ДУМКА
Wasyl Kornylo,
Mission
To help our members achieve financial success by providing them with the highest level of personalized service.
Vision
Ukrainian Federal Credit Union will be the financial provider of choice for our members.
We will be one of the leading 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
для наших членів.
Наша установа буде однією з
лідерів кредитних спілок США.
Наша відмінність полягатиме в:
• Відмінній якості обслуговування
• Знаннях
Наші Цінності
• Відкрите спілкування
• Найвищий рівень обслуговування
• Індивідуальний підхід
Board of Directors
President & Board Chairman / Wasyl Kornylo
Treasurer / Barbara Tymoc-Gutierrez
Assistant Treasurer / Bohdan Zakharchyshyn
Secretary / Richard Harris
1st Vice President/Assistant Secretary / Yaroslav Fatyak
2nd Vice President / Yaroslav Kirik
Board Member / Tamara Denysenko
Honorary Board Members / Lubomyr Galuga, Jurij Kushner, Wolodymyr Pylyshenko
Supervisory Committee
Chairman / Dr. Evhen Lylak
Members / Barbara Tymoc-Gutierrez & Vasiliy W. Gritsyuta
Community Relations Committee
Co-chairs / Yaroslav Fatyak & Bohdan Zakharchyshyn
Ukrainian-American Community Foundation, Inc.
Chair / Tamara Denysenko
Members / Wasyl Kornylo, Yaroslav Fatyak, Barbara Tymoc-Gutierrez, Dr. Evhen Lylak
Undergraduate Scholarship Committee
Members / Tanya Dashkevich, Tamara Denysenko, Dr. Christine Hoshowsky, Anne Kornylo, Volodymyr Otvarukhin, Nadia Tratch, Bohdan Zakharchyshyn
Graduate Scholarship Committee
Chair / Dr. Evhen Lylak
Members / Olena Prokopovych, Ph. D. & Elena Dilai
Library Committee
Chair / Wolodymyr Pylyshenko
Librarian / Wasyl Zolotarchuk
Executive Staff
CEO / Oleg Lebedko
COO / Tanya Dashkevich
CFO / Roman Omecinskyj, CPA, CGMA
Management Team
Loan Manager / Maria Milazzo
HR and Training Manager / Kelly Nield
IT Manager / Roman Martyniv
Regional Branch Manager for Rochester & Webster / Roman Kshysyak
Syracuse Branch Manager / Nadia Hayduke
Regional Branch Manager for Portland & Vancouver / Oleksandr Moskal
Sacramento Branch Manager / Mikhail Tkach
Boston Branch Coordinator / Lyubov Stefantsiv
Regional Branch Manager for Buffalo & Amherst / Sophia Kenn
Federal Way Branch Manager / Oksana Pierce
Parma Osnova Branch Manager / Inessa Koval
Editorial Staff
Editor-in-chief / Alexander Oryshkevych
Editors / Oleg Lebedko, Tanya Dashkevich, Tatyana Sushko
Layout & Graphic Design / Sukhenko Design
UFCU Contact Information
Web / www.ukrainianfcu.org
Email / info@ukrainianfcu.org
Address / 824 East Ridge Road, Rochester, NY 14621
Phone / 877-968-7828
Fax / 585-338-2980
24-hr Credit Card Service
866-820-4875
866-820-3803 (for Elite Signature Cards)
24-hr Debit Card Service
888-918-7740
Audio Response
866-791-1018
2017 Annual Report / 2017
President & CEO Report
As we celebrate our credit union’s 65th anniversary, we are happy to report that 2017 was another successful year in the history of our credit union.
Our growth was consistent in all areas of our operations: as of December 31, 2017, our loans reached $199.9 million and savings were close to $202.9 million. Total assets grew by $8.5 million and finished the year at the $226.9 million level. 2,050 new members joined our credit union, and total membership reached 20,874.
We strove to improve our efficiency and worked on reducing expenses of our operations in many areas. These savings allowed us to significantly improve the net income – it reached $1.392 million for the year. Loan delinquencies and charge-offs remain low, in spite of significant loan growth. Our credit union continues to be stable, healthy, and well-capitalized. This was confirmed by the federal examiners, who conduct an audit of our credit union every
12-18 months. Our records have also been reviewed by external and internal auditors, who have re-affirmed that we consistently operate according to the rules and regulations.
We continued our work of improving member service and convenience in 2017. An updated, modern and user-friendly website was implemented in 2017, as well as a new phone system that significantly improved member phone experience. It is much easier for callers to get a live person on the phone, thanks to a new feature that is part of the implemented system. Another major new convenience was the shared branching network that UFCU joined in September of last year. This network is a nationwide credit union branch system – which our members have access to perform transactions when they are away from one of our own offices.
Wasyl Kornylo PRESIDENT & BOARD CHAIRMAN
Oleg Lebedko CEO
President & CEO Report (cont.)
Predictably, our most active and fast-growing access channel is the virtual channel that combines our electronic, online and mobile offerings. As of today, close to 10,000 of our members use online banking, 6,000 use our mobile app, depositing over a thousand checks monthly via their mobile phones, and these numbers are growing every day. We are paying the highest attention to cybersecurity, to make sure that member information is safe. Management hired a specialized data security company to review our controls, assess vulnerabilities, conduct tests and train employees - all to ensure the maximum level of protection.
