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TAISSA TURIANSKY, TREASURER NADIA CWIACH, FINANCIAL SECRETARY Since 1925, the year of UNWLA’s es tablishment, finances have played an important role in the organization and led to UNWLA’s incorporation in Nfew York State in 1935. As UNWLA, Inc. grew so did its financial holdings, especially in the Scholarship Program. Unending humanitarian needs in the US and in Ukraine created new financial responsibilities for UN WLA, Inc. The founding of the Ukrainian Mu seum by UNWLA, Inc. in 1976 created the need for amendment of the bylaws of the organization and to include UNWLA Branches & Regional Councils in the museum’s support. Because of UNWLA, Inc.’s humanitarian activities and pro grams the organization was granted a non-profit, tax-exempt status in 1979 under IRS Code Sec tion 501 (c) (3), GN 1874 within charitable, edu cational and cultural activities. This change in status brought about new regulations for ac counting procedures and reporting to the IRS. In 1994, Taissa Turiansky, then Financial Secre tary, computerized all the UNWLA, Inc.’s bookkeeping and accounting and divided the books into 4 divisions: Home Office, Our Life, Social Welfare and Scholarship Program, which has been computerized since 1986. Presently, as UNWLA Treasurer, Taissa is responsible for bookkeeping for the Home Office and account ing of UNWLA. She is in constant contact with the Financial Secretary, Nadia Cwiach, as well as with Orysia Jacus, the “Our Life” bookkeeper and with Anna Rak, UNWLA Social Welfare Treasurer. At year end, Orysia Jacus (Treasurer of UNWLA Scholarship Program on a volunteer basis) gives Taissa UNWLA, Inc. Annual Re ports. After year end closing Taissa submits all journals and general ledgers to Oleh Sawkiw, CPA for preparation of tax returns. Mr. Sawkiw audits all the books and prepares an annual Certified Financial Statement. This statement is necessary when applying for grants. In order to maintain a current and accu rate listing of all “Our Life” subscribers, Orysia Jacus was hired as bookkeeper in 1997. An other of her jobs is maintaining all payroll ac counts for the Our Life as well as the Home Of fice staff. Orysia is often in contact with Taissa and Nadia. She updates and prepares all com puterized membership lists which Nadia Cwiach uses when she does the annual billing for Our Life as well as for branch dues. Branches re ceive two copies of the membership lists. The branch keeps one and returns one with correc tions to the office. Orysia also prints monthly labels of subscribers which are used in mailing out “Our Life” magazine. As Financial Secretary, Nadia Cwiach, also prepares an annual budget which is ap proved by the UNWLA, Inc. National Board. She works closely with the Treasurer and along with the President makes decisions concerning in vestments, etc. Nadia is also in contact with the Internal Revenue Service and reviews and sub mits an annual listing of branches and regional councils along with their Federal ID numbers. She also handles financial questions and prob lems of branches and regional councils, often using e-mail. Since Federal Credit Unions insure ac counts only up to $100,000 a decision was made in 1994 to transfer most restricted funds to A.G. Edwards & Sons, Inc. for investment where funds are insured up to $14 million. Our financial planner is UNWLA member Melania Mazzorana who is vice-president of this firm in Short Hills, N.J. In 1997, “Our Life” magazine accounts including its operating checking account were transferred to A.G. Edwards & Sons, Inc. and earned higher interest. From 1990-1993, Our Life operated with a large deficit. Since 1993 the deficit decreased and in 1997 “Our Life” oper ated with no losses. This is due to donations to the Press Fund, higher interest earned, proper collections and an efficiently run office. In accordance to governmental laws, donations or bequests, given to a specific fund or for a specific purpose must be strictly adhered to. Interest earned on restricted funds must be used according to specifications by the donor. These funds must be accurately administered and all transactions must be in English. Many official documents had to be translated and copies were sent to Oleh Sawkiw, CPA as ad dendum to our financial records. As a non-profit tax-exempt organization our activities are limited to charitable, educa tional and cultural activities. UNWLA cannot support or give donations to political and/or re ligious groups. UNWLA Branches and Regional Councils may hold fund raisers only for UNWLA programs and activities. This is very important and any deviation may be instrumental in losing our on-profit status. This is something we cannot afford to happen since UNWLA, Inc. is depend ent on donations and contributions. 133 www.unwla.org www.unwla.org
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