Frequently Asked Questions (FAQ)
Why did the Metropolis create the Foundation?
The Foundation was created to help the Metropolis of Chicago fulfill its ongoing commitment toward operational accountability and transparency, and to provide long-term financial security for the Church. The Foundation has applied to become a separate 501(c)(3) organization. and has its own Board of Directors, financial accounts and corporate governance. As such, the Foundation’s funds will be kept separate from the general funds of the Metropolis of Chicago and invested to support its long-term goals. The Foundation represents a rare opportunity, not only to support and grow Orthodoxy in America, but also to bring about multi-generational transformation. Through its structure and board oversight, the Foundation will help advance the mission and ministries of the Metropolis through distribution of unrestricted funds on an annual basis.
What is the Metropolis of Chicago’s long-term vision for the Foundation?
The Foundation exists in part to attract a different category of donors and supporters who are prepared to make major gifts to the Church. In this way, the Foundation will play a critical role in helping the Metropolis of Chicago support and serve its parishes, the faithful, and their broader communities.
Who identified the need for the Foundation?
After hearing concerns voiced at the Listening Tour of the summer of 2018; through consultation with clergy and lay leaders about the need to institutionalize accountability and transparency; and after the completion of an independent study, His Eminence Metropolitan Nathanael came to believe that a foundation was necessary to safeguard resources to help achieve the long-term goals of the Metropolis in a way that met the expectations of the laity.
How will the Metropolis of Chicago maintain independence with the Board members of the Foundation?
Board Members must not have any pre-existing financial, professional, or familial relationship with any employee of the Metropolis of Chicago, any member of the Metropolis Council or the St. Iakovos Retreat Center.
What kind of background and experience are required of Foundation Board members?
The Foundation Board is comprised of Greek Orthodox Christians in good standing at a parish within the Metropolis or within the broader Greek Orthodox Archdiocese, who are investment management professionals, accountants, attorneys, business owners and for-profit or non-profit executives.
How many Board Members are there and how are they selected?
There are a total of seven (7) Board Members, of which three (3) are selected through an independent selection process, three (3) are appointed by His Eminence Metropolitan Nathanael and approved by the Metropolis Council, and the remaining Board Member is the Metropolitan himself.
How long is the term for each Board Member?
Terms of initial Board Members are staggered between 1-3 years. Successor terms shall be 3 years. Board Members shall serve without compensation.
Will there be any reporting requirements placed on the Foundation Board?
Yes. The Foundation maintains self-imposed requirements for financial and administrative reporting to the faithful of the Metropolis of Chicago.
Best practices for nonprofit foundations and endowments have been implemented. Investment, spending and gift acceptance policies of the Foundation are being prepared with full transparency. This will help every donor know exactly how his/her monies are protected, invested and distributed to the Metropolis.
What are the specific responsibilities and expectations of Board Members of the Foundation?
Board Members will be expected to meet not less than quarterly, be committed to developing policies that provide transparency and accountability to donors, manage the affairs of the Foundation, invest funds and make distributions pursuant to the Foundation’s investment and spending policies, and raise funds for the Foundation. Board Members must, at all times, be a Greek Orthodox Christian in good standing with the Church.