Our growing credit union family. 20,000 members and counting!
BOARD OF DIRECTORS
Standing left to right: Richard Harris, Secretary; Bohdan Zakharchyshyn, Assistant Treasurer; Yaroslav Fatyak, 1st Vice President/Assistant Secretary; Yaroslav Kirik, 2nd Vice President.
Seated left to right: Barbara Tymoc-Gutierrez, Treasurer; Wasyl Kornylo, President and Board Chairman; Tamara Denysenko, Board Member.
AGENDA |
13.
2016 Another Extraordinary Year for UFCU
Dear members,
We closed the books on year 2016 in the face of extraordinary financial and economic outcomes both here in the U.S. and globally, and our leadership team is, as always, ready to partner with you to create new monetary opportunities. Our Mission, Vision and Values that support you have not changed and are strengthened by our commitment from our management, employees, board and committee members. Our promise continues to offer you, our membership, the highest level of personalized service. Our culture, words and behaviors continue to represent our image and reality of our financial community organization.
This past year, our Ukrainian Federal Credit had another benchmark year in membership growth, safety and soundness, and customer service. On the following page you will find a summary of key achievements that made us noticeable and respected.
Report from the President and Board Chairman
Wasyl Kornylo
керівництво, як завжди, готове співпрацювати з вами, щоб створити нові фінансові можливості. Наші Місія, Бачення і Цінності, які підтримують вас, залишились незмінними та посилились зобов’язаннями з боку нашого керівництва, працівників, ради директорів та членів комітетів. Обіцяємо продовжувати і надалі пропонувати вам, нашим членам, найвищий рівень персонального обслуговування.
● We exceeded our business plan metrics for assets, loans, savings and membership growth.
● Our membership reached over 20,000 members.
● UFCU surpassed the $200 million asset range.
● We kept our delinquency and charge offs at historically low levels.
● We generated loan growth to maximize return on assets in the current low rate environment.
Growth Safety and Soundness
● We are insured by the NCUA (National Credit Union Administration) and the Basic NCUA Share Insurance Limits for Common Ownership Types include $250,000 insurance protection for Individual Savings Accounts, Joint Accounts, Revocable Corporate/Partnership/Organizational Accounts and IRA / Roth Retirement Accounts.
● We maintained legal compliance, external and internal audit controls and finished the year without any noncompliance issues in all of our 12 operating branches.
● Our federal, external and internal audits yielded favorable results enabling further policy and procedural compliance control.
Member
Service
● We received excellent reviews online and on social media from our membership.
● We delivered continuous customer service training to management, employees and volunteers.
● UFCU completed a customer service assessment.
● We expanded common bond organizations across all branches.
● UFCU supported community branch activities related to charity and humanitarian fundraising.
In closing, as we face the year ahead, I would like to express my appreciation for your confidence and trust in our ability to serve you. As members of our credit union family, we need each other, now more than ever. Let’s continue working together to further strengthen our common bonds
and in turn our financial institution. Thank you for another great year, your patronage and contributions!
● Ми перевершили заплановані рівні активів, позичок, ощадних рахунків та кількості членів.
● Кількість членів перевищила 20,000 чоловік.
● УФКС збільшила активи до понад $200 млн.
● Ми досягли історично
●
Безпека та Надійність
● Ми застраховані NCUA (Національна Адміністрація Кредитних Спілок). Базовий рівень страхування в NCUA для громадян включає $250,000 тис.
● Ми підтримуємо відповідність законодавству, підлягаєм зовнішнім та внутрішнім аудиторським перевіркам та закінчили рік, не маючи жодних
Обслуговування Членів
● УФКС провела оцінювання рівня обслуговування клієнтів.
● Ми розширили сітку організацій-партнерів
Report from the Chief Executive Officer
Oleg Lebedko ·
Ukrainian Federal Credit Union began 2016 with a significant milestone – our assets surpassed the $200 million mark. The ending of 2016 was also impressive, with membership over 20,000, record loan growth and continued positive net income.
We attribute these accomplishments to our drive to improve customer service in all areas of our operations. Our employees and Board take your level of satisfaction very seriously and do everything possible to keep your business with UFCU. New member surveys and post-transaction surveys have been implemented to measure your satisfaction. Please take a moment to respond to our satisfaction survey when you receive them. We always welcome your comments and suggestions directed at improving your experience with us.
As total UFCU membership grew to 20,350 members, nine new organizations and churches joined our common bond to become our partners. Members of these organizations and their families can now become UFCU members. Thanks to all our new members and common bond organizations for their business – we will do our best to provide you with the highest level of personalized service!
стали можливі завдяки підтримці наших членів та нашому
Our fastest-growing and most popular branch is a “virtual branch” – a suite of UFCU online and mobile services: website, home banking, mobile app with check deposit, electronic bill payment, person-to-person payments, web account and loan applications. Our IT department continues improving existing services and adding new ones to stay competitive with the latest technology offerings.
