NEW YORK – The Greek Orthodox Archdiocese of America published the PricewaterhouseCoopers Report about the St. Nicholas finances. According to the Report, PwC was able to confirm that expenditures from St. Nicholas funds were, in fact, used for St. Nicholas-related purposes, and, therefore, met donor restrictions.
The Report does indicate that the Archdiocese borrowed the sum of $3,504,550 from the St. Nicholas fund for general Archdiocesan expenditures. On May 2, the Archdiocese returned $1,000,000 to the fund, reducing the balance owed by the Archdiocese to the St. Nicholas fund, to $2,504,550 plus interest.
Follows the Pdf with the full text of the PwC report.SNCNS Final Phase I Report 05.15.2018
Follows a brief summary of findings, based on BakerHostetler’s review of the Report.BakerHostetler