices of time from their busy lives and of pledges from their own limited resources, we extend greetings. It has been a long, tough pull together and while there have been vexatious delays the ultimate success of the undertaking was never in doubt. The Retirement Fund is peculiar in the fact that with almost no exception laymen and employed officers have believed in it from the start and done their duty by it. It is because of this practical unanimity that we are happy at this Convention to report that this so long talked of project is now an actuality. Respectfully submitted, The Board of Trustees of the Young Men’s Christian Association Retirement Fund, Inc. F. Wayranp Ayer, Chairman James H. Post, Treasurer Wm. D. Murray Lucien T. WARNER GERALD W. Birks Joun R. Mort L. Wirpur MESSER ALFRED E. MArLING Raymonp P. Kaicun, Secretary EXHIBITS The Plan. Correspondence—Dr. Mott and Mr. Rockefeller, Jr. Statement of Accrued Liability Canvass. List of Retired Secretaries. List of Investments. Financial Statement. Constitution and By-laws, International Convention Action Reference Retirement Fund. 11 TOO Sp RECOMMENDATION: This Convention approves of the Constitution and By-laws adopted by the Board of Trustees of the Young Men’s Christian Association Retirement Fund and of the steps taken that have led to the successful establishment of this Fund. EXHIBIT A THE RETIREMENT FUND PLAN BENEFITS There are three benefits to a participating employed officer in the Retirement Fund. I. A Retirement Benefit Any participating employed officer who attains age sixty, upon retirement may receive an annual allowance for life actuarially determined from the fund accumu- lated on his behalf. For convenience in calculating, this is expressed as approxi- mating 114% of his average salary for the last ten years of his service multiplied by the number of years of his aggregate service as a full-time Association employed officer. There are also certain options which if taken at time of retire- ment make possible payments to one’s estate in the event of death while retired. (Illustration: Average salary last ten years $3,000, length of service 35 years; $3,000 & 11%4% per cent = $45; $45 x 35 = $1,575, the annual retirement allowance.) II. A Disability Benefit After five years of service any participating employed officer may retire if totally and permanently disabled regardless of his age. Upon retirement he may receive an annual allowance for life actuarially determined to equal approximately 1% of his average salary for the last ten years of his service multiplied by the total number of years to his credit as a full-time Association employed officer. III. A Withdrawal Benefit Any employed officer who withdraws after one year of participation will receive the total amount he has contributed to the Retirement Fund with 4% compound interest. In the event of the death in service of a participating employed officer the payment will be made to his estate or designated beneficiary. Sources or INCOME The money to provide the benefits of the Fund is derived from three sources. I. From the Employed Officer. The employed officer pays a fixed percentage of his salary that varies from 4.1 for twenty-seven years of age or younger up to 6.7 at age fifty-nine. The actual amount he pays annually changes as his salary changes but the rate per cent is constant. The rates for each age are shown in the published table of rates. Since his money can be withdrawn if he leaves the fund after participation for one year or more, the employed officer pays on what is known as a savings bank basis. The rate averages higher than what an Asso- ciation pays. 12 Il. From the Association. The Association on behalf of a participating em- ployed officer pays to the Retirement Fund Treasurer a similar fixed percentage of his salary. The payments average less than what an employed officer pays since they are made on the tontine or group basis. No money is returnable to the Association. Ill. From the Accrued Liability Fund. This is the $4,000,000 fund raised to cover payments for the aggregate years of Association service of participating employed officers prior to the starting date, July 1, 1922. Poe BET CORRESPONDENCE BETWEEN Dr. Mott AND Mr. ROCKEFELLER LETTER FROM MR. JOHN R. MOTT . 