Finance FAQs

Q: What information must be included in the National Allocation submission? (Due May 15 each year.)

A: The 2-page Data Form, 1-page Questionnaire, and 1-page Reconciliation sheet; your parish's Income + Expense Report (aka Profit + Loss statement, or Statement of Financial Activity) and Balance Sheet (aka Statement of Financial Position) for the relevant years; any additional documentation required to demonstrate requested deductions (noted in the questionnaire); if not already sent: current Certificate of Insurance from the parish's Property & Liability carrier listing the "Greek Orthodox Archdiocese of America and its Metropolises" as additional insured (this should have no cost, or a very low cost - see note below).

Q: What financial reporting is the parish leadership responsible for, and to whom?

A: The parish's leadership is responsible to its Council members to provide financial reports at each meeting.  It is responsible to the Parish as a whole to provide financial reports at each Assembly, and to submit annually to an audit conducted by the parish's Audit Committee (or, if the Audit Committee chooses, by an independent auditor).  It is also responsible to the Metropolis & Archdiocese to provide financial forms by May 15 each year, as part of the National Ministries Allocation process.  The Allocation form that accompanies it (as well as any schedules or other documents) must be attested to by the Priest, Treasurer, and Audit Committee Chair.

Q: Our Audit Committee is made of mostly new members - is there anything available to help them?

A: The Metropolis Finance Committee developed a set of Parish Audit Guidelines specifically to help local audit committees approach the work.

Q: When & how can we find out about what's going on at the Metropolis and Archdiocesan levels with regards to finances?

A: The Finance Committee presents information at the Metropolis Clergy-Laity Assembly (late September) and at the Parish Leadership Conference (formerly the "Priests - Presidents - Treasurers Meeting") in January.  The Archdiocese provides lots of information (updated quarterly) on their website., and delegates and observers at the Archdiocesan Clergy-Laity Congress have an opportunity to attend the Congress Finance session.  But we also welcome those with the time, interest, and experience in finance to join the Finance Committee by contacting one of the existing members. 

Q: Where does our National Ministries Allocation (aka "Total Commitment") money go?  How is it used?

A: The Allocation goes to the Archdiocese, and then:

  • 25-27% goes to Metropolis expenses, primarily personnel and insurance
  • 34% goes to the National Ministries & GOA Deparments
  • 14% goes to Hellenic College / Holy Cross
  • 6% goes to the Ecumenical Patriarchate
  • 5% goes to the Pension for Clergymen and Lay Employees (in addition to per-participant contributions)
  • 4% to general & legal contingencies (safety net)
  • 7.5% goes to property & liability insurance
  • 2.5-4.5% goes to remaining overhead (repairs, utilities, legal, etc.)

Q: What about the Benefits Allocation?

A: The Benefits Allocation goes to a separate fund overseen by the Archdiocesan Benefits Office and managed by our third-party administrators.  This is used for the pension, ancillary insurance, oversight, & management.

Q: Why are we being asked to list the Archdiocese + Metropolises as additional insured on our liability policy?

A: Adding the Archdiocese and Metropolises allows your insurer to cover costs related to something that happens at your parish which, if litigated, ends up including the Metropolis and/or Archdiocese.  It does not make the parish liable for costs related to events at other parishes, at the Metropolis, or at the Archdiocese.  Because it is not adding liability to your policy, it should cost nothing (or if anything, a small amount for the paperwork generation).

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