OCA Acting Treasurer releases report on current Honesdale Bank loan

A draft of the Orthodox Church in America Financial Statements and Independent Auditor’s Report for year ending December 31, 2006 was released by the Very Rev. Paul Kucynda, OCA acting treasurer, on June 25, 2007 on the OCA website. This report presents the loan as received on September 20, 2006, and all activity related to the loan through June 26, 2007.

A summary of outstanding debts was prepared in April 2006 for submission to The Honesdale National Bank, Honesdale, PA for their consideration. The listing was posted on the OCA web site at http://www.oca.org/news.asp?ID=1080&SID=19 on October 6, 2006.

According to Father Paul, the actions that followed resulted in a loan of $1,700,000.00 which was secured and finalized on September 20, 2006 as authorized by resolution of the Metropolitan Council at their June 13-14, 2006 meeting.

Since that time, a line of credit, outstanding 14th All-American Council expenses, and other outstanding operations invoices have been paid off.

Mission Appeal and Seminary Appeal funds were distributed immediately after reception of the loan. Beslan Relief, Florida Hurricane Relief, and International Orthodox Christian Charities [IOCC] funds were distributed shortly thereafter, Father Paul added.

Finally, restricted funds and other endowment funds were replenished from the proceeds of the loan. A balance of $229,650.00 remains in restricted funds for appropriate distribution. At its June 12-13, 2007 meeting, the Metropolitan Council authorized the Charity Committee to make the necessary arrangements for the distribution of the 9/11 Emergency funds and the Chechen Relief funds.

A complete report of all activities related to the loan of $1,700,000 from September 20, 2006 to June 26, 2007, is posted on the OCA web site at http://www.oca.org/PDF/finances/HonesdaleLoanProceeds6-26-07Status.pdf.

If you have any questions regarding this report, please send them to Father Paul at .(JavaScript must be enabled to view this email address).