Accountants provide status report on 2006, 2007 financial statements
On May 11, 2007, Mr. Robert Taylor, a partner in Lambrides, Lamos, and Mouthrop, presented the Very Rev. Paul Kucynda, acting treasurer of the Orthodox Church in America, with an update on the status of the financial audit for the year 2006 and the financial status for the first quarter of 2007.
According to Mr. Taylor, his auditing team is well along with the audit of all 2006 financial records of the Church. This includes audits of the Statement of Financial Position, the Statement of Activities, and the Statement of Cash Flows. Although there are some unresolved issues related to prior years, the firm should be able to audit the 2006 activity and provide an opinion with certain exceptions.
Mr. Taylor stated that he anticipates that the 2006 audit will be completed by the end of June 2007.
With regard to financial statements for the first quarter of 2007, Mr. Taylor reported that data has been migrated from the old to the new general ledger system, adding that implementation of the software and data migration had taken longer than anticipated. As soon as all analysis and reconciliations are completed, financial statements will be issued. Based on the current status, Mr. Taylor anticipates that the financials for the first quarter will be issued by May 25, 2007.
Mr. Taylor added that, in the future, financial statements will be issued within 30 to 45 days of the end of each quarter, as requested by the Finance Committee of the Metropolitan Council, chaired by the Very Rev. Matthew Tate.