The Providence Association Receives Highest Membership

Standard from National Fraternal Congress of America

National Fraternal 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 one-year period.

The Chicago-based NFCA, which celebrates its 121^st 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 volunteer networks.

“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 college.

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 rriccetti@nfcanet.org. For more information on The Providence Association, please contact Eugene A. Luciw, J.D. at 215.627.2445 (Ext. 211#), or at eluciw@provassn.com.