Greek Orthodox Archdioceseof America
Financial Statements

Years Ended December 31, 2022 and 2021

The report accompanying these financial statements was issued by
BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of
BDO International Limited, a UK company limited by guarantee.

Greek Orthodox Archdiocese of America
Financial Statements

Years Ended December 31, 2022 and 2021

Greek Orthodox Archdiocese of America
Contents

3-4

Independent Auditor’s Report
Financial Statements
Statements of Financial Position
as of December 31, 2022 and 2021

5Statement of Activities
for the Year Ended December 31, 2022

6

Statement of Activities
for the Year Ended December 31, 2021

7

Statements of Cash Flowsfor the Years Ended December 31, 2022 and 2021

8

Notes to Financial Statements

9-37

2

Tel: 212-371-4446
Fax: 212-371-9374
www.bdo.com

622 Third Ave, Suite 3100
New York, NY 10017

Independent Auditor’s Report
His Eminence Archbishop Elpidophoros of America
and the Members of the Archdiocesan Council
The Greek Orthodox Archdiocese of America
New York, New York
OpinionWe have audited the financial statements of the Greek Orthodox Archdiocese of America (theArchdiocese), which comprise the statements of financial position as of December 31, 2022 and
2021, and the related statements of activities and cash flows for the years then ended, and therelated notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, thefinancial position of the Archdiocese as of December 31, 2022 and 2021, and the changes in its
net assets and its cash flows for the years then ended, in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America (GAAS). Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the Archdiocese and to meet our other ethical responsibilities, inaccordance with the relevant ethical requirements relating to our audits. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statementsin accordance with accounting principles generally accepted in the United States of America, andfor the design, implementation, and maintenance of internal control relevant to the preparationand fair presentation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there areconditions or events, considered in the aggregate, that raise substantial doubt about theArchdiocese’s ability to continue as a going concern within one year after the date that thefinancial statements are issued or available to be issued.

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part ofthe international BDO network of independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member Firms.

3

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue anauditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but
is not absolute assurance and, therefore, is not a guarantee that an audit conducted in accordancewith GAAS will always detect a material misstatement when it exists. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
In performing an audit in accordance with GAAS, we:•

Exercise professional judgment and maintain professional skepticism throughout theaudit.

•

Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, and design and perform audit procedures responsive tothose risks. Such procedures include examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements.

•

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Archdiocese’s internal control.
Accordingly, no such opinion is expressed.

•

Evaluate the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.

•

Conclude whether, in our judgment, there are conditions or events, considered in theaggregate, that raise substantial doubt about the Archdiocese’s ability to continue as agoing concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among othermatters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

April 28, 2023

4

Greek Orthodox Archdiocese of America
Statements of Financial Position

2021

2022

December 31,
AssetsCash and cash equivalents
Certificates of deposit
Accounts receivable, net
Contributions receivable
Total commitment receivable
Investments, at fair value
Inventory, net
Due from St. Nicholas Greek Orthodox Church andNational Shrine
Due from other related entities
Other receivables and other assets
Fixed assets, net
Beneficial interest in split-interest trusts
Investments held for others$

Total Assets$

44,642,770$

45,683,186$

928,397229,164
513,327
5,133,795
6,197,321
3,116,241$940,912
170,520
909,831
4,953,249
4,531,134
3,942,833

4,273,231
3,250,000
76,5683,044,750
617,110
20,149,652
247,336$

14,426,937
125,227
2,227,719
761,862
14,142,813
288,3932,963,896
349,161
790,630
4,957,633
706,082
3,942,833

2,963,896
815,555
630,758
4,910,863
546,810
3,116,241

Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses
Deferred revenue
Total commitment sharing payable
Long-term debt, net
Other postretirement benefits obligations
Liability for funds held for others

16,118,245

15,448,479

Net Assets
Without donor restrictions
With donor restrictions

7,053,421
21,471,104

6,230,752
24,003,955

Total Net Assets

28,524,525

30,234,707

Total Liabilities
Commitments and Contingencies

Total Liabilities and Net Assets$

44,642,770$

45,683,186

See accompanying notes to financial statements.

5

Greek Orthodox Archdiocese of America
Statement of Activities

Year ended December 31, 2022
Without
Donor
Restrictions
Revenues and Other Support
Total commitment
Contributions and grants
Leadership 100 grants
Clergy-Laity Congress and Centennial Celebrations:Contributions and grants
Registration and exhibit fees
Program revenue
Investment income (loss), net
Change in fair value of beneficial interest in
split-interest trusts
Other income
Net assets released from restrictions$

23,892,566
872,080-

With Donor
Restrictions$

3,419,595
3,959,500

Total$

23,892,566
4,291,675
3,959,500

686,5022,433,004
116,594

2,061,792(1,810,969)

2,061,792
686,5022,433,004(1,694,375)

177,566
10,003,497(159,272)(10,003,497)(159,272)
177,566-

38,181,809(2,532,851)

35,648,958

10,444,326
6,970,559-

10,444,326
6,970,559

2,730,895
1,725,918-

2,730,895
1,725,918

2,085,826
1,443,305
660,019872,368
300,000-

2,085,826
1,443,305
660,019872,368
300,000

27,233,216-

27,233,216

10,125,924-

10,125,924

Total Supporting Services

10,125,924-

10,125,924

Total Expenses

37,359,140-

37,359,140

822,669(2,532,851)(1,710,182)

6,230,752

24,003,955

30,234,707

Total Revenues and Other Support
Expenses
Program services:
Education (including grants of $6,000,000 toHellenic College)
Metropolis Ministries
Orthodoxy in the World (including a grant of$1,510,000 to Ecumenical Patriarchate andexpenses of $65,690 for the Patriarchal Visit)
Communications
Community (including grants to St. Michael’s
Home, Inc. of $500,000)
Clergy-Laity Congress
Centennial Celebrations
Greek fires relief
Ukraine humanitarian relief
Total Program Services
Supporting services:
General and administrative

Changes in Net Assets
Net Assets, beginning of year
Net Assets, end of year$

7,053,421$

21,471,104$

28,524,525

See accompanying notes to financial statements.

6

Greek Orthodox Archdiocese of America
Statement of Activities

Year ended December 31, 2021
Without
Donor
Restrictions
Revenues and Other Support
Total commitment
Contributions and grants (including $1,098,366
restricted for Patriarchal Visit)
Bequests
In-kind contributions
Leadership 100 grants
Program revenue
Investment income, net
Change in fair value of beneficial interest in
split-interest trusts
Other income
Net assets released from restrictions$

22,943,787

With Donor
Restrictions
$

-

Total
$

22,943,787

335,190940,000
12,907
811,679
40,177

5,732,910
5,870,591
1,927,100
1,576,926

6,068,100
6,810,591
12,907
1,927,100
811,679
1,617,103

476,545
7,743,190

43,279(7,743,190)

43,279476,545-

33,303,475

7,407,616

40,711,091

6,738,343
6,638,414-

6,738,343
6,638,414

3,253,358
1,527,065-

3,253,358
1,527,065

4,744,202
240,000
159-

4,744,202
240,000
159

23,141,541-

23,141,541

9,614,294-

9,614,294

Total Supporting Services

9,614,294-

9,614,294

Total Expenses

32,755,835-

32,755,835

547,640

7,407,616

7,955,256

Government Grant, Net

1,419,993-

1,419,993

Changes in Net Assets

1,967,633

7,407,616

9,375,249

Net Assets, beginning of year

4,263,119

16,596,339

20,859,458

Total Revenues and Other Support
Expenses
Program services:
Education (including grants of $3,500,000 toHellenic College)
Metropolis Ministries
Orthodoxy in the World (including grants of$1,506,000 to Ecumenical Patriarchate andexpenses of $742,139 for the Patriarchal Visit)
Communications
Community (including grants to St. Michael’s
Home, Inc. of $2,150,000)
Greek fires relief
Other disaster relief
Total Program Services
Supporting services:
General and administrative

Changes in Net Assets, before government grant, net

Net Assets, end of year$

6,230,752$

24,003,955$

30,234,707

See accompanying notes to financial statements.

7

Greek Orthodox Archdiocese of America
Statements of Cash Flows

2021

2022

Year ended December 31,
Cash Flows from Operating Activities
Changes in net assets
Adjustments to reconcile changes in net assets
to net cash provided by operating activities:
Depreciation
Amortization of financing costs
Net change in fair value of investments
Loss on disposition of fixed assets
Change in fair value of beneficial interest in
split-interest trusts
Changes in assets and liabilities:
Accounts receivable, net
Contributions receivable
Inventory, net
Due from other related entities
Other receivables and other assets
Total commitment receivable and sharing
payable, net
Accounts payable and accrued expenses
Deferred revenue
Pension and other accrued postretirement benefits
obligations(1,710,182) $9,375,249

291,183
38,694
1,917,179-

262,725
41,636(1,377,722)
22,000159,272(43,279)

48,659(817,031)
41,057(466,394)
159,872(51,520)(1,026,955)
95,660(176,582)(344,915)(251,752)(12,515)
58,644

1,478,203
97,247(10,200)

1,666,187

2,153,571

1,122,873

10,495,118

Cash Flows from Investing Activities
Additions to certificates of deposit
Purchases of investments
Proceeds from sales of investments
Purchases of fixed assets, net(3,250,000)(32,104,394)
24,180,376(244,413)(15,673,292)
15,166,875(233,025)

Net Cash Used in Investing Activities(11,418,431)(739,442)

Cash Flows from Financing Activities
Proceeds from loans
Payments on loans

350,000(208,148)(196,786)

Net Cash Provided by (Used in) Financing Activities

141,852(196,786)

Net (Decrease) Increase in Cash and Cash Equivalents(10,153,706)

9,558,890

Cash and Cash Equivalents, beginning of year

14,426,937

4,868,047$

Net Cash Provided by Operating Activities

Cash and Cash Equivalents, end of year$

4,273,231$

14,426,937

Additional Cash Flow Information
Interest paid$

196,668$

214,133

See accompanying notes to financial statements.

