FINANCIAL STATEMENTS TOGETHER WITHREPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
THE PENSION PLAN FOR CLERGYMEN AND LAY EMPLOYEESOF THE GREEK ORTHODOX ARCHDIOCESE OF AMERICA
For the years ended December 31, 2008 and 2007

CONTENTS

Page
Report of Independent Certified Public Accountants

1

Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2008 and 2007

2

Statements of Changes in Net Assets Available for Benefits for the years endedDecember 31, 2008 and 2007

3

Notes to Financial Statements

4-9

Audit  Tax  AdvisoryGrant Thornton LLP
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Archdiocese Benefits Committee of theGreek Orthodox Archdiocese of America:
We have audited the accompanying statements of net assets available for benefits of The Pension Plan forClergymen and Lay Employees of the Greek Orthodox Archdiocese of America (the “Plan”) as ofDecember 31, 2008 and 2007, and the related statements of changes in net assets available for benefits forthe years then ended. These financial statements are the responsibility of the Plan’s management. Ourresponsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes consideration ofinternal control over financial reporting as a basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
status of The Pension Plan for Clergymen and Lay Employees of the Greek Orthodox Archdiocese ofAmerica as of December 31, 2008 and 2007, and the changes in its financial status for the years then ended,in conformity with accounting principles generally accepted in the United States of America.

New York, New York
November 30, 2010
Grant Thornton LLP
U.S. member firm of Grant Thornton International Ltd

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As of December 31, 2008 and 2007

2008
Assets:Cash - Atlantic Bank of New York

$Investments:
Investments held by New York Life Trust Company:
Mutual funds
Money market account2007

107,295$

10,12236,898,666
432,416

54,642,918
413,245

37,331,082

55,056,163

Investments held by MJ Whitman Co., LLC:
Money market account257

16,342

Investments held by Ascent Meredith Inc:
Money market account33,450-Total investments
Net assets available for benefits

The accompanying notes are an integral part of these statements.
-2-37,364,789

55,072,505$ 37,472,084$ 55,082,627

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the years ended December 31, 2008 and 2007

Additions (reductions):
Investment income (loss):
Net (depreciation) appreciation in fair value of investments(Note F)
Interest and dividend income

2008

2007

$ (16,663,812)
1,093,644$ 2,356,502
1,306,853

Total investment (loss) income(15,570,168)

3,663,355

1,549,193
1,953,932

1,462,418
2,113,396

3,503,125

3,575,814(12,067,043)

7,239,169

5,321,545
221,955

4,911,681
294,576

5,543,500

5,206,257

Net (decrease) increase(17,610,543)

2,032,912

Net assets available for benefits, beginning of year

55,082,627

53,049,715$ 37,472,084$ 55,082,627

Contributions:Contributions from retirement plan participantsContributions from Archdiocese and affiliates
Total contributions
Total (reductions) additions
Deductions:Benefits paid to retired participants
Actuarial and administration fees
Total deductions

Net assets available for benefits, end of year

The accompanying notes are an integral part of these statements.
-3-The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007

NOTE A - DESCRIPTION OF THE PENSION PLAN
1. General
The following description of The Pension Plan for Clergymen and Lay Employees of the Greek
Orthodox Archdiocese of America (the “Plan”) is provided for general information purposes only.
Participants should refer to the Archdiocese benefits office at the Greek Orthodox Archdiocese ofAmerica (the “Archdiocese”) for complete information.
The Plan is administered by the Archdiocese Benefits Committee (the “ABC”).
2. Eligibility
The Plan is a contributory defined benefit pension plan that was adopted in 1973; restated effective
January 1, 1983, January 1, 1996, and January 1, 2006; and amended effective January 1, 1991, 1997,1999, 2000, 2001, 2003, 2004 and 2006. The Plan covers the majority of clergymen and lay
employees of the Archdiocese, as well as employees of participating affiliated organizations.
3. Pension Benefits and Vesting
The accompanying financial statements have been prepared on the basis that the Plan, as amended
on January 1, 1991, provides for 100% vesting after five years of service. Amounts withheld from
employees’ compensation and contributed by them are fully refunded along with accrued interest at
rates specified by the Plan if such employee terminates from service prior to full vesting. Benefits
for participants retiring at normal (age 65), early or delayed retirement age and disability or death
benefits are calculated as set forth in the Plan.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Basis of Presentation
The accompanying financial statements have been prepared in conformity with accounting
principles generally accepted in the United States of America using the accrual basis of accounting.
2. Investments Valuation and Income Recognition
The Plan’s investments are stated at fair value. Shares of mutual funds are valued at quoted market
prices, which represent the net asset value of shares held by the Plan at year-end.
-4-The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2008 and 2007

NOTE B (continued)
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on
the accrual basis. Dividends and recorded on the ex-dividend date.
3. Participant Contributions
A participant may elect to make contributions in an amount equal to 3½% to 5% of earnings inaccordance with the rules established by the ABC.
4. Administrative Expenses
Administrative expenses which consist of investment fees, salaries, and professional fees, are paid by
the Plan, as permitted by the Plan document.
5. Benefits Paid to Participants
Benefits paid to participants are recorded when paid.
6. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally acceptedin the United States of America requires management to make estimates and assumptions that affectthe reported amounts of assets, liabilities, revenues, expenses and other disclosures during thereporting period. Actual results could differ from those estimates.
7. Actuarial Assumptions
Accumulated plan benefits are those future periodic payments, including lump-sum distributions,that are attributable under the Plan’s provisions to the service employees have rendered.
Accumulated plan benefits include benefits expected to be paid to (a) retired or terminatedemployees or their beneficiaries, (b) beneficiaries of employees who have died, and (c) present
employees or their beneficiaries. Benefits under the Plan are based on employees’ compensation
during their last five years of credited service. The accumulated plan benefits for active employees
are based on their average compensation during the five years ending on the date as of which thebenefit information is presented (the valuation date). Benefits payable under all circumstances retirement, death, disability, and termination of employment - are included, to the extent they are
deemed attributable to employee service rendered to the valuation date. Benefits to be provided via
annuity contracts excluded from Plan assets are excluded from accumulated Plan benefits.
-5-

