Greek Orthodox Archdioceseof America
Financial Statements
Year Ended December 31, 2017

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
Year Ended December 31, 2017

Greek Orthodox Archdiocese of America
Contents

Independent Auditor’s Report

3-4

Financial Statements
Statement of Financial Position
as of December 31, 20175

Statement of Activities
for the Year Ended December 31, 20176Statement of Cash Flowsfor the Year Ended December 31, 20177

Notes to Financial Statements

8-28

2

Tel: +212 885-8000
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New York, NY 10017

Independent Auditor’s Report
To His Eminence Archbishop Demetrios of America
and the Members of the Archdiocesan Council
The Greek Orthodox Archdiocese of America
New York, New YorkWe have audited the accompanying financial statements of the Greek Orthodox Archdiocese of
America (the Archdiocese) which comprise the statement of financial position as ofDecember 31, 2017, and the related statements of activities and cash flows for the year thenended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statementsin accordance with accounting principles generally accepted in the United States of America; thisincludes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity's internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of significant accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

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.

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Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Greek Orthodox Archdiocese of America as of December 31, 2017,
and the changes in its net assets and its cash flows for the year then ended in accordance withaccounting principles generally accepted in the United States of America.

April 12, 20194

Greek Orthodox Archdiocese of America
Statement of Financial Position

December 31, 2017
AssetsCash and cash equivalents
Accounts receivable
Total commitment receivable
Investments, at fair value
Inventory, net
Due from related entities
Miscellaneous receivables and other assets
Fixed assets, net
Beneficial interest in split-interest trusts
Investments held for others$

1,268,672
87,026
1,016,352
9,499,378
691,147
25,112577,866
5,427,248
601,224
3,162,528

Total Assets$

22,356,553$

2,757,326
485,000
1,115,940
1,250,000
1,223,881
617,774
1,270,463
6,669,158

Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses
Loans payable to related entities
Total commitment sharing payable
Grants payable
Due to related entities
Due to pension plan
Other postretirement benefits obligations
Liability for funds held for others
Total Liabilities

15,389,542

Commitments and Contingency
Net Assets (Deficit)
Without donor restrictions
With donor restrictions(4,459,740)
11,426,751

Total Net Assets

6,967,011

Total Liabilities and Net Assets$

22,356,553

See accompanying notes to financial statements.

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Greek Orthodox Archdiocese of America
Statement of Activities

Year ended December 31, 2017
Without
Donor
Restrictions
Revenues and Other Support
Total commitment
Contributions and grants
Leadership 100 grants
FAITH grants
Ministries, publications and registry
Sales of books and other materials
Clergy Laity conference revenue
Investment income, net
Change in fair value of beneficial
interest in split-interest trusts held byothersOther revenue
Net assets released from restrictions$

With Donor
Restrictions

Total

22,485,412 $
1,412,327
3,348,069
490,525
54,913
337,560- $2,307,332
1,094,420
164,000
856,374

25,1633,790,726

28,400(3,790,726)

28,40025,163-

Total Revenues and Other Support

31,944,695

659,800

32,604,495

Expenses
Program services:
Education
Metropolis Ministries
Orthodoxy in the World
Communications
Community services
St. Nicholas Greek Orthodox Church andNational Shrine

8,315,798
7,072,039
2,596,475
2,443,273
3,954,785-

8,315,798
7,072,039
2,596,475
2,443,273
3,954,785

796,269-

796,269

Total Program Services

25,178,639-

25,178,639

6,411,871
1,758-

6,411,871
1,758

Total Supporting Services

6,413,629-

6,413,629

Total Program and Supporting Services
Expenses

31,592,268-

31,592,268

Excess of Revenues and Other Support Over
Expenses352,427

659,800

1,012,227

Contribution of Net Assets to Direct
Archdiocesan District (Note 1)(801,010)-(801,010)

Changes in Net Assets(448,583)

659,800

211,217(4,011,157)

10,766,951

6,755,794(4,459,740) $11,426,751 $

6,967,011

Supporting Services
General and administrative
Fundraising

Net Assets (Deficit), beginning of year
Net Assets (Deficit), end of year$

22,485,412
3,719,659
1,094,420
164,000
3,348,069
490,525
54,913
1,193,934

See accompanying notes to financial statements.

