The AHEPAN - Summer 2015 - 25


amounts suggested and the applicants
were adjusted and the final amounts
were agreed to. The grants were categorized into AHEPA-related, outside
charities, and eligible projects grants.
The agenda continued into the Old
Business section. The status of the
South Carolina projects status was presented and each building's planned
rehabilitation work was detailed.
Consultant Bob Dine will be the lead
on overseeing the reconstruction.
The list of the projects receiving
amounts of assistance from ANHC was
shown along with what used for were
listed and reviewed. Most were for
Project Advancement and others for
taxes, refinance expense, title survey,
etc. Some were undated and some
went back to 2005.
Another list detailed the advances
from ANHC and AMC and the total.
All this data has been due to or is
being currently researched and the
corporation and/or the management's
books are to be brought to include
information to more accurately reflect
the condition of the entities. One effect
will be to be able to be reimbursed
for amounts due for recapture at any
eventual sale of assets.
Under the New Business category
was an Executive Committee report by
ANHC President Kostarides. He listed
the four meetings of the committee and
what was covered and any actions taken.
Of interest was the use of a telephone
conference meeting in February. The
importance of important areas where
charitable efforts are allowed by IRS was
given by distributing IRS Publication
4221-PC. The Owner Corp. was presented a list of actions for them to comply with and a list for the Presidents citing their functioning as an ANHC Board
member. Continuing in this vein, they

were presented a copy of Bylaws specifically for their local corporation and
the importance of this. Pres. Kostarides
utilized his own Board as an example of
the importance of this document. It may
be revised to suit each individual state,
circumstance for the local corporation.
Also, the Board was given a list of new
Board members and they granted each
Board member's approval.
The Strategic Plan was discussed
and approved for the next five-year
period. The Grants suggested by the
committee were approved and the
ANHC and AMC budgets for 2015-2016
were each approved (as corrected).
The election of officers for the coming term was conducted with Chairman
Nicholas Stratas (Mobile) and President

Angelo Kostarides (Indianapolis)
re-elected. George Nardone (Syracuse)
was elected as vice president, and
Secretary Christy Karthan (Ankeny,
Iowa) and Treasurer Nick Kallan
(Nashua, N.H.) were reelected.
In the election of three new members of the Executive Committee for
three-year terms elected were: E. P.
Terry Mitchell, Niantic, Conn.; Steve
Photiades, Daytona Beach, Fla.; and
Angela Magrames (second term),
Mishawaka, Ind. The vacancy created by election of George Nardone
as vice president would be addressed
by the new Executive Committee in
the future.
The 2015 annual meeting of ANHC
Board of Directors was adjourned.

AMC Executive Committee Conducts
Conference Call Meeting
The Executive Committee held its third quarterly meeting via conference call in
February. All members except for Brother Dennis Kiriazides were able to participate
as well as AHEPA Management Company staff.
AMC President/CEO Arthur Poly updated the committee on the status of the South
Carolina properties which are undergoing rehabilitation under the guidance of our
consultant Bob Dine. This endeavor has impacted our overall revenues. An additional
impact upon revenue results from HUD's reduced management fees on some properties. Quality Control contracts and non-AHEPA property management have generated
income to help offset the impact on revenue.
President Poly stated that our consultant in Washington, Andrew Kaffes, has been
very effective in getting our AHEPA name well known in D.C. He assured all that our
properties are properly managed.
ANHC Director of Development Demetri Damaskos reported on the Louisiana
property status and the the Indianapolis project refinancing and its funding under
the ALCP/SEH program, which is new for the corporation. We have two proposed
acquisitions: two under development projects and three assisted living possible sites
in Ohio and Indiana.
The project at Toledo is possibly being put up for sale and the action that might
be taken will be presented at the annual meeting.
To conclude, Attorney Matt Carr reported on the Umbrella Charitable Foundation that
is being formed and the Bylaws are being finalized.
Summer 2015 ยท THE AHEPAN



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