In this environment, when most transactions are performed online, the role of branches is changing – it is becoming more consultative than transactional. Our credit union is prepared for these changes and taking necessary steps in employee training, branch design and allocation of our resources. We have recently started offering financial education seminars for children and youth at our common bond churches and organizations, and they were successfully delivered. If you would like to host this seminar for your group or organization, please call our office.
A high level of customer service has become our priority, and we are continuing to monitor the progress of this initiative and implement new measures to achieve our goals. We’ve received a large number of positive reviews via social media – thank you all for affirming that we are on the right track!
As always, our credit union has been in the center of community activities in the cities where our branches are located. Our staff organized and participated in many community and charitable events, such as the collection of funds for hurricane victims, collection of toys for children in Ukraine, and organizing shipments of humanitarian supplies to Ukraine. More information about these activities is in the Community Relations committee report and in the UAC Foundation report.
In closing, we wanted to thank all of those who are the reason for UFCU’s success: employees, Board and committee members, volunteers, and, of course, all of our loyal members. Your trust and support of our credit union is greatly appreciated.
та
На сьогоднішній день близько 10 тисяч наших членів
6 тисяч - використовуючи наш мобільний додаток, щомісяця здійснюють понад тисячу депозитів через свої мобільні телефони, і ці цифри зростають з кожним днем. Ми приділяємо найбільшу увагу кібербезпеці, щоб переконатись, що інформація про наших членів, захищена. Ми залучили спеціалізовану компанію з безпеки даних, щоб перевірити наші засоби контролю, оцінити вразливі місця, провести тести та навчання працівників - все це для забезпечення максимального рівня захисту.
В середовищі, коли більшість операцій здійснюються в Інтернеті, роль філій змінюється - вона стає все більш консультативною, ніж
операційною. Наша кредитна спілка готова до цих змін та вжила необхідні заходи, щодо навчання працівників, переобладнання філій та розподілу наших ресурсів. Нещодавно ми почали
семінари з фінансової
Якщо ви хочете
2017 Achievements
New Website
A fresh, new look with easy to locate and use pages, and an updated URL (from rufcu.org to ukrainianfcu.org)!
Upgraded Phone System
With our new call center service you can be sure to reach a real person who will assist you with your request or concern!
Enrollment into
COOP Shared Branching
Traveling or moving out of state?
No problem! Access all your accounts through one of the thousands of credit unions that are a part of the Shared branching CO-OP System.
Enhanced Online and Mobile Banking Services
Access your accounts 24/7 from anywhere in the world! Transfer funds, pay your bills, track your income & expenses with an easy to use budgeting tool, and do so much more through our online banking system.
Oleg Lebedko (2nd from left) delivers a welcome greeting at the Ukrainian-American Festival in Portland, OR in September 2017. Wasyl Kornylo (right), presents a donation to
American Cultural Association of Oregon.
t Pictured
Statement of Financial Condition
December 31, 2016 and 2017
MEMBERS' ACCOUNTS:
Рахунки членів
Statement of Income
For the Years Ended December 31, 2017 and 2016
TREASURER
2017 Annual Report Report from the Treasurer
At the end of each quarter throughout a calendar year UFCU is required to submit a comprehensive financial report to the National Credit Union Administration (NCUA), with which the NCUA can compare the performance of credit unions in relationship to industry standards and their respective peer groups.
Based on these comparisons, I am proud to report that our credit union has once again ended 2017 with a net worth ratio to total assets well above the regulatory requirement of 6.00%. Our goal has been to maintain our net worth ratio above 9.00 percent. At year-end, the net worth of UFCU stood at 9.32 percent of total assets thereby earning the distinction of being a “well capitalized” financial institution.
Total assets ended the year at $226.9 million at year-end, an increase of $8.5 million, or 3.4% from 2016. Likewise, member deposits increased $8.8 million to $202.9 million, or 4.5%. Loans of member deposits increased to $199.9 million in 2017, a solid increase of $8.1 million over the prior year, or 4.2%. This is largely attributable to the increased demand for new auto and truck loans and continued low rates making real estate mortgages very attractive for purchases and refinances
As a result of our committed management and dedicated credit union employees the credit union’s 2017 net worth increased to $21,137,882 from $19,737,528 in 2016, a 7.1% increase with a strong 2017 year end net income of $1,391,643.
UFCU priority has always been to provide competitive, quality financial products and services to our members, that priority remains the same. During 2017 UFCU’s growing our membership family to 20,874 members, a 2.6% increase from prior year.
The Board of Directors is firm with its objectives to maintain a sound balance sheet and a new worth ratio well above regulatory requirement. Our pledge to you is an unwavering commitment to these objectives in 2018 and beyond. In conclusion, I would like to thank the Board of Directors, the Committees, and the entire Credit Union staff for once again making 2017 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.
Respectfully submitted,
Barbara Tymoc-Gutierrez TREASURER
Members
$250,000,000
Barbara Tymoc-Gutierrez
Федеральна
Загальний
на
року становив 226,9 млн. доларів США, що на 8,5 млн. доларів США або на 3,4% більше, ніж у 2016 році. Крім того, депозитний портфель членів збільшився на 8,8 млн. доларів США або на 4,5% і становить 202,9 млн. доларів США. Кредитний портфель збільшилися до 199,9 млн. доларів США у 2017 році, продемонструвавши суттєве зростання на 8,1 млн. доларів США або 4,2% протягом попередньому року. Це багато в чому пояснюється зростанням попиту на кредитування нових автомобілей
$250,000,000 $200,000,000
$150,000,000
2017 Annual Report Report from the Supervisory Committee
In April of 2017, the Ukrainian Federal Credit Union (UFCU) Board appointed its Supervisory Committee for the upcoming year.