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Greek Orthodox Archdiocese of America
Statement of Cash Flows

Year ended December 31, 2017
Cash Flows from Operating Activities
Changes in net assets
Adjustments to reconcile changes in net assets to net cash
provided by operating activities:
Depreciation
Net appreciation in fair value of investments
Change in fair value of beneficial interest in split-interest trusts
Loss on disposal of fixed assets
Changes in assets and liabilities:
Accounts receivable
Inventory
Due from related entities
Miscellaneous receivables and other assets
Total commitment, net
Accounts payable and accrued expenses
Due to related entities and liability for funds held for others
Pension and other accrued retirement benefits$

211,217
267,839(1,066,766)(261,588)
285,643
27,121(51,209)
93,632(72,597)(144,929)(386,590)
496,025
29,518Net Cash Used in Operating Activities(572,684)

Cash Flows from Investing Activities
Purchases of investments
Proceeds from sales of investments
Purchases of fixed assets(11,164,633)
12,192,164(789,418)

Net Cash Provided by Investing Activities

238,113

Cash Flows from Financing Activities
Proceeds from loans payable

485,000

Net Increase in Cash and Cash Equivalents

150,429

Cash and Cash Equivalents, beginning of year

1,118,243$

Cash and Cash Equivalents, end of year

1,268,672

See accompanying notes to financial statements.

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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 relies primarily on 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 Internal
Revenue Code.
The Archdiocese is related to a number of other entities by virtue of its charter with the Ecumenical
Patriarchate, and by common board membership. The accompanying financial statements do notinclude 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 and
San Francisco, (combined these are referred to as the Metropolis)Hellenic College, Inc.

The Cathedral School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 Archbishop Iakovos Leadership 100 Endowment Fund, Inc. (Leadership 100)



FAITH: An Endowment for Orthodoxy & Hellenism (FAITH)St. Nicholas Greek Orthodox Church and National Shrine (St. Nicholas)

Through the year ended December 31, 2017, the financial position, changes in net assets and cash
flows of the Direct Archdiocesan District (DAD) were included in the financial statements of theArchdiocese. In late 2017, the DAD was incorporated as a separate entity and the Archdiocese agreed
to contribute to the DAD certain assets net of accrued liabilities, which totaled $801,010. This ispresented as a contribution of net assets to the DAD in the accompanying statement of activities.
In addition, the Archdiocese released $30,000 to the DAD, representing its 2017 grant for camping
ministry from Leadership 100; this amount is presented within education program services in theaccompanying statement of activities. At December 31, 2017, the liability to the DAD consisted ofa loan payable of $235,000 and other amounts totaling $220,869, which is included in the due torelated entities in the accompanying statement of financial position.

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Greek Orthodox Archdiocese of America
Notes to Financial Statements

Program Services
The funding received from parishes and other donors enables 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, including the publication of a bimonthly magazine. 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 feelspiritually connected to the Church through various programs, such as Sunday School, developmentof camp curricula, educational online video series and youth retreats at parishes throughout theArchdiocese. The Ionian Village summer camp brings together American high school students abroad
for an exciting religious, cultural and educational experience with peers. Youth retreat programs
are also run at 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 12.
Metropolis Ministries – A portion of the total commitment supports each Metropolis by funding thesalaries, benefits and other expenses of clergy and administrative staff at the Metropolis.
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, metropolitan travel to synods at the Ecumenical Patriarchate, as wellas other special events, such as the Holy and Great Council event. Direct grants to the Ecumenical
Patriarchate are also included in this program and are further discussed in Note 12.
Communications – The Archdiocese maintains resources that promote communication of current
events within the Archdiocese. The press office issues releases about or on behalf of the Office of
the Archbishop and about momentous occasions within the Church. Greek Orthodox
Telecommunications (also known as GoTelecom) is the Archdiocese’s audio-visual media arm, which
produces informational videos and documents significant events in the life of the Archdiocese. The
Archdiocese also publishes the Orthodox Observer, the Archdiocesan newspaper, which covers
current and upcoming events, pastoral reflections and educational columns. The Orthodox Observeris published six times a year and is distributed free to homes and parishes across the country. The
Internet Ministries department ensures that current, accurate and relevant materials are circulated
online. It also maintains the websites of the Archdiocese, the Ecumenical Patriarchate and a numberof organizations or groups related to the Church. Services such as website maintenance, bulletinbuilder and live-streaming may be provided for a fee to parishes within and outside the jurisdictionof the Archdiocese.
Community Services – The Archdiocese’s community activities comprise a wide-range of functions
and departments, including registry, public relations, archives, philanthropy, parish management
and fundraising resources, family care and ministry and the promotion of and assistance in the useof the uniform parish software. Registry documents all sacramental records (baptism, marriage,
divorce, death, etc.) of individuals within the Archdiocese. The public relations department
promotes the presence of the Archdiocese in the public sphere, especially in governmental andglobal relations, as well as coordinates certain affairs of the Ecumenical Patriarchate. The archives
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Greek Orthodox Archdiocese of America
Notes to Financial Statements

