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Greek Orthodox Metropolis of Chicago Begins Full Review of Finances as Part of Strategic Planning Initiative
CHICAGO, IL, September 24, 2018 – The Greek Orthodox Metropolis of Chicago announced today the retaining of the independent public accounting firm of MichaelSilver to conduct a certified audit of the Metropolis’s financial statements for the past three calendar years.
Commencing immediately, the audit will be overseen by the Metropolis Council Audit Committee, composed of Theo Coulis, Nick Boosalis and Michael Laudizio, Sr., and is part of the broader strategic planning process initiated by His Eminence Metropolitan Nathanael.
“The Church’s clergy and laity, especially those in leadership positions, are called to be lifelong servants of Christ. This includes properly investing, administering and distributing the Church’s resources,” His Eminence Metropolitan Nathanael said. “Beyond being an example of financial best practices, I see this audit as a spiritual exercise to ensure greater transparency and accountability, one that ultimately unites and motivates the faithful of the Holy Metropolis of Chicago to serve both God and neighbor.”
According to the Metropolis, the scope of the audit will:
Cover Metropolis financial statements for the years ending December 31, 2015, December 31, 2016, and December 31, 2017,
Evaluate Metropolis financial management practices, controls, and provide management recommendations for needed improvements, and
Adhere to U.S. generally accepted auditing standards to assess Metropolis financial practices and processes.
“When we began the strategic planning process in the spring, we knew that a full financial accounting of assets and liabilities was essential. When complete, the audit will help the Metropolis establish a baseline for its work, which ultimately will help our community grow and thrive. This is one of the most important motivations behind the audit,” Michael T. Laudizio, Sr., Treasurer and Chair of the Finance Committee of the Metropolis Council said.
The audit follows decisions by the Metropolis Council to impose new internal controls over long-term contracts, expenditures, management of funds, compliance and budget approval among other areas.
For more information about the audit, parishioners are invited to review FAQs. Additional answers to questions will be provided in this document on an ongoing basis throughout the audit process.