Dividend payments suspended for 1997 (06/07/98)

Dividend payments suspended for 1997

TO ALL MEMBERS OF THE UKRAINIAN NATIONAL ASSOCIATION

The Executive Committee of UNA once again wishes to inform all UNA members that payment of dividends for 1997 is suspended. Nevertheless all members of UNA will continue to receive the guaranteed interest on the accumulated cash value of their certificate, and the cash value will continue to grow as provided by the certificate. Each certificate guarantees the member a specific interest rate that UNA must add to the accumulated reserve as long as the certificate exists. The interest rates on the certificates vary from 3.5 percent to 5 percent depending on the individual certificate. Each member can verify for himself the guaranteed rate specified in his insurance contract.

More than 2,000 members who are age 79 or older but continue to pay premiums for their life insurance will receive a fraternal donation equal to the amount of annual premium. The due date of their payments will be posted to a year after their current date. All those who have option number two or four on their dividend (accumulation of interest on the dividend or additional paid-up insurance) must pay their premiums, but the UNA will add the dividend accumulation amount to their option. The member may also cancel his dividend option, then we will pay the annual premium amount. The grand total of this fraternal donation is over $100,000.

We would like to remind everyone that most UNA members benefit from one or more fraternal financial discount or donation. UNA collects only $32,000 from its members per year for the Fraternal Fund. For over 50 years the fraternal dues remained at 15 cents a month. At the 34th Convention the delegates raised the fraternal dues to 25 cents monthly. Our expenses for fraternal activities and benefits to members in the form of scholarships, Soyuzivka discounts, publications support and indigent fund exceed over a million dollars annually. This sum is significantly higher than any other fraternal society in the U.S. spends on fraternal benefits.

At our quadrennial Convention held in May, our highest governing body approved the merger with two other Ukrainian fraternal societies, the Ukrainian National Aid Association of America and the Ukrainian Fraternal Association. It also voted to make Svoboda a weekly publication as of July 1, 1998 and to reduce the subscription rate for members to $40 annually for both Svoboda and The Ukrainian Weekly. It further mandated to cut our operating expenses and deficits on all fraternal benefits. We are in the process of change and in order to ensure our stability and future potential growth we cannot afford to pay dividends this year. However your membership in the UNA is a valuable asset to you, not only as insurance on your life but for the many benefits it provides. We are looking to make the UNA a strong viable institution and to serving future generations of Ukrainians, Ukrainian Americans and Ukrainian Canadians in the UNA's second centennial.

The Executive Committee of the Ukrainian National Association