Hellenic College Holy Cross (Hellenic College, Inc.) is beginning FY 2022 in a solid financial position. The College is coming off two consecutive strong financial performances in fiscal years 2020 and 2021. Through a concentrated effort in both years to reduce expenses and address outstanding liabilities held by the College, the net assets of Hellenic College Holy Cross have increased steadily since FY 2019. In addition, the College has decreased annual expenses from $12.8 million in FY 2018 to $9.8 million in FY 2021.
Hellenic College Holy Cross has experienced significant growth in its endowment, both as a result of the positive financial markets over the past year and a half, as well as generous additions from donors. The endowment has increased from $28.5 million at the end of FY 2019 to $34.8 million at the end of FY 2021. The endowment of the College is crucial to its mission of providing an excellent education and professional foundation for the future leaders of Orthodox Christianity in America.
As with the entirety of the country, Hellenic College Holy Cross has been impacted by the COVID-19 pandemic that has gripped America since early 2020. For over a year and a half, the College has juggled, managing its continuing operations with the safety and security of its students. During the 2020-2021 academic year, the Institution moved to a completely online model that exceeded expectations in its success. After a long and detailed decision process, the 2021-2022 academic year has begun with a hybrid model, allowing students who choose to have a full on campus experience, while allowing for those with health and safety concerns to start/continue their educations from a remote location.
Due to our strong resource base, proactive leadership, and ongoing community support, we expect Hellenic College Holy Cross will continue to succeed and thrive both in the short and long term future.