8

Greek Orthodox Archdiocese of America
Notes to Financial Statements

1. Organization and Nature of Activities
The Greek Orthodox Archdiocese of America (the Archdiocese) is the administrative body of the
Greek Orthodox Church in America (the Church). The Archdiocese receives significant funding fromits parishes located throughout the United States.
The Archdiocese is exempt from federal income taxes under Section 501(c)(3) of the Internal
Revenue Code (IRC) and similar state and local provisions. Therefore, no provision for income taxes
has been made in the accompanying financial statements. In addition, the Archdiocese has been
determined not to be a private foundation within the meaning of Section 509(a) of the IRC.
The Archdiocese is related to a number of other entities by virtue of its charter with the Ecumenical
Patriarchate, and by certain common board membership. The accompanying financial statements
do not include the financial position, changes in net assets, and cash flows of the following affiliatedorganizations:•

Holy Metropolises of Atlanta; Boston; Chicago; Denver; Detroit; New Jersey; Pittsburgh; andSan Francisco and the Direct Archdiocesan District (combined, these are referred to as theMetropolises).

•Hellenic College, Inc. (Hellenic College)•

Greek Orthodox Archdiocesan Cathedral of the Holy Trinity•

Saint Basil Academy•

Greek Orthodox Ladies Philoptochos Society, Inc.

•

St. Michael’s Home, Inc.

•

Order of Saint Andrew the Apostle/Archons of the Ecumenical Patriarchate•

The Ecumenical Patriarch Bartholomew Foundation•

Archdiocesan Presbyters Council•

The Archbishop Iakovos Leadership 100 Endowment Fund, Inc. (Leadership 100)•

St. Nicholas Greek Orthodox Church and National Shrine (St. Nicholas)•

Friends of St. Nicholas, Inc.

•

St. Photios Greek Orthodox National Shrine•

National Sisterhood of Presvyteres•

National Forum of Greek Orthodox Musicians•

Greek Orthodox Military and Institutional Chaplains•

Retired Clergy Association

9

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Program Services
The total commitment received from parishes and the grants and contributions from donors enable
the Archdiocese to operate various programs, primarily in the following areas:
Education – The Archdiocese promotes and supports programs that enhance religious and Greek
education, youth and young adult ministries, and the summer camp experience at its Ionian Village
in Greece. Religious education includes the production of content in an array of themes related to
the Church and its ministry, as well as the Sunday School program. Greek education supports the
production of resources for Greek schools and families around the country. The youth and young
adult ministries are focused on helping the younger members of the Church to feel spirituallyconnected to the Church through various programs, such as Effective Christian Ministry curricula
training, development of camp curricula, educational online video series, and youth retreats atparishes throughout the Archdiocese. The Ionian Village summer camp brings together Americanhigh school students abroad for an exciting religious, cultural, and educational experience withpeers. Youth retreat programs are also run by the Ionian Village during other times of the year.
Direct grants to Hellenic College are also included in this program and are further discussed in
Note 13.
Metropolis Ministries – A portion of the total commitment supports each Metropolis by funding
certain Metropolis clergy and administrative staff salaries and benefits, insurance, and otherexpenses of the Metropolis. In addition, under a revenue-sharing formula, the Archdiocese remits
to each Metropolis a portion of the total commitment revenue after deducting the respective
Metropolis expenses funded by the Archdiocese.
During 2021, the Archdiocese included the government grants received (see Contributions andGrants in Note 2 for the revenue-sharing formula). The commitment-sharing payable of $909,831 at
December 31, 2021 included $473,331 of the 2021 government grant of $1,893,324. This amount
was presented as a deduction from government grant revenue in the accompanying statement ofactivities for the year ended December 31, 2021. There were no government grants in 2022.
Orthodoxy in the World – In conjunction with the Ecumenical Patriarchate, the Archdiocese, throughits relevant departments and personnel, maintains, and coordinates relationships with other
Orthodox jurisdictions in America, Christian denominations and inter-Christian organizations, otherfaiths and interfaith groups, and global affairs, especially the United Nations. Expenses include
department personnel costs and Metropolitan travel to synods at the Ecumenical Patriarchate andspecial events. Direct grants to the Ecumenical Patriarchate are also included in this program andare further discussed in Note 13.
The Archdiocese celebrated the visit to the United States of His All-Holiness Ecumenical Patriarch
Bartholomew in 2021 (the Patriarchal Visit).

10

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Total contributions and grants received and expenses incurred related to the Patriarchal Visit follow:
Cumulative
Amounts as ofDecember 31,
2021
Contributions and Grants$

1,373,366

ExpensesProfessional fees and other outside services
Scholarships, grants, and other assistanceTransportation, travel, meals, and related
expenses
Facilities expense
Books, videos, and other educational andreligious materials
Postage and delivery services
Dues, fees, and subscriptions
Equipment and supplies

Cumulative
Amounts as ofDecember 31,
2022

Year Ended
December 31,
2022
$

-

$

1,373,366

94,769193,883

18,35994,769212,242

397,354
14,92337,356-434,710
14,92341,3592,711
12756,276

9,975-

51,3342,711
127
56,276

Total Expenses

801,40265,690867,092

Excess of Contributions and Grants Over
Expenses

571,964(65,690)506,274-(100,000)(214,976)(100,000)(214,976)-(314,976)(314,976)

Less: amounts allocated to support charitable
activities of Ecumenical Patriarchate:
Ukraine humanitarian relief
Other charitable and community services

Unexpended Contributions and Grants$

571,964$(380,666)$

191,298

Communications – The Archdiocese maintains resources that promote communication of current
events within the Archdiocese. The communications office issues press releases and special
announcements, produces and broadcasts special events, and monitors and oversees all social media
activities. The Internet Ministries department ensures that current, accurate, and relevantmaterials are circulated online. The Internet Ministries department also maintains the websites of
the Archdiocese, the Ecumenical Patriarchate, and a number of organizations or groups related to
the Church. Services, such as website maintenance, bulletin builder, and live streaming may beprovided for a fee to parishes within and outside the jurisdiction of the Archdiocese.
Community – The Archdiocese’s community activities comprise a wide-range of functions anddepartments, including registry, public relations, archives, philanthropy, and family care. Registry
maintains sacramental records (baptism, marriage, divorce, death, etc.) of individuals within theArchdiocese. The public relations department promotes the presence of the Archdiocese in the
public sphere, especially in governmental and global relations, as well as coordinates certain affairsof the Ecumenical Patriarchate. The archives department catalogs the historical record of theArchdiocese and major events of the Church. Philanthropy provides financial and medical assistanceto retired clergy, widowed presbyters, and those in severe need. It also maintains scholarship funds
offered by donors. Grants to support the construction of the expanded St. Michael’s Home, Inc. arealso included in this program, as further discussed in Note 13.
11

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Clergy-Laity Congress – The Clergy-Laity Congress, the legislative body of the Archdiocese, isconvened biennially and presided over by the Archbishop. It is concerned with all matters, otherthan doctrinal or canonical, affecting the life, growth, and unity of the Church, the institutions,finances, administration, and educational and philanthropic concerns. The annual total commitment
revenue goal for the Archdiocese is determined during the Clergy-Laity Congress. The delegates to
the Clergy-Laity Congress are pastors and elected lay representatives. The 2022 Clergy-Laity
Congress was hosted by the Archdiocese in New York City, New York from July 3 to July 7, 2022.
Centennial Celebration of the Greek Orthodox Archdiocese of America (the Centennial
Celebration) - Over the course of 2022 and continuing into 2023, the Archdiocese celebrates its 100year anniversary, both in online media and in-person activities. The highlights of the Centennial
Celebration in 2022 took place at the Clergy-Laity Congress in New York City and featured ahistorical exhibit, a grand banquet, and, most especially, the consecration of St. Nicholas at theWorld Trade Center. Other cultural events, including a traveling exhibit, and the issuance of acommemorative journal and publications, are planned for 2023.
The revenue and expenses of the 2022 Clergy-Laity Congress and the Centennial Celebration throughDecember 31, 2022 were as follows:
Revenues and Other Support
Contributions and grants, including sponsorships and journal advertising
Registration and exhibit fees
Other sources$

