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Greek Orthodox Archdiocese of America Inc Financial Update

Greek Orthodox Archdiocese of America Inc Financial Update. Clergy Laity Congress Metropolis of Boston October 5, 2013. Jerry Dimitriou / George Papadakos Greek Orthodox Archdiocese of America Inc. National Ministry Commitment.

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Greek Orthodox Archdiocese of America Inc Financial Update

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  1. Greek Orthodox Archdiocese of America IncFinancial Update Clergy Laity Congress Metropolis of Boston October 5, 2013 Jerry Dimitriou / George PapadakosGreek Orthodox Archdiocese of America Inc.

  2. National Ministry Commitment • National Ministry Commitment Allocation for 2012 was $18,586,908. • National Ministry Allocation Collected for 2012 was $18,623,070. • Collection over National Ministries Commitment $36,162. • 100% collection as of 12/31/2012. The Direct Archdiocesan District and Five out of the Eight Metropolis’s came in at or over 100% • Archdiocesan District and Metropolis collection percentage for the year ended December 31, 2012 was: • Archdiocesan District 101% • Metropolis of New Jersey 101% • Metropolis of Chicago 103% • Metropolis of Boston 105% • Metropolis of San Francisco 93% • Metropolis of Atlanta 106% • Metropolis of Pittsburgh 93% • Metropolis of Detroit 107% • Metropolis of Denver 93%

  3. National Ministry Commitment • Current and Prior years National Ministries Commitment collection percentages as of December 31, were: • 2012 100% (6) D.A.D and 5 Metropolis’s at 100% and over) • 2011 98% (6) D.A.D and 5 Metropolis’s at 100% and over) • 2010 96% (4 Metropolis’s at 100% and over) • 2009 95% (3 Metropolis’s at 100% and over) • 2008 95% (1 Metropolis at 100% and over) • 2007 94% (1 Metropolis at 100% and over) • 2006 92% (1 Metropolis at 100% and over) Prior to 2006 only one Metropolis came in at 100%

  4. Financial ResultsYear Ending December 31, 2012 • Operating Revenue and Support • 2012 Total National Ministries Commitment Collections ($18,623,070) represent an increase of $845,791 in comparison to 2011 ($17,777,279). • 2012 Total National Ministries Commitment Collections ($18,623,070) over the budgeted amount ($18,298,800)by $342,270. • As of December 31st 2012, $1,501,180 of Allocated National Ministries Commitmentsremain uncollected. As of May 7, 2013, $766,901 of prior balances have been collected. • 2012 Unrestricted Contributions of $2.130 Million is over budget expectations by approx. $1.130 Million ~ Includes $1.5 Million special contribution. • Increase of approx. $35,260 in Ionian Village Revenue in 2012 in comparison to 2011. • Total Revenue in 2012 decreased by approx. $1.363 million in comparison to 2011.

  5. Financial ResultsYear Ending December 31, 2012 • Operating Expenses • Operating Expenses increased by $1,034,317 compared to 2011. This is because of Clergy Laity Congress in 2012, increase to our obligation to Hellenic College, certain improvements made to Ionian Village, and Metropolis Bonus increases. • Annualized operating expenses are staying flat from year to year: • 2008 w/o Legal $22,512,377 • 2009 $22,232,868 • 2010 $22,969,861 • 2011 $23,302,549 • 2012 $24,336,866 • Ionian Village Expenses increased in 2012 by $278,538 in comparison to 2011. • Metropolis’s Bonus Payouts were $501,671 for 2012 and $453,460 for 2011

  6. Debt and Payable Summary • Our annual obligation to Hellenic College / Holy Cross of $1.5 Million has been paid in full as of 12/31/2012. • Our annual obligation to The Ecumenical Patriarchate of $1 Million has been paid in full as of 12/31/2012. • All Prior years Legal expenses and Legal settlements have been paid in full. No Legal settlements for the year 2012, and as of now nothing is pending. • As of December 31, 2012 payables of $1.227 Million still remain unpaid. • As of December 31, 2012 $1.801, Million still remains on Credit Line from Town of Westfield Bank. We are reimbursed the interest expense portion of this line of credit by an generous individual donor.

  7. 7 Year Financial SummaryDecember 31, 2006 to 2012 2007 – Individual Donors donated 3.0 Million, to help pay for some legal settlements that were settled at the end of the year 2007 (Nov, Dec). For payments in 2008. 2008 _ Expenses - Approx 3.96 Million in expenses were for Legal / legal Settlements 2011 – Received a legal settlement of 864 thousand and a bequest of 900 thousand

  8. Comparison of Revenue to ExpensesFor the year December 2006 to 2012

  9. Comparison of Revenue to ExpensesFor the year December 2006 to 2012

  10. Accounts Payable / Debt / LiabilitiesSummary as of December 31,

  11. Accounts Payable / Debt / LiabilitiesDetailed as of December 31,

  12. Analysis of Revenue and SupportFor the Year ended December 31, 2012

  13. Analysis of Expenses and DisbursementsFor the year ended December 31, 2012

  14. 2012 Actual Expenses2011/ 2012 Approved Budgets

  15. 2012 Actual Expenses2013 / 2014 Approved Budgets

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