The Audit Committee of the Orthodox Church in America met at the Chancery here August 8-11, 2017 to conduct its annual internal audit of the OCA’s financial records and procedures.
The committee—which includes Reader John Skrobat, Chair; Matushka Theodora Blom and Subdeacon Dimitri Pletz—met extensively with Melanie Ringa and Archpriest Eric G. Tosi, Treasurer and Secretary of the OCA respectively. Their comprehensive work in all areas of the finance department covered activity since their last audit, conducted in the summer of 2016.
The committee prepared a final report, which will be presented to the Metropolitan Council during its fall meeting September 20-22, 2017.
“The committee received the external auditors’ draft report for 2016, as well as the first and second quarter activity for 2017,” the report reads in part. “We were pleased to see the investment funds had reclaimed (and exceeded) their original principal value, and we discussed whether it might be an appropriate time for the Finance/Investment Committee to begin discernment on whether to resume a reasonable amount of disbursement from these funds for the activities they were intended to support. We were also pleased to see there was no interfund borrowing.”
The report notes that “accounts receivable balances were low, indicating strong diocesan support.” It was also recommended that the Metropolitan Council stagger the terms of the Audit Committee to create more continuity and consistency in performance of its work and offered deep gratitude to Melanie Ringa “for her thoroughness, clarity and candidness.”
“We are grateful to our Internal Audit Committee for the thorough job they do and for their dedication to the Church as they fulfill this extremely important role.”