Greek Orthodox Archdiocese of America Inc

Financial Update

Clergy Laity Congress

Metropolis of BostonOctober 5, 2013

Jerry Dimitriou / George PapadakosGreek Orthodox Archdiocese of America Inc.

National Ministry Commitment• National Ministry Commitment Allocation for 2012 was

$18,586,908.• National Ministry Allocation Collected for 2012 was

$18,623,070.• Collection over National Ministries Commitment $36,162.• 100% collection as of 12/31/2012. The Direct Archdiocesan

District and Five out of the Eight Metropolis’s came in at or over 100%

• Archdiocesan District and Metropolis collection percentage for the year ended December 31, 2012 was:

• Archdiocesan District 101%• Metropolis of New Jersey 101%• Metropolis of Chicago 103%• Metropolis of Boston 105%• Metropolis of San Francisco 93% • Metropolis of Atlanta 106% • Metropolis of Pittsburgh 93%• Metropolis of Detroit 107%• Metropolis of Denver 93%

National Ministry Commitment• Current and Prior years National Ministries

Commitment collection percentages as of December 31, were:

• 2012 100% (6) D.A.D and 5 Metropolis’s at 100% and over)

• 2011 98% (6) D.A.D and 5 Metropolis’s at 100% and over)

• 2010 96% (4 Metropolis’s at 100% and over)• 2009 95% (3 Metropolis’s at 100% and over)• 2008 95% (1 Metropolis at 100% and over)• 2007 94% (1 Metropolis at 100% and over)• 2006 92% (1 Metropolis at 100% and over)

Prior to 2006 only one Metropolis came in at 100%

Financial ResultsYear Ending December 31,

2012• Operating Revenue and Support

– 2012 Total National Ministries Commitment Collections ($18,623,070) represent an increase of $845,791 in comparison to 2011 ($17,777,279).

– 2012 Total National Ministries Commitment Collections ($18,623,070) over the budgeted amount ($18,298,800) by $342,270.

– As of December 31st 2012, $1,501,180 of Allocated National Ministries Commitments remain uncollected. As of May 7, 2013, $766,901 of prior balances have been collected.

– 2012 Unrestricted Contributions of $2.130 Million is over budget expectations by approx. $1.130 Million ~ Includes $1.5 Million special contribution.

– Increase of approx. $35,260 in Ionian Village Revenue in 2012 in comparison to 2011.

– Total Revenue in 2012 decreased by approx. $1.363 million in comparison to 2011.

Financial ResultsYear Ending December 31,

2012• Operating Expenses– Operating Expenses increased by $1,034,317 compared to 2011.

This is because of Clergy Laity Congress in 2012, increase to our obligation to Hellenic College, certain improvements made to Ionian Village, and Metropolis Bonus increases.

– Annualized operating expenses are staying flat from year to year:– 2008 w/o Legal $22,512,377– 2009 $22,232,868– 2010 $22,969,861– 2011 $23,302,549– 2012 $24,336,866– Ionian Village Expenses increased in 2012 by $278,538 in

comparison to 2011. – Metropolis’s Bonus Payouts were $501,671 for 2012 and $453,460

for 2011

Debt and Payable Summary

• Our annual obligation to Hellenic College / Holy Cross of $1.5 Million has been paid in full as of 12/31/2012.

• Our annual obligation to The Ecumenical Patriarchate of $1 Million has been paid in full as of 12/31/2012.

• All Prior years Legal expenses and Legal settlements have been paid in full. No Legal settlements for the year 2012, and as of now nothing is pending.

• As of December 31, 2012 payables of $1.227 Million still remain unpaid.

• As of December 31, 2012 $1.801, Million still remains on Credit Line from Town of Westfield Bank. We are reimbursed the interest expense portion of this line of credit by an generous individual donor.

