The Executive Committee of the Archdiocesan Council of the Greek Orthodox Archdiocese of America held its regularly scheduled meeting on January 13, 2025.
Included on its agenda was discussion of extending its guarantee of an existing $1 million line of credit issued by a bank to St. Demetrios Cathedral of Astoria for an additional 4 months to May 1, 2025, which the Executive Committee unanimously approved. This decision, made by the Archdiocese Executive Committee earlier this week, is not a loan, nor does it indicate any uncertainty about the financial plan for St. Demetrios. The Archdiocese serves solely as guarantor and is not a borrower. No additional loans, financings or investments in St. Demetrios Cathedral were discussed or approved by the Executive Committee at its meeting.
The Greek Orthodox Archdiocese previously announced that it intends to acquire a 39% interest in a mixed-use building newly constructed by St. Demetrios for $3 million. St. Demetrios will use these proceeds to: (1) support and expand its school’s curricula, academic offerings, staff development and facilities and (2) repay and eliminate its borrowings under this line of credit. (Link to previous Press Release in comments). The Archdiocese is and has always been committed to ensuring the growth and success of St. Demetrios Cathedral and its school. The extension of the line of credit guarantee will allow St. Demetrios sufficient time to ensure the seamless completion of this transaction.
St. Demetrios Cathedral operates the only Greek Orthodox Day School in the U.S. that educates students through the 12th grade. It has long been a home to hundreds of children and their families who are committed to learning the Greek language, maintaining Hellenistic ideals, and acquiring an education rooted in Greek Orthodoxy.