347 Madison Avenue, New York City. August 20, 1921. To the Leaders of the Young Men’s Christian Associations of North America. Dear Friends: It gives me pleasure to break into what with many of you is your vacation period with a piece of good and great news—the announcement of the generous, combined subscription of the Laura Spelman Rockefeller Foundation and of Mr. John D. Rockefeller, Jr., of one million dollars toward the Accrued Liability Fund of the Young Men’s Christian Association Retirement Fund. You will agree with me that this is an occasion for profound gratitude to God as well as a ground for renewed heartfelt appreciation of the most generous cooperation of the donors. It has been suggested that I place in your hands copies of the communications between Mr. Rockefeller and myself. This I gladly do with the request that they be not reprinted. This noble and munificent conditional gift should serve to lift the faith and inspire the purpose and sacrificial effort of all of us on behalf of this undertaking which, if carried to a successful issue, will do more than any other one thing to strengthen the leadership of our Movement. Owing to prevailing economic con- ditions it will be most difficult to ensure this much desired and indispensable result. First and last the convincing advocacy, the active influence, and the personal sacrifice of each lay and each secretarial leader of the Brotherhood will be needed if we are to win out. The Trustees of the Retirement Fund and the special committee of employed officers to be appointed by the Trustees will soon indicate best plans of cooperation. Sincerely yours, John R. Mott. 13 I. FIRST LETTER FROM MR. JOHN R. MOTT TO MR. JOHN D. ROCKEFELLER, JR. 347 Madison Avenue, New York City. July 8, 1921. Dear Mr. Rockefeller: I appreciated more deeply than I could express to you the opportunity you kindly gave me this morning of presenting the claims of the Y. M. C. A. Retire- ment Fund Plan, and the careful and sympathetic consideration which you gave to my statement. In accordance with my promise, I have had a typewritten copy made of the notes in my own hand, which I read to you, and am sending it with this letter together with the pieces of printed matter which you also wished me to send. As I told you, the International Committee, practically all of the State Commit- tees and the Boards of Directors of the leading Associations to the number of approximately 500, having on their payroll 3,280 secretaries, have officially approved the plan and promised to participate by making their proper annual payments on behalf of all their staff. Moreover, 3,649 of the secretaries (out of 5,572) have agreed to go into the plan and meet their annual payments. Thus we already have assured the participation both of a larger number of secretaries and of a larger number of supervisory boards and committees than the actuary indicated as necessary. The one thing now required to put the plan into effect is to secure an Accrued Liability Fund of $4,000,000. This will be a difficult undertaking owing to pre- vailing conditions, but the very difficulty of the times in which we find ourselves accentuates the importance of putting the plan into effect as a stabilizing, con- serving, and anchoring power. As I pointed out to you, we stand in need of an initial subscription which will serve as a stimulus and contagious influence. I would renew the expression of hope, therefore, that you and your father might be able to arrange in some way to provide at least $1,000,000 toward the $4,000,000 required. If you could put such a lever in our hands and grant us until the end of the year 1922 to secure the balance in cash or reliable subscriptions, all subscriptions to be payable within a period of three or four years, I believe that with hard work the desired success could be achieved. For reasons which you will appreciate, it will be a very great help to me to know your decision as soon as practicable, and, if possible, before your sailing. This letter is written in the name of the Board of Trustees of the Young Men’s Christian Association Retirement Fund of which I am a member. On May 2nd Governor Miller of the State of New York approved the Act incor- porating the Y. M. C. A. Retirement Fund. I noted your reference, as you were leaving, to the fact that this is your father’s birthday. I venture to convey through you to him my most hearty con- gratulations and the prayerful wish that God may spare you and him to collaborate 14 “arn to for many years in instituting and furthering your large and unselfish plans in 4: interest of His Kingdom. With renewed expression of gratitude to both of you, Very sincerely yours, John R. Mott. Mr. John D. Rockefeller, Jr., 26 Broadway, New York City. II. CONSIDERATIONS SUGGESTING THE IMPORTANCE OF THE EARLY ESTABLISHMENT OF THE YOUNG MEN’S CHRISTIAN ASSOCIATION RETIREMENT FUND PLAN (Submitted by Mr. John R. Mott to Mr. John D. Rockefeller, Jr., on July 8, 1921) 1. It will hold many effective secretaries who otherwise will be obliged to engage in some gainful occupation in order to make reasonable provision for themselves and for their families. We cannot afford to lose from this Movement any of its strong leaders. 