Self Reliance N.Y. donates $500,000 to St. George Schools (11/16/03)

Self Reliance N.Y. donates $500,000 to St. George Schools

by Andrew Nynka

NEW YORK - The Self Reliance (N.Y.) Federal Credit Union on November 6 announced a donation of $500,000 to the St. George Ukrainian Catholic Schools Foundation, creating a significant financial base for the endowment fund that was created to support the two Ukrainian Catholic schools here.

The announcement was made in the auditorium of St. George School, located between Sixth and Seventh streets on Taras Shevchenko Place, in front of faculty and staff, as well as some 200 students who cheered wildly during portions of the afternoon assembly.

"This is a great help - a very generous gift which will help extend the future of the two schools," the Rev. Philip Sandrick, pastor of St. George Church, said after the announcement.

Myroslaw Shmigel, chairman of the board of directors at the credit union, characterized the contribution as an investment in the Ukrainian community. "We've grown up here; we spend so much of our time in this neighborhood. This money is an investment in our Ukrainian community," Mr. Shmigel said during a reception that followed the assembly.

Askold Lozynskyj, a member of the board of the directors of the foundation and the president of the Ukrainian World Congress, said the credit union's contribution would help entice other donations. "Dear boys and girls, when you go home tell your parents: 'Open up and make a tax-exempt donation to the foundation.' " Although it was not announced during the assembly, Mr. Lozynskyj said he personally made a donation of $100,000 to the foundation.

It was reported in early June that, in response to news that the two schools were facing serious financial difficulties, an independent charitable foundation was formed in order to lend support to both St. George School and St. George Academy.

The foundation, a not-for-profit corporation, is based in New York City and is a tax-exempt, 501 (c) (3) organization. According to the foundation's certificate of incorporation, the organization's board of directors is composed of Bishop Basil Losten, the Rev. Sandrick, Oksana Bodnar, Myra Kovalchick, Peter Shyshka, Sister Chrysostom Lukiw, Mr. Lozynskyj, Marta Kostyk and the Rev. John Terlecky.

That document also stated that the corporation is "organized exclusively for charitable, religious, educational and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as [tax] exempt."

In this case, officials at the foundation have said that the beneficiary of their funding will be the two Ukrainian Catholic schools.

The Rev. Sandrick estimated the annual cost of running both schools at $1 million and said that the goal of an endowment composed of $3 million to $5 million would cover the school's annual costs and go toward improvements.

According to the foundation's certificate of incorporation, the organization was created to "solicit, collect and otherwise raise money to support St. George Elementary School and St. George Academy." The foundation is a separate entity and has no authority over either St. George Academy or St. George School.

The document states that "nothing herein shall authorize the corporation [St. George Ukrainian Catholic Schools Foundation] to operate or maintain a nursery school, elementary school or secondary school. Nothing herein shall authorize the corporation to operate or maintain an institution of higher learning or to grant degrees."

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