Friday, June 12, 2009
FOR IMMEDIATE RELEASE
Thomas C. Lelon, Ph.D.
Vice-Chair, Board of Trustees
Hellenic College, Inc.
617.850.1280 or 781.263.7373 x225
Hellenic College, Inc. Trustees Respond to Financial Exigency
Trustees announced that Hellenic College Inc’s cash shortfall for fiscal year 2009-10 now stands at $ 1.0 M. In February 2009, the Trustees anticipated a 2009-10 operating deficit of $ 2.3 M caused by the nation’s economic recession, which significantly diminished revenues form the institution’s endowment, annual appeals, and fund raising to cover annual debt service costs.
Under the chairmanship of Archbishop Demetrios, and the presidential leadership of Rev. Nicholas C. Triantafilou, to date, the Trustees, in collaboration with the Greek Orthodox Archdiocese and Leadership 100, have taken the following steps to reduce the 2009-10 operating shortfall from $ 2.3 M to $ 1.0 M:
· The Administration has taken a series of specific actions resulting in a $500,000 or 5% reduction of FY 2009-10 operating costs.
· The Trustees have donated or pledged a total of $500,000 for the calendar year ending December 31, 2009. In the future, Trustees expect to continue their strong level of commitment.
· Leadership 100 recently re-affirmed its pledge to provide $1,000,000 annually in seminarian scholarship aid through December 31, 2010. In addition, Leadership 100 is committed to fulfill its pledge to fund Hellenic College Inc’s Information Technology and the Office of Vocation and Ministry grants
· The Trustees have asked for and received assurance that the Greek Orthodox Archdiocese will continue to meet its monthly financial obligation on a timely basis.
The Trustees continue to monitor closely the financial exigency. The Trustees have established two task groups, one for near-term urgent concerns and one for long-term strategic planning. These groups continue to meet on a regular basis.
Over the next several months, the Trustees hope to eliminate the projected $1.0 M operating cash shortfall for FY 2009-10 through additional parish fundraising and by securing major gifts from individuals. The Administration will present its revised 2010-11 budget to the Trustees at its fall meeting. The Trustees remain resolute in their determination to manage this financial exigency in such a way as to ensure the institution’s ability to serve the faithful as it has since its founding.
Below is a list of upcoming events at Hellenic College Holy Cross. For a complete list, please refer to our Campus Calendar.