2,061,792
686,50275,9492,824,243

Total Revenues and Other Support
Expenses
Clergy-Laity Congress:
Professional fees and other outside services
Scholarships, grants, and other assistanceTransportation, travel, meals, lodging, and related expenses (including
hotel contractual obligation of $150,000)
Print, digital, and video production
Membership and fees
Equipment and supplies
Other expenses

251,849
58,458
737,381240,024
83,38753,70818,4981,443,305

Total Clergy-Laity Congress Expenses
Centennial Celebrations:
Professional fees and other outside services
Scholarships, grants, and other assistance
Print, digital, and video production
Equipment and supplies
Other expenses

31,814
74,182544,793
7,377
1,853

Total Centennial Celebrations Expenses

660,019
2,103,324

Total Expenses
Restricted for Continuing Centennial Celebrations Activities and Events(Note 10)12$

720,919

Greek Orthodox Archdiocese of America
Notes to Financial Statements

As of April 28, 2023, the costs of commemorative journals to be distributed to benefactors, video
and print production, transportation, and storage of the traveling exhibit and other cultural events
to be held during 2023 totaled approximately $250,000. Contributions associated with thecommemorative journal will be released from restriction once the journal is produced anddistributed.
Disaster Relief – The Archdiocese participates in relief efforts in the event of major fire, global
conflicts, and natural disasters, primarily through solicitation of contributions from parishioners andother donors and distribution of aid to those in need of assistance in the affected areas. During2021, the Archdiocese launched a relief program to provide support to families and organizations
affected by multiple wildfires in Greece during the summer of 2021. Amounts raised during 2022
and 2021 totaled $8,159 and $1,134,332, respectively. Greek fire relief assistance expense totaled$872,368 and $240,000 in 2022 and 2021, respectively.
In response to the tragic humanitarian crisis in Ukraine that began in 2022, and the immediate aid
needed there, the Archdiocese commenced major fundraising efforts to help those most affectedby the crisis. Together with unexpended restricted funds available for this cause, the Archdiocese
has raised a total for $685,173 during 2022. Of this amount, the Archdiocese has to date contributed
a total of $300,000 towards the Ukrainian relief efforts in 2022. The remaining $385,173 and any
funds raised in the future will be dedicated towards this cause and included within with donor
restricted net assets (see Note 10).

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America (U.S. GAAP) using the accrual basis ofaccounting.
Classifications of Net Assets
The classification of a not-for-profit organization’s net assets and its support, revenue, and expenses
is based on the existence or absence of donor-imposed restrictions. It requires that the amounts foreach of the two classes of net assets—with donor restrictions and without donor restrictions—bedisplayed in a statement of financial position and that the amount of change in each of those classesof net assets be displayed in a statement of activities.
These classes are defined as follows:
Without Donor Restrictions – This class consists of net assets that are not subject to donor-imposed
stipulations and that may be expended for any purpose in performing the primary objectives of theArchdiocese. Included within net assets without donor restrictions is a board-designated fund, theCathedral Fund, that was designated by Archbishop Iakovos, to be used, upon approval, for the
benefit of the Greek Orthodox Archdiocesan Cathedral of the Holy Trinity and Cathedral-related
projects. As of December 31, 2022 and 2021, the Cathedral Fund had balances of $439,790 and$434,550, respectively, which are included in investments in the accompanying statements offinancial position.

13

Greek Orthodox Archdiocese of America
Notes to Financial Statements

With Donor Restrictions – This class consists of net assets resulting from contributions and otherinflows of assets whose use by the Archdiocese is limited by donor-imposed stipulations that either
expire by the passage of time or can be fulfilled and removed by the actions of the Archdiocese
pursuant to those stipulations. When such stipulations end or are fulfilled, such net assets arereclassified to net assets without donor restrictions and reported as net assets released fromrestrictions in the statements of activities.
Included within net assets with donor restrictions is a Board-designated Endowment Fund for Greek
Education established in 2021 by the Archdiocese in the amount of $1,000,000 to be administeredin conjunction with the High Council for Greek Education. The Archdiocese funded this endowmentfrom a portion of the proceeds of one of the bequests it received during the year restricted for use
by the schools of the Archdiocese.
Net assets with donor restrictions also include net assets resulting from contributions whereby theprincipal has been stipulated by the donor to be held and invested in perpetuity and the income
used in accordance with the donor’s stipulations, if any.
Cash and Cash Equivalents
For the purposes of the statements of cash flows, the Archdiocese considers all highly liquid
instruments purchased with a maturity of three months or less to be cash equivalents, except for
those cash equivalents that are included in the Archdiocese’s investment portfolio, which are held
for long-term purposes.
Certificates of Deposit
Certificates of deposit (CDs) are held with a local financial institution (the Bank). Each of the CDs
has a term of six months from the date of deposit and automatically renews for six-month periods
unless a different renewal period is designated. The CDs earn interest at 4.40% a year, compoundeddaily and credited monthly, and may be withdrawn during the respective term of the CDs.
Withdrawal of deposit prior to maturity of the CD is subject to a penalty equivalent to 90 days’interest. The CDs are reported at cost, which approximates fair value.
Investments, at Fair Value
Investments in money market funds, mutual funds, and equity securities are reported at fair value
based on published unit values or quoted market prices in active markets as of the reporting date.
Investments in debt securities are measured using quoted market prices where available. If quoted
market prices for debt securities are not available, the fair value is determined using an income
approach valuation technique that considers, among other things, rates currently observed inpublicly traded markets for debt with similar terms to companies with comparable credit risk, theissuer’s credit spread, and illiquidity by sector and maturity. All investments are managed by outside
investment advisors subject to the review, approval, and control by the Archdiocese. Suchvaluations involve assumptions and methods that are reviewed by the Archdiocese.
Purchases and sales of securities are reflected on a trade-date basis. Gains and losses on sales of
securities are determined based on average cost and are recorded in the statements of activities in
the period in which the securities are sold. Dividends and interest are recognized as earned.
Contributed investments are valued at their fair market value on the date received.
14

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Investment securities, in general, are exposed to various risks, such as interest rate, credit, andoverall market volatility. Due to the level of risk associated with certain investment securities, it isreasonably possible that changes in the values of investment securities will occur in the near termand such changes could materially affect the amounts reported in the accompanying financial
statements.
Fair Value Measurements
Professional standards establish a framework for measuring fair value and expand the disclosuresabout fair value measurements. U.S. GAAP defines fair value as the price that would be received tosell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date in a principal or most advantageous market. Fair value is a market-based
measurement that is determined based on inputs, which refer broadly to assumptions that market
participants use in pricing assets or liabilities. These inputs can be readily observable, market
corroborated, or unobservable. U.S. GAAP established a fair value hierarchy, which prioritizes the
inputs to valuation techniques used to measure fair value in three broad levels. The standard
requires that assets and liabilities be classified in their entirety based on the level of input that issignificant to the fair value measurement. Assessing the significance of a particular input may
require judgment considering factors specific to the asset or liability and may affect the valuationof the asset or liability and their placement within the fair value hierarchy. The Archdioceseclassifies fair value balances based on the fair value hierarchy defined by U.S. GAAP, as follows:
Level 1 – This level consists of quoted prices that are available in active markets for identical assets
or liabilities as of the measurement date.
Level 2 – This level consists of pricing inputs other than quoted prices in active markets, which areeither directly or indirectly observable as of the measurement date. The nature of these securities
includes investments for which quoted prices are available but traded less frequently andinvestments that are fair valued using other securities, the parameters of which can be directly
observed. Bonds securities are priced by the Archdiocese’s custodian using nationally recognizedpricing services. Bond securities generally do not trade on a daily basis. For these securities, thepricing services prepare estimates of fair value measurements using their proprietary pricing
applications, which include available relevant market information, benchmark curves,
benchmarking of similar securities, sector groupings, and matrix pricing. These investments areclassified as Level 2.
Level 3 – This level consists of securities that have little to no pricing observability as of themeasurement date. These securities are measured using management’s best estimate of fair value,
where the inputs into the determination of fair value are not observable and require significant
management judgment or estimation. Also included in Level 3 are investments measured using a
net asset value (NAV) per share, or its equivalent, that can never be redeemed at NAV at thestatement of financial position date or in the near term or for which redemption at NAV is uncertain
due to lockup periods or other investment restrictions.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any
input that is significant to the fair value measurement. However, the determination of what
constitutes “observable” requires significant judgment by the Archdiocese. The Archdiocese
considers observable data to be that market data that is readily available, regularly distributed or
updated, reliable and verifiable, not proprietary, and provided by independent sources that are
actively involved in the relevant market. The categorization of a financial instrument within the15