department catalogs the historical record of the Archdiocese and major events of the Church. Its
library is made available to scholars and professors. The philanthropy division provides financial andmedical assistance to retired clergy, widowed presbyters and those in severe need. It also maintains
scholarship funds offered by donors. The Orthodox parish software is a uniform software for parishes
to easily track information such as family relations, sacraments, donations, etc.
St. Nicholas Greek Orthodox Church and National Shrine – The Archdiocese incurred certain costs
related to St. Nicholas that were not charged directly to the St. Nicholas rebuilding fund, consisting
primarily of fund-raising and personnel costs associated with St. Nicholas. In addition, theArchdiocese authorized a contribution to St. Nicholas consisting of investment return on
contributions for St. Nicholas that the Archdiocese could otherwise have retained. These costs areincluded in St. Nicholas Greek Orthodox Church and National Shrine program services in theaccompanying statement of activities. The Archdiocese also recorded interest on amounts due to
St. Nicholas from inception and is included in general and administrative in the accompanying
statement of activities.

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 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:
Net Assets Without Donor Restrictions - 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, 2017, the Cathedral Fund had a balance of $1,225,030, which isincluded in investments in the accompanying statement of financial position.
Net Assets with Donor Restrictions - Net assets resulting from contributions and other inflows ofassets 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 tothose stipulations. When such stipulations end or are fulfilled, such net assets are reclassified to
net assets without donor restrictions and reported in the statement of activities.

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Greek Orthodox Archdiocese of America
Notes to Financial Statements

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
The Archdiocese considers all highly liquid investments with original maturities of three months orless from the date of purchase to be cash equivalents, except for those cash equivalents which areincluded in the Archdiocese’s investment portfolio, which are held for long-term purposes.
Investments
Investments in equity securities with readily determinable fair values are reported at fair value
based on quoted market prices. 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 in publicly traded markets for debt with similar terms to companies withcomparable credit risk, the issuer’s credit spread, and illiquidity by sector and maturity. All
investments are managed by outside investment advisors subject to the review, approval, andcontrol by the Archdiocese. Such valuations 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 statement 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.
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.
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Greek Orthodox Archdiocese of America
Notes to Financial Statements

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 thehierarchy 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. During the year ended
December 31, 2017, the Archdiocese wrote off inventories totaling $69,210 to education expenses
in the accompanying statement of activities. As of December 31, 2017, a reserve for obsolescence
was recorded of $55,710, which is presented as a deduction from inventories in the accompanying
statement of financial position.

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Greek Orthodox Archdiocese of America
Notes to Financial Statements

Receivables
Due to the uncertainty surrounding collection, management provides an allowance for doubtful
accounts 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.
These allowances are maintained at a level management considers adequate to provide forsubsequent adjustments and potential uncollectible accounts. These 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 suchreceivables are recorded as income in the period received. As of December 31, 2017 there is noallowance for doubtful accounts recorded.
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 capitalizes
land, buildings and equipment individually costing $1,000 or more and have a useful life of morethan one year. Depreciation is calculated on a straight-line basis. The estimated useful lives of theassets are as follows:
Building and improvements
Furniture, fixtures and equipment
Website development cost
Fine arts

40 years
3 to 10 years
5 years
3 years

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, 2017, there have been no such losses.
Due to/from Related Entities
Amounts due to/from related entities represent amounts owed to and or expenses paid on behalfof Archdiocesan affiliates. Loans received from related entities are separately presented as loans
payable.
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 without donor 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 statement of activities within net assets with donor restrictions.
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Greek Orthodox Archdiocese of America
Notes to Financial Statements