2006 2007 2008 2009 2010 2011 2012

Income $ 19,678,866 $24,337,745 $ 23,543,549 $ 23,758,604 $23,532,925 $25,539,848 $24,177,246

Expenses 20,337,581 21,305,019 26,476,462 22,232,868 22,969,861 23,302,549 24,336,866

Operating Surplus

/ (Deficit) $(658,715) $3,032,726 $(2,932,913) $1,525,736 $563,064 $2,237,299 $(159,620)

Accounts Payable / Debt/

Pension Liability $14,518,036 $8,445,985 $8,722,845 $6,023,508 $5,238,462 $4,338,539 $4,825,540

7 Year Financial Summary

December 31, 2006 to 2012

2007 – Individual Donors donated 3.0 Million, to help pay for some legal settlements that were settled at the end of the year 2007 (Nov, Dec). For payments in 2008.2008 _ Expenses - Approx 3.96 Million in expenses were for Legal / legal Settlements2011 – Received a legal settlement of 864 thousand and a bequest of 900 thousand

2006 2007 2008 2009 2010 2011 2012

($3,000,000)

($1,000,000)

$1,000,000

$3,000,000

$5,000,000

$7,000,000

$9,000,000

$11,000,000

$13,000,000

$15,000,000

$17,000,000

$19,000,000

$21,000,000

$23,000,000

$25,000,000

$27,000,000

$3,300,866

$6,074,245

$4,010,049 $4,632,957 $3,556,228

$2,648,195

$1,069,727

$19,678,866

$24,337,745 $23,543,549 $23,758,604 $23,532,925

$25,539,848

$24,177,246

$16,378,000

$18,263,500 $19,533,500

$19,125,647 $19,976,697

$22,891,653 $23,107,519

Income Summary7 Year Comparison - Actual to Budget

Income Budget (Shortfall) / Excess Income Income Budget

2006 2007 2008 2009 2010 2011 2012

$(3,000,000)

$(1,000,000)

$1,000,000

$3,000,000

$5,000,000

$7,000,000

$9,000,000

$11,000,000

$13,000,000

$15,000,000

$17,000,000

$19,000,000

$21,000,000

$23,000,000

$25,000,000

$27,000,000

$29,000,000

$4,071,606 $3,182,729

$7,010,148

$3,107,221 $2,993,164 $1,231,912 $1,231,723

$20,337,581

$21,305,019

$26,476,462

$22,232,868

$22,969,861

$23,302,549 $24,336,866

$16,265,975

$18,122,290 $19,466,314 $19,125,647

$19,976,697

$22,070,637 $23,105,143

Expense Summary5 Year Comparison - Actual to Budget

Expense Budget (Over) / Under Expense Expense Budget

Comparison of Revenue to Expenses

For the year December 2006 to 2012

2006 2007 2008 2009 2010 2011 2012 -

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

19,678,866

24,337,745

23,543,549

23,758,604 23,532,925

25,539,848

24,177,246

20,337,581

21,305,019

26,476,462

22,232,868 22,969,861

23,302,549 24,336,866

Operating Revenue Operating Expenses

Comparison of Revenue to Expenses

For the year December 2006 to 2012

2006 2007 2008 2009 2010 2011 2012 -

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

19,678,866 21,337,745

23,543,549

23,758,604 23,532,925 23,775,848 24,177,246

20,337,581

21,305,019

22,516,462

22,232,868 22,969,861

23,302,549 24,336,866

Operating Revenue Operating Expenses

2006 2007 2008 2009 2010 2011 2012

($3,500,000)

($1,500,000)

$500,000

$2,500,000

$4,500,000

$6,500,000

$8,500,000

$10,500,000

$12,500,000

$14,500,000

$16,500,000

$18,500,000

$20,500,000

$22,500,000

$24,500,000

$26,500,000

$28,500,000

($658,715)

$3,032,726

($2,932,913)

$1,525,736 $563,064

$2,237,299

($159,620)