In 2016, UFCU continued its community support mission, providing donations and sponsorships to multiple organizations in the areas we serve. Employees and officials of the credit union organized and volunteered in several charitable events, such as humanitarian concerts, collection of clothes and medical supply for the needy in Ukraine and Haiti, collection of funds for local children’s hospitals, and many other activities in the cities where UFCU has its branches. We continued our tradition and hosted Ukrainian consulate services in our Rochester, Portland, Seattle and Parma branches.
In 2017, UFCU continues implementing strategic goals aimed at improving member service and convenience. We have invested in new services that will make it easier for you to access information you need – with the new, more convenient phone system and a new website. We are becoming a part of a nationwide shared branching system that will allow you to make transactions at branches of other credit unions when you cannot get to one of our branches. This network has more branches across the country than some of the largest national banks. The new electronic bill payment system, implemented in March 2017 now includes POPMoney – a person to person payment system that makes it very easy to transfer money to any person anywhere. All these enhancements are based on your valued feedback – we are here for you!
In conclusion, I would like to thank all of the volunteers on the Board and various committees for their guidance and support; our dedicated employees, and all of you, our members, who are the reason of our credit union’s growth and success.
Some of our achievements are featured on the next page.
Achievements of 2016:
● Growth in all areas of operations: membership (7.7%), loans (16.7%), and deposits (9.8%);
● Our loan department and branch employees disbursed over $64 million in new loans, which is the highest annual amount in UFCU history;
● Close to 100% of UFCU deposits were used to provide UFCU members with loans;
● Our credit union paid consistently higher yields on member deposits with an average of 0.70% compared to 0.39% at our competitors;
● UFCU helped our members save money with lower fees, charging only $0.64 per $100 of assets compared to $0.85 at other financial institutions;
● Loan delinquencies and charge-off levels were at very low levels despite record loan growth;
● Our members continued to love our service, as confirmed by multiple positive testimonials, web and social media reviews;
● With the merger of Osnova Ukrainian FCU in Parma, OH, we serviced 12 branches in 6 states;
● Our Portland branch celebrated its 10th anniversary and UFCU made donations to our community organizations and churches in that area in lieu of the celebration;
● By strictly following financial regulations and compliance guidelines, UFCU achieved commendable results of government examinations, external and internal audits.
Member Growth Year Over Year (in percentages)
FCU *Credit Union Peers
Досягнення в 2016 Році:
● Ріст у всіх сферах діяльності: Кількість членів (7,7%), кредити (16,7%), депозити (9,8%);
● Наш кредитний відділ і співробітники філій
видали більше $64 млн нових кредитів, що є
найвищим річним обсягом в історії спілки;
● Близько 100% депозитів спілки
використовувалися для забезпечення членів
кредитами;
● Наша кредитна спілка виплачувала стабільно найвищі відсотки по вкладах членів - в середньому 0,70% в порівнянні з 0,39% у наших
конкурентів;
● Плата за користування
● Наші члени продовжували
письмових анкетах;
● Після приєднання спілки ОСНОВА в Пармі, штат Огайо, ми обслуговуємо 12 філій в 6 штатах;
● Наша філія в Портланд відзначила своє 10-ліття. Замість святкувань, УФКС надала фінансову підтримку на діяльність наших громадських
організацій і церков в цьому регіоні; ● Строго дотримуючись фінансових правил і законів, наша кредитна спілка досягла позитивних результатів під час державних перевірок, зовнішнього і внутрішнього аудиту.
Loan Growth Year Over Year (in percentages)
Statement of Financial Condition
DECEMBER 31, 2016 AND 2015
Statement of Income
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
Report from the Treasurer
Barbara Tymoc-Gutierrez
It is my pleasure to report that the Ukrainian Federal Credit Union remains safe and sound due to a well-capitalized position set forth by the standards of the National Credit Union Administration (NCUA). Our net worth continues to remain steady at 9.04% in 2016 compared to 9.28% in 2015. Net worth, which is made up of retained earnings and regular reserves, is essential for the stability and health of all financial institutions. During 2016 UFCU’s 12 branches including our newest branch merger Osnova, grew our membership family to 20,350 members, a 7.69% increase from prior year.
For the year ending December 31, 2016, we are delighted to report that our total assets increased by $21,643,608 to $218,398,973 from $196,755,365 in 2015, an increase of 11.0%. The largest portion consisting of member loans of $191,826,210 a 16.7% increase over prior year. As in previous years our significant loan growth was achieved through diversified lending of home mortgages, truck and vehicle loans, and credit card accounts.
As a result of the exceptional management and dedicated credit union staff UFCU’s 2016 net worth increased to $19,737,532 from $18,239,848 in 2015,
прибутків та регулярних резервів
показником стабільності та добробуту всіх фінансових організацій. Протягом 2016 р. УФКС приєднала 12-ту філію
сім’я
до 20,350 членів, а це зростання на 7.69% порівняно з попереднім роком.