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 statement of financial position. Additions, disbursements,
investment income (loss) and any unrealized gain or loss on the investments are recognized asincreases or decreases in assets and liability and are not reported in the accompanying statementof activities.
Grants Payable
Grants payable represent unconditional promises to give that are expected to be paid within one
year.
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.
Contributions not expected to be received within one year are recognized as support with donor
restrictions and are discounted using a credit-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.
Donated goods and services used by the Archdiocese are recorded as in-kind contributions at theirestimated fair value at the date of receipt. During 2017, the Archdiocese received legal and otherprofessional services on a pro bono basis, including services related to St. Nicholas. However, thevalue of such services was not included in the accompanying statement of activities as the donors
were unable to provide the information or the amount was not material.
Investment return on contributions with donor restrictions are 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. Contributions that are restricted by donors in perpetuity
are recorded as permanent restrictions within net assets with donor restrictions. The income is used
for operating purposes when expenditures satisfy the donors’ restrictions and such amounts areappropriated for expenditure by the Archdiocese. Income amounts that exceed related expendituresduring a fiscal period remain as net assets with donor restrictions.

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Greek Orthodox Archdiocese of America
Notes to Financial Statements

Total Commitment
Every parish within the Archdiocese is given an annual financial assessment to help support themission of the Church. The unpaid total commitment at the end of the year is recorded as areceivable, net of an allowance for doubtful accounts, if required.
The total commitment is determined at the biennial Clergy Laity Congress and for 2018 amounted
to approximately $21,541,000. The amount remained the same as the total commitment in 2017.
Other Revenue
The Archdiocese generates revenue from programs, including summer camps, and the sales ofreligious books, publications and other program related literature and materials. Such income isrecorded in the period the services are performed or upon the date of sale. Clergy Laity conference
income is earned in the year which the conference takes place.
Functional Allocation of Expenses
Costs related to the various programs and activities of the Archdiocese have been summarized on afunctional basis in the accompanying statement of activities and the schedule of functional expenses
in Note 3. These costs can generally be directly identified with the program service to which 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.
Income Taxes
The Archdiocese follows U.S. GAAP that 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 unrelated income
associated with its exempt purpose. The Archdiocese has processes presently in place to ensure themaintenance of its tax-exempt status, to identify and report unrelated income, to determine its
filing and tax obligations in jurisdictions for which nexus was established, and to identify andevaluate other matters that may be considered tax positions. The Archdiocese has determined that
there are no material uncertain tax positions that require recognition or disclosure in the financial
statements.

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Greek Orthodox Archdiocese of America
Notes to Financial Statements

New Accounting Pronouncements Issued by Not Yet Adopted
Revenue from Contracts with Customers (Topic 606)
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update(ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is a comprehensive
new revenue recognition standard that will supersede existing revenue recognition guidance. The
core principle of the guidance is that an entity should recognize revenue to depict the transfer ofpromised goods or services to customers in an amount that reflects the consideration to which theentity expects to be entitled in exchange for those goods or services. The FASB issued ASU 2015-14,
which deferred the effective date for the Archdiocese until annual periods beginning after
December 15, 2018. Earlier adoption is permitted, subject to certain limitations. The amendmentsin this update are required to be applied retrospectively to each prior reporting period presented
or with the cumulative effect being recognized at the date of initial application. Management iscurrently evaluating the impact of this ASU on its financial statements.
Leases (Topic 842)
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency andcomparability among foundations by recognizing lease assets and lease liabilities on the statementof financial position and disclosing key information about leasing arrangements for lessees andlessors. The new standard applies a right-of-use (ROU) model that requires, for all leases with alease term of more than 12 months, an asset representing its ROU, the underlying asset for the leaseterm and a liability to make lease payments to be recorded. The ASU is effective for theArchdiocese’s fiscal years beginning after December 15, 2019, with early adoption permitted.
Management is currently evaluating the impact of this ASU on its financial statements.
New Accounting Pronouncement Adopted
Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954) – Presentation of Financial
Statements of Not-for-Profit Entities
In August 2016, the FASB issued ASU 2016-14, “Not-for-Profit Entities (Topic 958) and Health Care
Entities (Topic 954) – Presentation of Financial Statements of Not-for-Profit Entities.” The ASU
amends the current reporting model for nonprofit entities and enhances their required disclosures.
The major changes include: (a) requiring the presentation of only two classes of net assets now
entitled “net assets without donor restrictions” and “net assets with donor restrictions”; (b)modifying the presentation of underwater endowment funds and related disclosures; (c) requiring
the use of the placed-in-service approach to recognize the expirations of restrictions on gifts used
to acquire or construct long-lived assets absent explicit donor stipulations otherwise; (d) requiringthat all nonprofits present an analysis of expenses by function and nature in either the statementof activities, a separate statement, or in the notes and disclose a summary of the allocation methods
used to allocate costs; (e) requiring the disclosure of quantitative and qualitative information
regarding liquidity and availability of resources; (f) presenting investment return net of externaland direct expenses and (g) modifying other financial statement reporting requirements anddisclosures intended to increase the usefulness of nonprofit financial statements. The Archdiocese
had early adopted this ASU, and these financial statements reflect that change. The implementationof the ASU did not have a material effect on the financial position and change in net assets of theArchdiocese.
16