2. It will tend to lengthen the term of service of Association secretaries with all that this would make possible in increased output resulting from larger experience, multiplied contacts, and increased prestige. The Association has suffered more from frequent changes in its trained leadership than from any other cause. This is not theory. In the ten year period 1911-1920 the average turnover was twenty-three per cent. This number included many with from ten to twenty-five years’ experience. It is becoming more and more necessary that the Association have leaders of thorough training, long experience, and mature judgment in the executive leadership and in the highly specialized parts of the work. 3. It will augment the spirit and the creative power of the executive forces of the Association. How? (1) Through the greatly increased efficiency which comes from freeing the mind of financial worries, of restlessness, and of fear, anxiety, and uncertainty regarding the future. (2) Through enabling a man to concentrate all his attention and energy on the great constructive and life-giving tasks. There is very real need of thus stabilizing or steadying the leadership of the Association. 4. It will help to attract to the Association service many able men—young men and middle aged men who are so much needed to lead the Movement into larger things. There are today many competing calls from chambers of commerce, welfare societies, fraternal organizations, and above all from business pursuits. These more remunerative callings exert a great pressure. The Association work is so vital and so commanding that young men are willing to forego opportunities for material gain, provided they are assured that in later years they will not be dependent on the community. Moreover, even if a man is ready to face penury for himself he is not willing to contemplate this for his family. 15 4 tate the superseding by men of unspent energies of workers because of physical and other limitations, but who, by holding -elopment and progress of the Association. Association Boards id be more willing to avail themselves for a few years of men f ripe experience, knowing that they would not become perma- with their support. More important still, however, it would secretaryship in the hands of young men. The Young Men’s Christian nssvvition is essentially a young men’s Movement. While, as it grows in size, wealth, complexity, and responsibility it needs as never before the judg- ment, poise, and perspective which come with years of experience, it is equally true that to understand, touch, and lead young men and bgys we must multiply greatly the number of secretarial leaders with the initiative, daring, vitality, and contagious enthusiasm of men of youth. a 6. The tremendous importance of the Young Men’s Christian Association as a vital factor in the educational, social, civic, and religious life of America and of the other lands which it is serving, demands that everything possible be done to strengthen and perpetuate its influence. What could be more important than influemcing the ideals, character, and efficiency of the young men and boys of a nation? 7. It will safeguard the investments in the Young Men’s Christian Association. Already over one hundred and twenty million dollars have been invested in Asso- ciation buildings in this country alone. The current expense budgets of the Associations and of their supervisory committees actually aggregate tens of mil- lions of dollars. Moreover, hundreds of millions will be invested during the coming decades where tens of millions have been invested in recent decades. In secular enterprises such great property interests would be in the care of men with large compensation. The least which should be done in the case of the Association is to assure its executive officers of wise and adequate old age and disability provision. Every argument and consideration which has influenced men to give so generously toward Association building campaigns and endowments, applies with added force to the creation of this fund which is designed to safe- guard and make more highly productive all the other investments in the Association. 