Greek Orthodox Archdiocese of America
Notes to Financial Statements

hierarchy is based upon the pricing transparency of the instrument and does not necessarily
correspond to the Archdiocese’s perceived risk of that instrument.
Risks and Uncertainties
The Archdiocese’s investments consist of a variety of investment securities and investment funds.
Investments in general are exposed to various risks, such as interest rate, credit, and overall market
volatility risk. Due to the level of risk associated with certain investments, it is reasonably possiblethat changes in the value of the Archdiocese’s investments will occur in the near term and that suchchanges could materially affect the amounts reported in the accompanying financial statements.
Inventory
Inventory is valued at the lower of cost or market. Such inventory consists primarily of religious
books, publications, and other program-related literature and materials. No provision for slowmoving inventory was required for the years ended December 31, 2022 and 2021. Inventory writeoffs totaled $32,585 and $211,551 during 2022 and 2021, respectively. As of December 31, 2022 and
2021, the reserve for slow-moving inventory amounted to $80,864 and $113,449, respectively, which
is presented as a deduction from inventories in the accompanying statements of financial position.
Receivables
Management maintains an allowance for estimated losses that may arise from the inability ofcustomers and other debtors to pay their obligations to the Archdiocese. The allowance is set at alevel based on the consideration of the type of receivable, responsible party, the known financial
condition of the respective party, historical collection patterns, and comparative aging. The
estimates are reviewed periodically and, if the financial condition of a party changes significantly,
management will evaluate the recoverability of any receivables from that organization and write
off any amounts that are no longer considered to be recoverable. Any payments subsequently
collected on such receivables are recorded as income in the period received.
Accounts receivable written off during 2022 totaled $57,936 and no allowance was required as ofDecember 31, 2022. There were no write-offs during 2021. The allowance for doubtful accounts at
December 31, 2021 amounted to $38,000.
Fixed Assets, Net
Land, buildings, building improvements, and equipment are recorded at cost or, if donated, at fairmarket value at the date of the gift, less accumulated depreciation. The Archdiocese maintains acapitalization threshold of $3,500 for each land, buildings, and equipment item with a useful life of
more than one year. Depreciation is calculated on a straight-line basis.
The estimated useful lives of the assets are as follows:
Asset Category

Years

Building and improvements
Furniture, fixtures, and equipment
Website development cost
Fine arts

40
3 to 105316

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Impairment of Fixed Assets
The Archdiocese reviews fixed assets for impairment whenever events or changes in businesscircumstances indicate that the carrying amount of an asset may not be fully recoverable. An
impairment loss would be recognized when the future cash flows from the use of the asset are lessthan the carrying amount of that asset. As of December 31, 2022 and 2021, there were no suchlosses.
Due to/from Other Related Entities
Amounts due to/from other related entities represent amounts owed to and/or expenses paid on
behalf of Archdiocesan affiliates.
Beneficial Interest in Split-Interest Trusts Held by Others
The Archdiocese is the beneficiary of perpetual trusts whereby the donors contributed assets tothird-party trustees. The trustees distribute investment income annually to the Archdiocese and theother named beneficiaries in the percentages specified in the trust documents. These distributions
are reported as an increase in net assets in the statements of activities based on the existence orabsence of donor-imposed restrictions.
The Archdiocese values the trusts at their fair values, which are represented by the percentage
ownership of the assets in the trusts. Changes in the fair value of the trusts’ assets are reported in
the statements of activities within net assets with donor restrictions.
Funds Held for Others
The Archdiocese holds funds, consisting of cash and investments, on behalf of other parties. As thesefunds can be used or directed by the Archdiocese only in accordance with the other parties’
direction, a liability for funds held for others is recorded. The assets and the related liabilities arestated at fair value in the accompanying statements of financial position. Additions, disbursements,
investment income, and any unrealized gain or loss on the investments are recognized as increases
or decreases in assets and liability and are not reported in the accompanying statements ofactivities.
Total Commitment
Total commitment represents the annual financial assessment to every parish in the Archdiocese tohelp support the mission of the Church. The unpaid total commitment at the end of the year isrecorded as a receivable, net of an allowance for doubtful accounts, if required.
The total commitment is determined at the biennial Clergy-Laity Congress, which amounted toapproximately $23,680,000 and $23,100,000 for 2023 and 2022, respectively.
Contributions and Grants
The Archdiocese records contributions of cash and other assets when an unconditional promise togive such assets is received from a donor. Contributions are recorded at the fair value of the assets
received and are reported as an increase in net assets without donor restrictions unless the use of
the related assets is limited by donor-imposed restrictions.
17

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Contributions not expected to be received within one year are recognized as support with donor
restrictions and are discounted using a risk-adjusted discount rate assigned in the year the pledge
originates.
The Archdiocese reports gifts of property and equipment as unrestricted support unless explicit
donor stipulations specify how the donated assets must be used. Gifts of long-lived assets with
explicit restrictions that specify how the assets are to be used and gifts of cash or other assets thatmust be used to acquire assets are reported as with donor restrictions. Absent explicit donor
stipulations about how long such assets must be maintained, the Archdiocese reports expirations ofdonor restrictions when the donated or acquired long-lived assets are placed in service.
Unconditional bequests (donations received under terms of a will) are reported as revenues when
notification of the bequest is received, the amount is reasonably determinable, and the probate
court declares the will valid.
Donated goods and services used by the Archdiocese are recorded as in-kind contributions at theirestimated fair value at the date of receipt. During 2021, the Archdiocese received, on a pro-bonobasis, legal services with an estimated value of $12,907. This amount is presented in theaccompanying statements of activities as in-kind contribution revenue without donor restrictions
and in-kind program expenses (see in-kind professional services in Note 3). The Archdiocese did notreceive in-kind contributions during 2022.
Contributions that are restricted by donors in perpetuity are recorded as permanently restrictedwithin net assets with donor restrictions. The income is used for operating purposes when
expenditures satisfy the donors’ restrictions, and such amounts are appropriated for expenditure by
the Archdiocese. Income amounts that exceed related expenditures during a fiscal period remain as
net assets with donor restrictions.
Investment return on contributions with donor restrictions is recorded in the net assets without
donor restrictions class unless the investment return is explicitly restricted by the donor to be used
for the same purpose as the contribution.
On January 29, 2021, the Archdiocese obtained a loan in the principal amount of $1,998,000 fromthe Small Business Administration (SBA) pursuant to the provisions of the Economic Aid to Hard-Hit
Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) that was enacted into law on
December 27, 2020. The loan proceeds included $104,676 for two related entities. The Economic
Aid Act adopted the provisions of the Paycheck Protection Program (the PPP) under the Coronavirus
Aid, Relief, and Economic Security Act, primarily with respect to interest rate and loan forgivenessrequirements. The Archdiocese utilized all of the PPP loan proceeds on qualifying payroll costs andmaintained the required level of full-time-equivalent employees, in accordance with the requirements
for loan forgiveness under the PPP. The loan was forgiven by the SBA on December 20, 2021.
The Archdiocese accounted for the loan as a conditional grant and met the conditions for revenue
recognition and was presented as a government grant on the statement of activities for the year
ended December 31, 2021 in the amounts of $1,419,993, net of the amounts for the related entities
and the portions included in the total commitment sharing due to the Metropolises.
Through the year ended December 31, 2021, the Archdiocese received contributions from the capital
campaign launched in priors on behalf of and for the rebuilding of St. Nicholas. These contributions
were accounted for as agency transactions and were remitted to Friends of St. Nicholas, Inc. Any
18

Greek Orthodox Archdiocese of America
Notes to Financial Statements

unremitted funds are reported in the statements of financial position as cash held for St. Nicholas
with a corresponding liability (see Note 7). For the year ended December 31, 2022, no additional
funds were received for Friends of St. Nicholas, Inc.
Revenue Recognition
The Archdiocese recognizes revenue from contracts with customers when control of the promised
goods and services is transferred to outside parties in an amount that reflects the consideration that
the Archdiocese expects to be entitled to in exchange for goods and those services. As required by
U.S. GAAP, the Archdiocese has identified its program revenues, which consist of registration fees,
exhibit fees, sales of religious books, Greek education books, publications, and program-relatedmaterials, to provide an understanding of the nature, amount, timing, and uncertainty of revenue
and cash flows arising from contracts with customers.
The Archdiocese’s revenue from contracts with customers is comprised of the following:
2021

2022

December 31,
Clergy-Laity Congress program revenue:
Registration and exhibitor fees
Program revenue:
Registration fees for Ionian Village summer camp andother programs
Sale of religious books, Greek education books,
publications, and program-related materials
Services$

686,502$-$

1,792,133$

171,218
579,165
61,296602,376
38,495$2,433,004$

811,679

Registration and exhibitor fees are recognized as revenue in the period that the events and related
programs are held and the performance obligations are met. Except during 2021 and 2020, due tothe pandemic, the Ionian Village summer camp and related programs are held annually. IV Next,
which is a smaller program, resumed in 2021.The Clergy-Laity Congress is held every two years.
Revenue from the sales of religious books, Greek education books, publications, and programrelated materials is recognized at the point of sale. Returns and discounts are minimal; accordingly,
these are recognized as reduction from sales at the time the returns or discounts are allowed.
Revenue from services, which consists mainly of hosting and related services by the Archdiocese’s
Internet Ministries, is recognized during the periods the services are performed.
Functional Allocation of Expenses
Costs related to the various programs and activities of the Archdiocese have been summarized on afunctional basis in the accompanying statements of activities and the schedule of functional
expenses in Note 3. These costs can generally be directly identified with the program service towhich they relate and are charged accordingly. Indirect expenses have been allocated amongst the
programs and supporting services benefited on the basis of the number of employees per department
performing more than one function and/or supporting services.
19