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 a significant risk of loss due to the failure ofa financial institution used by the Archdiocese is likely.
Fair Value of Financial Instruments
The carrying value of cash, cash equivalents, receivables, accounts payable and accrued expenses,
loan payable, national commitment payable, due to Direct Archdiocesan District and amounts due
to pension plan is a reasonable estimate of their fair value due to their short-term nature. The
carrying value of Archdiocese’s beneficial interest in trusts held by others is estimated based on thepresent value of expected future cash flows, and thus approximates fair value.
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.

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17

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:
December 31, 2017
Program Services

Expense

Education

Metropolis Orthodoxy in the
Ministries
World Communications

Supporting Services
St. Nicholas
Greek Orthodox
Community
Church andServices National Shrine

General and
Administrative

Total

Fundraising

Total

Total Programand Supporting
Services

Salaries, wages and benefits
Professional fees and other outside services
Contributions, scholarships, grants and other 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$

2,334,493 $
148,880
2,327,510
1,143,077
1,207,142
37,792620,61159,42475,09452,241
309,534

4,939,831 $
123,368
96,462
94,692
291,387
581,213611,996
35,611587
33,722
4,758
258,412801,817 $
132,847
1,292,016
115,815
90,32330,7872,251
7,172
52,42371,024

1,743,254 $
80,390817
14,443
66,188259,914
249,441
12,3202,008
14,4982,667,557 $
789,428
144,000
115,647
161,297
18,801
6,274
12,671
14,86024,25077,250 $681,268
4,683
977
32,091

12,564,202
1,274,913
4,542,073
1,488,357
1,816,337
619,005
611,996965,724
318,954
140,979
126,290
709,809$2,330,040 $1,090,974
224,174
272,966
791,682
661,925
19,96094,92575,92959,046
321,744468,506- $1,758

2,330,040
1,090,974
224,174
272,966
791,682
661,925
19,96094,92575,92959,046
321,744470,264$

14,894,242
2,365,887
4,766,247
1,761,323
2,608,019
1,280,930
611,996
985,684
413,879
216,908
185,336
321,744
1,180,073

Total Functional Expenses$

8,315,798 $

7,072,039 $2,596,475 $2,443,273 $

3,954,785 $

796,269 $25,178,639$

6,411,871 $

1,758 $

6,413,629$

31,592,268

18

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, 2017, reduced byamounts 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. However, an appropriation of $80,000 for the Cathedral Fund in 2018 has not been
subtracted as unavailable.
December 31, 2017
Financial assets*
Less amounts unavailable for general expenditures in 2018, due to:Contractual or donor-imposed restrictions:
Restricted by donors with purpose restrictions
Required by donors to be held in perpetuity**
Board-designated for the Cathedral Fund
St. Nicholas funding requirement
Deficit in Financial Assets to Meet Cash Needs for General Expenditures in2018 (See Note 14)*$

12,896,002(8,803,290)(2,022,237)(1,225,030)(3,953,338)$(3,107,893)

Financial assets are total assets less a) inventory, net, b) due from related entities, c) fixed
assets, net and d) beneficial interest in split-interest trusts, and e) investments held for othersof $2,715,820.

** Excludes beneficial interest in split-interest arrangements.
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, theArchdiocese must maintain sufficient resources to meet those responsibilities to its donors. At
December 31, 2017, the Archdiocese had cumulatively utilized approximately $6,100,000 in funds
from donor-restricted and custodial accounts in order to meet its general expenditures. In thesummer of 2017, the Archdiocese executed cost-cutting measures and a plan to replenish funds thatwere utilized from donor-restricted and custodial accounts used in 2017 and prior years. In 2018,
the Archdiocese continued those cost cutting measures and entered in lending transactions thatallowed it to replenish all amounts that had been utilized from its donor-restricted and custodial
accounts. Further, the Archdiocese’s liquidity improved in 2018 such that it was able to meetgeneral 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 event of financial need or an immediate liquidity need. Additional liquidity is also available
through its unused line of credit (see Note 14).

