The Ukrainian National Association’s General Assembly, meeting last weekend at its first regular annual session since the 2014 convention of the UNA (last year that body met for a special session given that it was a convention year), heard good news from UNA executive officers: assets had significantly increased, income was up and expenses were down. They painted a bright financial picture of this 121-year-old Ukrainian organization as it gets ready to enter the new year.
As of the end of the third quarter of 2015, President Stefan Kaczaraj reported, the UNA’s assets totaled over $192.5 million, and net income for the first nine months of the year was more than $1.3 million. In addition, the UNA’s surplus as of September 30, 2015, was up to nearly $8.3 million.
Treasurer Roma Lisovich followed up Mr. Kaczaraj’s report by pointing out that, by the end of this year, the UNA’s assets are expected to reach the milestone of $200 million, making this organization not only the largest Ukrainian fraternal organization but also the fifth largest Ukrainian organization (in terms of assets) in the United States (ahead of the UNA are four large credit unions). She also noted that net income is projected to grow to $1.7 million by the end of 2015, adding that this will be the third consecutive year of net profits for the UNA.
Secretary Christine E. Kozak also delivered good news. More and more UNA Home Office employees, as well as General Assembly members, are now licensed insurance professionals. That means they are better able to approach potential members and better equipped to serve the UNA’s members. And, Ms. Kozak underscored, “UNA employees go above and beyond the call of duty in order to satisfy UNA members.” Indeed, the UNA’s customer service is its strength, and “the UNA can differentiate itself from the competition by providing the best customer service to our members,” she explained.
In addition to these positive reports from the UNA’s three full-time executive officers, UNA General Assembly members – that is the fraternal’s officers, advisors and auditors – had an opportunity for some professional development at the 2015 annual session, learning about trends in the insurance industry, actuarial science, and the UNA’s development in the most recent decade.
All in all, it seems that the UNA president’s oft-repeated comment that “the UNA is on the right track” has been proven.
So, what does this good news mean for you, dear readers? Well, with the UNA’s markedly strengthened financial position – and, what is crucial, the enrollment of new members who purchase its high-quality insurance products – this fraternal organization can continue its fraternal benefits for members and activities that serve the community at large. Those benefits include the UNA’s two newspapers, Svoboda and The Ukrainian Weekly, scholarships for student members, etc. They also include a member discount at the Soyuzivka Heritage Center, a benefit that will be continued even though Soyuzivka, which now has charitable 501(c)(3) status, is owned by the Ukrainian National Foundation (an affiliated company that performs charitable activities on behalf of the UNA).
Thus, the UNA can continue in its all-important paternal role as “Batko Soyuz,” for the UNA has always been so much more than an insurance company.