PARSIPPANY, N.J. – An independent, comparative analysis of the Ukrainian National Association’s (UNA) key financial ratios as of December 31, 2022, prepared by Standard Analytical Service, Inc., concluded that, based on financial results achieved in the year ended in 2022, the UNA received a rating of “favorable” when compared to the aggregate averages of 25 of the leading life insurance companies in the United States.
The report focused on areas of solvency (assets for each $100 of liabilities), liquid invested assets (bonds, stocks, cash and short-term investments for each $100 of liabilities) and additional organizational strengths based on assets, reserves and surplus.
The UNA showed assets of $107.05 per each $100 in liabilities and $102.42 of liquid invested assets per $100 of liabilities. The average among the top-25 companies was $47.54.
Other ratios show further proof of financial strength and stability. For example, per $1,000 of life insurance in force, the UNA had $1,825.93 in assets, while the average among the 25 companies was $149.03, it had $1,642.62 in reserves, while the average for the 25 companies was $63.69, and it had $120.27 in surplus, while the average was $9.75.
The UNA’s financial statement summary, as of December 31, 2022, included the following financial metrics:
Admitted Assets – $180,887,413
Policy Reserves – $162,728,249
Total Liabilities – $168,972,379
Gross Surplus – $11,915,034
Insurance in Force – $99,066,000
Benefits to Policyowners – $15,764,368
Net Investment Income – $8,542,267
Total Income – $21,467,953
Insurance Issued – $1,071,000
“We are tremendously pleased with our numbers when compared to these leading companies in the U.S., which have been in business for an average of over 100 years and own a significant portion of invested assets and life insurance in force,” said Roman B. Hirniak, the UNA’s President and Chief Executive Officer.
“When you examine those numbers, as against prior year 2021, you immediately notice that our assets increased by just under $2 million, our net gain from operations reflects a 93 percent increase in profit, our surplus increased by 2.1 percent and we were able to reduce operating expenses by roughly $56,000,” Mr. Hirniak said.
“When you couple those results with the attractive annuity products and crediting rates the UNA is offering, it’s clear to see that we’re singularly focused on earning the public’s confidence, while maintaining the fraternal nature of our organization and resultant membership benefits,” Mr. Hirniak said.
SOMERSET, N.J. – During the annual St. Thomas Sunday observances on April 22 and April 23 at St. Andrew Ukrainian Orthodox Cemetery in South Bound Brook, N.J., faithful had the opportunity to visit information tables of various vendors at the Cultural Center. Among them was a table with information about the Ukrainian National Association (UNA). Staffing that table on April 22 were Maria Drich (left, holding small Ukrainian flag), secretary of UNA Branch 42 and a home office employee, with her granddaughters, Nelia (right) and Nastia (second from the left); Michael Bohdan (third from the left), secretary of UNA Branch 133 with his wife, Nancy (second from the right); and Oksana Stanko, secretary of UNA Branch 37 and a member of the UNA’s Fraternal Advisory Board.
PARSIPPANY, NJ – Each year, the Ukrainian National Association (UNA) offers special scholarships and monetary awards for its student members who are enrolled in colleges and universities. The deadline for applications for the 2023-2024 academic year is June 1, 2023, and the UNA encourages its student members to take advantage of this very important fraternal benefit.
In the more than 129 years of its existence, the UNA has always supported young people in their pursuit of higher education. In fact, the first UNA scholarships were actually small stipends awarded to promising students to help them attain a brighter future. A formal scholarship program was established in 1964. Since then, the UNA has awarded scholarships to several thousand young men and women.
The special scholarships awarded by the UNA – but funded by generous and altruistic benefactors – include the following for undergraduate students:
• Joseph and Dora Galandiuk Scholarship ($2,000) for students in the sciences or accounting;
• Orest and Lidia Bilous Family Foundation Scholarship ($2,000) for students studying political science;
• Dmytro and Slava Jarosewycz Memorial Scholarship ($1,000) for students excelling in their studies;
• Stefan Hawrysz Scholarship ($1,000) for students from one of the UNA’s Philadelphia District branches;
• Maria and Taras Slevinsky Scholarship ($1,000) for students in nursing; and
• Danylo Andrii Demidenko Scholarship ($500) for students in the medical field.
In addition, the UNA sponsors five UNA Heritage Scholarships in the amount of $1,000 each, for undergraduate or graduate students enrolled in either full- or part-time programs. These scholarships – which recognize academic achievement and community involvement – were established in 2019 to celebrate the UNA’s 125th anniversary.
The Orest and Lidia Bilous Family Foundation Scholarship was established in December 2022, becoming the newest addition to the UNA’s scholarship program. With that addition, the UNA has 11 special scholarships in addition to the regular monetary awards based on the applicant’s year of study. These are granted upon completion of the senior year of high school and during the freshman, sophomore and junior years of college.
Incoming freshmen receive the lowest award amounts, while seniors receive the highest. Amounts awarded by the UNA Scholarship Committee depend on the availability of UNA funds in any given year.
Last year, the UNA Scholarship Committee recognized 43 students from the United States and Canada with special scholarships or monetary awards.
In order to apply for a UNA scholarship or award, a student must have a current UNA insurance policy with a minimum amount of $5,000 (term policies excluded). The most common policies are Endowment at Age 18 and the 20-Year Endowment. These policies are usually purchased for children by their parents, grandparents or aunts and uncles.
To learn more about the UNA’s scholarship program and eligibility requirements, or to download an application, readers may visit the following link on the UNA website: unainc.org/benefits/scholarships/.
It is important to note that the UNA also offers a Coverdell Education Savings Account (ESA), another common vehicle for academic funding, whereby up to $2,000 per year can be deposited into an account with tax-free growth, provided the funds are withdrawn and used for studies.
For more information about UNA insurance policies, endowments, annuities, IRAs and the ESA, readers may contact their branch secretary or the UNA directly at 800-253-9862.
Take notice that the Corporate Board of Directors of the Ukrainian National Association, Inc., has determined that it is in the best interest of the Association to increase the required frequency of meetings of the Audit Committee. Therefore, pursuant to its authority under Article XIII.H.6 of the By-Laws, at a March 29, 2023, meeting of the Corporate Board where a quorum existed, a supermajority of Board members voted to amend Article VI.E.2 of the By-Laws to require that the Audit Committee meet at least quarterly.
Said amendment took effect on March 29, 2023, and shall remain in force until the next Convention, whereat it will be presented for ratification and resultant permanency.
ПОВІДОМЛЕННЯ ПРО ВНЕСЕННЯ ЗМІН ДО СТАТУТУ УКРАЇНСЬКОГО НАРОДНОГО СОЮЗУ
Звертаємо Вашу увагу на те, що Корпоративна Рада Директорів Українського Народного Союзу визначила, що в найкращих інтересах Асоціації збільшити необхідну частоту засідань Контрольної Комісії. Тому, відповідно до своїх повноважень, та у відповідності до Статті XIII.H.6 Статуту, на засіданні Корпоративної Ради 29-го березня 2023 року, де існував кворум, переважна більшість членів Ради проголосувала за внесення змін до Статті VI.E.2 Статуту, вимагаючи, щоб Контрольна Комісія збиралася щонайменше щоквартально.
Зазначена поправка набула чинності 29-го березня 2023 року та залишатиметься чинною до наступної Конвенції, на якому вона буде винесена на ратифікацію і, відповідно, набуде постійного характеру.