The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2008 and 2007

NOTE B (continued)
The actuarial present value of accumulated plan benefits is determined by an actuary from New
York Life Investment Management LLC and is that amount that results from applying actuarial
assumptions to adjust the accumulated plan benefits to reflect the time value of money (throughdiscounts for interest) and the probability of payment (by means of decrements such as for death,disability, withdrawal, or retirement) between the valuation date and the expected date of payment.
Significant assumptions underlying the 2008 and 2007 actuarial computations are as follows:
Actuarial cost method

Unit credit cost method

Rate of investment return

8% compounded annually for 2008 and 2007

Rate of compensation

5% compounded annually

Mortality

1983 Group Annuity Mortality Table for males, setback six years in age for females

Retirement age

The later of age 65 or completion of five years ofservice

NOTE C - FUNDING POLICYThe Plan is funded in accordance with the initial minimum standards of the Employee Retirement
Income Security Act (“ERISA”), as originally in effect in 1974.
NOTE D - PLAN TERMINATION
Although no intentions to terminate the Plan have been expressed, the Plan may be terminated at any
time by the ABC, at which time the assets of the Plan would be liquidated, allocated and distributed inaccordance with the provisions of the Plan.

-6-The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2008 and 2007

NOTE E - ACCUMULATED BENEFITS
The actuarial present value of accumulated plan benefits as of the dates indicated, is summarized asfollows:
Actuarial present value of accumulated plan benefits:
Vested benefits:
Participants currently receiving payments
Other participants
Total vested benefits
Nonvested benefits
Total actuarial present value of accumulated
plan benefits

January 1, 2008

January 1, 2007

$ 38,936,877
24,657,202
63,594,079$ 38,648,836
21,912,653
60,561,489

500,232

1,688,335$ 64,094,311$ 62,249,824

Accumulated contributions of active employees, including credited interest on those contributions,amounted to approximately $16,764,000 and $15,564,000 as of December 31, 2008 and 2007,
respectively.
The changes accumulated plan benefits during the years ended as of the dates indicated are summarized
as follows:
January 1, 2008

January 1, 2007

Actuarial present value of accumulated plan benefits,
beginning of year
Changes in actuarial assumptions
Benefits accumulated and (gains) losses
Benefits paid
Interest
Net increase$ 62,249,824
1,972,649(4,911,681)
4,783,519
1,844,487$ 59,591,220
665,391
2,173,652(4,824,940)
4,644,501
2,658,604

Actuarial present value of accumulated plan benefits,
end of year

$ 64,094,311$ 62,249,824-7-The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2008 and 2007

NOTE F - CASH AND INVESTMENTS
The following table presents investments by type as of December 31, 2008 and 2007:
2008
New York Life Trust Company Money Market Account
MJ Whitman Co., LLC Money Market AccountAscent Meredith Inc. Money Market Account
Mutual Funds

$

2007

432,416257
33,450$413,245
16,34254,642,918$ 55,072,505

36,898,666$ 37,364,789

The following table presents individual investments that represent 5% or more of the Plan’s net assets atDecember 31, 2008 and 2007:
2008$

PIMCO Real Return Admin
The Growth Fund of America (R4)
American Beacon Large Cap Value
Davis New York Venture Fund
Harbor International Fund Institutional
Vanguard Short Term Treasury
MainStay Institutional Bond I

4,804,578
4,949,754
5,132,802
4,006,130
6,604,795
3,111,758
6,534,033

2007$

8,123,734
8,495,776
6,660,083
11,518,419
7,954,285
9,580,614

The Plan’s investment (including gains and losses on investments bought and sold, as well as held during
the year) (depreciated) appreciated in value by ($16,663,812) and $2,356,502 for the years ended
December 31, 2008 and 2007, all of which is attributable to mutual funds.
NOTE G - TAX STATUS
The Internal Revenue Service has determined and informed the Plan’s management by a letter dated
January 28, 2008, that the Plan and related trust are designed in accordance with applicable sections ofthe Internal Revenue Code (“IRC”).

-8-The Pension Plan for Clergymen and Lay Employeesof the Greek Orthodox Archdiocese of America
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 2008 and 2007

NOTE H - RISK AND UNCERTAINTITIESThe Plan invests in various investment securities. Investment securities are exposed to various risks
such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values of investment securities will occur
in the near term and that such changes could materially affect the amounts reported in the statement ofnet assets available for benefits.
Plan contributions are made and the actuarial present value of accumulated plan benefits are reported
based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, allof which are subject to change. Due to uncertainties inherent in the estimations and assumptions
process, it is at least reasonably possible that changes in these estimates and assumptions in the nearterm would be material to the financial statements.
Subsequent to December 31, 2008, the investment and credit markets in general have experienced
significant volatility. As a result of this condition, a substantial portion of the Plan’s investments haveexperienced significant declines subsequent to December 31, 2008.

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