UFCU ANNUAL MEETING 2007 - Stephen Wowelko Secretary

On Sunday, March 25, 2007 the Ukrainian Federal Credit Union held its annual meeting in the auditorium of St. Josaphat’s Ukrainian Catholic Church in Rochester, New York. Wasyl Kornylo, Chairman & President of the Board of Directors opened the meeting at 2:45 PM.  Mr. Kornylo welcomed all of the members of our credit union along with guests present. A quorum of Board of Directors, along with the Credit Union management and staff were present at this meeting.  There were approximately 167 members present at this meeting.

            After his welcome, Mr. Kornylo read the names of UFCU deceased members from the previous year.  A moment of silence followed the reading.

            Board Secretary, Stephen Wowelko read the minutes from the previous Annual Meeting (held March 26, 2006, at St. Mary Protectress Ukrainian Autocephalous Orthodox Church in Rochester) in English and Yaroslav Fatyak read the minutes in Ukrainian. Following, there was a motion and a second to accept the minutes as read.  After a discussion on the amount of detail that should be included in the annual meeting minutes, the members approved the minutes.

            Wasyl Kornylo, in presenting the President’s Report, noted that the mission of providing beneficial financial services while fulfilling our community ‘obligations’ continued to be the guiding principle for the board of directors, management team, committee members and employees of the Ukrainian Federal Credit Union in 2006.  As leaders and caretakers of a unique 125 million dollar cooperative financial institution, we are very cognizant and mindful of our fiduciary responsibility to safeguard and grow our members’ assets while continuing to develop and provide high-quality beneficial financial services.  We take seriously our duty to help make our over 16,000 member-owners in 6 locations in four states from coast to coast financially successful.  Kornylo thanked the Board of Directors, management and staff for their hard work.

            Christina Oleksyn, Treasurer, presented the financial report. Credit union assets grew to $125.5 million, increasing approximately 3% (or 3.8 million) from the previous year. Oleksyn reported that loans grew to almost $104 million, with a very low delinquency rate of .56%. Our member deposits exceeded $107 million.  Our net worth to assets ratio remained solid at 13.59%.

            Tamara Denysenko, Chief Executive Officer presented a report entitled “One Vision, One Mission, One Voice.” She stated that in order to support our vision of growing the credit union into a strong, diverse, full-service and value driven Credit Union, we have set as our mission to continuously and effectively strategize, review and fine tune annual financial targets, analyze new membership growth potential and improve our community involvement programs. Denysenko reported that our assets grew by over 3%, loans by over 9%, our shares by over 2.5% and our membership grew by almost 9%.

            General Manager Oleg Lebedko reviewed the balance sheet statistics. He reported on our loans, $103,314,469, total assets, $125.5 and net income $783,238 – a 34% increase in income from the previous year. Reports from each of the branch managers were published in the annual report issue of the Credit Union Opinion magazine.

            The Educational/Cultural (Ed/Com) Committee report was given by committee co-chair George Hanushevsky. Hanushevsky reported that the committee made a commitment to abide and carry out its mandate within polices and standard procedures as approved and implemented by the Board of Directors. The committee reviewed nearly 50 requests for donation consideration.  Based on our recommendations the Board of Directors awarded over $99,000 in donations and scholarships to our Credit Union Community.  Hanushevsky thanked the members of the branch advisory and scholarship committees for their hard work in assisting the Ed/Com Committee.

            There was a question and answer period, which followed the reports presented, in which members were able to ask questions of the board and management. 

            Stephen Wowelko as Secretary of the Board of Directors reported that the Nominating Committee chaired by Wolodymyr Butenko, submitted a nomination of Wasyl Kornylo to fill the upcoming vacant position on the board of directors.  The Secretary had notified the membership and there were no requests to add a nomination through a membership petition.  Because there was only one nomination for one open position, the Credit Union did not conduct a ballot election as per NCUA bylaws.  Wasyl Kornylo was appointed to a 3-year term as a director.

            There was a motion and a second to close the annual meeting.  The membership voted in favor of closing the meeting.  After the close of the meeting, members and guests enjoyed a buffet dinner prepared by St. Josaphat’s Ukrainian Catholic Church members along with a drawing for door prizes.