19 credit unions send delegates to UNCUA meeting (08/06/00)

19 credit unions send delegates to UNCUA meeting

by Roman Stelmach

PLYMOUTH MEETING, Pa. - The Ukrainian National Credit Union Association held its annual meeting and spring conference on June 29 through July 1 in the suburbs of Philadelphia, in the historic town of Plymouth Meeting.

The gathered delegates and guests numbered over 50, representing 19 Ukrainian American credit unions, guests from Ukraine and representatives of the Credit Union National Association's Mutual Group.

The UNCUA is an association of 23 Ukrainian American credit unions in the United States that together represent over $1.3 billion in assets. The mission of the UNCUA is to promote interest and cooperation among credit unions in the United States whose membership is of Ukrainian background; to foster the formation of new credit unions; to further the development and progress of Ukrainian American credit unions, and to carry out all central business functions for and on behalf of its member-credit unions.

Hosting the conference and annual meeting was the Ukrainian Selfreliance Federal Credit Union of Philadelphia. The conference delegates were welcomed on Thursday, June 28, to the Philadelphia area with traditional Ukrainian fare. As the delegates arrived from their respective cities, they were able to restore their energy by visiting the hospitality room where familiar holubtsi, varenyky, kovbasa, and authentic Ukrainian beer were available. The management staff of the Philadelphia credit union was congratulated on its fine choices of hotels and caterer.

The official opening of the annual meeting and conference occurred on Friday morning, at which time the hosting credit union's CEO and treasurer, Ihor Chyzowych, formally welcomed the delegates and guests to Philadelphia. Outgoing and re-elected UNCUA Chairperson Tamara Denysenko also greeted the delegates and President Dmytro Hryhorczuk initiated the conference by introducing the first speaker, James Byrnes.

Mr. Byrnes, of the Illinois Credit Union League Service Corporation, presented the process of instituting credit cards for smaller credit unions ($10 million or less). This effort would require the financial support of the UNCUA with an initial investment of $8,750.

The second speaker was Ihor Kozak, chairman of the association's Supervisory Committee, who presented the financial status of Ukrainian American credit unions for the year ended 1999.

Utilizing pie charts and a number of graphs, Mr. Kozak offered the delegates a comparative review of individual credit unions, their gross income, membership, capital, expenses and other financial data.

He underlined that Ukrainian American credit unions compare favorably with peer American credit unions. The analysis revealed that membership in Ukrainian American credit unions grew in 1999 by 18.9 percent (from 75,160 members to 79,345), while capital grew by a healthy 9.8 percent (from $1,248,589,209 to $1,370,024,169). Expenses in the form of community support were over $1.7 million, well over the average annual amount of $1 million. Thus, he noted, it appears that Ukrainian American credit unions remain as the basis for financial support to Ukrainian communities and their religious organizations

As the delegates to the UNCUA conference are also members of the boards of their respective credit unions, the topic of board responsibilities and duties is an ongoing concern. Arthur Dinger, a compliance and information specialist from the Pennsylvania Credit Union League, presented and explained in detail the duties and responsibilities of a board member. It was noted, that although in most instances it is an honor to be a board member, membership also attaches a great deal of liability for the operation of the credit union. Mr. Dinger provided many examples from his own experience, which elicited multiple questions and much conversation.

The day ended with a banquet and a cultural program featuring Philadelphia's Voloshky Ukrainian Dance Company. A surprise guest from Ukraine, Lida Bytchkova, provided several operatic renderings.

The banquet's keynote speaker, Dr. Mykola Zhulynskyi, vice prime minister for humanitarian affairs of Ukraine, greeted the conference on behalf of the President Leonid Kuchma and Prime Minister Viktor Yuschenko. He noted that "... the time has arrived that the executive arm of the government has the support of the Verkhovna Rada (Parliament) and that, therefore, now there is greater hope for the betterment of Ukraine's future."

Dr. Zhulynskyi ended his speech by presenting certificates of honor to Mr. Chyzowych, Mr. Hryhorczuk, Ms. Denysenko (CEO and general manager, Rochester [N.Y.] Ukrainian FCU), Dr. Bohdan Kekish (CEO, Selfreliance [N.Y.] FCU), Bohdan Watral (president and CEO, Selfreliance Ukrainian FCU, Chicago) and Vsevolod Salenko (president and CEO, Ukrainian Orthodox FCU, New York).

The annual meeting of UNCUA was convened on Saturday. Chairperson Denysenko opened the meeting and, after a review of delegates' mandates, determined that 19 delegates were present. A nominating committee was then elected and an agenda accepted.

Ms. Denysenko presented her report on UNCUA activities for the previous year.

President Hryhorczuk presented his report on the activities of the previous administration. According to him, 1999 was a successful year. Three conferences were held during 1999, spring and fall conferences and a special conference for small credit unions on the topic of credit cards.

Today, in order to be competitive with other financial institutions, he said, credit unions should offer "full services," such as credit cards, checking accounts, share certificates and more. The administration of the UNCUA also held many meetings with the community in Seattle, where the UNCUA is attempting to open a new credit union. Apparently, there are over 20,000 Ukrainian immigrants in the greater Seattle area.

Mr. Hryhorczuk also noted that the fourth International Ukrainian Credit Union Conference is planned for August in Kyiv and Poltava; 42 participants have already registered.

The last order of business was a change in the UNCUA by-laws. This was facilitated by Lubomyr Lypeckyj, president of the Ukrainian Selfreliance Michigan FCU. The Supervisory Committee made a recommendation that the UNCUA Insurance Agency obtain a modern data processing system for its daily business needs.

Discussions at the annual meeting also touched upon the "free" insurance afforded members for share deposits and loans. It was decided to table this issue until the end of the year.

Accompanying Dr. Zhulynskyi to the UNCUA gathering was his wife, Halyna. Mrs. Zhulynskyi, the president of the Kyiv credit union "Turbota" and a representative of the Ukrainian National Association of Savings and Credit Unions in Ukraine, greeted the annual meeting. Afterwards she remained for a period of internship with Ukrainian American credit unions in New York and Chicago.

Following the annual meeting, the board of directors of the UNCUA - which comprises one representative from each credit union - met and elected the following executive committee: Ms. Denysenko, chairperson; Ihor Laszok, vice-chairperson; Mr. Watral, external affairs; Ihor Rudko, secretary; Bohdan Kekish, Lew Futala, Oksana Xenos, Jaroslaw Fedun and Nusia Woch-Kerda, members.

The board elected Mr. Hryhorczuk as president and re-elected the Supervisory Committee members: Mr. Kozak, chair; Ihor Makarenko and Nadia Hayduke, members. The Self Reliance (New York) FCU volunteered to host the 2001 spring annual meeting and conference. The exact date and location have yet to be determined.

After the annual meeting and conference ended, many of the delegates attended the banquet of the Ukrainian Diaspora Olympiad being held in the Philadelphia area on July 1-4.

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