At its Archdiocesan Council meeting in May, the Greek Orthodox Archdiocese of America released its audited financial results for 2023. These financial results demonstrate the continued and consistent financial health of the Archdiocese that began in 2018 with the governance and financial reforms that were implemented and continue through today. The financial results for 2023 mark the sixth straight year where the budget of the Archdiocese has been balanced with all restricted balances used according to donor intent and needed reserves being created. These results could not have been achieved without strong governance over the finances of the Archdiocese through the efforts of the Archdiocesan Council, National Finance Committee and the Finance Committees of the Metropolises. Equally important is the role of the Archdiocese’s Audit Committee that includes financial experts and others who are charged with overseeing the independent audit of the Archdiocese and reviewing its internal financial controls, policies and procedures with an overarching commitment to transparency and accountability.
Unrestricted revenues stood at $34.7 million for 2023 and were lower than 2022 by $3.5 million due to the absence of a Clergy-Laity Congress in 2023 and reduced activities associated with the Centennial of the Archdiocese. Leadership 100 grants stood at $1.8 million in 2023 versus $4 million in 2022 due a multi-year gift of $2 million that was made to benefit the building of a new facility for St. Michael’s Home in 2022. Total Commitment revenue from our parishes remained fairly constant in 2023 at $24.1 million versus 2022 at $23.9 million. From 2017 through 2023, Total Commitment from parishes increased a total of 7.7% while the CPI increased 24.3% in the same time period. Containment of the increases in Total Commitment was achieved through cost cuts that are not sustainable in the long term and significant generous charitable support from donors.
Expenses stood at $32.9 million in 2023 with $7 million of that amount going directly to support the Metropolises. Continuing with the priorities of the past Clergy-Laity Congresses, funding to Hellenic College Holy Cross stood at $3.2 million in 2023 directly supporting its operations and cash flow needs and another $2.5 million went to support the Clergymen and Lay Employees Pension Plan and their ancillary benefits. Another $12.7 million supported the Program Services of the Archdiocese including: $1.5 million to support the Ecumenical Patriarchate, National Ministries such as Youth and Young Adults, Youth Safety, Stewardship and Outreach, Religious Education, Greek Education and Internet Ministries and Ecumenical and other activities benefiting the national, unified Archdiocese of America. In total, an excess of $1.8 million in unrestricted revenues over expenses was achieved in 2023 that enabled the Archdiocese to improve its liquidity position over the past several years and begin to provide for the needs of the future.
“These financial results are transformative for our Holy Archdiocese as we continue to spread the word of the Gospel and invest in new ministries and technologies that will bear fruit in the future,” said Archbishop Elpidophoros. “It’s a testament to the continued support of our parishes and donors and the diligence and expertise of our lay volunteers working with our Holy Eparchial Synod, clergy and lay employees to consistently achieve these results.”
Source: Greek Orthodox Archdiocese of America