8. The putting into effect of the proposed plan is the just and honorable thing to do. Who have made the North American Association Movement what it is and given it its unique place among the unselfish forces of this continent and throughout the world? Who rallied its membership now numbering one million young men and boys? Who built up its vast property interests? Who evolved its successful methods and agencies? Who have led its successful campaigns for the physical, mental, social, and religious betterment of the young manhood and boyhood of the nations? Who have widened its opportunity from year to year? In the first place the voluntary lay forces; and in the second place the five thousand and more secretaries who, without thought of reward, have in so many cases worn themselves out and poured their vitality into the serving of the young men of their generation. It is right and proper, therefore, that adequate provision be made for them in that approaching period when they will cease to be produc- tive. We call these men to the Association and hold them in its service during 16 the most productive years of their life until it is too late for them to turn to other pursuits for a livelihood. The basis of this undertaking is an effort to do full justice. It is not a work of charity and donors will not so interpret it. The payments which will be made to the retiring secretaries will really be instalments on deferred salary and not pensions either morally or technically considered. 9. It is characteristic of our modern civilization, especially of the last half century, to make such provision as is called for by the proposed plan. The most progressive governments have recognized the wisdom and justice of this course and have acted accordingly with reference to their servants. The American Army and Navy have done likewise. This is true of the most forward-looking and successful industrial corporations. Our most prominent banks have followed in the same way. In connection with the teaching profession in nearly every important nation the same principle has been accepted and applied. Nearly every Christian denomination in America now makes similar provision although the plans in the case of some of them are totally inadequate and unscientific. Here is an organization, the Young Men’s Christian Association, three-quarters of a century old which has not yet made this much needed and just provision! Ill. EXTRACT OF SECOND LETTER OF MR. JOHN R. MOTT TO MR. JOHN D. ROCKEFELLER, JR. Entrelac P. O., Province of Quebec, Canada. July 19, 1921. Dear Mr. Rockefeller: Reverting to the Retirement Fund, I feel sure you will not misunderstand me in expressing the hope that, before you start for the Orient, you may find it possible to make the conditional offer which I suggested and which will, as I said in my recent letter, serve as a lever and thus enable us to launch the special effort to secure the Accrued Liability Fund with some prospect of success, even in this difficult time. In my other letter I failed to give reasons why there is in the situation an element of real urgency. 1. We have spent several years in well directed study, planning, and agitation within the Association Brotherhood. Much further delay in putting the plan into operation will necessitate a new study and the idea will then have to be sold again to the Associations. 2. We have begun to mark time because we have taken every necessary step in the program right up to the final one—the raising of the Accrued Liability Fund. The three steps taken have been: (a) Preparation of the plan; (b) Securing the participation of the employed officers or secretaries; (c) Securing the participation of the boards or committees of local, state, and international bodies. 3. The interest and expectations of the Associations—their boards, committees, and secretaries—are now keen. It would be unfortunate to lose the advantage or momentum thus afforded. 