Source: Orthodox Church in America
SYOSSET, NY [OCA]
The independent audit of the Orthodox Church in America’s financial records for the year ending December 31, 2011 has been completed.
The report of the auditors, Lambrides, Lamos, Taylor LLP, is now available in PDF format on the OCA web site.
“For the second consecutive year the OCA has been issued an unqualified or ‘clean’ audit opinion,” said Melanie Ringa, OCA Treasurer. “The unqualified opinion is the best type of report an auditee can receive from the external auditor.”
“The financial results for 2011 show total revenues of $3,351,622.00 and total operating expenses of $2,356,175.00, with a net surplus from operations of $995,447.00, prior to expenses related to depreciation and amortization and legal fees and All-American Council activities,” Ms. Ringa added. “After accounting for these charges, the final result for 2011 was a surplus of $1,150,034.00. Please note that this includes a Temporarily Restricted Bequest of $972,359.00 for Missions. The net operating surplus without this bequest was $177,675.00.
“Our Statement of Financial Position shows total assets of $3,366,506.00, liabilities of $1,232,831.00, and net assets of $2,133,675.00,” she concluded.
Also posted in PDF format on the OCA web site is the Treasurer’s Report for the first three quarters of 2012, ending on September 30.[subscribe2]