Selfreliance Ukrainian American Federal Credit Union meets with New Jersey members (04/25/04)

Selfreliance Ukrainian American Federal Credit Union meets with New Jersey members

by Zenko Halkowycz

IRVINGTON, N.J. - On Sunday March 21, New Jersey members of the Selfreliance Ukrainian American Federal Credit Union (SUAFCU) attended their second face-to-face meeting with the principal members of the board of directors.

The annual New Jersey credit union branches' meeting was held at the Ukrainian National Home in Irvington, N.J. During this meeting, Chairman of the Board Michael R. Kos, President and CEO Bohdan Watral, First Vice-Chairperson Oresta Fedyniak and New Jersey's own executive vice-president, Ihor Laszok and the New Jersey Advisory Board met with credit union members.

SUAFCU has its principal offices in Chicago, with branch offices in Illinois, Indiana and New Jersey. The three full-time offices in New Jersey - located in Jersey City, Newark and Parsiappy - serve the Ukrainian Americans from Jersey City, North Bergen, Bayonne, Irvington, Newark, Maplewood, Elizabeth, Parsippany and the rapidly expanding Morris County community.

Chairman of the board Mr. Kos, who honored the memory of departed members of the credit union, convened the meeting. Ms. Fedyniak read the minutes from the last annual meeting, which were adopted as read.

The next agenda item was greetings by community organizations. Zenko Halkowycz of the Jersey City, Bayonne and North Bergen UCCA thanked the board for its generosity, and specifically commended Yaroslav Zaviysky for his community involvement, financial advice and donations to youth in the Ukrainian american Youth Association (SUM) and the local School of Ukrainian Studies, helping the Ukrainian National Women's League of America in sending packages to needy Ukrainians in Brazil and Ukraine, as well as his Christmas donations for the "koliada."

The next speaker was Kvitka Semanyshyn, Newark-Irvington UCCA president and community activist who addressed the board members and extended her gratitude for all the help extended by Mr. Laszok, Walter Kovbasniuk and Michael Koziupa.

Representatives of SUM, Plast, Ukrainian Youth Organization, Ukrainian Studies Schools, Chornomorska Sitch, the Roma Pryma Bohachevsky School of Dance, Ukrainian Music Institute, and other community organizations that have received financial assistance for their programs praised their local credit union managers and extended their appreciation and gratitude.

Chairman Kos presented a very comprehensive report on the state of the credit union. He covered the credit union's past and future, and gave a very positive outlook for 2004. He explained that under the present financial policy of the U.S. government and the low financial rates dictated by the Federal Reserve Bank, members would expect low returns on their deposits and yet SUAFCU is able to pay higher dividends and CD rates than do commercial banks. Credit Union members receive a more favorable rate when they maintain their savings, share draft (checking), CD and IRA accounts.

A financial report was delivered by the CEO, Mr. Watral, who not only manages the financial details of the credit union, but also cares about the evolution of the credit union movement in Ukraine. CEO Mr. Watral and Executive Vice-President Mr. Laszok have been passionately working since 1991 on helping develop the credit union philosophy as well as the actual physical presence of credit unions in Ukraine.

Mr. Watral gave a very comprehensive financial report for 2003, as well as a forecast for 2004. In his report he stated that the credit union in 2003 expended $611,804 for various community projects, youth organizations and schools. The board projects $800,000 for community assistance in its 2004 budget.

The highlight was the New Jersey report by Mr. Laszok, a well-known and respected community activist in New Jersey and a long-time credit union manager. Mr. Laszok announced the credit union's 2004 emphasis - "Supporting our youth" - and went on to present a total of $22,500 to nine different Ukrainian American organizations that work with and educate youth in New Jersey, and $5,000 to the credit union sponsoring organization, the Selfreliance Association of Ukrainian Americans.

Mr. Laszok stated that the credit union's New Jersey branches represent 7,000 members out of the total 20,755 SUAFCU membership.

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