Hellenic College, Inc., Trustees Face Impact of Recession
Like most other colleges and universities, Hellenic College/Holy Cross School of Theology is experiencing cash shortfalls caused by the worst economic downturn since the Great Depression. At a special meeting on Friday, February 13, 2009, chaired by Archbishop Demetrios, Hellenic College, Inc., Trustees met for five hours discussing the financial challenges currently facing the institution.
Reverend President Nicholas Triantafilou, Trustee-Vice Chair Thomas Lelon, Ph.D., Trustee-Treasurer Robert Badavas, CPA, and Chief Financial Officer Charles Kroll, CPA, projected that the college/theological school will face a $ 2.0 M cash shortfall in each of the next three years if the Trustees do not act to remedy the situation. The shortfall stems from the fact that income from endowment earnings and annual appeals are down significantly, and funds have yet to be raised to cover annual debt service costs.
At least one trustee from each of the eight Greek Orthodox Metropolises participated in the deliberations, as well as one trustee from the Archdiocesan Direct District and one trustee from the Antiochian Orthodox Christian jurisdiction. After a careful review of the finances and a lengthy and sober discussion of ideas and options, the twenty-seven trustees unanimously agreed to establish two task groups: one for short term/urgent concerns, namely, immediate fund raising and reduction of operational costs; and the other for long term strategic planning. Trustees immediately volunteered for task group assignments and made personal funding commitments.
Reassured by the Archbishop that the Archdiocese and Leadership 100 would continue to fulfill their funding commitments, the Trustees are resolute in their determination to overcome the projected shortfalls.
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