19

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, 2017
Money market funds
Common stock
Mutual funds
Corporate bonds
Municipal bonds
Auction rate securities
Fixed-income annuity

Level 1

Level 2

Level 3

Total$

2,150,594 $
3,246,544
2,021,352-- $550,343
1,338,050
99,091-- $93,4042,150,594
3,246,544
2,021,352
550,343
1,338,050
99,091
93,404$

7,418,490 $

1,987,484 $

93,404 $9,499,378

The following table summarizes the changes in the Archdiocese’s Level 3 investments:
Balance, December 31, 2016
Net appreciation of investments$

92,486
918

Balance, December 31, 2017$

93,404The Archdiocese had no financial assets or financial liabilities that were measured at fair value on
a non-recurring basis during the year ended December 31, 2017. In addition, there were no transfers
between levels during the year ended December 31, 2017.
Investment income consisted of the following:
December 31, 2017
Interest and dividends
Net appreciation in fair value of investments

20$

127,168
1,066,766$

1,193,934

Greek Orthodox Archdiocese of America
Notes to Financial Statements

6. Fixed Assets, Net
Fixed assets, net, consisted of the following:
December 31, 2017Land
Building and improvements
Furniture, fixtures and equipment
Website development costs
Fine arts$

471,223
8,264,617
2,581,295
464,263
10,185
11,791,583

Less: accumulated depreciation(6,364,335)$

5,427,248

Depreciation expense amounted to $267,839 for the year ended December 31, 2017. Loss on disposalof property and equipment amounted to $285,643 and is included in general and administrative
expenses in the accompanying statement of activities.

7. Investments Held for Others and Related Liability
Investments held for others, by fair value hierarchy, consisted of the following:
December 31, 2017
Money market funds
Treasury bills
Common stock
Mutual funds
Corporate bonds
Municipal bonds
Auction rate securities

Level 1

Level 2

Level 3

Total$

293,373 $
1,292,961
633,635-- $268,215
32,00396,542
99,091- $-293,373
268,215
1,292,961
633,635
32,00396,542
99,091$

2,219,969 $

495,851 $-

2,715,820

Cash held for investments for
St. Nicholas Greek Orthodox
Church and National Shrine

446,708$21

3,162,528

Greek Orthodox Archdiocese of America
Notes to Financial Statements

The activity in the funds held for others are presented in the following table.
December 31, 2017
BalanceJanuary 1, 2017
Archbishop Iakovos Library Trust
St. Basil Spyropoulos Fund
Orthodox Health Plan
Dividend FundSpyridon Trust IM
St. Nicholas Greek Orthodox
Church and National Shrine$$

Additions

1,003,499 $
810,593

Net Investment
Income (Loss)- $-Releaseof Funds
Balanceto Third December 31,
Parties2017

152,873 $
134,560(50,000) $-1,106,372
945,153

851,775
606,265

75,000(453)
100,530(851,322)(117,500)

664,295

4,551,757

5,619,593-(6,218,012)

3,953,338

7,823,889 $

5,694,593 $(7,236,834) $6,669,158

387,510 $As of December 31, 2017, the Archdiocese had custodial funds held and amounts due to relatedparties of $6,669,158, of which $3,162,528 is included within investments held for others in theaccompanying statement of financial position. Net amounts due to St. Nicholas as a result of
utilization of the custodial funds amounted to $3,504,550. In 2017, the Archdiocese recordedinterest of $321,744 on amounts due to St. Nicholas from inception. In addition, the Archdiocese
made a contribution of $681,268 to St. Nicholas in 2017. In the aggregate, the Archdiocese owed
the St. Nicholas custodial accounts $4,509,642 at December 31, 2017. This amount was subsequently
paid to the St. Nicholas custodial accounts in 2018.
In 2013, the Archdiocese commenced a capital campaign on behalf of and for the specific purposeof rebuilding St. Nicholas. As St. Nicholas is the specified beneficiary of any contributions received
from this campaign, the Archdiocese is accounting for this arrangement as an agency transaction.
As such, contributions received resulting from the capital campaign and subsequent disbursements
made by the Archdiocese from these funds, are not reflected in the accompanying statement ofactivities. Funds collected are recorded as an asset within funds held for others and as a liability
for funds held for others in the accompanying statement of financial position. Subsequentdisbursements are recorded as a reduction of these assets and liability balances.

