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United States

Hellenic College Holy Cross Declares Financial Exigency and Sustainable Restructuring

BROOKLINE, MA – Hellenic College and Holy Cross Greek Orthodox School of Theology declared “financial exigency” President George Cantonis informed in a letter late Friday night August 7, the students, faculty and personnel, announcing restructuring of the Institution.

The entire letter has as follows:

“On Friday, August 7, 2020, at a special executive session, the HCHC Board of Trustees announced that it had passed a resolution declaring “a financial exigency” at the institution, allowing the School to initiate a designed to meet the challenges of the COVID-19 pandemic, maintain academic quality, and grow into the future.

President George M. Cantonis, who has been at the helm for only seven months, stated that “it is with a sobering and realistic evaluation of the challenges of the present, but with a confident and optimistic view of the future, that we took action to declare a state of financial exigency. This vital step will allow us to restructure our School to meet its academic needs well into the future."

 At this meeting, the Board approved a budget necessary to confront the threats to the survival and sustainability of the institution. The exigency resolution authorizes the administration to take affirmative steps needed to bridge the gap between the costs in academic programming and the challenges to revenue growth due to general economic and enrollment declines.

President Cantonis also added that “the academic experience of our students will never be compromised. We have already made progress by implementing a new learning management system that will enhance the effectiveness and efficiency of faculty/student interaction and improve the academic offerings for the fall with a new Certificate in Youth and Young Adult Ministry and Leadership in the School of Theology. We will evaluate the allocation of academic resources throughout the institution to maximize our ability to deliver upon our mission while acknowledging economic realities.“

HCHC recently informed the Massachusetts Department of Higher Education, NECHE, and ATS of its decision and the President and senior administrators will keep them and the School's constituencies apprised of their plans regarding the next steps forward. NECHE will be visiting HCHC this fall to review its probationary status for institutional resources and planning and evaluation. “We remain committed to sharing more information with members of our community and donors when we know more about how this will all work. We are committed to taking all the prudent steps to make HCHC stronger and more viable,” Fr. Jon Magoulias, Vice-Chairman of the Board of Trustees, said.

The Board decided that any path forward for HCHC must be based upon a financial model that is sustainable, allowing it to provide a high-quality education and preserving the value of an HCHC degree for its alumni. President Cantonis concluded the meeting by telling the Board that “any and all possible actions and strategies should be considered not only in light of their effectiveness in the current crisis, but also on their potential to provide a foundation for the future. HCHC as an institution is critically important to our Church in the United States. Our faithful look to us not only as the  source for clergy, but also as the center of theological thought and development. These actions will help ensure all of this.”

More information will be shared as it becomes available.”

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