2010 independent audit completed; report available

The independent audit of the Orthodox Church in America’s financial records for the year ending December 31, 2010 has been completed, according to Melanie Ringa, OCA Treasurer.

The report of the auditors, Lambrides, Lamos, Taylor LLP, is now available in PDF format on the OCA web site.

“For the first time since 1998, the OCA has been issued an unqualified or ‘clean’ audit opinion,”, said Ms. Ringa.  “This achievement is the culmination of four years of work on reconstructing net asset accounts and endowment fund balances, and on researching and returning title to the Diocese of Alaska of all of the real estate in Alaska that the national Church had held in trust since 1867.  This work began with the previous Treasurer, Father Michael Tassos, in 2007, and was finally completed by the current administration in 2010.  This is an important step forward.  The unqualified opinion is the best type of report an auditee can receive from the external auditor.”

Ms. Ringa also noted that “the financial results for 2010 show total revenues of $2,567,196.00, total operating expenses of $1,884,528.00, with a net surplus from operations of $682,668.00, prior to expenses related to depreciation and amortization and legal fees.  After accounting for these charges, the final result for 2010 was a surplus of $508,385.”

Ms. Ringa pointed out that “in comparing the Statement of Activities for the years ended December 31, 2010 and 2009, it is critical to note that while our total revenues decreased by $158,049.00 from $2,730,977.00 in 2009 to $2,572,928.00 in 2010 our total expenses before the legal fees decreased by $ 360,664.00, from $2,245,192.00 in 2009 to $1,884,528.00 in 2010, or 16%.

“Our Statement of Financial Position shows total assets of $2,325,566, liabilities of $1,341,925, and net assets of $983,461,” she concluded.