The Board reappointed three regular past-committee members: Evhen Lylak was reappointed as Chair, Barbara Gutierrez, and Vasiliy Gritsuta continued their service to the committee. The committee chair added two observing members, Rostisalav Melnik and Olga Bilokin to the committee to provide more input on current issues and background training for future supervisory committee activities. The committee held its own separate meetings as noted in the committee minutes, and met with the Board throughout the year. The plan of work was completed and all communications and prescribed written reports were generated throughout the year 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.
The Supervisory Committee has conducted a thorough and recurring set of audits throughout the past year that show the Credit Union currently is financially strong and well-managed. The committee audit responsibilities included contracting with an Internal Auditor to establish an audit rotation of key areas and submitted reports on compliance requirements for the Credit Union. 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 continued the contract for Internal Auditor that was re-approved in February 2017. The continuing internal audit review process has provided management and the board with significant feedback about the policies and procedures in place to maintain our member security.
A separate review of UFCU’s financial statements was performed by a professional auditing firm - Bonadio & Co. LLP - that has served as an external auditor to review the Ukrainian Federal Credit Union financial statements for the year ending 2016. The Credit Union received an unqualified opinion statement from the external auditors in March 2017, and the committee was provided a statement that the yearly verification of member accounts had been performed. The recommendations of the yearly audit were formally submitted to UFCU management, and the SC followed up with management for
responses to the recommendations stated in the audit. The results of that audit stated that the overall quality of the credit union’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.
Additionally, the National Credit Union Administration (a federally sponsored regulatory organization) audited the Credit Union. The Supervisory Committee reviewed the audit results with the regulators during an audit information meeting and then followed up on the specific recommendations made by the NCUA during a review of the report with our CEO, CFO, and Board President Kornylo. During the year, the Supervisory Committee worked with the Internal Auditor from the Bonadio Company and took responsibility for performing a number of required audits as prescribed by the NCUA.
In addition to reviewing all the professional audits, the Supervisory Committee also conducted quarterly closed accounts reviews in conjunction with COO Dashkevich. 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 Supervisory Committed satisfactorily resolved two member inquiries that arose during the 2017 and 2018 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.
Evhen Lylak
Evhen Lylak CHAIR UFCU SUPERVISORY COMMITTEE
2017 Annual Report Report from the Community Relations Committee
The Community Relations Committee (CRC) conducted its responsibilities in 2017 in compliance with the provisions and norms that were set forth by the Board of Directors of the Credit Union. Our work was focused on supporting positive images of the financial state and on the growth of membership and assets.
Communities and organizations play a very important role in our large cooperative family. We can attribute our Credit Union membership growth and its future to the cooperation with these entities.
Understanding the importance of the cooperative dynamic, the Board of Directors of the Credit Union finds ways and always tries to financially support the communities in which our branches operate.
Advisory committees, which are comprised of members of various local community, cultural, and religious organizations, are set up where our branches operate. With the help of our advisory committees our Board of Directors and Management are better informed about the life and needs of our communities. Members of the advisory committees have access to a separate page for internet resources of our Credit Union.
The CRC would like to highlight the tradition of Credit Union representatives meeting with various churches and religious organizations. We sincerely thank Pastors, religious community leaders for the opportunity to engage with people after church services.
As in previous years, our magazine “COOPERATIVE OPINION” informed readers about important events in the communities near our branches. Many pages of the magazine featured vibrant photos and information about community events, including events sponsored by our Credit Union.
Per the recommendations of the local advisory committees, the CRC, the Board of Directors in the reporting year 2017 saw significant financial assistance allocated to the needs of the communities. Also, funds from the marketing and advertising budget were used to support organizations with festivals, cultural, artistic, religious, sporting and other activities in our communities. As in previous years the special
mission of the committee was to support youth organizations and associations (schools of Ukrainian studies, religious schools, dance and art groups, sports associations).
Each request or request for financial assistance from organizations and members of our Credit Union was carefully studied by the committee and prepared for review by the Board of Directors. The CRC and the Board of Directors always takes into account the views of local advisory committees and management when deciding on the allocation of funds.
The CRC sincerely thanks the members of the advisory committees of our local branches for volunteering for the benefit of our cooperative family. We are thankful for the cooperation of the Management of the Credit Union, and especially the Chief Executive Officer, Mr. Oleg Lebedko.
We are especially grateful to the organizations, members of our Credit Union, and all members for being with us and for their faith in us. Only together can we grow and prosper in the future. We call for involvement in our committees, your participation is welcomed!
May God bless the Ukrainian Federal Credit Union in serving our community.
Bohdan Zakharchyshyn COMMITTEE CO-CHAIR
Yaroslav Fatyak COMMITTEE CO-CHAIR
Bohdan Zakharchyshyn COMMITTEE CO-CHAIR
Yaroslav Fatyak COMMITTEE CO-CHAIR
2017 Annual Report
Report from the Ukrainian-American Community Foundation
In 2017, the Ukrainian-American Community Foundation, Inc. disbursed $26,250 in scholarships and community support. Since 2010 over $173,000 was donated in scholarships, community, cultural and humanitarian support.
UAC Foundation board members are Tamara Denysenko, President, Wasyl Kornylo, Vice-President, Yaroslav Fatyak, 2nd Vice-President, Barbara Gutierrez, Treasurer and Evhen Lylak, Secretary.