8. Employee Benefit Plans
Pension Plans
The Archdiocese participates in 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. Minimum funding requirements are determined by an independent actuary. Participants
may elect to make contributions in an amount equal to 3.5% to 5% of earnings in accordance withthe rules established by the Archdiocese Benefits Committee.
The Pension Plan is considered a church plan and is therefore exempt from the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA), as amended. As of December 31, 2016,
the latest date for which audited financial information is available, the fair value of the Pension
Plan's assets approximated $53,500,000 and the actuarial present value of its accumulated plan
22

Greek Orthodox Archdiocese of America
Notes to Financial Statements

benefits approximated $104,900,000. Due to the nature of the Pension Plan, as a multi-employer
plan covering the clergy and lay employees of the Archdiocese, parishes and the institutions of theArchdiocese, it is not practicable to determine the extent to which the assets of the plan cover theactuarially computed value of accumulated plan benefits vested benefits for the Archdiocese, on astandalone basis. Because the Pension Plan is considered a multi-employer plan, it is only subject
to certain minimum reporting requirements. For further information, refer to the audited financial
statements of the Pension Plan for the year ended December 31, 2016.
Pension expense allocated to the Archdiocese for the year ended December 31, 2017 amounted to$806,000 and is allocated among programs and general and administrative expenses in theaccompanying statement of activities and schedule of functional expenses in Note 3. As of December
31, 2017, amounts due to the Pension Plan totaled $617,774.
The Archdiocese also sponsors a noncontributory 403(b) defined contribution plan for all employees.
For the year ended December 31, 2017, there were no employer contributions to the 403(b) defined
contribution plan.
Other Retirement Benefits
The Archdiocese also provides supplemental retirement benefits to certain hierarchs outside of theplan described above. As of December 31, 2017, the Archdiocese has recorded a liability of$1,270,463 for these benefits, and is presented as other postretirement benefits obligations in theaccompanying statement of financial position. Of this amount, $114,000 represents the accrual for
2017, which is included in general and administrative expense in the accompanying statement ofactivities and schedule of functional expenses in Note 3.

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23

Greek Orthodox Archdiocese of America
Notes to Financial Statements

9. Net Assets with Donor Restrictions
Restricted net assets with donor restrictions consisted of the following:
December 31, 2017
With purpose restrictions:
Taylor Scholarship Fund
Katina Malta Scholarship Fund
Gioles Scholarship FundJames Tembelis Scholarship
St. John Chrysostom Fund
Paleologos Scholarship Fund
Trakatellis Fellowship Fund
Irene Ladas Scholarship for Seminaries
Clergy Initiative Project
Other scholarships and educational programs
Disaster and emergency relief assistance
Orthodoxy in the World
Community services
Various other programs$

1,753,131
1,042,514
191,624
537,563
56,031
459,409
160,479
71,7501,004,712
1,010,159
649,795
651,072
1,017,187
197,864

With Donor Restrictions – Purpose Restricted (Temporary)

8,803,290

Original donor-restricted endowment gift amounts and amounts 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*
Katina Malta Scholarship Fund*
Vlisidis Scholarship Fund
Other scholarships and educational programs

1,000,000
515,989
368,036
233,188
254,509
100,688
38,762112,289

With Donor Restrictions – In Perpetuity (Permanent)

2,623,461

Total with Donor Restrictions$

11,426,751* 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.

24Greek Orthodox Archdiocese of America
Notes to Financial Statements

10. Net Assets Released from Restrictions
Net assets with donor restrictions were released from restrictions by either incurring expenses orsatisfying the restricted purpose, as follows:
December 31, 2017
Taylor Scholarship Fund
Katina Malta Scholarship Fund
Gioles Scholarship FundJames J. Tembelis Scholarship Fund
St. John Chrysostom Fund
Paleologos Scholarship Fund
Trakatellis Fellowship Fund
Irene Ladas Scholarship for Seminaries
Other scholarships and educational programs
Orthodoxy in the World
Community services
Clergy Initiative Project
Ionian Village renovations
Other programs$

172,775
36,00014,50014,25014,06047,00010,00012,7501,033,720
890,790
977,506
29,878177,140
360,357$