$19,678,866

$24,337,745

$23,543,549

$23,758,604 $23,532,925

$25,539,848

$24,177,246

$20,337,581 $21,305,019

$26,476,462

$22,232,868 $22,969,861

$23,302,549

$24,336,866

Income & Expense Summary7 Year Comparison - Actual & Surplus / (Deficit)

Operating Surplus / (Deficit) Income Expense

Accounts Payable / Debt / LiabilitiesSummary as of December 31,

2006 2007 2008 2009 2010 2011 2012 -

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000 14,518,036

8,445,985

8,722,845

6,023,508 5,238,462

4,338,539

4,825,540

Total Liabilities

Accounts Payable / Debt / LiabilitiesDetailed as of December 31,

2006 2007 2008 2009 2010 2011 2012 -

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

4,676,258

1,974,674 1,974,674 1,955,781

1,916,114 1,871,421 1,801,094

1,576,151

-

350,000 337,500

130,000 - -

1,487,634 1,574,493 1,547,545

1,618,744

1,623,768 1,634,894

1,797,295

6,777,993

4,896,818 4,850,626

2,111,483

1,568,580

832,224

1,227,151

Notes Payable Obilgations-HCHC /EP Pension Liability / Miscellaneous Liabilities

Analysis of Revenue and SupportFor the Year ended December 31, 2012

National Ministry Com-mitment; 18546402; 74%

Holiday Appeals; 136854; 1%

Unrestricted Donations; 3293017; 13%

Ministries, Publication and Registry; 2405177; 10%

Miscellaneous Grants; 636949; 3%

National Ministry Commitment Holiday Appeals Unrestricted Donations Ministries, Publication and Registry Miscellaneous Grants

Analysis of Expenses and Disbursements

For the year ended December 31, 2012

Education; 5389451; 22%

Metropolis Ministries, 5,702,595 , 23%

Orthodoxy of the World, 1,681,744, 7%Communication, 2,583,214 , 11%

Community Services, 2,061,560 , 8%

Administrative, 3,640,868 , 15%

Operational Expendi-tures, 1,999,467 , 8%

Legal / Legal settlements, 358,750 , 1% Miscellaneous Grants Payments; 919217; 4%

Education Metropolis Ministries Orthodoxy of the World Communication Community Services Administrative

Operational Expenditures Legal / Legal settlements Miscellaneous Grants Payments

Education Metropolis Ministries Orthodoxy in the World

Communications Community Services Administrative Offices Operational Expendi-tures/Legal/Grants

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$5,3

89,4

51

$5,7

02,5

95

$1,6

81,7

44

$2,5

83,2

14

$2,0

61,5

60

$3,6

40,8

68

$3,2

77,4

34

$5,0

98,7

62

$4,8

67,3

39

$1,3

96,7

99

$1,9

96,4

96

$1,7

22,8

39

$3,3

08,4

82

$3,6

79,9

20

$5,5

26,4

73

$5,0

56,0

33

$1,4

10,2

71

$2,0

76,3

56

$1,8

40,0

52

$3,4

36,7

41

$3,7

59,2

17

Actual 12/31/2012 Approved Budget 2011 Approved Budget 2012

2012 Actual Expenses2011/ 2012 Approved Budgets

Education Metropolis Ministries Orthodoxy in the World Communications Community Services Administrative Offices Operational /Legal/Grants

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$5,3

89,4

51

$5,7

02,5

95

$1,6

81,7

44

$2,5

83,2

14

$2,0

61,5

60

$3,6

40,8

68

$3,2

77,4

34 $6

,055

,802

$5,9

83,9

68

$1,4

19,0

88

$2,2

47,8

14

$1,5

29,9

51

$3,4

86,5

04

$4,7

95,6

42

$5,3

56,6

18

$6,0

71,0

47

$1,4

25,7

69

$2,2

91,7

71

$1,6

61,5

50 $3,5

56,2

34

$4,1

32,5

55

Actual 12/31/2012 Approved Budget 2013 Approved Budget 2014

2012 Actual Expenses2013 / 2014 Approved Budgets