вам, що наші сукупні
зросли на $21,643,608 до $218,398,973
an 8.2% increase with a 2016 year end net income of $545,055. UFCU remains committed to finding new and innovative ways to reward our members in the form of competitive rates, along with new products and services.
On the savings side our member accounts grew to $194,117,285 from 176,868,398, an increase of 9.8%.
During 2016, The Bonadio Group, Certified Public Accountants conducted UFCU audits. These audits were made in accordance with generally accepted auditing standards and included appropriate tests of the accounting records, systems and procedures. It is the opinion of our auditors and UFCU’s Supervisory Committee that satisfactory accounting practices and procedures and effective internal controls are in place to safeguard the UFCU’s assets. The Supervisory Committee reviews the audit program procedures with The Bonadio Group on a regular basis to ensure that the audits continue to provide an effective and professional appraisal of the Credit Union’s financial activities.
In closing, I would like to thank the Board of Directors, the Committees, and especially, the entire Credit Union staff for making 2016 such a rewarding and successful year. I would also like to thank our members for your continued support as we move forward to another exciting and prosperous year in 2017.
$19,737,532
$545,055
та інноваційних шляхів віддячення нашим членам в формі конкурентоспроможних відсоткових ставок разом з новими продуктами та послугами. Щодо депозитних рахунків наших членів, то вони зросли до $194,117,285 з $176,868,398, зростання на 9,8 %. Протягом 2016 р., The Bonadio Group, сертифікована громадська бухгалтерська фірма, провела аудит в УФКС. Ці аудити були зроблені у відповідності з загальноприйнятими аудиторськими стандартами
Report from the Supervisory Committee
Dr. Evhen Lylak · Др. Євген Лилак
Committee Chair
Since January 2016, the Supervisory Committee (SC) has conducted a thorough and recurring set of audits that show Ukrainian Federal Credit Union (UFCU) is financially strong and well managed currently. To help complete its audit responsibilities, the committee engaged The Bonadio Group, a professional auditing firm, to serve as an external auditor to review UFCU’s financial statements for the year ending 2015. UFCU received a positive opinion statement from the external auditors in March 2016, and provided a statement to the committee that a verification of member accounts had been performed. Recommendations of the yearly audit were formally submitted to UFCU management in March 2016, and the SC followed up with management for responses to the recommendations stated in the audit. The results of that audit stated that the UFCU’s financial reporting was presented fairly in all material respects and conformed to the accounting principles generally accepted (GAAP) in the United States of America.
At the May 2016 Board meeting, the UFCU Board appointed its Supervisory Committee for the coming year. The Board reappointed three past-committee members: Evhen Lylak was reappointed as Chair, Barbara Gutierrez and Vasiliy Gritsyuta continued their service, and Rostislav Melnik was newly appointed as an observing member. The committee chair met
The Bonadio Group, яка працює як зовнішній аудитор, для вивчення фінансової звітності за 2015 рік. Кредитна спілка отримала позитивні висновки від зовнішніх аудиторів в березні 2016 року, а також звіт про перевірку членських рахунків. Контрольна Комісія слідує рекомендаціям, викладеним у аудиторському звіті. Результати цієї перевірки показали, що фінансова звітність Кредитної Спілки була пред-
WHAT OUR MEMBERS ARE SAYING ABOUT OUR SERVICE
“A long time member, I’ve used this credit union for many services over the years. Whether I needed a low rate loan or wanted to take advantage of a great rate CD, or needed assistance sorting out my checking account or help accessing my online account, Nadia and the entire staff always offer top notch customer service. Proud to be a member!” - Ania
“Friendly informative staff. Always willing to help, been a member for many years. Great rates would never go to a bank again!” - Carol
with the Board throughout the year and the committee also held its own separate meetings following an agreed upon audit plan. The plan of work was completed and all communications and prescribed written reports were generated to ensure that UFCU is in compliance with the Federal Credit Union Act, the rules and regulations of the NCUA, and UFCU’s own by-laws.
Additionally, the National Credit Union Administration (NCUA), a federally sponsored regulatory organization, audited UFCU in September/October of 2016. The SC reviewed the audit results with the regulators during an audit exit meeting and then followed up on the specific recommendations made by the NCUA during a review meeting in November 2016 with our CEO, CFO, and Board of Directors President Kornylo. UFCU Management received an outstanding evaluation from the NCUA this year and the CEO was commended for his work.
Throughout the year, the SC worked with the Internal Auditor under separate engagement with The Bonadio Group and took responsibility for performing a number of required audits as prescribed by the NCUA. The results of the Bank Secrecy Act (BSA) audit and a number of other audits were reviewed as positive for both our internal and external network controls and information security. The SC has continued its contract for Internal Audit that was approved in February 2016. The new internal audit review process has provided management and the board significant feedback about the policies and procedures in place to maintain our member security.