Thanks to Ukrainian FCU as well as the continued support of Selfreliance Association of Rochester, the former Ukrainian Civic Center “Free Kozak Society” and the Diaczenko-Szostak family donation in memory of Wasyl and Anna Diaczenko, twenty-three UFCU students received $13,950 in undergraduate scholarships in 2017. Undergraduate Scholarship Review Committee members were Tanya Dashkevich, Chair; Christine Hoshowsky, Anna Kornylo, Volodymyr Otvaruchin, Nadia Tratch and Bohdan Zakharchishin.
In 2017, Christine Hoshowsky, president of Rochester Ukrainian Group (RUG) generously donated another $2,000 for two $1,000 “Rochester Ukrainian Centennial Graduate Scholarships”. The award recipients were Vladimir Tokarchuk, a Biomedical Engineering student at University of Rochester, and Maryana Zakharchishin, a Family Nurse Practitioner student at St. John Fisher College. Serving on the Graduate Scholarship Review Committee were Evhen Lylak, Chair; Olena Prokopovych and Elena Dilai.
UAC Foundation also supported: Harvard Ukrainian Research Institute, Irondequoit Library Foundation, New York State Credit Union Association Disaster Relief Fund, Nazareth College Ukrainian Partnership Program, Plast, Rochester Global Connections, Slavic Pentecostal Church Youth Camp, Ukrainian Congress Committee of America (UCCA), Ukrainian Catholic Education Foundation, Ukrainian Cultural Center of Rochester ROC Maidan, Ukrainian Free University, Ukrainian Language Society, Ukrainian World Congress, United Ukrainian American Relief Committee, United Help Ukraine, and the US-Ukraine Foundation.
p Pictured
Oleg Lebedko, Wasyl Kornylo, Vladimir Tokarchuk, Maryana Zakharchishin, Dr. Christine Hoshowsky, Tamara Denysenko, and Roman Omecinskyj.
The UAC Foundation acknowledges new donors in 2017 — Ken Harzynski & Connie DiNicola, new owners of EZ Income Tax, Wolodymyr & Irma Pylyshenko, Wasyl & AnnaMarie Kornylo and Walter Denysenko.
The UAC Foundation looks forward to continuing its mission of serving as an institutional structure for charitable contributions of the Ukrainian Federal Credit Union and its membership. With UFCU and community donations, we will continue offering scholarships, supporting various cultural, religious, civic and youth organizations and helping programs that promote quality educational, health care, public advocacy, social services and humanitarian programs.
Tamara
Denysenko
Tamara Denysenko
$26,250
Члени
стипендії,
Української групи
Рочестеру (RUG), щедро пожертвувала ще 2 тисячі доларів для
надання двох «Стипендій на честь
Токарчук, студент відділення біомедичної інженерії в Університеті
Рочестера, та Мар'яна
2017 Annual Report
Message from the Library Director
As in previous years, the Ukrainian Federal Credit Union library was busy with multiple activities, often unforeseen meetings, guests and new members of the community, as well as with packing books and sending them to Ukraine. We also purchased some new books, especially English-language books, which are needed in Ukraine, where English is becoming more popular and displaces the once mandatory Russian language.
Our library is also the center of the Irondequoit Ukrainian television program, sponsored by the Irondequoit-Poltava Sister Cities organization. The Channel 15 program has been around for almost 18 years, and is broadcast on Saturdays at 10:00 am, Sundays at 2:00 pm, and Tuesdays at 8:30 am.
We continue building the community archival collection and documenting the history of our community, including 10 local churches that meet the needs of the spiritual life of our Ukrainian believers in Rochester.
The library is open every Saturday from 9 am to 1 pm, staffed by volunteers: prof. Wolodymyr Pylyshenko – director, archivist, historian, head of the Ukrainian TV program for 18 years; Vasyl Zolotarchuk – Deputy Director; Volodymyr Lukomskyi – library assistant; Irena Terletzky – assistant to the archives.
Catholic Church.
p Pictured
Ukrainian Federal Credit Union Board of Directors of 1963.
This year special attention is devoted to donation of books and magazines to universities, which fell victim to the Russian occupation of the Donbas, and are now restarted in other Ukrainian cities. We are grateful to the management and Board of the credit union, and wanted to welcome all of you to our library in 2018!
Wolodymyr Pylyshenko LIBRARY DIRECTOR
Wolodymyr Pylyshenko
p Pictured Members gathered for the annual meeting at St. Josaphat's Ukrainian
Бібліотека відкрита
суботи з 9-ї до 13-ї години. Працювали на громадських засадах: проф. Володимир
UFCU tellers assisting members at the original building on St. Joseph's Ave in Rochester, NY.
q Pictured
Attendees of the 1977 Annual meeting.
p Pictured
Our History
While we constantly look forward to serving our members and our communities, we also look back at our humble beginnings 65 years ago, and what we accomplished throughout our storied history. We thank our volunteers, staff, leadership, and most of all, our members, for being part of the journey.
1953
The charter for the Rochester Ukrainian Federal Credit Union (RUFCU) was signed on July 10, 1953, by eight founding members. In addition to the eight initial members, twenty others joined the credit union within the original common bond of the Ukrainian National Association (UNA) and the Ukrainian Fraternal Association (UFA). The initial founders became the first employees and worked without pay in a small corner office of the Ukrainian Civic Center located at 831 Joseph Ave., Rochester, NY. The first member meeting was held on September 25, 1953.
