The Providence Association Receives Highest Membership
Standard from National Fraternal Congress of America
Congress of America bestows “Member in Good Standing”
designation on The
Providence Association of the Ukrainian Catholics in America, a fraternal
benefit society and life insurance company founded in 1912
817 North Franklin Street,
Philadelphia, PA – The Providence Association has been designated a
“Member in Good Standing” by the National Fraternal Congress of America (NFCA),
the trade association of American fraternal benefit societies. This level of
achievement for 2007 recognizes the society for the highest standards of
performance, both in fraternal programming and financial operation, over a
The Chicago-based NFCA, which
celebrates its 121st anniversary in 2007, successfully links its 75
member-societies — fraternal benefit societies that are not-for-profit
membership organizations offering life insurance, accident and health insurance,
and annuities — to encourage education, training and service to communities at
the national and grassroots levels. The association represents approximately 10
million people in more than 36,000 chapters, making it one of America’s largest
“The NFCA’s ‘Member in Good
Standing’ designation reflects The Providence Association’s commitment to
maintaining a strong, viable fraternal benefit society for our members,” said
Bishop Ivan Bura, President. “The Providence Association’s good standing within
the NFCA demonstrates a standard of system-wide excellence for 95 years of
continuous service to our members, families and their communities.
The Providence Association has
entered an era of fantastic success. During the year 2006, we have increased our
total life and annuities business in force by a factor of approximately 4.30%,
from $28,455,000.00 to $29,717,000. New issues ($2,035,000.00) represented a
growth ratio of 7.15%, while premium income for the year 2006 increased by 427%.
The year also saw Providence issue 5.34 times the amount of insurance that it
had issued for the entire calendar year of 2005. Business has increased by 425%
over the average annual level of business for the time period from the year 2000
through 2005, inclusive.
It is equally noteworthy that the
year 2006 saw Providence issue 88 policies. Nearly all of them were for
significant amounts that covered known needs for family protection and
retirement and education savings. Our membership continues to grow through
knowledgeable, honest and substantively informative marketing techniques.
Providence’s excellent financial
position over the last five years has allowed us to distribute over $100,000.00
in grants to the Church and to its institutions. A similar amount was donated to
other worthy Ukrainian community causes.
We have also launched a
scholarship program that offers up to $5,000.00 in benefits to members attending
Providence is proud of the fact
that it continues to follow the mission first created by the Society’s founder.
Bishop Soter Ortynsky, the first Eastern Catholic Bishop in America, came to
this soil exactly 100 years ago. He founded Providence in the year 1912.
“The leaders of the NFCA’s 75 member-societies believe that the NFCA must
enforce strict standards to promote exceptional performance,” said NFCA Chair of
the Board Janice U. Whipple. “The fraternal movement in the United States has a
long and proud place in American history stretching back nearly 150 years. As
such, the NFCA has a responsibility to its member-societies to maintain
standards that ensure outstanding fraternal benefit society performance. The
NFCA’s standards show that each member-society is financially sound and meets or
exceeds criteria upon which tax-exempt and regulatory privileges are granted
under federal and state laws. On behalf of the NFCA Board of Directors, we are
honored to bestow the highest ranking on The Providence Association of the
Ukrainian Catholics in America.
The NFCA Membership Standards Program was established in 1993 to assess the
integrity and uniqueness of NFCA member-societies and prospective
members. Fraternal benefit societies are required to provide the NFCA with
information regarding financial performance, organizational structure and
fraternal outreach activities. This information is gathered and prepared by the
NFCA staff for Board review, with particular attention on a society’s common
bond, an active chapter system, a representative form of government, sound
financial management and substantial, tangible fraternal and charitable
activities. If the society being evaluated meets the minimum standards
established within the Program, the NFCA Board of Directors then determines
individual member compliance with Program requirements. Societies achieving
“Member in Good Standing” status in 2007 are evaluated on 2005 information, the
most recent year for which complete information is available.
Fraternal benefit societies provide leadership, social, educational, spiritual,
patriotic, volunteer, financial and social opportunities to members united by a
common bond such as religion, ethnic heritage, trade, gender or other interests.
In providing these services, fraternal benefit societies’ unique status as
not-for-profit organizations allow millions of people to protect their families
financially while making a significant difference in their communities.
Combined, the NFCA’s member-societies maintain more than $324 billion of life
insurance-in-force and, in 2005 alone, contributed almost $400 million to
charitable and fraternal programs. Members of the NFCA’s 75 societies, including
The Providence Association volunteered 93
million hours for community-service projects in 2005.
For more information on the NFCA,
please contact Rose Riccetti, Director of Communications and Marketing, at NFCA
Headquarters, (630) 522-6322, ext. 114, or firstname.lastname@example.org. For more
information on The Providence Association, please contact Eugene A. Luciw, J.D.
at 215.627.2445 (Ext. 211#), or at email@example.com.