The AHEPAN - Summer 2013 - (Page 23)

HOUSING AHEPA National Housing Corp. Holds Annual Meeting By George Anagnostos, PSS The AHEPA National Housing Corp. (ANHC) held its annual meeting at its headquarters in Fishers, Ind., May 7 to 10, 2013. Twenty-nine directors and seven staff members met to review the year and to set goals for the upcoming year. The first two days were devoted to committee meetings to prepare reports for the full meetings and the Executive Committee to prepare recommendations for the full directors’ meeting on May 9 and 10. ANHC Chairman Nick Stratas was unable to physically attend the meetings but was present and participated via Skype. ANHC President Angelo Kostarides opened the Executive Committeee meeting on May 7 with ten members present. He provided a review of previous three months and reported on the status of AHEPA Management Co. (AMC), stating it is better-organized and that staff morale and production has greatly improved. In working with Consultant David Clegg, AMC is following a path pursuant to a Strategic Plan. The mold problem still exists at our Columbia, S.C. buildings and our suit is progressing but end is unknown yet. Some of our foundations and possibly other tax-exempt activities may have defaulted by not filing required Form 990s. ANHC Treasurer Nick Kallan provided a treasury report ending March 2013. He noted increased legal and audit costs. AMC President/CEO Arthur Poly reported that there was a revision on financial matters, citing AMC as the Supreme President visits ANHC, poses with ANHC officers. From left, G. Anagnostos, V.P.; C. Karthan, sec., A. Kostarides, pres., J. Grossomanides, Supreme Pres., N. Kallan, treas. loan guarantor versus ANHC, which has no funds and properties. However, AMC needs a fatter balance sheet. All levels need to develop a succession plan, he added. The strength of some local boards of directors is a concern. The management website is greatly improved and some sites were merged. Marketing efforts are gaining traction and realizing results. Moreover, the management team is aggressively compiling and chasing amounts due for various reasons. This includes expenditures due to the South Carolina mold problem. Demetri Damaskos, ANHC director of development, reported on the efforts to acquire 202 properties and cited three on-going actions. None are accepted yet; however, none have been outright rejected. This method of growing the corporation is the wave of the future and AMC is positioning itself to move forward. A few properties are available but must be screened for condition, need for rehabilitation, and location (i.e., being able to be managed by current personnel and have future potential). New hire Todd Jensen explained tax credits and the differences with four percent and nine percent bonds. The tax credit procedures and regulations are set by each state, making it more difficult to comply. President Kostarides reported on the progress in developing uniform bylaws for owner corporations and President Poly reported on acquiring non-ANHC management business. Attorney Matt Carr relayed a possible plan that would obviate the IRS renewal of tax-exempt foundations by placing all under a group umbrella. Full Directors’ Meeting The full directors’ annual meeting commenced May 9. Chairman Stratas, via Skype, called the meeting to order and gave the gavel to President Kostarides, who presented his report. He described the tax credit program which the corporation would utilize to gain properties and new business. He cited the work done with Consultant David Clegg last year. Two campaigns were being developed: ‘Growth Initiatives,’ to grow the business and the portfolio; and ‘Local and National Relationships,’ intended to improve communications and education of local boards, especially with the organization’s goals. In addition, he pointed increased financial stress due to the mold problem and some of the local boards has put on the corporation. The change from the former HUD 202 program Summer 2013 · The AhepAn | 23

Table of Contents for the Digital Edition of The AHEPAN - Summer 2013

The AHEPAN - Summer 2013
President’s Message
AHEPA Family News
Congressional Banquet Triumphantly Returns to Washington
Annual Excursion Focuses on Humanitarian Eff orts
AHEPA Announces “Th e Demeter Initiative” to Feed Greece’s Hungry, Benefit Economy
Civic Responsibility
The Periclean
AHEPA Family Chapter News

The AHEPAN - Summer 2013