1955
RUFCU grew to 200 members, $27,000 in savings $23,000 in loans. In order to communicate more effectively to our membership a quarterly newsletter called the Credit Union Bulletin was created.
1987
A major milestone was achieved when the Credit Union outgrew its facilities and purchased a former health spa facility at 824 Ridge Road East in Irondequoit, NY. Tamara Denysenko was appointed as General Manager.
1963
The Credit Union celebrated its 10th Anniversary with a membership of 1,100 and $800,000 in assets.
1970
The Credit Union Bulletin went through a transformation, and due to the layout and content of the magazine, the name was changed to the Credit Union Opinion.
1998
The Credit Union celebrated its 45th Anniversary with almost 6,000 members and assets exceeding $58 million.
2000
RUFCU joined the Rochester Ukrainian community in celebrating 100 years since the first arrival of Ukrainian immigrants to the area.
2001
The first branch is opened in New York’s Capital District in Watervliet, NY, on May 12, 2001.
2004
An official merger between the Ukrainian Self Reliance Syracuse NY FCU and the Rochester Ukrainian FCU added over 1,900 members to the roster and over $16.9 million in assets. To reflect the expanding common bond, RUFCU went through a name change. It became the Ukrainian Federal Credit Union (UFCU) serving its members from coast to coast.
2003
The Credit Union celebrated its 50th Anniversary of service to the Ukrainian–American community in the New York State area. To meet the demands of the growing Ukrainian community in Sacramento, California, RUFCU opened its second branch in February. Over 300 members already signed up before the doors officially opened in Citrus Heights, CA.
2006
UFCU expanded its membership further northwest by opening a branch in Portland, Oregon, on August, 24. As of September, UFCU membership reached 15,730 and assets exceeded $124.2 million.
2007
Ukrainian FCU upgraded its computer system to provide new products and improvements to its electronic services. Membership grew to more than 16,800 and assets exceeded $130 million.
2005
The Ukrainian Fraternal FCU in Boston, Massachusetts, merged with UFCU as of March 1, 2005. Ukrainian FCU assets exceeded $120 million with membership of 15,000. Ukrainian Federal Credit Union’s publication The Opinion celebrated 50 years of keeping its membership informed and entertained while promoting credit union services and community news.
2008
The Credit Union celebrated its 55th Anniversary. A new Audio Response System was installed in English and Ukrainian languages. UFCU awarded $24,000 in Scholarship awards to student members.
2008-2009
UFCU weathered the Great Recession of 2008 and finished year 2009 with over 16,000 members and $138 million in assets.
2010
Ukrainian-American Community Foundation is founded by UFCU to support community, cultural, educational, religious, civic, youth and humanitarian aid projects.
Oleg Lebedko appointed as CEO.
2014
New branches in Webster, NY and Vancouver, WA open their doors. UFCU is continuing to upgrade its technology offerings by implementing a mobile phone app. Several charity events are organized to raise funds for humanitarian aid for Ukraine.
2013
60th Anniversary of UFCU, 45th Anniversary of the Selfreliance Syracuse NY FCU (now UFCU Syracuse branch), and 10th Anniversary of the Sacramento branch. Ukrainian Home Dnipro FCU in Buffalo, NY, merged with UFCU. The Credit Union grows to 7 branches, over 18,000 members, and nearly $170 million dollars in assets.
2015
Two new branches open: in Amherst, NY and Federal Way, WA. UFCU recognized by MemberShoppers as one of America’s top credit unions in providing outstanding member service.
2016
Osnova Ukrainian FCU merges with UFCU on January 1. The credit union‘s assets now exceed $200 million, membership – over 20,000 in 12 branches across the country.
2017 Annual Membership Meeting Minutes
On Sunday, April 30, 2017 Ukrainian FCU (UFCU) held its annual member meeting at Slavic Bible Baptist Church at 3200 St. Paul Blvd, Rochester, NY, 14617. Wasyl Kornylo, President and Board Chairman, opened the meeting at 2:45pm ET. Mr. Kornylo welcomed all members and requested that everyone stand for a moment of silence to honor the deceased members as well as our fallen brothers and sisters in the Donbass region of Ukraine.
Mr. Kornylo called for a vote to accept/reject the agenda for the 2017 Annual Meeting, which was printed in the 2016 Annual Report on pg. 2 and was distributed to all present. Motion to accept the agenda passed. Mr. Kornylo called for a vote to accept/reject the 2016 Annual Membership Meeting Minutes as printed on pg. 21 of the Annual Report. Motion to accept the minutes passed.
Mr. Kornylo presented his report as President & Board Chairman and referred to pgs. 3-5. He highlighted that UFCU grew in assets to nearly $220 million and grew in membership to over 20,000 members. Mr. Kornylo underlined that we are insured by the NCUA up to $250,000. Common bond organizations play an important role in our growth, and he recognized the Slavic Bible Baptist Church, a UFCU common bond organization, for hosting the annual meeting. Mr. Kornylo went on to talk about activities near our 12 branches and referred to Ukrainian festivals in Portland, OR and Sacramento, CA. A lot of growth is occurring on the west coast including our branch in Seattle, WA. Mr. Kornylo acknowledged the work of all of the branch managers from east coast to west coast and thanked the Board of Directors, Executive Staff, and Employees for their hard work and dedication.
