October 18, 2018

NEW YORK – The Greek Orthodox Archdiocese of America, keeping with her on-going commitment to transparency and accountability, has posted on its website, the results of Phase II of the PricewaterhouseCoopers Advisory Services LLC (“PwC”) investigative report (the “Report”) regarding the rebuilding of Saint Nicholas Greek Orthodox Church and National Shrine (“St. Nicholas”). 

On October 16, the Special Investigative Committee (SIC), authorized by the Archdiocese to conduct an independent review of the St. Nicholas project, released Phase II of the Report to the Archdiocese along with a summary communication based on the Report. (see below for links)

As reflected in the Report, after extensive investigation, it has been determined that:

  • There is no evidence that St. Nicholas funds were improperly paid to any individuals employed by or associated with the Archdiocese.
  • There is no evidence or allegation that fraud was committed in connection with the St. Nicholas project.

The SIC has recommended that the St. Nicholas rebuilding effort be spearheaded by a new legal entity, which will do the fund-raising and overseeing of the project, that may be affiliated with, but is independent from the Archdiocese, with separate bank accounts and an appropriately qualified board.  Incorporation documents for a new legal entity, the “Friends of St. Nicholas,” have been prepared and will soon be filed.  More information on the Friends of St. Nicholas will be available in the coming weeks.

His Eminence Archbishop Demetrios of America expresses his enormous gratitude to the members of SIC and to Mr. George Stamboulidis of BakerHostetler, counsel to the SIC, and Mr. David Daly of PricewaterhouseCoopers Advisory Services LLC for their tireless efforts in compiling this Report.

Please see these links:
The results of the Phase II Report
The SIC’s summary communication regarding Phase II, is available at this link
The earlier Phase I Report is posted at this location

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