Fiscal Year 2024 Financial Review and FY25 Strategy

Hellenic College’s Financial Performance FY 2024

In FY 2024, Hellenic College, Inc. made notable progress in its financial position, balancing both opportunities and challenges. We observed growth in key areas, including enrollment and program offerings, supported by strong financial commitments. Despite recording an operating loss, targeted financial strategies helped mitigate its impact, ensuring that we maintain a solid financial foundation.

Asset Growth and Financial Health

Assets:
Hellenic College’s assets have shown positive growth, reflecting a secure financial base and adaptability in a complex fiscal environment. While an operating loss was recorded, targeted expense management and income generation strategies lessened its severity. This trend reinforces our commitment to long-term financial health, as we continue to strengthen and diversify our asset base.

Key Financial Highlights

  1. Enrollment Growth
    Strategic program expansion resulted in a 17% increase in enrollment, a significant achievement in a competitive higher education market. By introducing new online programs, continuing education courses, and expanding our certificate offerings, we have broadened our educational impact. This enrollment boost is a direct positive influence on our revenue, supporting overall financial stability.
  2. Investment in Core Mission and Values
    Investments in the Maliotis Cultural Center and the Huffington Ecumenical Institute underscore Hellenic College’s dedication to preserving and promoting our cultural and religious mission. These facilities serve as hubs for Greek cultural expression and Orthodox Christian education, reinforcing our institutional values and mission. This investment also fosters deeper community ties, strengthening the college’s appeal to donors, alumni, and community members, which indirectly supports financial stability.
  3. Revenue Enhancement Through Secured Funding
    • Stable Funding: The Greek Orthodox Archdiocese of America has pledged $3.5 million annually for the next two years, providing a predictable revenue stream critical to our financial plans.
    • Anticipated Bequests: We expect approximately $5 million in bequest revenue in FY25, a substantial contribution that will bolster our financial position and support strategic initiatives. This incoming revenue will serve as a cushion for fiscal operations and help to fund essential programs and infrastructure.

Strategic Financial Planning for FY25

Revenue Enhancement Strategies
Our FY25 strategy prioritizes revenue stabilization and diversification, focusing on the following areas:

  • Enrollment Optimization: Building on the upward trend in enrollment, we plan to intensify recruitment efforts and develop additional programs. These efforts aim to ensure a steady increase in student numbers, establishing a more consistent revenue stream from tuition and related fees.
  • Strategic Partnerships: To expand our reach and optimize resource utilization, we aim to establish partnerships that enable resource sharing and collaborative program offerings. These partnerships will allow us to share costs, increase program visibility, and create new revenue opportunities while enhancing our educational footprint.

Capital Campaign
A comprehensive capital campaign is in the planning stages, set to leverage existing donor relationships and expand our base of supporters. This initiative is designed to secure immediate funding and to build an endowment for sustained growth and stability. The campaign will be essential for achieving long-term financial security and funding capital improvements, scholarships, and program expansions aligned with our mission.

Financial Outlook 

Conclusion

Hellenic College stands on firm financial ground, supported by key stakeholder commitments and an assertive approach to revenue generation. Our FY25 strategy is crafted to address current financial challenges and to set a sustainable path forward. This proactive approach will ensure Hellenic College’s continued role as a beacon of Orthodox Christian education and Greek cultural heritage in America, while fostering growth, stability, and resilience for years to come.

Audited Financials

Audited Financials FY23 & 24
Audited Financials FY22 & 23 (summary)
Audited Financials FY21 & 22 (summary)
Audited Financials FY20 & 21 (summary)
Audited Financials FY19 & 20 (summary)
Audited Financials FY18 & 19 (summary)