In addition to reviewing all the professional audits, the SC also conducted quarterly closed accounts reviews in conjunction with UFCU’s COO. The SC has maintained open lines of communication to resolve member concerns through a separate mailing address and a published member contact online address. The SC received no notifications of member disputes during the 2016 calendar year. Overall, the Supervisory Committee was able to fulfill the assigned fiduciary responsibilities in a timely fashion, and is giving its full support to the current Board and Management.
(НАКС), федеральною агенцією. Контрольна комісія
2016 р. з нашим генеральним директором, фінансовим директором і головою Ради Директорів. Керівництво УФКС отримало високу оцінку від НАКС цього року, генеральному директору
трішніми аудиторами
support was also distributed through our marketing and advertising budget to help with organizing cultural events in our communities. It’s become a tradition featuring community news in our Opinion magazine and providing insight into the life of our communities where UFCU branches exist.
The military occupation of Eastern Ukraine has united the Ukrainian Diaspora and our cooperative family to help those in need. Numerous humanitarian efforts have been organized by community and religious organizations to assist the victims in Eastern Ukraine. We thank all of our credit union members who supported these important humanitarian efforts.
Over the past year, the Community Relations Committee worked closely and found mutual understanding with UFCU’s Board of Directors, management and staff. The CRC is thankful to all of the volunteers serving on our advisory committees in Buffalo, Syracuse, Albany, Boston, Cleveland, Sacramento, Portland, and Seattle.
The Committee’s aim is to nurture our Credit Union’s brand and attract new members, especially the younger generation. To achieve this, we always need the help and advice of you, our members, so we invite everyone to participate in this effort.
We hope that with God’s help, our Credit Union will continue to grow and serve the community.
Yaroslav Fatyak
Ярослав Фатяк Committee Co-Chair
Report from the Ukrainian-American Community Foundation
Tamara Denysenko · Тамара Денисенко Foundation President
In 2016, the Ukrainian-American Community Foundation provided over $27,000 in financial support to various educational, cultural and community initiatives, which promote the Ukrainian FCU and UAC Foundation mission. Since 2010, the UAC Foundation distributed over $150,000 in donations, of which $72,000 was for scholarships to UFCU student-members pursuing degrees in colleges and universities coast-tocoast.
This past year, $13,750 was awarded to twenty-one students enrolled in undergraduate studies at Cornell, Case Western Reserve, University of Buffalo, University of Rochester, Yale University, Daemen College, Nazareth College, Roberts Wesleyan, St. John Fisher, Stonehill, SUNY Alfred State and community colleges in Erie and Monroe counties. Ukrainian FCU and generous donations from the former Selfreliance Association of Rochester, the Ukrainian Civic Center, as well as a memorial donation from the Diaczenko-Szostak families helped fund these scholarships. Started by Rochester Ukrainian FCU over 30 years ago, this unique program has helped over 300 students achieve their educational goals. Serving on the 2016 Undergraduate Scholarship Review Committee were Tanya Dashkevich, Tamara Denysenko, Dr. Christine Hoshowsky, Volodymyr Otvarukhin, Nadia Tratch and Bohdan Zakharchyshyn.
Undergraduate Scholarship Award Recipients with UFCU Board of Directors and the Scholarship Committee (branch managers representing recipients who could not attend). Visit our website for the latest information on scholarship opportunities.
In 2016, UAC Foundation expanded the scholarship program to include $1,000 graduate scholarships for highly motivated UFCU members pursuing advanced degrees. Olga Bilokin, Tanya Bucierka, Roman Kowalchuk, Olenka Masny and Nataliia Vasylchuk were the program’s first recipients. Ukrainian FCU funded two $1,000 UFCU Scholarships. Dr. Christine Hoshowsky, educator, long-time Rochester Ukrainian-American community activist and president of Rochester Ukrainian Group (RUG) donated $2,000 to establish two Rochester Centennial Scholarships. Mr. and Mrs. Richard Harris donated $1,000 for a Memorial Scholarship in memory of their parents, Paul and Lorraine Harris, who established the Harris Funeral Home over 68 years ago. Serving on the Graduate Scholarship are Evhen Lylak, Ed.D., Professor at National Technical Institute for the Deaf at RIT, Olena Prokopovych, Ph.D, Associate Professor of Political Science at Nazareth College and Olenka Dilai, Associate Professor of Mathematics at Monroe Community College.
The UAC Foundation and students are truly grateful to the Ukrainian FCU and community donors and supporters for their generosity in funding and sustaining this most worthwhile academic initiative for so many years. We look forward to encouraging and supporting the academic aspirations of our UFCU membership for many more years to come.
Serving on the UAC Foundation Board in 2016 were Tamara Denysenko, President, Wasyl Kornylo, Vice-President, Yaroslav Fatyak, 2nd Vice-President, Barbara Gutierrez, Treasurer and Dr. Evhen Lylak, Secretary.
УФКС по $1,000. Др. Христина Гошовська, педагог, активістка
Українських столітніх стипендій.
