Providence is the only Ukrainian Catholic Fraternal Benefit Society in the United States. Since our founding, we have focused on our people and catholic community and continue to do so today.
As a fraternal organization, we have no stockholders. Instead, members have a voice in the management and operation of our organization and may exercise their rights by participating in local branch activities and by being elected to the board positions.
Currently, there are more than 210 branches of the Providence Association throughout the United States.
The Providence Association is growing financially. Beginning with a mere $284.12 in 1912, today, we have over $42 million in assets.
Fraternal benefit societies are non-profit organizations that are defined by law as:
Any incorporated society, order or supreme lodge, without capital stock, conducted solely for the benefit of its members and their beneficiaries, and not for profit, operated on a lodge system with a ritualistic form of work, having a representative form of government, and which makes provision for the payment of benefits in accordance with this chapter, is hereby declared to be a fraternal benefit society.”
If you would like more information check out Wikipedia. https://en.wikipedia.org/wiki/Benefit_society
These organizations are formed ethnic, religious, or vocational background. Benefits may include financial security and assistance for education. Often, benefit societies provide a social framework for members and their families to support each other and contribute to the wider community.
Like insurance companies, fraternal benefit societies sell insurance. Both are chartered and licensed in accordance with state insurance laws. Both are also examined and reviewed by state insurance departments. However, fraternal societies are subject to different legal restrictions and tax laws than insurance companies.
Many major financial institutions existing today, particularly some insurance companies, mutual savings banks, and credit unions began as benefit societies.
We strive to flourish and widen our reach to provide benefits to the growing Ukrainian population in the United States.
Click to learn about the benefits we offer our member and Ukrainian Community.