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Independent Audit of St. Iakovos Retreat Center Concludes

For Immediate Release 

Independent Audit of St. Iakovos Retreat Center Concludes

ELK GROVE VILLAGE, IL, August 14, 2019 – The Greek Orthodox Metropolis of Chicago today announced the completion of a certified audit of financial statements for the St. Iakovos Retreat Center (SIRC). The independent public accounting firm, MichaelSilver issued a report finding that the financial statements of the Retreat Center for the years ending 2015, 2016 and 2017 were fairly stated in all material respects including:

  • Assets, liabilities and net assets on a modified cash basis as of December 31, 2017, 2016 and 2015.
  • Related statements of revenues, expenses and changes in net assets on a modified cash basis for the years ended December 31, 2017, 2016 and 2015.
  • Related notes to the financial statements.

The audit, which adhered to U.S. generally accepted auditing standards, evaluated the Retreat Center's financial management practices, processes and controls. The process was part of the broader strategic planning process initiated last year by His Eminence Metropolitan Nathanael.

"The audit of the St. Iakovos Retreat Center is just one example of the Metropolis of Chicago's commitment to transparency and accountability to the community—a commitment that will be continuous and authentic," His Eminence Metropolitan Nathanael said. "In the bigger picture, regular independent financial audits are just one small—yet important—step toward a more dynamic and fruitful Metropolis."

To view a full version of the audit, please click HERE.

The Saint Iakovos Retreat Center was purchased in 2006 and has since been the home of various Metropolis ministries, including Fanari, the youth summer and winter camping program. For more information about the Retreat Center, visit GOSIRC.org.

About the Greek Orthodox Metropolis of Chicago

Tracing its roots back to 1923, the Greek Orthodox Metropolis of Chicago is the diocese of Greek Orthodox faithful in Illinois, Iowa, Minnesota, Wisconsin, as well as northern Indiana and southeastern Missouri and consists of 58 parishes and two monastic communities. The Metropolis is one of nine regions in the Greek Orthodox Archdiocese of America and is presided over by His Eminence Metropolitan Nathanael. The general offices of the Metropolis are temporarily located in Elk Grove Village, Illinois. For more information, visit www.chicago.goarch.org. To sign up for news from the Metropolis, visit http://chicago.goarch.org/signup.

For More Information:
Chris Varones
312-213-3887 [email protected]