17 4. There is some danger that certain large Associations and groups may, because of too great delay, establish retirement projects of their own, to the permanent weakening of the international plan. In a word, it is the united judg- ment of all the leaders who have given much thought to the matter that delay will seriously retard and imperil the project. You and your father have made many truly notable gifts to the Association but I know of none which has been calculated to affect so helpfully the morale, the efficiency, the stability, the very life of the entire Movement for the present and the future. Very sincerely yours, John R. Mott. Mr. John D. Rockefeller, Jr., 26 Broadway, New York. IV. REPLY OF MR. JOHN D. ROCKEFELLER, JR. 26 Broadway, New York City, August 11, 1921. Dear Dr. Mott: By means of the conference with you and by your letter of July 8th, we are informed that the pension system known as the Young Men’s Christian Associa- tion’s Retirement Fund Plan has been carefully and scientifically devised and has received the approval of the International and State Committees and the Boards of Directors of the leading local Associations, also that some 3,649 secretaries have agreed to support it. We also understand that in order to put this plan into effect, an Accrued Liability Fund of $4,000,000 must be raised. In response, therefore, to your request, authorized by the Board of Trustees of this Fund, I am stating on behalf of the directors of the Laura Spelman Rocke- feller Memorial that, provided the entire amount necessary for the Fund is pledged by December 31, 1922, the Memorial will pledge the sum of $750,000. Under the same condition, I will pledge the sum of $250,000, making a total of $1,000,000 toward the $4,000,000 to be secured. After January 1, 1922, payments on these pledges will be made pro rata with the payments of other subscribers to the Fund, with the understanding that any portion of the pledges not called for on or before January 1, 1926, shall lapse. We are happy to join with others in this laudable undertaking for the speedy accomplishment of which you have my father’s and my own best wishes. Sincerely yours, John D. Rockefeller, Jr. Dr. John R. Mott, 347 Madison Avenue, New York City. 18 V. TELEGRAM OF MR. JOHN R. MOTT Montreal, August 17, 1921. John D. Rockefeller, Jr., Passenger on Empress of Asia, Sailing August 18, Victoria, British Columbia. Just received your letter of August eleventh reporting most generous subscrip- tion Laura Spelman Rockefeller Memorial and yourself toward Retirement Fund. Desire express to you on behalf of Association Brotherhood deepest gratitude. Report of these splendid gifts will be received by entire Association Movement with keenest appreciation and should make possible success of plan thus exerting profound and permanent influence on Association work throughout world by pro- moting stability and higher efficiency of its leadership. Wish you and your family Godspeed on your present important mission. John R. Mott. EXEIBETC THE $4,000,000 AccruED LIABILITY CANVASS There will later be sent to all contributors to the Fund a final bulletin that will show in detail the geographic distribution of the pledges and gifts to this account. As we go to press, November 6th, at noon, the contributions may be briefly sum- marized as follows: Pledges approved as satisfactory by Auditing Committee............ $3,893,651.15 er ledges’ oir Nandca Walling AuCitgess erences oes <6 SW nen “July, i.) 19255 or. wae. coi ieee eae ae ee In order to insure the full payment of the conditional Rockefeller pledges, I further agree that the entire amount of my subscription will be paid on or before December 31, 1925. Checks may be made payable to James H. Post, Treasurer. EXHIBIT D List oF SECRETARIES APPROVED FOR RETIREMENT BENEFITS BY THE BoarD OF TRUSTEES TO OCTOBER 27, 1922 Armstronc, R. M., Honorary State Secretary, State Committee, Massachusetts and Rhode Island, Boston, Mass. October 1. Atwoop, FRANK C., Financial Secretary, Y. M. C. A., Glens Falls, N. Y. July 1. BaILEY, JAMES PRENTISS, Secretary, International Committee, 347 Madison Ave- nue, New York. August 1. BALLANTINE, Wo. G., Professor, Springfield College, Springfield, Mass. July 1. Barnes, LuMAN W., Membership Secretary, Y. M. C. A., Poughkeepsie, N. Y. October 1. Bates, E. T., Advisory State Secretary, State Committee, Connecticut, 173 Orange Street, New Haven, Conn. July 1. Bunce, D. A., Consulting General Secretary, Y. M. C. A., Montreal, Quebec. August 1. BuLLen, Henry S., Assistant Educational Secretary, Central Department Y. M. C. A., Chicago, Illinois. August 15. 