Mr. Kornylo invited Barbara Gutierrez to present her report as Treasurer. Mrs. Gutierrez referred to pgs. 12-13 in the Annual Report and had the pleasure to announce that the Ukrainian Federal Credit Union is safe and sound. Mrs. Gutierrez first noted that our net worth continues to remain steady at 9.04% in 2016 compared to 9.28% in 2015. Membership grew to 20,350 members, which includes our newest branch merger with Osnova. For the year ending December 31, 2016 our total assets increased by 11% to $218,398,973.00 with the largest portion consisting of member loans, which saw an increase of 16.7% over the prior year to $191,826,210.00. Mrs. Gutierrez acknowledged the work of management and credit union staff in contributing to the credit union’s net worth, which increased to $19,737,532 in 2016. Savings accounts grew by 9.8% to $194,117,285. Mrs. Gutierrez pointed out the work of The Bonadio Group, Certified Public Accountants, who conducted UFCU audits and confirmed that Ukrainian Federal Credit Union is exercising satisfactory accounting practices and procedures and effective internal controls are in place to safeguard UFCU’s assets. Mrs. Gutierrez thanked the Board of Directors, the Committees, and especially the entire credit union staff for making 2016 a rewarding and successful year.
Mr. Kornylo invited Oleg Lebedko to present his report as CEO. Mr. Lebedko reiterated some of the major milestones Mr. Kornylo and Mrs. Gutierrez spoke about including asset size, membership, and loan growth. Credit union staff made it their top priority to provide the best customer service to members. Mr. Lebedko noted that we send out surveys through the mail and e-mail, and while most of the feedback
is positive, he encouraged all to provide their input about our service, positive or negative. Mr. Lebedko highlighted that the credit union had 20,350 members and added nine new common bond organizations by the end of 2016. He welcomed all new members and underlined our goal to provide everyone with the highest level of personalized service. West coast is growing faster than east coast, so Mr. Lebedko indicated that we all have some work to do. One major achievement of 2016 was establishing our virtual branch, which offers online and mobile banking. Members may view and perform transactions on their accounts through a mobile app and deposit checks remotely among other things. More and more members are using our online and mobile services.
Still, our most popular products include mortgages and commercial loans. Mr. Lebedko then took the opportunity to recognize Lesia Chwesik, former UFCU Loan Officer & Manager, who transitioned into a part-time role as a collection supervisor. Maria Milazzo was promoted to Loan Manager. Mr. Lebedko thanked Lesia for her many years of service and proceeded to ask all present credit union employees to stand and be recognized. Mr. Lebedko went on to summarize UFCU’s continued community support mission, providing donations and sponsorships to multiple organizations in the areas we serve. Looking into the remainder of 2017 Mr. Lebedko emphasized how the credit union plans to implement its strategic goals including a new phone system, new website, and becoming part of the Shared Branch network. The Shared Branch network will especially benefit those who don’t live near one of our branches. He said that the goals of the credit union are a result of input from members. Mr. Lebedko concluded his report by thanking all volunteers on the Board and various committees for their guidance and support. He thanked all of the credit union’s dedicated employees and members, who are the reason for the credit union’s growth and success. Mr. Lebedko referred to pgs. 8-9 for a summary of 2016 achievements.
Mr. Kornylo returned to the podium and talked about a unique opportunity that the World Council of Credit Unions (WOCCU) presented to Ukrainian Federal Credit Union. Funded by the U.S. Agency for International Development WOCCU invited two UFCU representatives to go to Ukraine to help work on strategic planning related to the country’s agricultural sector and help bring about transparency in their banking industry and so on. The initiative will extend over two to three years.
Mr. Kornylo invited Bohdan Zakharchyshyn to present his report as CoChair of the Community Relations Committee. Mr. Zakharchyshyn referred to pgs. 16-17 in the Annual Report and began by highlighting our growth in California and Washington. Mr. Zakharchyshyn noted that it was a wise decision for our credit union to expand to the west coast 10 to 15 years ago. Mr. Zakharchyshyn recognized the
other Co-Chair of the Community Relations Committee, Yaroslav Fatyak, and together they work to maintain bonds with organizations near our twelve branches. Mr. Zakharchyshyn went on to thank community-focused as well as religious organizations for providing their input about our service to them and ways we can improve. He emphasized the importance of community, and because of our members, Mr. Zakharchyshyn’s committee works to return money earned back into the very communities the credit union serves. Mr. Zakharchyshyn also said that while it’s important to recognize those who have helped us grow our credit union, we must invest in our younger generations. In closing Mr. Zakharchyshyn thanked members and common bond organizations.
Mr. Kornylo returned to the podium and invited Dr. Evhen Lylak to present his report as Chair of the Supervisory Committee, which is on pgs. 1415. Dr. Lylak first recognized the other committee members including Barbara Gutierrez, Vasiliy Gritsyuta, and Rostislav Melnik, the newest and youngest member. The committee of four members is responsible for conducting an internal audit of the credit union’s financials and contracts with three other agencies to evaluate the financial health of the credit union. The committee fulfilled the assigned fiduciary responsibilities in a timely fashion and gave its full support to the current Board and Management.