та пані Річард Харріс пожертвували $1,000 пам’ятної стипендії на честь своїх батьків Пола та Лорейн Харріс, які заснували поховальний дім Харріса більше 68 років тому.
Message from the Library Director
Wolodymyr Pylyshenko
The UFCU Library was open to visitors every Saturday from 9am to 1pm. The following people worked in the library during 2016: Wolodymyr Pylyshenko – director, archivist, manager of the Ukrainian television program, and responsible for sending books and journals to Ukraine; Vasyl Zolotarchuk – assistant director of the library, responsible for the storage and circulation of printed materials; Irena Terletzky – assistant archivist; Volodymyr Lukomskyi – assistant. All of the individuals listed above actively participated in official meetings and gatherings of the Ukrainian community. The library staff also accommodated visitors and opened the library during non-work hours for special events and the greeting of guests.
This year, at the request of Mr. Kirik, we began shipping English literature to Ukraine since English is becoming increasingly popular and is taking the place of the Russian language in schools in Ukraine. The work of shipping literature in English to Ukraine will continue.
We also replenished the value of our archives and documentary materials of the Ukrainian community of Rochester. Specifically we enriched our archives as it relates to Ukrainian church life: more than 10 Christian associations!
Every week Irondequoit residents had the opportunity to tune into Channel 15 to watch Ukrainian films, concerts, and other entertainment. Programs air on Tuesdays from 8:30am to 10am, on Saturdays from 10am to 11:30am, and on Sundays from 2pm to 3:30pm. For more than 16 years Wolodymyr Pylyshenko has been the director of the Ukrainian television program, which is sponsored by the Irondequoit-Poltava Sister Cities organization, led by Anna Kornylo. To our knowledge this is the longest running Ukrainian television program in America.
Thank you to all who visited the library. We await your visit in 2017.
2016 ANNUAL MEMBERSHIP MEETING MINUTES
On April 10, 2016 Ukrainian FCU (UFCU) held its annual member meeting at the Ukrainian Cultural Center of Rochester at 1040 Jackson Road, Webster, NY 14580. Wasyl Kornylo, President and Board Chairman, opened the meeting at 2:45 p.m. Mr. Kornylo welcomed all members and requested that everyone stand for a moment of silence to honor deceased members. After the names of deceased members were read, everyone was asked to be seated and the meeting began.
Mr. Kornylo introduced each person seated at the head table, which included (in order presented): Yaroslav Fatyak, Yaroslav Kirik, Barbara Gutierrez, Richard Harris, Tamara Denysenko, Evhen Lylak, Wolodymyr Pylyshenko, and Oleg Lebedko. Mr. Kornylo stated that he will facilitate the annual meeting, and will share UFCU’s strategic goals and results of the previous year. He encouraged everyone to participate in the meeting. Attendees unanimously approved the meeting’s proposed agenda as well as the 2015 Annual Meeting minutes that were published in the 2015 Annual Report which everyone received. Mr. Kornylo noted that after the official meeting, a speaker from Syracuse will discuss the situation in Ukraine, there will be a presentation of the scholarships, and Dr. Hoshowsky will speak as well.
Mr. Kornylo presented his report from the President & Board Chairman. He stated that UFCU delivered on its strategic plan, excelled on its financials and remained audit compliant to safeguard members’ assets and reputation. Mr. Kornylo welcomed the credit union’s newest branches in Amherst, NY, Federal Way, WA, and a relocated branch in Albany, NY. He also noted that, with the recent merger, UFCU has officially opened the Osnova Branch in Parma Ohio. He underlined UFCU’s commitment and promise to all members and thanked employees, volunteers, and the board for their loyalty and hard work. Mr. Kornylo concluded by saying that we are working to be the best Ukrainian-American credit union in America.
Mr. Kornylo invited Barbara Gutierrez to present her report as Treasurer. Mrs. Gutierrez read her published report highlighting that UFCU ended 2015 in a solid financial position. Total assets increased by $16.2 million; loan portfolio grew to $164.4 million; and net income was $491.3 thousand, raising the net worth to $18.2 million. The net worth ratio for 2015 was 9.27%, well above the minimum 7.00% ratio necessary to be classified as a “well-capitalized” credit union as defined by NCUA. She noted that total membership consisted of 18,896 accounts with eleven branches, including two new branches in Federal Way, WA, and Amherst, NY. Mrs. Gutierrez thanked the Board of Directors, management, and staff and expressed her sincere appreciation to members and their support of UFCU.
