Greek Orthodox Stewards of America - May 10, 1999
Archdiocese has the most stringent financial controls in history
The Archdiocese has in place the most stringent financial controls in its history. The controls include the following:
Two signatures required on every check irrespective of the amount.
- A corporate officer (Vice-Chairman, Treasurer, Secretary) of the Archdiocese is required to sign any check of $25,000 or more.
- Internal Audit Committee comprised of James Paulos and George Safiol, with ex-officio members consisting of the Director of Finance and General Counsel.
- Free Access of the Finance Committee and the Audit Committee to the Department of Finance and Outside Auditors, presently BDO Seidman.
- Audit Committee selects and hires outside auditors and handles any internal irregularities.
- Fully audited financial statements of the Archdiocese and all affiliated institutions. These financial statements have been widely distributed to the Archdiocesan Council, Clergy-Laity Congress and parishes, and published in the Orthodox Observer.
- Department of Finance has installed and is using new accounting software that provides monthly reporting of revenues and disbursements, including year to date results, to the Executive Committee and the Archdiocese. Monthly reports are provided within forty-five (45) days.
- The Department of Finance and General Counsel provide reports at monthly meetings of the Executive Committee of the Archdiocesan Council.
- Outside Auditors are provided direct access and review of the investment accounts of the Archdiocese, which accounting firm makes all postings and account entries.
[ Greek Orthodox Stewards of America
May 10, 1999 ]