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Income Taxes
The Archdiocese follows U.S. GAAP, which requires accounting for uncertainty in tax positions taken
or expected to be taken in a tax return, including issues relating to financial statement recognition
and measurement. U.S. GAAP provides that the tax effects from an uncertain tax position can only
be recognized in the financial statements if the position is more likely than not to be sustained if
the position were to be challenged by a taxing authority. The assessment of the tax position is based
solely on the technical merits of the position, without regard to the likelihood that the tax position
may be challenged.
The Archdiocese is incorporated in the state of New York and is exempt from federal income tax
under IRC section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose,
unless that income is otherwise excluded by the IRC. The Archdiocese has no significant unrelated
income associated with its exempt purpose. The Archdiocese has processes presently in place toensure the maintenance of its tax-exempt status, to identify and report unrelated income, todetermine its filing and tax obligations in jurisdictions for which nexus was established, and to
identify and evaluate other matters that may be considered tax positions. The Archdiocese has
determined that there are no material uncertain tax positions that require recognition or disclosurein the financial statements.
New Accounting Pronouncements Adopted
Not-for-Profit Entities (Topic 958)
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07(the Update) to clarify the presentation and disclosure of contributed nonfinancial assets, including
land, buildings, and other items.
The enhanced presentation and disclosure requirements include the contributed nonfinancial assets
as separately stated as an individual line item in the statements of activities, distinct fromcontributions of cash or other financial assets. The contributed nonfinancial assets are also
disaggregated in a footnote by category that shows the type of contributed nonfinancial assets in thestatements of activities. For each type of contributed nonfinancial assets recognized, a not-for-profit
will disclose the not-for-profit’s policy (if any) on liquidating rather than using contributed
nonfinancial assets; qualitative considerations on whether the contributed nonfinancial assets wereliquidated or used during the reporting period, and, if used, a description of how the asset was
employed should be included; any donor-imposed restrictions related to the contributed nonfinancial
assets; and the valuation methods and inputs utilized to determine a fair value. In accordance with
Topic 820, Fair Value Measurement, it should be measured at initial recognition. The principal or
most advantageous market is utilized to calculate fair value if it is a market in which the not-for-profit
is restricted by the donor from selling or utilizing the contributed nonfinancial assets.
The Update does not change existing recognition and measurement requirements for contributed
nonfinancial assets and is effective for annual reporting periods beginning after June 15, 2021. The
Update did not have a material impact on the Archdiocese’s financial statements.

20

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Concentration of Credit Risk
Financial instruments that potentially subject the Archdiocese to concentrations of credit andmarket risk consist principally of cash and cash equivalents and investments on deposit withfinancial institutions, which, from time to time, may exceed the Federal Deposit Insurance
Corporation limit. Management does not believe that there is a significant risk of loss due to suchconcentration or due to a failure of any of the financial institutions used by the Archdiocese.
Use of Estimates
In preparing financial statements in conformity with U.S. GAAP, management is required to makeestimates and assumptions that affect the reported amounts of assets and liabilities and thedisclosure of contingent assets and liabilities at the date of the financial statements, and revenues
and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications
Certain 2021 balances have been reclassified to conform with the 2022 financial presentation.

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21

Greek Orthodox Archdiocese of America
Notes to Financial Statements

3. Functional Expenses
The expenses of the Archdiocese by function and natural expense classification are presented below:
Year ended December 31, 2022
Supporting
Services

Program Services
Metropolis
Ministries

Education
Salaries, wages, and benefits(excluding contributions to pension plan)
Contributions to pension plan
Bishops’ supplemental retirement benefits
Professional fees and other outside services,
excluding in-kind services
Grants to Ecumenical Patriarchate
Grants to Hellenic College
Grants to St. Michael’s Home, Inc.
Scholarships, grants, and other contributions andassistanceTransportation, travel, meals, and related
expenses
Facilities expense
Insurance
Metropolises’ share of total commitments
Books, videos, and other educational and religious
materials
Postage and delivery services
Dues, fees, and subscriptions
Equipment and supplies
Interest
Other expenses
Total Functional Expenses$

1,087,964
154,938-$

5,385,776
351,995-

Orthodoxyin the World$

558,479
83,493-

Communications$

685,290
120,453-

Clergy-Laity
Congress

Community$

825,588
110,527-$-

Centennial
Celebrations$-

Greek Fires
Relief$-Ukrainian
Humanitarian
Relief
$

-

Total
$

8,543,097
821,406-

General and
Administrative$

Total Programand Supporting
Services

2,928,633
1,183,265
2,167,939$ 11,471,730
2,004,671
2,167,939

468,245
6,000,000
-

2,176
-

200,7101,510,000-

569,053-

111,359
500,000

251,849-

31,814---

1,635,206
1,510,000
6,000,000
500,000

916,790-2,551,996
1,510,000
6,000,000
500,000

595,718

17,546

164,887-

466,058

58,45874,182872,368

300,000

2,549,217

169,947

2,719,164

1,235,615
261,391
62,723-400
812,896
360,796

116,031
5,605-

68,462
7,225-

45,983
8,174-

737,381
600
9,687
-

1,779
-

-

-

2,205,251
283,395
885,306
360,796344,684
588,517
1,034,161-

2,549,935
871,912
1,919,467
360,796

137,034
49,27071,675
191,979
127,774

1,580
1,561
240
(52)
35,64532,796845
46,272
7,513
4,264

195,803
29,344
14,60230,103
5,583

9,080
42
14
3,089
5,912

240,024
7,811
83,38753,708400

544,793
74
7,377
-

-

-

1,161,110
88,947
216,190
293,717
179,578

31,09924,83252,157
382,945
252,104
48,851

1,192,209
113,779
268,347
676,662
252,104
228,429300,000$ 27,233,216$ 10,125,924$ 37,359,140$ 10,444,326$

6,970,559$

2,730,895$

1,725,918$

2,085,826

22$

1,443,305$

660,019$872,368$

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Year ended December 31, 2021
Supporting
Services

Program Services
Metropolis
Ministries

Education
Salaries, wages, and benefits(excluding contributions to pension plan)
Contributions to pension plan
Bishops’ supplemental retirement benefits
Professional fees and other outside services,
excluding in-kind services
In-kind professional services
Grants to Ecumenical Patriarchate
Grants to Hellenic College
Grants to St. Michael’s Home, Inc.
Scholarships, grants, and other contributions and assistanceTransportation, travel, meals, and related expenses
Facilities expense
Insurance
Metropolises’ share of total commitments
Books, videos, and other educational and religious materials
Postage and delivery services
Dues, fees, and subscriptions
Equipment and supplies
Interest
Other expenses
Total Functional Expenses$

1,266,049
127,911-$353,2813,500,000
599,621
197,293
129,827
37,742384,796
37,40324,85840,43039,132$

6,738,343

5,100,913
348,487-

Orthodoxyin the World$

10,22620,0001,170
1,166
815,059
299,141
215
2,281
153
6,470
33,133$

6,638,414

504,668
56,148-Communications$

721,130
99,569-216,338
1,506,000
336,288449,417
21,91470,4801,354
28,61852,751
9,382$

3,253,358

Community$

441,302
5,819
10,530175,867
32,982
15,372
18,335
6,159$

1,527,065

23

Greek Fires
Relief

1,141,512
134,247-$

40,6762,150,000
1,211,258
10,11923,609
6,000
669
1,605
3,203
21,304$4,744,202-

Other Disaster
Relief$240,000$

240,000

-

Total
$

159
$

159

General and
Administrative

8,734,272
766,362-$

1,061,823
1,506,000
3,500,000
2,150,000
2,407,326
663,818
187,046
852,801
299,141
637,358
74,68970,606
121,189
109,110$

23,141,541

2,669,780
861,577
2,503,207

Total Programand Supporting
Services$

1,134,321
12,907
138,806
203,972
575,407568,264
76,461
20,87559,028353,555
255,049
181,085$

9,614,294

11,404,052
1,627,939
2,503,207
2,196,144
12,907
1,506,000
3,500,000
2,150,000
2,546,132
867,790
762,453
1,421,065
299,141
713,819
95,564
129,634
474,744
255,049
290,195$

32,755,835

Greek Orthodox Archdiocese of America
Notes to Financial Statements

4. Liquidity and Available Resources
The following reflects the Archdiocese’s financial assets as of December 31, 2022 and 2021, reducedby amounts not available for general use because of contractual or donor-imposed restrictions.
Amounts not available include amounts set aside for long-term investing in the board-designatedfund (see Note 2) that could be drawn upon if the governing body of the Archdiocese approves that
action.
2021

2022

December 31,
Financial assets*$

Less: amounts unavailable for general expenditures in thefollowing year:
Contractual or donor-imposed restrictions:
Restricted by donors with purpose restrictions
Required by donors to be held in perpetuity**
Board-designated for the Cathedral Fund:
Balance, end of year
Amount Unavailable in the Following Year
Financial Assets Available to Meet Cash Needs for
General Expenditures in the Following Year$32,042,069$

32,475,188(18,406,522)(2,517,772)(20,781,614)(2,516,259)(439,790)(434,550)(21,364,084)(23,732,423)

10,677,985$

8,742,765* Financial assets are total assets less a) inventory, net; b) due from St. Nicholas; c) due fromother related entities; d) fixed assets, net; e) beneficial interest in split-interest trusts; andf) investments held for others.
** Excludes beneficial interest in split-interest trusts.
The Archdiocese is substantially supported by its parishes throughout the United States. It also
derives revenues from ministries; registries; and sales of books, materials, and other publications.
In addition, the Archdiocese receives donor contributions with or without donor restrictions.
Because a donor’s restriction requires resources to be used in a particular manner or in a future
period, the Archdiocese must maintain sufficient resources to meet those responsibilities to its
donors.
The Archdiocese continues to put in place policies and procedures to ensure that the cost-control
measures implemented over the years are maintained. As a result, the Archdiocese’s liquidity
continues to improve, enabling it to undertake financial commitments in addition to meeting its
general expenditures, liabilities, and other obligations as they became due. The Archdiocese’s
financial goals through its budgetary processes include establishing a fund that may be drawn uponin the event of financial need or an immediate liquidity need. Additional liquidity is also available
through its unused line of credit (LOC) (see Note 8).

