Browsing: deficit

Source: The National Herald By Theodoros Kalmoukos NEW YORK – The economic situation of the Greek Orthodox Archdiocese of America is much more serious than thought before. The National Herald has learned from within the recent meeting of the Archdiocesan Council that the deficit actually is $12.75 million. The deficit includes a transfer of $4.75 million made from the restricted accountsof which $2.5 million was from St. Nicholas at Ground Zero rebuilding fund. The transfers were made to the Archdiocese’s general operating accounts, which violates is own regulations and may cause legal problems. Another $4 million is in deficit since…