OCA Treasurer Reports Small Surplus During First Quarter of 2012

SYOSSET, NY

In her report for the first quarter of 2012, Melanie Ringa, Treasurer of the Orthodox Church in America, notes that “operating results show a small surplus versus a budgeted deficit of $27,401.00.”

It was also noted that an unrestricted bequest of $188,905.00 from the estate of Charles F. Morse had been received. The bequest, coupled with an IRA distribution of $22,000.00 from the same estate received in December 2011, was used to permanently reduce the principal balance on the Honesdale Bank Loan by $211,366.00, thus “reducing the outstanding loan balance to $436,661.00 as of March 31, 2012 while accelerating the maturity date of the loan from October 2016 to January 2015,” she added.

The complete report, released on June 7, 2012, is available in PDF format on the OCA web site.

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