24Greek Orthodox Archdiocese of America
Notes to Financial Statements

5. Investments, at Fair Value
Investments, by fair value hierarchy, consisted of the following:
December 31, 2022
Level 1
Money market funds
Treasury bills
Common stock
Exchange-traded funds
Mutual funds
Municipal bonds$

Level 2

Level 3

Total

1,247,435
5,607,408
2,244,706
2,582,451
4,863,611-$

3,604,041$-$

1,247,435
5,607,408
2,244,706
2,582,451
4,863,611
3,604,041$ 16,545,611$

3,604,041$-$ 20,149,652

Level 3

Total

December 31, 2021
Level 1
Money market funds
Common stock
Exchange-traded funds
Mutual funds
Municipal bonds$

Level 2

1,153,024
2,955,024
3,615,267
2,903,788-$

3,515,710$-$

1,153,024
2,955,024
3,615,267
2,903,788
3,515,710$ 10,627,103$

3,515,710$-$ 14,142,813

The following table summarizes the changes in the Archdiocese’s Level 3 investments during theyear ended December 31, 2021:
Balance, beginning of year
Sale of alternative investments (proceeds retained in Level 1 funds)
Net appreciation in fair value of investments$

87,074(87,074)-

Balance, end of year$-

There were no Level 3 investment transactions during the year ended December 31, 2022.
The Archdiocese did not have financial assets or financial liabilities that were measured at fair value
on a non-recurring basis during the years ended December 31, 2022 and 2021.
Investment income consisted of the following:2022

December 31,
Interest and dividends, net
Net (depreciation) appreciation in fair value of investments

25

2021

$

222,804 $(1,917,179)

239,381
1,377,722$(1,694,375) $1,617,103

Greek Orthodox Archdiocese of America
Notes to Financial Statements

6. Fixed Assets, Net
Fixed assets, net, consisted of the following:
2021

2022

December 31,
Land
Building and improvements
Furniture, fixtures, and equipment
Fine arts$

Less: accumulated depreciation
Fixed Assets, Net

327,223
7,740,921
596,529
12,911$

327,223
7,694,727
804,663
10,185

8,677,584

8,836,798(3,766,721)(3,879,165)$

4,910,863$

4,957,633

Depreciation expense amounted to $291,183 and $262,725 for the years ended December 31, 2022
and 2021, respectively.

7. Investments Held for Others and Related Liability
Investments held for others, by fair value hierarchy, consisted of the following:
December 31, 2022
Level 1
Money market funds
Treasury bills
Common stock
Exchange-traded funds
Mutual funds
Municipal bonds$

Level 2

Level 3

147,605
443,896
1,111,302
677,104
347,504-$

5,949
239,701$-$ 2,727,411$

245,650$-

Cash held for the account of:
St. Nicholas Greek Orthodox and
National Shrine
St. George Jordanian Community

Total
$

147,605
443,896
1,111,302
677,104
353,453
239,701
2,973,061

8
143,172$ 3,116,241

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26

Greek Orthodox Archdiocese of America
Notes to Financial Statements

December 31, 2021
Level 1
Money market funds
Treasury bills
Common stock
Exchange-traded funds
Mutual funds
Municipal bonds$

Level 2

Level 3

631,369
1,572,953
909,550
517,511-$

205,900$-$ 3,631,383$

205,900

$

-

Total
$

631,369
1,572,953
909,550
517,511
205,900
3,837,283

Cash held for the account of:
St. Nicholas Greek Orthodox and
National Shrine
St. George Jordanian Community

8
105,542$ 3,942,833

The activity in the liability funds held for others is presented in the following tables.
December 31, 2022
Balance,January 1,
2021
Archbishop Iakovos Library
Trust
St. Basil Spyropoulos FundSpyridon Trust IM
St. Nicholas Greek Orthodox
Church and National Shrine
St. George JordanianCommunity$ 1,521,040
1,832,693
483,550

Net
Investment(Loss)

Additions$-$Payments(231,446) $(454,185)(98,591)

Balance,
December 31,
2022- $ 1,289,594
1,378,508(80,000)
304,959

8

-

-

-

8

105,542

62,256-(24,626)

143,172$ 3,942,833$

62,256$(784,222) $(104,626) $ 3,116,241

December 31, 2021
Balance,January 1,
2021
Archbishop Iakovos Library
Trust
St. Basil Spyropoulos FundSpyridon Trust IM
St. Nicholas Greek Orthodox
Church and National Shrine
St. George JordanianCommunity$ 1,326,420
1,532,532
498,001

Net
Investment
IncomeAdditions
$

201
-

$

194,620299,990
72,216

Payments$

Balance,
December 31,
2021- $ 1,521,040(30)
1,832,693(86,667)
483,550

10,558127,200-(137,750)

8

7,865

152,395-(54,718)

105,542$ 3,375,376$

279,79627$

566,826$(279,165) $ 3,942,833

Greek Orthodox Archdiocese of America
Notes to Financial Statements

8. Credit Facilities
Long-term debt consisted of the following:
2021

2022

December 31,
Economic Injury Disaster Loan
Mortgage loan payable, net$

500,000
4,633,795$

150,000
4,803,249$

5,133,795$

4,953,249

Economic Injury Disaster Loan
On November 5, 2020, the Archdiocese obtained a loan with a principal amount of $150,000 fromthe SBA under its COVID-19 Economic Injury Disaster Loan facility (the Original EID Loan). The
Original EID Loan was payable monthly in the amount of $641, covering principal and interest at
2.75% a year, over a period of 30 years commencing 24 months from the date of the promissory noteon the loan.
On March 8, 2022, the Archdiocese received an additional amount of $350,000 from the SBA,
increasing the loan amount to $500,000 and the monthly payment from $641 to $2,224, commencing
30 months from the date of the Original EID Loan. Interest on the increased loan amount remains at
2.75% a year.
Accrued interest in 2022 amounted to $16,741.
The annual debt service for the next five years and thereafter on the $500,000 EID Loan follows:Year ending December 31,
Principal
2023
2024
2025
2026
2027
ThereafterInterest

Total

$

1,404
13,145
13,50813,884
458,059$

17,79225,284
13,543
13,18012,804
162,365$

17,792
26,68826,68826,68826,688620,424$500,000$

244,968$

744,968

The EID Loan is collateralized by substantially all of the Archdiocese’s properties now owned or to
be owned in the future.
Mortgage Loan Payable
On June 28, 2018, the Archdiocese obtained a mortgage loan from a local bank (the Lender) in theamount of $5.5 million (the Mortgage Loan). The Mortgage Loan bears interest at 4.25% a year andis payable in monthly installments of $34,243 commencing August 1, 2018 through June 1, 2023.
The Mortgage Loan is based on a 20-year amortization period and a lump-sum payment of the loanbalance on July 1, 2023 (the Maturity Date), together with any accrued interest. The Maturity Date
may be extended to July 1, 2028 at the option of the Archdiocese (the Extension Option).
28

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Commencing May 1, 2022, the Mortgage Loan promissory note was amended and modified, reducing
the interest rate to 4.00% a year and monthly payment to $33,624 over the remaining months in the
20-year amortization period referred to above. On July 1, 2023, unless the Archdiocese exercises
the Extension Option, all accrued and unpaid interest and the entire outstanding principal balanceshall be due and payable. If the Archdiocese exercises the Extension Option, the balance of theMortgage Loan on July 1, 2028, together with any accrued interest, shall be due in one lump sumon that date.
Costs incurred in connection with the acquisition of the Mortgage Loan totaled $212,076 and arebeing amortized, using the interest method, over the term of the Mortgage Loan based on the
Maturity Date of July 1, 2023.
The Mortgage Loan and the LOC described below are collateralized primarily by the properties of
the Archdiocese located on 79th Street, New York, New York, including improvements thereon andother chattels as defined in the mortgage and security agreement dated June 28, 2018, as amended
and modified on May 1, 2022.
The carrying balances of the Mortgage Loan and related unamortized financing costs are as follows:
December 31, 2022
Loan Principal
Balance, January 1, 2022
Principal payments
Amortization of financing costs

Financing Costs

Net$

4,862,347 $(208,148)-(59,098) $38,6944,803,249(208,148)
38,694$4,654,199(20,404) $4,633,795$

December 31, 2021
Loan Principal
Balance, January 1, 2021
Principal payments
Amortization of financing costs

Financing Costs

Net$

5,059,133 $(196,786)-(100,734) $41,636

4,958,399(196,786)
41,636$

4,862,347(59,098) $4,803,249$

The remaining debt service on the Mortgage Loan based on the maturity date of July 1, 2023 totals$4,762,558, consisting of the principal and interest payments of $4,654,199 and $108,359,
respectively.