Mr. Kornylo invited Oleg Lebedko to present his report as CEO. Mr. Lebedko began by stating that the annual meeting is being recorded and is streaming live on the UFCU Facebook page, so that members across the U.S. and supporters from around the world can hear everyone’s reports. In his report Mr. Lebedko stated that 2015 was an outstanding year in the areas of growth and business expansion for our credit union. He reiterated UFCU’s financials as presented in the Treasurer’s report, and pointed out that UFCU received several awards for outstanding customer service during 2015. He noted that UFCU added branches in Amherst, NY and Federal Way, WA and relocated the Albany, NY branch to a location more convenient to members in the area. He added that UFCU is working to merge with Osnova Ukrainian FCU in Parma, OH, which will grow UFCU’s total assets to exceed $200 million. Mr. Lebedko welcomed the 1,988 new members who joined in 2015 and listed the names of new common bond organizations. He noted that UFCU mobile banking and mobile check deposit has become very popular, and those wishing to join our credit union are now able to fill out a new membership application online. UFCU implemented new procedures to improve mortgage processing timelines in spite of strict government regulations. UFCU’s Share Certificate rates remained among the highest in the areas we serve. Mr. Lebedko also touched on community events that UFCU and the Ukrainian American Community Foundation organized, sponsored or supported. In his closing statement Mr. Lebedko thanked all members, recognized the work and dedication of the Board of Directors and staff, and individually acknowledged all managers and executive staff who were present for the meeting.
Mr. Kornylo invited Yaroslav Fatyak to present a report as Co-Chair of the Community Relations Committee (CRC). Mr. Fatyak began by stating that the main focus of the CRC was to sustain a positive image of our credit union and increase growth in membership and assets. The CRC carefully reviewed all requests for support and considered recommendations made by local advisory committees. The CRC together with the Board of Directors allocated more than $24,000 in financial assistance and more than $86,000 in marketing and advertising funds to support cultural events in our communities. Mr. Fatyak spoke about the aftermath of the Maidan Revolution and how it awakened Ukrainian people all over the world. He acknowledged the humanitarian efforts of members, advisory committees, community organizations, and religious groups. In closing Mr. Fatyak emphasized UFCU’s ability to find positive solutions and answers. He invited the younger generation to come up with new ideas and offered an opportunity to collaborate with UFCU.
Mr. Kornylo invited the Chairman of the Supervisory Committee, Dr. Evhen Lylak, to speak. Dr. Lylak commented on the membership of the credit union, those who were born in the U.S., those that were born in Ukraine, and how we’ve come together as members of UFCU. Dr. Lylak acknowledged the other committee members and thanked them for their work.
Mr. Kornylo spoke of the work carried out by Library Director, Wolodymyr Pylyshenko, and praised Mr. Pylyshenko on his good work and maintaining the library. Mr. Kornylo noted the ongoing effort to digitize historical documents that are brought to the credit union for archiving purposes and called on young volunteers to consider helping.
Mr. Kornylo invited Tamara Denysenko, UAC Foundation President, to speak. Mrs. Denysenko emphasized that her parents’ generation was able to make a life of their own in the U.S. and of that opportunity they were able to create the Ukrainian credit union cooperative movement in 1953. Mrs. Denysenko took a moment to thank members for helping the credit union exceed $200 million in assets, and revealed her hope to reach $500 million in assets. The UAC Foundation provided $63,970 in financial support for various community, cultural, educational, religious, civic, youth and humanitarian aid projects. The UAC Foundation Board consists of Tamara Denysenko, Wasyl Kornylo, Yaroslav Fatyak, Barbara Gutierrez, and Dr. Evhen Lylak. In 2015 the Scholarship Selection Committee consisted of Tanya Dashkevich, Tamara Denysenko, Dr. Christine Hoshowsky, Anne Kornylo, Volodymyr Otvarukhin, Nadia Tratch, and Bohdan Zakharchyshyn. She noted that 22 student-members received $15,900 in scholarships. The scholarship program is supported by UFCU with contributions from several organizations and donations by individuals. Mrs. Denysenko expressed her gratitude to the Diaczenko-Szostak family for their donation and encouraged others to make donations to the UAC Foundation. Mrs. Denysenko pointed out that the scholarship program began as a way to encourage student-members to attend the Harvard Ukrainian Summer Institute. Since 1999, over 300 student-members received more than $220,000 in college scholarships. In closing Mrs. Denysenko said she hopes to continue building on a foundation that will educate and develop credit union and community leaders for many years to come.
Mr. Kornylo returned to the podium and opened the floor for discussion. Since there were no questions or comments the discussion portion was closed with a motion and a second. Mr. Kornylo stated that the 2016 budget has been approved by the Board of directors. He invited Mr. Lebedko to present the budget. He stated that the credit union’s plan is to earn $8,500,000 million in interest income; net interest income before provision for loan losses is anticipated to be $7,258,000; total non-interest income is expected to be $1,280,000; total non-interest expense is expected to be $7,440,000; net income is expected to be $1,098,000. Mr. Kornylo thanked Mr. Lebedko and then called for a proposal to close the official Annual Meeting. The meeting was closed at 3:40 p.m. with a motion and a second.
