greek orthodox archdiocese of america inc financial update
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Greek Orthodox Archdiocese of America Inc Financial Update. Clergy Laity Congress Metropolis of Boston October 5, 2013. Jerry Dimitriou / George Papadakos Greek Orthodox Archdiocese of America Inc. National Ministry Commitment. - PowerPoint PPT PresentationTRANSCRIPT
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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.
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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%
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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%
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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.
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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
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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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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