20 Cotuns, Z. C., Army and Navy Division International Committee, New York City. October 1. CopeLAND, C. M., Associate General Secretary, National Council Y. M. C. A. of Canada, Toronto, Ontario. August 1. Cozzens, Henry A., General Secretary, Y. M. C. A., Newark, N. J. November 1. Focc, Epwarp S., General Secretary, Y. M. C. A., Covington, Ky. July 1. Gates, C. L., Secretary, International Committee, New York City. October 1. GAYLoRD, FRANKLIN A., Secretary, International Committee, New York City. October 1. GLovER, JOHN, Secretary, International Committee, New York City. October 1. GoopMAN, F. S., Secretary, International Committee, New York City. October 1. Gunn, Epcar Joun, Financial Secretary, Y. M. C. A., Aurora, Illinois. August 1. Honce, GeorceE B., Secretary, International Committee, New York City. October 1. Howpren, W. E. (disability), Secretary, Foreign Division, International Com- mittee, New York City. July 1. Jackson, J. P., Office Secretary, State Committee, Texas, Dallas, Texas. August 1. Jounson, T. T., Insurance Secretary, Overseas Division, International Com- mittee, New York. October 1. KeEtTLe, Epwin, General Secretary, Y. M. C. A., Danville, Virginia. September 15. Lioyp, W. A., General Secretary, Y. M. C. A., Jacksonville, Fla. October 1. McRag, Wo. D. (disability), State County Work Secretary, State Committee, Concord, N. H. July 1. McWutiam, G. A., Consulting Secretary, Y. M. C. A., Moncton, N. B. September 1. Mitier, Jacos S., Assistant Secretary, Y. M. C. A., Canton, Ohio. August 15. Oser, C. K., Secretary, International Committee, New York City. October 1. OBER, FRANK W., Secretary, International Committee, New York City. October 1. Peck, E. W., State Secretary, State Committee, Minneapolis, Minn. July 1. Perkins, Wm. T., Financial Secretary, State Committee New York, New York City. August 1. Roperts, Peter, Secretary, International Committee, New York City. October 1. SAMPLE, GeEorGE C. K., Secretary Emeritus, Pennsylvania Railroad Y. M. C. A., Columbia, Pa. October 1. SANForD, GeorcE A., Army Secretary, Y. M. C. A., New York City. July 1. Stratton, ARTHUR T., Field Secretary, State Committee, South Carolina, Columbia, S. C. July 1. Tuomas, Rosert S., Assistant Secretary, Baltimore and Ohio Railroad Y. M. C. A., Baltimore, Md. August 1. THORBURN, THOMAS, Assistant Secretary, Seamen’s Branch Y. M. C. A., Brooklyn, N. Y. August 1. Wacconer, W. A., General Secretary Emeritus, Railroad Y. M. C. A., Atlanta, Ga. July 1. WarBurToNn, GeEorcE A., General Secretary, Y. M. C. A., Toronto, Ontario. July 1. Witcox, CHartes W., Office Secretary, State Committee, Washington, Seattle, Wash. July 1. Wuttams, H. O., Secretary, International Committee, New York City. July 1. 21 EXHIBIT E List oF SECURITIES HELD By BOARD OF TRUSTEES OF THE Y. M. C. A. RETIREMENT Funp, INc. THE YOUNG MEN’S CHRISTIAN ASSOCIATION RETIREMENT FUND, INCORPORATED SCHEDULE, “2” Bonps Ownep Ocroser 31, 1922 Par NAME OF SECURITY value Adirondack Power & Light Corp. Ist & ref. mtg. 1950168 + .ccteale sted s ale tere cforts caters col civiettreveraveiste $10,000 C., B. & Q. RR. Co. Neb. ext. mtg. 1927 4s.. 10,000 Cleveland Union Term. Co. 1st mtg. skg. fd., Series: CAI 1972 Stisiitiad soca e demain sere 10,000 Cuyahoga Tel. Co: ist’ mtgn 1941 Sse, nm asa 10,000 Detroit Edison Co. Ist ref., Series B, 1940 6s.. 20,000 Detroit Term. & Tunnel Co. Ist mtg. 1961 4%s 10,000 Dominion of Canada war loan, 1934 5%s........ 8,000 Duquesne Light Co. 1st mtg. & coll. trust, Series AS 1949 06S ca cAts ics eratere arshtonepoeeeetoae wlaieaees anette 30,000 Elec. Securities Corp. coll. trust 1952 5s........ 10,000 B. F. Goodrich Co. 1st mtg. 1947 6W%4s........ 20,000 Great Northern Ry. Co. gen. mtg., Series A, 1936.5 (75) faye cuacecerhsvers eke adie gst ieyeCaulapa elaittars cots Jae 10,000 Indianapolis Gas Co. 1st cons. mtg. 1952 5s...... 20,000 Inland Empire Paper Co. 1st mtg. 1926 6s........ 500 Int. Paper Co. Ist & ref., Series B, 1947 5s.. 10,000 Kansas City Power & Light Co. Ist mtg. 1952 5s 20,000 L. & N. RR. Co. temp. 1st & ref. mtg., Series A, ZOOS" SARS are o 3 o's eres ciate etieus at tee cree ee ret airs 10,000 Miss. River Power Co. 1st mtg. 1951 5s........ 10,000 Mo. Pacific RR. Co. equip. trust 1934 63........ 