Chicago-based Heritage Foundation announces $30,000 in grants

by Maria Kulczycky and Marta Farion

CHICAGO - The Chicago-based Heritage Foundation of First Security Federal Savings Bank recently announced several important grants to Ukrainian organizations that will have a significant impact on the wider Ukrainian community.

It made a grant of $10,000 to the Ukrainian Institute of Modern Art in Chicago for the construction of a storage facility for its highly regarded permanent collection of modern art.

It also gave $10,000 to the Kyiv Mohyla Foundation, which supports, develops and sustains the work of the National University of Kyiv Mohyla Academy and other Ukrainian institutions of higher learning that promote excellence in education and the establishment of an open society based on democratic principles.

Another $10,000 grant went to the Chicago-Kyiv Sister Cities Program for a fund-raiser held in May to increase awareness in Ukraine about breast cancer detection and treatment and provide much-needed mammography equipment.

The Heritage Foundation is quietly becoming a philanthropic force in the Ukrainian community in America. Created as a private grant-making foundation with an initial cash and stock infusion by First Security Federal Savings Bank, a $475 million Chicago-based financial institution, Heritage Foundation currently has $8.7 million in assets. The donation that created the foundation in 1997 consisted of $5 million in cash and First Security Federal stock. The stock has since more than doubled, which accounts for the asset growth of the foundation.

Under federal law, the foundation must distribute 5 percent of these funds annually. Over the past six years, this has resulted in some $1.4 million in donations to the community. In 2003 the Heritage Foundation will donate $420,000 to organizations that meet its giving criteria.

"Our mission is to preserve our Ukrainian ethnic identity, spiritual values and community viability," explained Julian Kulas, president of the bank and of the foundation. "Our donations have focused on religious, educational, youth, cultural and community institutions."

The largest share of donations has gone to Ukrainian schools, universities, and educational organizations. But Ukrainian churches, seminaries, museums, cultural organizations, and youth and sports organizations have also benefited.

"Because we are organized as a 501 (c) (3) organization, the Heritage Foundation reports on its activities to the federal and state governments, and has to manage grant making according to guidelines they set," explained Paul Nadzikewycz, chairman of the bank. The organizations to which the foundation makes grants also need non-profit status, he explained.

"The grant to the Ukrainian Institute of Modern Art could not have come at a better time. As our permanent collection grows, we need climatically controlled storage space for pieces that are not on display. This contribution provides the seed money for the construction of an appropriate facility for this historically important collection," said Oleh Kowerko, president of the institute.

"The University of Kyiv Mohyla Academy's role in building a new civil society with leaders in government and business that reflect the interests of the Ukrainian nation is key to maintaining the country's independence. The Heritage Foundation has contributed toward that process through its donation and support. Such advocacy of reforms through education is a contribution toward the long-term stability of Ukraine. The donation from Heritage Foundation is needed and it is appreciated," said Ihor Wyslotsky, president of the Kyiv Mohyla Foundation.

While the donations to numerous community organizations are significant, an important role played by the Heritage Foundation is its support of little understood but important community activities, such as academic research, sponsorship of conferences and the publication of books. The recent Conference on Ukrainian Subjects at the University of Illinois in Champaign received significant support from the Heritage Foundation.

"We chose the foundation route to community donations because it ensures a level of sustainability for the future," said Mr. Nadzikewycz. "Our donations are not dependent on the financial performance of our bank, and they are relatively assured for years to come."

Copyright © The Ukrainian Weekly, July 27, 2003, No. 30, Vol. LXXI

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