Treasurer issues 2009 eight-month financial report

Father Michael Tassos, outgoing Treasurer of the Orthodox Church in America, has issued his report of the OCA’s finances for the first eight months of 2009.

The report was initially presented at the recent joint meetings of the OCA Holy Synod of Bishops and Metropolitan Council in September.

In his report, Father Michael addresses the ongoing issue of legal fees, noting that, while legal expenses for 2009 were initially budgeted at $150,000.00, “however, as we have already spent approximately $325,000.00 through August, we revised the budgeted figure up to $450,000.00.” Nevertheless, he notes that with adjustments to the budget made at the recent Meeting of the Metropolitan Council the OCA should be in a positive cash flow trend at the end of the year.

Looking to 2010, Father Michael states that, with only a provisional budget passed by the Metropolitan Council for 2010, “nothing definitive was decided. There are many variables that still need to be considered and it is difficult to predict what exactly is going to happen with the economy, future legal matters, Church-wide funding, etc.” The Metropolitan Council will again discuss the 2010 budget at its first meeting of the year, scheduled for February 2010. Father Michael continued by stating that, “One thing I am certain of, though, is that the Orthodox Church in America has placed its trust in the very capable financial hands of [incoming Treasurer] Ms. Melanie Ringa. She is an exceptional individual and I know that she will be an excellent Treasurer.” Melanie Ringa will begin her work as OCA Treasurer on November 1, 2009.

Father Michael Tassos’ Report to the Metropolitan Council

OCA Unrestricted Actual vs Revised Budget as of 8-31-09