Mr. Kornylo returned to the podium and briefly spoke about the Ukrainian-American Community Foundation, which has been instrumental in supporting cultural, religious, and community activities. Mr. Kornylo invited the President of the Ukrainian-American Community Foundation, Tamara Denysenko, to the podium to present her report. Since 2010 the UAC Foundation distributed over $150,000 to various educational, cultural, community, and humanitarian projects. $72,000 of that was for UFCU student-member scholarships. Last year twenty-one college students received over $13,000 in scholarships. This year twenty-two students will receive over $13,000 in scholarships as well. Mrs. Denysenko reminded the audience that there will be a presentation of awards for the newest undergraduate scholarship recipients. Actual funds will be directed to the college or university once the student confirms enrollment later in the year. Mrs. Denysenko went on to highlight the history of the scholarship program, which started over 30 years ago with the help of Professor Mirko Pylyshenko and the directors of the credit union. The program helped over 300 students achieve their educational goals. One scholarship recipient in particular, Oleksa Nowosiadlo, volunteered and then worked at the credit union and has since become the CFO for a firm in Florida. Mrs. Denysenko underscored the importance of supporting our youth, and said she encouraged Oleksa to someday return to the credit union as potentially an officer. Generous donations from the former Selfreliance Association of Rochester, the Ukrainian Civic Center, and DiaczenkoSzostak families helped fund these scholarships.
In 2016 the UAC Foundation expanded to include graduate scholarships this year funded by UFCU, Dr. Christine Hoshowsky, and Mr. and Mrs. Harris. Evhen Lylak, Ed.D. (Professor, National Technical Institute for the Deaf, Rochester Institute of Technology), Olena Prokopovych, Ph.D. (Associate Professor of Political Science, Nazareth College), and Elena Dilai (Associate Professor of Mathematics, Monroe Community College) served on the Graduate Scholarship Committee. Mrs. Denysenko announced that the presentation of the graduate scholarship awards will take place after the conclusion of the Annual Meeting. Information about the 2017-18 graduate scholarship program will be available on the website shortly. Our support for our future leaders is not limited to our credit union. Through the foundation we work together with schools and organizations to help students achieve their educational goals. Mrs. Denysenko was proud to announce the partnership between Nazareth College and Ostroh Academy in Ukraine. Mrs. Denysenko stated she was able to establish a scholarship for the next five years to allow for students from Ostroh Academy to attend Nazareth College. Students from Ostroh Academy may attend Nazareth College tuition-free, however, will need funds for basic living expenses at about $3,500. The Ukrainian-American Community Foundation, the Denysenko family, Myron Babiuk, the Ukrainian West Side Club, Eugene Hryhorenko, Eugene Sydor, Professor Mirko Pylyshenko, Dr. Christine Hoshowsky, and others have provided and pledged financial support for the 2017 and 2018 year programs. Mrs. Denysenko then invited Nazareth student Dmytro Bayda to join her at the front of the room. She then recognized Eugene Sydor for being a guardian for Dmytro by taking him to various community events. Mrs. Denysenko also introduced two other exchange students currently attending Nazareth College, one who is from Poland and the other from Georgia. Mrs. Denysenko went on to talk about the Foundation’s work with Rochester Global Connections and Open World Leadership in Washington, and she announced that a delegation from Ukraine will be visiting the U.S. in a couple of weeks. Mrs. Denysenko called on the community to participate in the delegation’s activities while the delegation is in Rochester. In conclusion Mrs. Denysenko promoted a mockup of artwork that will be completed by Katya Sydor and will symbolize Ostroh Academy. The artwork will be sewn in a non-traditional format that is becoming more popular in Ukraine. Once completed, the artwork will be presented to the rector of Ostroh Academy. Mrs. Denysenko thanked everyone for their time.
Mr. Kornylo returned to the podium and spoke about the Library at the credit union, which is run by the Director of the Library, Mirko Pylyshenko, and other volunteers including Vasyl Zolotarchuk, Volodymyr Lukomskyi, and Irene Terletzky. Mr. Kornylo mentioned how the group of library volunteers began shipping books in English to Ukraine and also runs a Ukrainian television program. Mr. Kornylo thanked all of the volunteers for all of their work.
Mr. Kornylo proceeded to open the floor to discussion and invited those who had questions or comments to raise their hand. One guest asked a question related to finding employment for those who recently emigrated to the U.S. Oleg Lebedko, CEO, took to the podium to address the question and said that the credit union is able to help Ukrainians understand certain types of paperwork or assist with translations, referred to the Community Board, which sometimes displays various opportunities, and mentioned the fact that many members open up business accounts with the credit union, whether it be for trucking, construction, and so on. Unfortunately, the credit union is not an employment agency, and so we cannot assist people with finding work. A second guest spoke up to ask about student loans and if the Ukrainian Federal Credit Union is heading in that direction. Mr. Kornylo first responded and took the opportunity to distinguish banks and credit unions since the member referenced how other banks offer student loans. Mr. Kornylo stated how there are 106 million credit union members total, and we are a percentage of that. Mr. Lebedko followed up and said that we used to offer certain types of student loans about 15 years ago, but unfortunately there was a low demand at the time. Mr. Lebedko noted that if enough people ask about student loans, then the credit union will reconsider this type of lending in the future. A third guest spoke up not to ask a question but to thank the community and the credit union for their support. Mr. Kornylo then asked if there were any further questions or comments, and since there weren’t any, motion accepted to close the discussion.
Mr. Kornylo invited the Nominating Committee to the podium. Dr. Evhen Lylak spoke on behalf of the Nominating Committee and noted that there were was no interest by any members in the available seats on the Board of Directors whose terms were expiring. The Nominating Committee then proceeded to reelect Tamara Denysenko and Bohdan Zakharychyshyn to the Board of Directors.
