Browsing: finances

Source: CBS News St. Nicholas Greek Orthodox Church and the iconography it housed were destroyed in the attack on the World Trade Center. After almost two decades, the church is rising again with new iconography from a monastery on Mt. Athos. Correspondent: Scott Pelley This year, Easter dawned in a dark hour. We cannot see the end of the pandemic, but Easter and spring remind us of victory. Our next story is a tale of triumph over adversity. It begins with America’s first crisis of the 21st century. In all that was lost on 9/11, nearly forgotten was the only house of…

Source: Citizen-Herald By Joanna Tzouvelis WATERTOWN, MA – Eastern Orthodox Easter will be celebrated on April 19 this year. There are many services leading up to the religious holiday throughout the world which usually draw thousands of people together and raises thousands of dollars for churches. This year, however, for the first time in history, every Greek Orthodox Church in Massachusetts is closed and anyone wishing to participate in one of the services will need to watch it virtually via Facebook or YouTube. The Taxiarchae Archangels Greek Orthodox Church in Watertown estimates it will lose approximately $250,000 over the next three months.…

Source: The New York Times By Kit Gillet BUCHAREST, Romania — Long past midnight, lines of worshipers snake through the central hall of the People’s Salvation Cathedral, in the heart of the Romanian capital. The building — set to become the tallest Orthodox church in the world when finished in 2024 — is missing its largest dome, and the interior lacks the lavish iconography that Orthodox churches are known for. But even in its unfinished state, the new cathedral is already being seen as an important symbol for Romania. “Being the national cathedral, it is a big building, a representative one,” said…

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…

by Dean Popps So, if I understand all the mumbo-jumbo emanating from the archdiocese, the Greek papers and various Clergy-Laity rapporteurs, here’s the score – The archdiocese is obligated directly or indirectly, as follows: # Perhaps as much as an additional $50m is needed to finish the ill-conceived St. Nicholas project and up to $3m a year‎ is required ad infinitum to maintain it. There is a notion involving existing pledges (receivables) to the tune of $12m to off-set this, but, given what has transpired and the complete loss of confidence in the archdiocese and the project, that number has…

Source: The National Herald By Theodoros Kalmoukos PORT WASHINGTON, NY – His Eminence Archbishop Geron of America Demetrios left everyone speechless when he arose at the end of the local Clergy Laity Congress of the Direct Archdiocesan District of New New York on March 3 and declared that he is “homeless” and “poor.” He said he doesn’t have any money, except enough for his burial. The event took place at the St. Michael parish community center in Port Washington, NY. It is to be remembered here that Archbishop Demetrios refused to live in the home of the late Archbishop Iakovos,…

Source: The National Herald BOSTON, MA – The Greek Orthodox Archdiocese of America will take a $10 million loan, with its headquarters – the two buildings located at 8-10 East 79th Street in New York City as collateral – as was announced during the meeting at the Boston Metropolis on March 1. The meeting was called by Metropolitan Methodios in hope of providing some explanation,  because there is a high degree of disappointment and mistrust in Boston after the astonishing revelations made by The National Herald about the dire situation of the finances in which the Archdiocese found itself. It was…

Source: Greek Orthodox Archdiocese of America NEW YORK – The Greek Orthodox Archdiocese of America is committed to total transparency and accountability, so that through strict adherence to established governance, it may ensure its ability to meet the spiritual needs of the Faithful. In December of last year, the Archdiocese engaged Kiwi Associates, an independent accounting firm, to launch a special review of Archdiocesan payroll records for 2016 and 2017.  During their review, they identified specific payroll discrepancies associated with former staff of the Archdiocese. “This discovery” stated His Grace, Bishop Andonios, Chancellor of the Archdiocese, “led the Archdiocese to immediately undertake a…

Source: Pappas Post written by Gregory Pappas Jerry Dimitriou, the former head of administration at the Greek Orthodox Archdiocese of America who resigned from his post when news of the financial crisis emerged, has finally broken his silence. Dimitriou, who has worked for numerous Archbishops of America, resigned from his position, after numerous reports circulated about the dire state of financial affairs. Both inside the Archdiocese and in the media, blame was deflected from Archbishop Demetrios and placed on Dimitriou. In a surprising move, the Archbishop himself claimed complete ignorance to what was happening with Archdiocese finances, stating in a letter…

Source: The National Herald By Theodoros Kalmoukos NEW YORK – Bishop Andonios of Phasiane, Chancellor of the Greek Orthodox Archdiocese of America sent a copy of The Grant Thornton Report to the members of the Archdiocesan Council. In a cover letter, Bishop Andonios wrote that “in furtherance of our objectives, through the generosity of a private donor at a cost of $150,000, the Archdiocese retained Grant Thornton to conduct a thorough, independent review and analysis of the operations of the Archdiocese finance function (the “Operational Review”). On December 1, 2017, after six months of work, Grant Thornton provided the Archdiocese…

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