Financial Dashboard

Financial Reports

Year End 2010 Financial Statements

Balance Sheet

Loan Deposit Activity Report

Income Statement

Tithes Report

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Dear Brothers and Sisters, 

Tithe Income was $556,798, an increase of only $4,376 over the prior year.  This is a marked departure from the 12% average growth rate of the fifteen years preceding.  In previous years there was always a church or two the produced oversized increases, either from large gifts or building fund donations.  That didn’t happen in 2010.  Also, the proportion between “gainers” and “losers” was significantly less favorable than that of 2009:  twenty-seven churches showed decreases in 2010, versus eighteen in 2009, while gainers decreased from forty-eight to forty-one.  It was a year of tight budgets for many of our churches and, by the grace of God, the decision of the Diocese to relieve its churches of the OCA Membership Assessment burden couldn’t have come at a better time.

Missions & Parish Development expenses totaled $189,702, well in excess of our “25% of Tithe Income” benchmark.  A total of $535,959 was loaned to thirteen churches, most of which was used to pay down bank mortgage debt.  The Diocese is currently managing the bank debt of seven churches with aggregate indebtedness of $2,791,911:  the total of scheduled payments for 2011 is $256,915.  The 2011 payment schedule for Church Friendly Loans and Priest Seminary Debt are $116, 328 and $26,650, respectively, and scheduled payments to the six churches currently receiving DIocesan Planting Grants total $57,000.  The sum total of our 2011 funding commitments is $457,902.

Our ability to take on funding commitments of this extent and magnitude is made possible by the growth in Church Deposits and Church Friendly Loans from individuals.  Both of these funding mechanisms are of fairly recent origin (2008) but their essential place in the financial workings of this Dioceses has already been established.  The number of churches participating in the Church Deposit and Managed Debt programs will continue to grow as they come to realize the attendant benefits to themselves, their sister churches, and the Diocese.  Likewise, the responsiveness of people to the Church Friendly Loan concept indicates further growth potential.  These mechanisms for meeting the massive capital needs of our growing Diocese are the product of a Gospel-centered unity of purpose that dwell within its people – a people secure in the knowledge of having been created for a purpose, which is manifested by a willingness to offer their time, talent, and treasure to Him.

Our Tithe Income to date is $114,325, which is about 25% ahead of last year.  There hasn’t been a full year increase of this size since 2007, so maybe we’re due.  Timely remittance of Tithe payments in recent months is the best I’ve seen in my seventeen years as treasurer, and I thank you for that.  It makes the management of our somewhat intricate financial structure  so much easier.

The 2010 Financial Reports are attached hereto.  Your questions and comments are welcome.

Yours in Christ,
Milos Konjevich
Treasurer

3rd Quarter 2010 Financial Statements

Balance Sheet

Funding Cash Flows

Income Statement

Tithe Report

DOS ASSEMBLY 2010 Statement

Milos Konjevich
Treasurer

Year End 2009 Financial Statements

Balance Sheet

Cash Flow Statement

Income Statement

Tithes Report

(Dallas, TX) Mr. Milos Konjevich, Treasurer/Administrator for the Diocese of the South has submitted his Year-End 2009 DOS Financial Reports.  The reports and his comments are below.

Your Beatitude and Members of the Diocese of the South:

Christ is Risen!  Indeed He is Risen!

The Diocese of the South finished the first decade of the new century with another strong year. The upward momentum in tithe income and financial support to parishes and missions was sustained, each reaching all time highs, coming in at $552,062 and $331,865, respectively, Tithe growth, along with that of our church depositor base, has fueled both the dollar amount and the broadening scope of our church assistance initiative.  Given the historic data used to plan our diocesan budgets, we can project that our growth trends of the past five years will continue in this decade.

Please direct any questions you may have to me for a prompt reply.

Asking your Archpastoral Blessing,

Milos Konjevich
DOS Treasurer/Administrator
(dosmilos@gmail.com)

3rd Quarter 2009 Financial Statements

Balance Sheet

Cash Flow Statement

Income Statement

Tithe Report

This year’s Tithes of $362,969 are running 8% ahead of last year with all deaneries, except Orlando, showing an increase. Full year results should easily surpass the all time record of $522,685 set in 2007, and there is a good possibility that this year’s growth rate will reach our 12% historic average. All in all a most resounding rebound from the 5% decline in 2008, which was the first yearly decline in our history.

A review of the Tithes Report shows 45 churches have increased and 24 churches have decreased from last year. Especially notable performers are the rejuvenated Holy Spirit, Venice, which has recorded the second highest total for the Miami Deanery in both 2008 and 2009, and All Saints, Victoria, which has vaulted to third place in the Dallas Deanery. All Saints was established in 2006. Its small group of dedicated founders, under the leadership of Fr. Dimitri Cozby, has already constructed a strikingly handsome Orthodox temple.

Our OCA Membership Assessment receipts through September are $114,789, which is about $31K less than 2008. This is attributable to the Diocese having capped the OCA Assessment obligation of its churches at 3% of total income, and thereby assuming the obligation of paying the shortfall to the OCA. The $27K increase in Tithes offsets most of the shortfall, but this will almost certainly not be the case in 2010, when the Diocese absorbs the full impact of the $254,374 Membership Assessment obligation to the OCA.

The decision to relieve the churches of the Membership Assessment obligation was based on the premise that the combination of a growing Tithe and church depositor base would largely offset the additional cost to the Diocese. Tithes have increased and the church depositor base is growing. On September 30, 2008 there were nine church depositors with total deposits of $140,469: on September 30, 2009 the totals were fifteen and $445,407, respectively; and, as of today the totals are seventeen and $489,627. It is expected that the totals will continue to grow as more churches become aware of the program and the generous interest rate (4.5%) that they can earn on their savings. If every church, each year, placed one-half the amount of its previous Membership Assessment obligation on deposit with the Diocese we will be able sustain the rate of growth in missions and parish development funding that has occurred over the past several years.

Respectfully submitted,

Milos Konjevich, DOS Treasurer

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