Following the official meeting Mr. Kornylo invited Dr. Christine Hoshowsky to the podium for a community announcement regarding an embroidered shirt for Nadia Savchenko. There were several additional guest speakers that discussed humanitarian aid to Ukraine. Finally, the UAC Foundation Scholarship Awards presentation took place and after the presentation everyone enjoyed dinner.
Our Members and Communities
Ukrainian-American communities near our branches celebrated the 25th Anniversary of Ukraine’s Independence.
Portland Branch also celebrated 10 years of service in August 2016.
To celebrate the branch’s anniversary UFCU donated $10,000 to local churches and organizations.
Rochester and Webster NY
Boston MA
Syracuse NY
Albany NY
Our Members and Communities
Ukrainian FCU gave back to the communities we serve by providing financial support for various cultural, educational, religious, civic, youth and humanitarian programs.
Our Staff Participated in Miracle Jeans Day to Raise Money for Children’s Miracle Network Hospitals. Pictured L-R: Sacramento, Vancouver, and Syracuse branches.
Federal Way Branch staff hosted a financial wellness seminar and BBQ dinner at Gates of Freedom, a UFCU common bond organization.
UFCU proudly sponsored the “Ukrainian Fair - Together for Freedom” in Sacramento CA. The all-day fair featured Ukrainian arts, food, and entertainment. Guest speakers included local and international dignitaries.
UFCU sponsored the Northwest Ukrainian Festival hosted by the Honorary Consulate of Ukraine in Seattle, and the 25th Anniversary of Ukraine’s Independence Celebration hosted by Ukrainian Association of Washington State.
Our Members and Communities
We hosted appreciation dinners for our common bond organizations. Community leaders, pastors, and small business owners provided UFCU staff with ideas for credit union growth and feedback about our services.
Buffalo and Amherst NY
Rochester and Syracuse NY
Parma OH Osnova Branch
Our Members and Communities
Rochester Ukrainian Group (RUG) and Irondequoit-Poltava Sister Cities hosted Irondequoit Supervisor David Seeley at our main office and presented Supervisor Seeley with a vyshyvanka.
UFCU proudly sponsored the Taras Shevchenko Concert held by the School of Ukrainian Studies “Ridna Shkola” in Rochester. The annual concert commemorates Taras Shevchenko’s life and contribution.
Ukrainian Arts Foundation of Greater Rochester held its dance recital “UKRAINE: THEN AND NOW,” which featured nearly onehundred performers. UFCU was a proud sponsor of the event.
Our young members from St. Mary the Protectress Ukrainian Orthodox Church, Ukrainian Catholic Church of Epiphany, and Taras Shevchenko School of Ukrainian Studies “Ridna Shkola” visited our main office to present ‘Vertep’. Thank you to the parents, organizers, and children for taking the time to perform this wonderful Christmas tradition for us!
Our Mission
To help our members achieve financial success by providing them with the highest level of personalized service.
Our Vision
Ukrainian Federal Credit Union will be the financial provider of choice for our members. We will work hard to be one of the leading Ukrainian Credit Unions in the USA. Our brand will be recognized for: Exceptional quality and value; Unparalleled service; Technical experience; Great place to work, learn and share; Community outreach process that supports our common bond membership.
Our Values
Caring Culture
Open Communication
Superior Service
Personalized Solutions
Thank You to our Common Bond Churches and Organizations!
ROCHESTER & WEBSTER, NEW YORK · First Ukrainian Christian Church · International Sister Cities of Irondequoit NY · Rochester Ukrainian Group, Inc. · Slavic Bible Baptist Church · Slavic Pentecostal Church · St. George Roman Catholic Lithuanian Church · St. Josaphat Ukrainian Catholic Church · St. Mary Protectress Ukrainian Autocephalous Orthodox Church · Ukrainian American Sports Club · Ukrainian Arts Foundation of Greater Rochester · Ukrainian Catholic Church of the Epiphany · Ukrainian Christian Pentecostal Church · Ukrainian Cultural Center of Rochester · Ukrainian Pentecostal Church · Ukrainian National Association (UNA) · UNA Branch 343 St. Annes Society · UNA Branch 367 Zaporozka Sitch · ALBANY, NEW YORK · First Slavic Pentecostal Church · St. Nicholas Ukrainian