3,790,726

11. Endowment
The Archdiocese’s donor-restricted (gifted) endowment consists of five 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 thirdparty 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; general25

Greek Orthodox Archdiocese of America
Notes to Financial Statements

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.
The following represents a detail of the endowment net asset composition, excluding third-party
split-interest trusts:
December 31, 2017
With Purpose
Restrictions
Composition of Endowment Net Assets
by Type of Fund
Donor-restricted endowment funds
Change in Endowment Net Assets
Endowment of net assets, beginning of year
Investment return:Interest and dividends
Net appreciation (depreciation)
Appropriation of endowment assets for
expenditure
Endowment Net Assets, end of year

To Be Heldin Perpetuity

Total

$

2,828,427 $2,022,237 $

4,850,664$

2,210,889 $

2,015,757 $

4,226,646

51,334594,954

7,893(1,413)59,227593,541(28,750)-(28,750)$

2,828,427 $2,022,237 $

4,850,664

12. Related-Party Transactions
The Archdiocese provided a grant for $1,500,000 to support the operations of Hellenic College in2017 and such amount is included as part of education expense in the accompanying statement ofactivities. As of December 31, 2017, the amount due to Hellenic College totaled $1,000,000 and isincluded within grants payable in the accompanying statement of financial position.
The Archdiocese provided a grant for $1,000,000 to support the operations of the Ecumenical
Patriarchate in 2017 and such amount is included as part of Orthodoxy in the World expense in theaccompanying statement of activities. As of December 31, 2017, the amount due to Ecumenical
Patriarchate totaled $250,000, and is included within grants payable in the accompanying statementof financial position.
26

Greek Orthodox Archdiocese of America
Notes to Financial Statements

During 2017, the Archdiocese received $1,094,420 and $164,000 of grants from Leadership 100 and
FAITH, respectively. Such grants were recorded as increases to net assets with donor restrictions tobenefit specific programs of the Archdiocese as stipulated by the governing boards of the respective
affiliates.
As of December 31, 2017, amounts due from related entities totaled $25,112.
During 2017, the Archdiocese received short-term, non-interest-bearing loans of $250,000 from St.
Michael's Home, Inc. and $235,000 from DAD, as reflected in the accompanying statement offinancial position. These loans were paid in 2018.
As of December 31, 2017, amounts due to related entities consisted of the balance of thecontribution of net assets to DAD of $220,869 and interest and a contribution totaling $1,003,012
due to St. Nicholas.
Additionally, certain contributions received by the Archdiocese are from members of management
and the Archdiocesan Council.

13. 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. While it is not feasible to predict the ultimate
outcomes of such matters, management of the Archdiocese is not aware of any claims orcontingencies, which are not covered by insurance, that would have a material adverse effect on
the Archdiocese’s financial position, changes in net assets or cash flows.

14. Subsequent Events
The Archdiocese evaluated its December 31, 2017 financial statements for subsequent events
through April 12, 2019, the date the financial statements were available to be issued. Except forthe matters described in the following paragraphs, the Archdiocese is not aware of any material
subsequent events that would require recognition or disclosure in the accompanying financial
statements.
In June 2018, the Archdiocese obtained from a bank (the Lender) a mortgage loan in the amount of$5.5 million (the Mortgage Loan). The Mortgage Loan bears interest at 4.25% a year and is payablein 240 monthly installments of $34,243 commencing August 1, 2018. It is collateralized primarily by
the properties of the Archdiocese located on 79th Street, New York, New York, including
improvements thereon and other chattels as defined in the mortgage and security agreement dated
June 28, 2018.
In addition, the Lender extended the Archdiocese a variable rate revolving line of credit in theamount $3.0 million (LOC) on June 28, 2018. The LOC bears interest based on the highest publishedprime rate in the money tables of the Wall Street Journal, which in no event shall be lower than
4.75% a year. The Archdiocese initially borrowed $2.0 million from the LOC with interest rate of
5.5% on June 28, 2018. The loan had been fully paid as of April 12, 2019. The line of credit ends on
July 1, 2019 and may be automatically extended for a maximum of 180 days at the Lender’s sole
discretion.

27

Greek Orthodox Archdiocese of America
Notes to Financial Statements

On February 2, 2018, the Archdiocese repaid the short-term, non-interest-bearing loan of $250,000
to St. Michael's Home, Inc.
On February 21, 2018 the Archdiocese repaid the short-term, non-interest-bearing loan of $235,000
from DAD.

28