Mr. Kornylo invited Mr. Lebedko to the podium to provide a summary of the credit union’s financial condition and statement of income located on pgs. 10-11 of the Annual Report. At the end of last year the Board approved a budget for 2017. Mr. Lebedko stated that the credit union’s plan is to earn $9,069,000 in interest income in 2017. Dividends payable on members’ accounts is expected to be $1,632,900. Net interest income after provision for loan losses is expected to be $7,436,100. Total non-interest income is expected to be $1,500,000. Total non-interest expense is expected to be $7,981,000. Net income is expected to be $955,100.
Mr. Kornylo returned to the podium and passed a motion to formally close the Annual Meeting at 3:50pm ET.
Insights on Ukraine A Student Perspective
A Ukrainian FCU Community Room (January 2018) International students from Ukraine who are currently studying in Rochester, NY shared their insights on their academic experiences and student perspectives on current events, future educational and professional opportunities in Ukraine. Sitting in front row (L-R): Irondequoit Town Supervisor, David Seeley, Kostiantyn Lukyniuk (Chernivtsi), Iryna Kmyts (Lviv), Sofiya Shmyhlyk (Zalishchyky), Kateryna Basiuk (Ostroh), Andrii Osipa (Horlivka) and graduate scholarship winner Vladimir Tokarchuk. Not pictured is Maryana Zakharchishin, also a graduate scholarship winner.
B BizKids Financial Seminar
In 2017 we began hosting financial seminars in an effort to engage our youth members and teach them the importance of managing their money. Pictured: Federal Way, WA branch staff with some happy members.
Miracle Jeans Day
A-B Miracle Jeans Day
Our credit union employees participate in Miracle Jeans Day on an annual basis to raise funds for local children’s hospitals. The money is used for medical research to help unfortunate, sick children get better or to improve their rooms to make their stay at the hospital more bearable. This year we raised over $300 and donated 100% of proceeds to Golisano Children's Hospital.
C Financial Seminar
Our staff delivered a financial seminar at Slavic Pentecostal Church of Rochester focused on credit and geared towards young adults.
D Family Picnic
Every summer we enjoy a family picnic with our members at Seabreeze Amusement Park. Join us for the 21st annual event on Saturday, June 16, 2018.
UFCU + CO-OP ATMs & Shared Branching
Ukrainian FCU’s participation in the CO-OP Shared Branch network means convenience when, where and how you want it and at no cost to you! Access your money at about 30,000 surchargefree ATMs and more than 5,000 branch & self-service locations nationwide in the CO-OP Network.
At Shared Branches across the country and around the world, you can:
• Take advantage of extended hours at many locations
• Access your credit union accounts in person when you travel
• Keep your account if you move across town or to the other side of the country
• Perform transactions that include:
o Check deposits
o Cash deposits
o Transfers within accounts (to UFCU member only)
o Loan payments by check, cash, or transfer
o Cash advances
o Cash withdrawals
o Check account balances
o Check transaction history
When visiting a CO-OP Shared Branch for the first time you will need to bring with you:
• Photo identification
• Your UFCU debit card (if you have one)
• Your credit union’s name (Ukrainian Federal Credit Union)
• Your member or account number
To find a CO-OP Shared Branch near you:
• Visit www.ukrainianfcu.org > Customer Service
• Download the CO-OP ATM/Shared Branch Locator mobile app from iTunes or Google Play
• Call 1-800-SITE-COOP
• Ask a teller
• Look for a branch with the CO-OP logo or the self-service CO-OP Express logo
Andrew Lee
Elena Zhdanevich
Elizabeth Sagan Mark Tsitsyura
Matthew Korchevoy
Max Guzar
Sophia Artymovych & Evan Pototskyy
Sophia Pikuleva
Matthew Yurchyshyn
Yuliana Yurkevich Agenc y Owner Allstate Insurance Company
Rochester, NY 14625
Phone 585-426-0550/Fax 585-426-0552 yyurkevich@allstate com
Dr. Natalie A. Dabrowny NUCCA Chiropractor
2322 Clover Street | Rochester, NY 14618
P: (585) 442 - 1500 | www myatlaschiro com
Call today for a complimentary consultation or sign up online!
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NUCCA Chiropractor
2322 Clover Street | Rochester, NY 14618
P: (585) 442 - 1500 | www.myatlaschiro.com
Call today for a complimentary consultation or sign up online!
Dr. Natalie A. Dabrowny
NUCCA Chiropractor
2322 Clover Street | Rochester, NY 14618
P: (585) 442 - 1500 | www myatlaschiro com
Branch Locations
Rochester, NY Main Office
824 East Ridge Rd Rochester, NY 14621
585-544-9518
Amherst, NY
2882 Niagara Falls Blvd Amherst, NY 14228
716-799-8385
Boston, MA
282 Providence Hwy Westwood, MA 02090
781-493-6733
Buffalo, NY 562 Genesee St Buffalo, NY 14204 716-847-6655
Federal Way, WA 1414 S 324th St Ste B108 Federal Way, WA 98003 253-237-5293
Parma, OH Osnova Branch 5602 State Rd Parma, OH 44134 440-842-5888
Portland, OR 11050 SE Powell Blvd Portland, OR 97266 503-774-1444
Sacramento, CA 6029 San Juan Ave Citrus Heights, CA 95610 916-721-1188
Syracuse, NY 211 Tompkins St Syracuse, NY 13204 315-471-4074
Vancouver, WA 11208 NE Fourth Plain Blvd Vancouver, WA 98662 360-597-2096
Webster, NY 900 Holt Rd Webster, NY 585-545-6276