Seminary appeal funds disbursed

SYOSSET, NY [OCA Communicatins] — In letters dated September 29, 2006 and signed by V.Rev. Paul Kucynda, Secretary/Acting Treasurer, the distribution of $151,940.00 restored to the Seminary Appeal Fund from the $1,700,000.00 loan as well as an additional $35,406.07 from the fund, for a total distribution at this time of $187,346.07 was made. The text of each letter was similar, with an additional notation on the letter sent to St. Vladimir’s Seminary which notes a previous distribution made to the seminary in 2005 of $69,442.38.

We are pleased to announce that the 2003-2004 Seminary Appeal campaigns produced a net income of $154,316.40 and that the 2005-2006 Seminary Appeal campaigns produced a net income of $102,472.05 for a total of $256,788.45.

In accordance with the customary formula, the distribution to each of the seminaries is as follows :

A check in the amount of $51,357.69 was sent to the attention of V.Rev.Chad Hatfield, Dean of St. Herman’s Seminary.

A check in the amount of $89,875.96 was sent to the attention of V.Rev. Michael Dahulich, Dean of St. Tikhon’s Seminary.

A check in the amount of $46,112.42 was sent to the attention of Rev. John Erickson, Dean of St. Vladimir’s Seminary, with an additional notation stating that $69,442.38 for the 2003-2004 campaigns was already sent in 2005.

The loan application for Seminary Fund replenishment unfortunately did not recognize the 2005 payment to St. Vladimir’s Seminary. Accordingly, the amount of $69,442.38 will be applied to reduce the loan principal of The Honesdale National Bank loan.