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29

Greek Orthodox Archdiocese of America
Notes to Financial Statements

The annual debt service based on the optional extended maturity date of July 1, 2028, at an interest
rate of 4.00% a year, follows:Year ending December 31,
Principal
2023
2024
2025
2026
2027
ThereafterInterest

Total$

218,776
227,311237,207247,008257,2143,466,683$

184,707
176,172
166,276
156,475
146,269
80,488$403,483
403,483
403,483
403,483
403,483
3,547,171$

4,654,199$

910,387$5,564,586

Line of Credit
On June 28, 2018, the Lender of the Mortgage Loan also extended the Archdiocese a variable rate
revolving LOC in the amount $3.0 million. The LOC was renewed in 2019 in the amount of$5.0 million with a maturity date of January 1, 2021, and then renewed annually thereafter.
The maturity date of the LOC outstanding at December 31, 2022, which was due on January 1, 2023,
was extended and was further renewed effective January 1, 2023, to mature on January 1, 2024
(the 2023 Renewal LOC). Loans drawn on the 2023 Renewal LOC are subject to a variable interest
rate based on changes in an independent index, which is the highest published prime rate in themoney tables of The Wall Street Journal. The rate is currently at 7.50% a year based on a 360-day
year. Under no circumstances will the rate be lower than 3.75% per annum or more than the
maximum rate allowed by applicable law.
There were no loans outstanding under the LOC during 2022 and 2021.
Interest expense on the mortgage loan, including amortization of financing costs, during 2022 and2021 totaled $235,363 and $255,049, respectively, which are included in general and administrative
expenses in the accompanying statements of activities. Accrued interest at December 31, 2022 and2021 amounted to $17,592 and $17,795, respectively, which is included in accounts payable andaccrued expenses in the accompanying statements of financial position.

9. Employee Benefit Plans
Pension Plans
The Archdiocese sponsors a defined benefit pension plan (Pension Plan) covering substantially all
full-time lay employees and clergy. Retirement benefits are based on years of service and theemployees’ compensation during those years of service. Pension Plan assets are held by third-party
investment managers and are invested in various marketable debt, equity, and money market
accounts. An independent actuary retained by the Archdiocese recommends minimum funding
standards. Participants may elect to make contributions in an amount equal to 3.5%; 5.0%; or,effective January 1, 2018, 6.5% of earnings in accordance with the rules established by theArchdiocese Benefits Committee.
30

Greek Orthodox Archdiocese of America
Notes to Financial Statements

The Pension Plan is a church plan and is, therefore, exempt from the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA), as amended. Based on the audited financial
statements of the Pension Plan as of December 31, 2021, the Pension Plan’s net assets available forbenefits approximated $81,308,000 and the actuarial present value of its accumulated plan benefits
approximated $136,507,000. Due to the nature of the Pension Plan, covering the clergy and lay
employees of the Archdiocese, parishes, and the institutions of the Archdiocese, it is not practicable
to determine the extent to which the assets of the Pension Plan cover the actuarially computed
value of accumulated vested plan benefits for the Archdiocese, on a standalone basis. Because thePension Plan is accounted for as a multi-employer plan, it is only subject to certain minimum
reporting requirements. For further information, refer to the audited financial statements of thePension Plan for the year ended December 31, 2021, the latest date for which audited financial
information is available.
Pension expense allocated to the Archdiocese for the years ended December 31, 2022 and 2021
amounted to $630,956 and $627,940, respectively, and is allocated among programs and generaland administrative expenses in the accompanying statements of activities. During 2022 and 2021,
the Archdiocese contributed to the Pension Plan an additional amount of $1,373,715 and $1,000,000,
respectively, which is allocated among programs and general and administrative expenses in theaccompanying statements of activities. There were no amounts due to the Pension Plan as ofDecember 31, 2022 and 2021.
The Archdiocese also sponsors a noncontributory 403(b) defined contribution plan for all employees.
For the years ended December 31, 2022 and 2021, there were no employer contributions to the403(b) defined contribution plan.
Other Retirement Benefits
The Archdiocese also provides supplemental retirement benefits to certain hierarchs outside of theplan described above. A liability is calculated only for the hierarchs who have made known thatthey will avail themselves of retirement benefits. As of December 31, 2022 and 2021, theArchdiocese has recorded liabilities of $6,197,321 and $4,531,134, respectively, which arepresented as other postretirement benefits obligations in the accompanying statements of financial
position. Of these amounts, approximately $2,168,000 and $2,503,000 represent the provisions for2022 and 2021, respectively, which are included in general and administrative expense in theaccompanying statements of activities and schedules of functional expenses in Note 3. The
Archdiocese has not funded the liabilities, but the benefits are paid when due.

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31

Greek Orthodox Archdiocese of America
Notes to Financial Statements

10. Net Assets with Donor Restrictions
Net assets with donor restrictions consisted of the following:
2021

2022

December 31,
With purpose restrictions:
Taylor Scholarship Fund
Katina Malta Scholarship Fund
Gioles Scholarship FundJames J. Tembelis Scholarship
St. John Chrysostom Fund
Paleologos Scholarship Fund
Trakatellis Fellowship Fund
Irene Ladas Scholarship for Seminaries
Clergy Family Initiative
Other scholarships and educational programs
Greek fires relief assistance
Ukraine humanitarian relief
Disaster and emergency relief assistance
Orthodoxy in the World (Patriarchal Visit)
Communications
Community services
Centennial Celebrations
Various other programs$

2,550,775
2,255,880
213,544865,524
206,310
1,659,195
121,865
21,900358,988
3,165,256
505,343
385,173
466,810
617,457
184,869
3,910,712
720,919
196,002$3,613,559
2,355,263
278,068
1,070,750
282,999
1,558,289
217,565
21,900624,170
3,072,612
1,096,347
466,810918,043
349,598
4,589,961
265,680

With Donor Restrictions - Purpose Restricted

18,406,522

20,781,614

Original donor-restricted endowment gift amounts andamounts required to be retained by donors in perpetuity:
Taylor Scholarship FundJames J. Tembelis Scholarship Fund*
Beneficial interest in George Marinos perpetual trust
Beneficial interest in Demetrios Anagnos charitable trust
Gioles Scholarship Fund*
Trakatellis Fellowship Fund
Katina Malta Scholarship Fund*
Vlisidis Scholarship Fund
Paleologos Scholarship Fund*
Other scholarships and educational programs

1,000,000
525,126
347,987
198,823265,398
450,000
120,71439,757
4,489
112,288

1,000,000
523,328
443,211
262,871
264,712450,000
118,21144,7382,982
112,288

With Donor Restrictions - in Perpetuity

3,064,582

3,222,341

Total with Donor Restrictions$

21,471,104$

24,003,955* Pursuant to the donor gift instrument, 90% of net income from the fund is to be distributed forindividual scholarships and the remaining 10% of the annual net income shall become permanently
restricted and added to the corpus of the scholarship fund.

