THE UKRAINIAN NATIONAL ASSOCIATION FORUM (06/25/06)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

UNA-sponsored Sitch team wins second in New Jersey State Cup

by Andrij Panas

NEWARK, N.J. - The Chornomorska Sitch men's soccer team placed second in a field of over 35 teams in the New Jersey State Cup and conceded only one goal throughout the whole tournament, despite falling to FC Steau Cranbury 1-0 in the final match of the competition on June 2. The team is sponsored by the Ukrainian National Association.

The team set high standards for itself this year in both image and performance as it looks to reclaim Sitch's name as a predominant soccer force in New Jersey and among Ukrainian soccer clubs in North America.

The team finished its 2005-2006 campaign with only six losses in 23 matches, making it one of the best years for the club in recent history.

The current roster includes 14 players of Ukrainian descent, all of whom were born in the U.S. and currently reside in New Jersey - a main reason why the UNA was willing and eager to sponsor the team which now dons jerseys bearing the organization's name.

The team is happy to bring a little attention to itself as it expresses a "thank you" to the UNA in general for its support and especially to UNA Treasurer Roma Lisovich and UNA National Organizer Oksana Trytjak, who both were instrumental in finalizing the sponsorship agreement.

Early in the spring, the duo spent an evening at the UNA Corporate Headquarters educating Sitch team members about the history of the UNA, encouraging each athlete to support the organization and its continued efforts as a hub of the Ukrainian community.

The team hopes to add to its success story as it looks forward to playing in the highly anticipated East Coast Cup that will crown the best Ukrainian soccer team on the East Coast on July 23 at the Ukrainian American Youth Association's (SUM) resort in Ellenville, N.Y.

INSURANCE MATTERS
by Osyp Hawryluk

Coverdell Education Savings Accounts

Whenever people see me here in Buffalo, N.Y., they hide from me. They try not to sit at my table at Ukrainian banquets; if I see them before they have a chance to run away, they immediately tell me that they're not interested. They're sick of hearing about life insurance.

Well, now the Ukrainian National Association has a product that pays 5.5 percent interest on every penny of your deposit - and it's not life insurance. If your children have it, they qualify for scholarships every year in college, they get a discount when they stay at Soyuzivka, or order Svoboda or The Ukrainian Weekly (for themselves or others).

But the important news for parents is that the money and earnings in this account are never taxable - as long as this account is used to pay for education expenses such as tuition, room and board, fees, books, computers, Internet access, supplies, equipment, etc., from kindergarten through college (age 30). At age 30, you must roll over any leftover amount in this account to a child (brother, sister, stepbrother, stepsister, niece, nephew, cousin, your own child, etc.) who is under age 18.

When President George W. Bush on May 17 signed into law the Tax Increase Prevention and Reconciliation Act of 2005, he ordered that parents now pay taxes at their own higher rate on children's unearned income over $1,700 until age 18 (rather than up until age 14 as it was previously). So, no more putting accounts into your children's names to be taxed at their lower rate.

Unless, of course, you put that money into a UNA Coverdell Education Savings Account (under Section 530 of the Internal Revenue Code). Then, it's not taxed at all.

Unfortunately, there is an annual limit of $2,000 per child under age 18 on money you can deposit into this account. So, don't wait - start early with only a $100 deposit! But if you contribute $2,000 every year starting at birth, your child will soon be earning more than that $2,000 in his or her UNA Coverdell account, every year, tax-free.

So, don't leave that graduation money, First Holy Communion money, birthday money, etc., lying around the house. Heck, take some taxable money out of your child's bank account. Call your UNA secretary or the home office, 1-800-253-9862 today.

And, if you grandparents, godparents, aunts, uncles don't want to buy life insurance - take advantage of a tax break and help your family send its children to college with the tax free 5.5 percent UNA Coverdell Education Savings Account.

Osyp (Joe) Hawryluk is a licensed professional sales agent for the UNA. You may reach him at [email protected].

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