UNA Executive Committee examines yearend finances (04/02/00)

UNA Executive Committee examines yearend finances

by Martha Lysko
UNA National Secretary

PARSIPPANY, N.J. - The first meeting in the new millennium of the Executive Committee of the Ukrainian National Association was held on Saturday, March 18, here at the UNA Corporate Headquarters.

Present at the meeting were: Stefko Kuropas, first vice-president; Anya Dydyk-Petrenko, second vice-president; the Rev. Myron Stasiw, director for Canada; Martha Lysko, national secretary; and Stefan Kaczaraj, treasurer. President Ulana Diachuk presided over the regular quarterly meeting. Due to unforeseen circumstances, no one from the UNA Auditing Committee was in attendance.

The reports for the last quarter of 1999 were presented and approved by all present. The treasurer in his report outlined revenue and expenditures for 1999. Revenue from insurance operations: life, universal life and annuity was down by $574,000 due to slow sales of insurance during the last two quarters of 1999. Expenditures were decreased for office staff salaries, commissions and scholarships. Expenditures for insurance department fees were considerably higher due to the triennial examination required by the state of New Jersey, Y2K compliance requirements and filings of new products. Actuarial expenses were also increased due to compliance regulations and the updating of insurance products.

The UNA's three major fraternal benefits, including The Ukrainian Weekly, Soyuzivka and to a lesser degree Svoboda, are still generating large deficits, according to Mr. Kaczaraj, even through the deficit decreased by $331,683 from the previous year. The treasurer stated that the UNA must curb these deficits even further.

The year ended with a decrease in surplus of $1,099,783. The UNA has have made strides in reducing the deficits in 1999, but it must try to eliminate them even further, Mr. Kaczaraj underscored.

National Secretary Lysko reported that the UNA closed the year with a total of 52,926 policies; of these 3,874 were in Canada. The UNA had 515 new policies issued in 1999 for the total face amount of $5,726,568.

During the year 13 new secretaries took over branch duties, three secretaries died and 11 retired, Mrs. Lysko continued. Fifteen secretaries attended the Secretarial Courses held at Soyuzivka in August. The UNA's organizing efforts were hampered by a delay in introducing the new rate book and a lack of a professional sales force. The UNA met 41.20 percent of its organizing quota in 1999.

The UNA made significant changes at its Home Office, the national secretary reported. The organization successfully transferred its operations to a new life administration system, which is fully operational and Y2K compliant. The new system made it possible to introduce direct billing to UNA branches, and by year's end 25 branches went on direct billing.

President Diachuk summarized the entire UNA operation. She noted that donations to the Ukrainian National Foundation from the sale of Christmas cards netted a profit of $32,739, which was donated to Soyuzivka. The sale of the UNA Almanac brought in $39,466. Donations to the Svoboda Press Fund totaled $20,479, while donations to The Ukrainian Weekly Press Fund brought in $11,396.

Soyuzivka's summer season started out strong, Mrs. Diachuk said, but it collapsed by midsummer. Overall room occupancy rate for the year was between 40 and 45 percent. In year 2000 the UNA will be looking to outside consultants for advice on marketing the resort and improving the financial status of Soyuzivka.

Second Vice-President Dydyk-Petrenko reported on her continuing efforts to set up an interesting entertainment program at Soyuzivka for the summer 2000 season. She is also looking for someone to serve as master of ceremonies for the season. Ms. Dydyk-Petrenko commented that almost nine months of preparation are necessary for three months of performance.

The UNA's director for Canada, the Rev. Stasiw, reported on his efforts to increase membership in the Toronto area. He said he is also busy with looking for a new chairman for the UNA's Toronto District Committee because of the recent illness of the present chairman.

First Vice-President Kuropas, reported on the hotel search for the next convention. This is just the initial phase of preparations for the 2002 of convention. He also reported on his review of the investment management proposals submitted to the UNA by Summit Bank of New Jersey and Summit Strategies of St. Louis.

Other matters discussed at the Executive Committee meeting included: more varied fraternal benefits, sale of long-term care policies and supplemental insurance. The Executive Committee approved the reduction in the newsstand price for its two newspapers from $1.25 to $1.

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