Catholic Church · St. Nicholas Ukrainian Orthodox Church · Saints Peter and Paul Ukrainian Catholic Church · St. Peter Armenian Apostolic Church · Ukrainian American Citizens Club · Ukrainian Catholic Association Providence Branch 12/155 - St. Nicholas · Ukrainian Catholic Church of the Protection of the Blessed Virgin Mary · SACRAMENTO, CALIFORNIA · Evangelical Baptist Ukrainian Church of Sacramento “Spring of Life” · First Ukrainian Church of Christians of Evangelical Faith · First Ukrainian Evangelical Baptist Church of Sacramento · Holy Wisdom Ukrainian Catholic Church · House of Bread Church · Missionary Gospel Church · St. Andrew the Apostle Ukrainian Catholic Church · The Church of Evangelist Immanuel Christian Faith · Ukrainian Church of the Evangelical Christian Baptists · Ukrainian Heritage Club of Northern California · Ukrainian Mission Church · Vifezda Church · SYRACUSE, NEW YORK · First Ukrainian Pentecostal Church · Sacred Heart Ukrainian Catholic Church Johnson City · Self Reliance Association Syracuse · Slavic Baptist Church · Slavic Full Gospel Church · St. John the Baptist Ukrainian Catholic Church · St. Luke’s Ukrainian Orthodox Church · Saints Peter and Paul Ukrainian Catholic Church · BOSTON, MASSACHUSETTS · Christ the King Ukrainian Catholic Church · St. Andrew Ukrainian Orthodox Church of Boston · Ukrainian American Youth Association, Inc. Boston Branch · Ukrainian National Association (UNA) Branch 238 · PORTLAND, OREGON & VANCOUVER, WASHINGTON · St. John the Baptist Ukrainian Orthodox Church · The Love of God International Ministries · Ukrainian American Cultural Association · Ukrainian Bible Church · Ukrainian Bible Church “Path Way to God” · Ukrainian Church of the Evangelical Baptists · Ukrainian School of Knowledge · BUFFALO & AMHERST, NEW YORK · Evangelical Christian Church · Holy Trinity Ukrainian Orthodox Church · Our Lady of Perpetual Help Ukrainian Catholic Church · St. Basil Ukrainian Catholic Church · St. John the Baptist Ukrainian Catholic Church · St. Nicholas Ukrainian Catholic Church · Ukrainian Home Dnipro · Ukrainian-American Civic Center · FEDERAL WAY, WASHINGTON · City on a Hill · Gates of Freedom · Holy Trinity Ukrainian Orthodox Church in Seattle · Light to the World Church · Slavic Evangelic Church Voice of Hope · Ukrainian Association of Washington State · OSNOVA PARMA, OHIO · Holy Trinity Ukrainian Orthodox Church · Pokrova Ukrainian Greco-Catholic Parish · Saint Vladimir Ukrainian Orthodox Church · Ukrainian Cultural Center of Cleveland
12 Branches to Serve You
Main Office Rochester NY | 585-544-9518
824 East Ridge Road, Rochester, NY 14621
Roman Kshysyak, Regional Branch Manager
Mon - Wed 9:30 am - 4 pm | Thurs 9:30 am - 6 pm
Fri 9 am - 6 pm | Sat 9 am - 1 pm
Albany Branch | 518-266-0791
995 New Loudon Road, Cohoes, NY 12047
Oksana Dacyk, Branch Coordinator
Mon - Wed 10 am - 4 pm | Thurs Closed
Fri 10 am - 6 pm | Sat 10 am - 1 pm
Amherst Branch | 716-799-8385
2882 Niagara Falls Blvd, Amherst, NY 14228
Sophia Kenn, Branch Manager
Mon Closed | Tues - Thurs 9:30 am - 5 pm
Fri 9:30 am - 6 pm | Sat 9 am - 1 pm
Boston Branch | 781-493-6733
282 Providence Highway, Westwood, MA 02090
Lyubov Stefantsiv, Branch Coordinator
Mon & Wed Closed | Tues 10 am - 4 pm
Fri 10 am - 6 pm | Sat 10 am - 1 pm
Buffalo Branch | 716-847-6655
562 Genesee Street, Buffalo, NY 14204
Sophia Kenn, Branch Manager
Mon - Tues 9:30 am - 5 pm | Wed Closed
Thurs 9:30 am - 5 pm | Fri 9:30 am - 7 pm | Sat 9 am - 1 pm
Federal Way Branch | 253-237-5293
1414 South 324th Street, Federal Way, WA 98003
Oksana Pierce, Branch Manager
Mon - Thurs 10 am - 5 pm
Fri 10 am - 6 pm | Sat 10 am - 1 pm
Osnova Branch | 440-842-5888
5602 State Road, Parma, OH 44134
Inessa Koval, Branch Manager
Mon - Wed 9 am - 2 pm | Thurs 9 am - 5 pm
Fri 9 am - 6 pm | Sat 9 am - 1 pm
Portland Branch | 503-774-1444
11050 SE Powell Blvd, Portland, OR 97266
Oleksandr Moskal, Regional Branch Manager
Mon - Thurs 10 am - 5 pm
Fri 10 am - 6 pm | Sat 10 am - 1 pm
Sacramento Branch | 916-721-1188
6029 San Juan Avenue, Citrus Heights, CA 95610
Mikhail Tkach, Branch Manager
Mon - Wed 9:30 am - 5 pm
Thurs - Fri 9:30 am - 6 pm | Sat 9 am - 1 pm
Syracuse Branch | 315-471-4074
211 Tompkins Street, Syracuse, NY 13204
Nadia Hayduke, Branch Manager
Mon - Wed 9:30 am - 4:30 pm | Thurs 9:30 am - 5 pm