32

Greek Orthodox Archdiocese of America
Notes to Financial Statements

11. Net Assets Released from Restrictions
Net assets with donor restrictions were released from restrictions by either incurring expenses orsatisfying the restricted purpose, as follows:
2021

2022

December 31,
Taylor Scholarship Fund
Katina Malta Scholarship Fund
Gioles Scholarship FundJames J. Tembelis Scholarship
St. John Chrysostom Fund
Paleologos Scholarship Fund
Trakatellis Fellowship Fund
Other scholarships and educational programs
Orthodoxy in the World
Communications
Community services
Clergy Family Initiative Project
Greek fires relief
Ukraine humanitarian relief
Disaster and emergency relief
Clergy-Laity Congress and Centennial Celebrations
Other programs$

106,000
29,00014,00018,70031,53652,50019,053
3,933,995
828,910217,250
1,515,116
265,181872,368
300,000
1,416,822
383,066$

102,500
41,00014,00015,50059,00031,0001,323,728
1,301,478
99,402
3,627,819
353,683
240,000
159
533,921$

10,003,497$

7,743,190

12. Endowment
The Archdiocese’s endowment funds consist of a board-designated fund and donor-restricted funds.
Board-Designated Fund (the Cathedral Fund)
The Cathedral Fund was designated to be used, upon approval, for the benefit of the Greek Orthodox
Archdiocesan Cathedral of the Holy Trinity and Cathedral-related projects. The following tablesummarizes the activity in the Cathedral Fund:
2021

2022
Balance, beginning of year
Investment return:Interest and dividends, net of fees$

Balance, end of year$

434,550

$

(838)

5,240
439,790435,388$434,550

Donor-Restricted Endowment Funds
The Archdiocese’s donor-restricted (gifted) endowment consists of seven individuals’ funds
established for a variety of purposes, principally in support of the Archdiocese’s mission. It excludes
beneficial interests in split-interest trusts held by others, which are required to be held by third33

Greek Orthodox Archdiocese of America
Notes to Financial Statements

party trustees. Net assets associated with endowment funds are classified and reported based on
the existence or absence of donor-imposed restrictions.
On September 17, 2010, New York State passed the New York State Prudent Management ofInstitutional Funds Act (NYPMIFA), its version of the Uniform Prudent Management of Institutional
Funds Act (UPMIFA). All not-for-profit organizations formed in New York must apply this law. The
Archdiocese classifies donor-restricted endowment funds as net assets with donor restrictions,
unless otherwise stipulated by the donor: (a) the original value of gifts donated to the permanentendowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) income
accumulations to the permanent endowment made in accordance with the direction of theapplicable donor gift.
The remaining portion of the donor-restricted endowment fund not classified as held in perpetuity
is classified as net assets with purpose and or time restriction, until such amounts are appropriatedfor expenditure by the Archdiocese in a manner consistent with the uses, benefits, purposes, andduration for which the endowment is established and the standard of prudence prescribed by
NYPMIFA.
In accordance with NYPMIFA, the Archdiocese considers the following factors in making adetermination to appropriate or accumulate donor-restricted endowment funds: the purpose,
duration, and preservation of the endowment fund; expected total return of investments; general
economic conditions; the possible effects of inflation and deflation; other resources of theArchdiocese; and the investment policy of the Archdiocese.
The Archdiocese has adopted investment and spending policies for endowment assets that support
the objective of providing a sustainable and increasing level of endowment income distribution to
support the Archdiocese’s activities while seeking to maintain the purchasing power of theendowment assets. The Archdiocese’s primary investment objective is to maximize total return
within reasonable and prudent levels of risk while maintaining sufficient liquidity to meet
disbursement needs and ensure preservation of capital.
To satisfy its long-term rate-of-return objectives, the Archdiocese relies on a total return strategy,
the objective of which is to achieve a return consisting of a combination of current income andcapital appreciation, without regard to an emphasis on either, recognizing that changes in market
conditions and interest rates will result in varying strategies in an attempt to optimize results. The
endowment portfolio is diversified among various net asset classes and strategies to help reducerisk.

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34

Greek Orthodox Archdiocese of America
Notes to Financial Statements

The following represents a detail of the donor-restricted endowment net asset composition,
excluding third-party split-interest trusts:
December 31, 2022
With Purpose
Restrictions

To Be Held in
Perpetuity$

4,154,150$

2,517,772$

6,671,922

Endowment Net Assets, beginning of year
Contributions received
Investment return:Interest and dividends, net
Net depreciation
Appropriation of endowment assets for
expenditure$

5,134,293$

2,516,259$

7,650,552

Endowment Net Assets, end of year$

Composition of Endowment Net Assets
by Type of Fund
Donor-restricted endowment funds

Total

Change in Endowment Net Assets

50,830(998,273)

9,185(7,672)60,015(1,005,945)(32,700)-(32,700)

4,154,150$

2,517,772$

6,671,922

December 31, 2021
With Purpose
Restrictions

To Be Held in
Perpetuity$

5,134,293$

2,516,259$

7,650,552

Endowment Net Assets, beginning of year
Contributions received
Investment return:Interest and dividends, net
Net appreciation
Appropriation of endowment assets for
expenditure$

4,640,923$

2,503,946$

7,144,869

Endowment Net Assets, end of year$

Composition of Endowment Net Assets
by Type of Fund
Donor-restricted endowment funds

Total

Change in Endowment Net Assets

86,267421,103

7,318
4,995

93,585426,098(14,000)-(14,000)

5,134,293$

2,516,259

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35$

7,650,552

Greek Orthodox Archdiocese of America
Notes to Financial Statements

13. Related Party Transactions
Due from Related Entities
Amounts due from related entities were comprised of the following:
2021

2022

December 31,
Due from St. Nicholas Greek Orthodox Church
and National Shrine (a)Due from other related entities (b)$2,963,896
815,555$

2,963,896
349,161(a) Through December 31, 2019, the Archdiocese advanced $2,963,896 to St. Nicholas forconstruction costs (the Construction Advances). Under a governance and operating agreement
dated December 19, 2019, the Archdiocese and the Friends of St. Nicholas, Inc. agreed tocooperate in good faith to establish, no sooner than one year and no later than 18 months fromthe date of the agreement, a mutually agreeable plan and timetable for the repayment of theConstruction Advances. Such repayment plan and timetable shall consider the level of successexperienced by the Friends of St. Nicholas, Inc. during the one-year period following the dateof the agreement in satisfying the funding needs of the construction project. As of December 31,
2022, the terms and timetable for repayment of Construction Advances have not been
determined.
(b) The Archdiocese regularly advances the salaries and benefits of certain employees and expenses
of certain related entities and is reimbursed for such amounts in the following year. Receivables
for such advances totaled $815,555 (including $399,910 from St. Nicholas Greek Orthodox Church
and National Shrine) and $349,161 at December 31, 2022 and 2021, respectively.
Grants to Related Entities
The Archdiocese provided grants of $6,000,000 and $3,500,000 in 2022 and 2021, respectively, tosupport the operations of Hellenic College. Such amounts are included in education expense in theaccompanying statements of activities. In 2019, the Archdiocesan Council of the Archdiocese passed
a resolution to provide a commitment of up to $3.5 million in financial support to Hellenic College
for up to five years beginning with the fiscal year ending June 30, 2021. The financial support isintended to provide assistance in covering operating deficits of Hellenic College and reducing
Hellenic College’s debt, including endowment fund borrowings. In 2022, the grant included an
additional amount of $2.5 million for the establishment of the Huffington Ecumenical Institute,which was funded by a portion of the proceeds of a bequest received by the Archdiocese in 2021.
The Archdiocese provided grants of $1,510,000 and $1,506,000 in 2022 and 2021, respectively, tosupport the operations of the Ecumenical Patriarchate. Such amounts are included in Orthodoxy in
the World expense in the accompanying statements of activities.
The Archdiocese provided grants totaling $500,000 and $2,150,000 in 2022 and 2001, respectively,
to support the construction of the expanded St. Michael’s Home, Inc. These amounts are included
in community expense in the accompanying statements of activities.

36

Greek Orthodox Archdiocese of America
Notes to Financial Statements

Contributions from Related Entities
The Archdiocese was awarded grants totaling $3,959,500 and $1,927,100 from Leadership 100 during2022 and 2021, respectively. Such grants were recorded as increases to net assets with donor
restrictions to benefit specific programs of the Archdiocese, as stipulated by the governing board of
Leadership 100. Contributions receivables from Leadership 100 are expected to be collected asfollows: $1,269,750 in 2023, $515,000 in 2024, and $500,000 in 2025.
The Archdiocese also received $50,000 from each of the Metropolises during 2022 and 2021 on theoccasion of the Centennial Celebrations in 2022 and the Patriarchal Visit in 2021.
Additionally, certain contributions received by the Archdiocese are from members of management
and the Archdiocesan Council.

14. Contingencies
The Archdiocese, in the normal course of its operations, is a party to various legal proceedings andcomplaints, some of which are covered by insurance. Certain of these legal proceedings are in theirearly stages and the availability of certain insurance is yet to be confirmed so that the potential
impact of these claims or contingencies on the Archdiocese’s financial position, changes in net
assets, or cash flows cannot be determined.
On April 1, 2021, the Archdiocese entered into a guaranty agreement (the Guaranty) with theHellenic Eastern Orthodox Church of New York, also known as the Greek Orthodox Archdiocesan
Cathedral of the Holy Trinity (the Cathedral or Borrower), and a local bank in conjunction with a$1,750,000 loan (the Cathedral Loan) being made to the Cathedral as the Archdiocese holds title to
the Cathedral’s property. As of December 31, 2022, the Cathedral Loan had a balance of $1,724,573.
The Guaranty terminates when all of the Borrower’s obligations under the applicable loan security
agreements have been satisfied. The Archdiocese is not aware of any current financial obligations
under the Guaranty.

15. Subsequent Events
The Archdiocese has performed subsequent events procedures through April 28, 2023, which is thedate the financial statements were available to be issued. There were no subsequent events
requiring adjustment to, or disclosures to, the financial statements, except as follows:
Renewal of Line of Credit
As described in Note 8, the LOC was further renewed on January 1, 2023 to mature on January 1,
2024. Loans drawn on the 2023 Renewal LOC are subject to a variable interest rate based on changes
in an independent index, which is the highest published prime rate in the money tables of The WallStreet Journal. The rate is currently at 7.50% a year on a 360-day year.

37