THE TIME FOR ORTHODOX UNITY IS NOW!

Suggested Options Addressing the Urgent Financial Challenges Facing the Administration of the Greek Orthodox Archdiocese and Hellenic College / Holy Cross School of Theology

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1. Clergy Retirement Account 

The following options are possible strategies for repaying the funds that were not placed in the Clergy Retirement Fund. The Archdiocese will have to manage its operations with less. The alternative – retiring clergy families will have to manage with less.

Option 1:

  • Each year all parishes should split their Archdiocesan assessment by ½.
  • Each year ½ should be sent to Archdiocese
  • Each year ½ should be sent to a professionally-managed pooled investment account
  • Interest on the pooled account will be placed in the Clergy Retirement Account until account is up-to-date.
  • The principle of the Pooled Account will be sent to Archdiocese only when the Clergy Retirement Account is up-to-date.

Option 2:

  • Each year the Archdiocese should split their allocation to Patriarchate by 1/2
  • Each year ½ should be sent to a professionally-managed pooled investment account to join the parish contributions (see Option 1)
  • Interest on the entire pooled account (½ Patriarchal Allocation and ½ Parish assessments) will be placed in the Clergy Retirement Account until Retirement Account is up-to-date
  • The principle of the Pooled Account will be sent to Archdiocese and the Patriarchate only when the Clergy Retirement Account is up-to-date

Option 3:

  • Each year the Archdiocese should place entire Patriarchal Allocation to in a professionally-managed pooled investment account
  • Interest earned on the principle in the pooled account will be placed in the Clergy Retirement Account until Retirement Account is up-to-date
  • The principle of the Pooled Account will be sent to the Patriarchate only when the Clergy Retirement Account is up-to-date

Fundraising Addendum: We are certain that individual/corporate donors could be cultivated if they were assured that their contributions were used to solve this clergy-family problem.

2. Archdiocesan Institutions 

The following options are possible strategies for more effectively managing the operational expenditures of Archdiocesan ministries and institutions. The Archdiocese is not in a financial position to simultaneously operate inefficient institutions with large budgets. This would also reduce the operational costs of ministry department/services duplication.

Option 1:

  • The Archdiocesan should sell 1 of its Manhattan headquarter buildings.
  • Displaced Department offices should be relocated to Saint Basil Academy (easier access, parking, etc.)
  • Revenues from sale of Headquarter building (certainly a large amount) would be place in an endowment and used to supplement annual Archdiocesan budgetary expenses
  • In time, appropriate facilities could be built for the purpose of hosting Clergy Laity Congresses, retreats, and conventions. Clergy-Laity cost-savings would provide a major portion of construction costs associated with the future facilities

Option 2:

  • The Archdiocesan should sell Saint Basil’s Academy and 1 of its Manhattan headquarter buildings
  • Displaced Department offices should be relocated to Hellenic College/Holy Cross (easier access, parking, etc.)
  • Revenues from sale of Academy and Headquarter building (certainly an extraordinary amount) would be placed in an endowment and used to operate Holy Cross and Archdiocesan ministry expenses
  • Hellenic College campus and Maliotis Center would be used to host Clergy Laity Congresses, retreats, and conventions.
  • If needed, Clergy-Laity cost-savings could provide a major portion of construction costs associated with any additional facilities

WE WELCOME YOUR COMMENTS!

A Group of Concerned Greek Orthodox Christian Clergy and Laity

 

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