10,000 Neb. Power Co. 1st mtg., Series A, 1949 5s...... 10,000 N. Y. C. RR. Co. cons., Series A, 1998 4s...... 10,000 N. Y. C. & Hudson River RR. Co. ref. & imp. AMtOsse SCTIES A, 201 Seay Sais cinnteien coerce ee 10,000 N. Y. Edison Co. 1st lien ref., Series A, 1941 644s 10,000 N. Y. Tel. Co. 1st & gen. skg. fd. 1939 4%s.... 10,000 Niagara Falls Power Co. 1st mtg. 1932 5s........ 10,000 Northern Pacific RR. Co. ref. & imp. mtg. 2047 6s 20,000 Ore.-Short Line RR. Co. cons. 1st mtg. 1946 5s.. 10,000 Ore.-Wash. RR. & Nav. Co. Ist ref. mtg., Series A, NOG Ue 48 esa, di cca in eth acersaveus eis, aN ots, syakeietctenye acieys 10,000 Pacific Gas & Elec. Co. gen. & ref. 1942 5s.... 20,000 Pacific Tel. & Teleg. Co. 1st mtg. & Coll. trust 1937 B SOME cate da ticeciele s cis sires a estetsieneys onto 10,000 Penna, RR Cowgen. poeries 5.01968 158icieiss cris 10,000 Public Service Co. of No. Ill., Series A, 1962 5%4s 10,000 Republic Iron & Steel Co. skg. fd. 1940 5s...... 10,000 So. Calif. Edison Co. gen. & ref. mtg. 1944 5s.. 20,000 So. Pacific Co.-San Fran. Term. 1st mtg. 1950 4s 30,000 U.S. Rubber Co. Ist & ref., Series A, 1947 5s.. 10,000 Us. S-7 Steels Corp eskesctd.) 1963058 sce tere eres ae 10,000 USSs Tel. Con ist ‘mtr 194.00 5S nee treet e 10,000 $468,500 22 Market value $10,100.00 9,637.50 10,325.00 10,400.00 20,450.00 8,912.50 8,000.00 30,600.00 9,400.00 20,200.00 11,012.50 18,000.00 500.00 8,800.00 18,650.00 10,362.50 9,500.00 10,550.00 9,300.00 8,100.00 8,675.00 10,800.00 9,550.00 9,800.00 21,600.00 10,200.00 8,075.00 18,300.00 9,650.00 9,975.00 9,775.00 9,350.00 19,000.00 24,600.00 8,750.00 10,250.00 10,325.00 $451,475.00 Cost $9,837.50 9,527.50 10,575.00 10,500.00 20,680.00 8,750.00 8,060.00 30,890.00 9,100.00 20,400.00 10,762.50 17,787.50 500.00 8,452.50 18,650.00 10,243.75 9,235.00 10,170.49 8,950.00 7,952.50 8,662.50 11,012.50 9,065.00 9,650.00 21,777.50 9,802.50 7,937.50 18,216.25 9,460.00 9,615.00 9,775.00 9,415.00 19,000.00 24,487.50 8,872.50 10,087.50 10,500.00 $448,150.49 Amortized book value $9,843.60 9,588.52 10,569.28 10,483.80 20,671.04 8,762.86 8,060.00 30,882.00 9,121.54 20,399.60 10,725.12 17,823.36 500.00 8,499.06 18,650.34 10,236.16 9,048.00 10,160.65 8,967.26 7,977.85 8,676.40 10,980.84 9,103.60 9,673.61 21,755.96 9,810.56 7,979.00 18,263.04 8,486.76 9,621.45 9,776.75 9,435.70 19,000.40 24,540.49 8,907.50 10,084.49 10,483.80 $448,550.39 (EXHIBIT “A’’) EXHIBIT F .THE YOUNG MEN’S CHRISTIAN ASSOCIATION RETIREMENT FUND, INCORPORATED SCHEDULE. “1” STATEMENT oF CaSH RECEIPTS AND DISBURSEMENTS Aprit 1, 1916, to Ocroser 31, 1922 RECEIPTS Payments on “Initial Expense” Pledges”.. $ 34,390.00 Payments on Accrued Liability Pledges National War Work Council........ $200,000.00 Greema iliances UundsSema neces sent 4,927.83 [ANONVINOUS EESsc hotest oe ec ee 150.00 Employed sY.7 Mc. C. A. Officersi...c. 45,117.99 Laymen and Local Associations...... 102,545.41 352,741.23 Bond@interestapmiacre ie ted .ie ree eects 10,810.61 Less Accrued on Purchase of Bonds.... 5,368.83 5,441.78 Enterestronm bane balances ee eeeriin eas 1,203.47 Interest on Payments to Apply on Em- ployed Y. M. C. A. Officers’ Pledges... AS Payments by Participants SECRCtALICS Mein ac een eee orn 97,130.01 IASSOCIAtIONS Metts cree eee een cence 87 267.94 184,397.95 Loan for Advance Annuity Payments.... 5,000.00 pundrytitemsunasuspense) oan eo 882.65 PLOtat mR eCEIDtSubih es, sais ete nee’ DISBURSEMENTS Promotion and Administration Expenses............ $ 108,231.22 IGMRREE GIN ALOE eisig aan sith ore a ncaereie.c Garren cece icra ares 1,518.59 Hexchang em oie CDOSItS:.. mere nati sn cs ete neta etice sions 28.83 Checks Returned “Insufficient Funds”...............; 125.19 Total Expense Disbursements.............. 109,903.83 ITivestinenrathme bONUS ATE eee eee tee 448,150.49 Rota isbursementsme oes ee eee Cash Balance October 31, 1922 (Exhibit “A’”) 23 $ 34,343.00 929.65 $ 584,109.91 558,054.32 $ 26,055.59 THE YOUNG MEN’S CHRISTIAN ASSOCIATION RETIREMENT FUND, INCORPORATED SCHEDULE “3” STATEMENT OF THE ASSOCIATION RESERVE FUND Octoser 31, 1922 CREDITS Interest on Bohds,Owneds.¢) wb ccmeniemese s epee $ 11,986.55 Amortization on Bonds .Ownedsc... ede. smodte ven te 399.90 Laterest> on Banki balances 2... o scares ie eee nto s 1,007.64 Intérest—-Other <,. Fis Westen Oe 5 ene Ree a ele 644.13 GiftsesAccruedis Liability i. sus ocusoaurs tse seth ea: 2 $3,893,651.15 Less Reserve for Pledges of Secretaries who have lett :Y.-. M.-C: Aa Work toca t i ins f 4 ny . a Go PY My Sb i anahowileacne Fanti Sic se ahi ie ae Sk) oe 10k, basin Crib os 1, okt 38 al RE CY ob Thee