Clergy Education

Chairperson & Committee: Cindy Xenick with Effie Moraitakis, Joanna Snider and Presvytera Evi Kaplanis

OPERATING GUIDELINES FOR THE METROPOLIS OF ATLANTA
CLERGY EDUCATION FUND

ARTICLE I. PREAMBLE

The Ladies Philoptochos Society (the “Philoptochos”) of the Metropolis of Atlanta (“Metropolis”), in
conjunction with the Metropolitan of Atlanta (the “Metropolitan”), hereby establish this fund (the
“Clergy Education Fund”) to provide certain financial support for future and present clergymen of the
Greek Orthodox Church (the “Church”), While the Clergy Education Fund does not replace any existing
funds, programs or foundations of the Philoptochos, Metropolis or Church which pursue similar
objectives, all monies, securities, funds or other assets (the “Assets”) which comprise the Clergy
Education Fund shall be segregated and restricted specifically and exclusively for the purposes set forth
in these Operating Guidelines.

ARTICLE II. PURPOSES OF THE CLERGY EDUCTAION FUND

A. Specific Purposes.
The specific purposes (the “Permitted Uses”) of the Clergy Education Fund shall be to provide financial
assistance: (i) to men from the Metropolis who have financial need and wish to become Greek Orthodox
Clergymen and wish to attend Holy Cross School of Theology; and (ii) for the continuing education of
Clergy in the Metropolis so that they may pursue additional education and receive further training by
attending retreats in our Metropolis.

B. Limitations.
Contributions to, and the Assets of, the Clergy Education Fund, together with all interest, dividends,
distributions, capital gains or other earnings on the Assets (collectively, the Earnings”), may be used only
for the Permitted Uses described in this Article II unless an additional or replacement use or purpose is
approved by both the Metropolitan and the Governing Board of the Philoptochos of the Metropolis (the
“Philoptochos Board”).

ARTICLE III. ADMINISTRATION OF THE CLERGY EDUCATION FUND

A. Administrative Committee.
This Clergy Education Fund shall be administered by a committee (the “Administrative Committee”)
comprised of four (4) members, two (2) of whom shall be members of the Philoptochos Board appointed
by the Philoptochos President as set forth herein, and two (2) of whom shall be clergymen appointed by
the Metropolitan as set forth herein. The chairperson of the Administrative Committee shall be
appointed from among its members by the Metropolitan annually.

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B. Term of Service.
To provide continuity in the Administrative Committee, the terms of service shall be staggered such that
in January of each year, after the inaugural year of 2002, the then-current Philoptochos President and
the Metropolitan shall each appoint one (1) new member. To begin the staggering of terms, in the
inaugural year of 2002, the then-current Philoptochos President shall appoint two (2) inaugural
Administrative Committee members, one (1) of whom shall serve for approximately two (2) years until
January of 2004, and one (1) of whom shall serve for approximately one (1) year until January of 2003.
Similarly, in 2002, the Metropolitan shall appoint two (2) inaugural Administrative Committee members,
one (1) of whom shall serve for approximately two (2) years until January of 2004, and one (1) of whom
shall serve for approximately one (1) year until January of 2003. After the appointment of this inaugural
Administrative Committee, and except for appointments made to fill vacancies, each new member of
the Administrative Committee shall be appointed to serve a term of two (2) years until his or her
successor is appointed in accordance with these Operating Guidelines. There are no limits on the
number of consecutive or non-consecutive terms an individual can serve on the Administrative
Committee.

C. Vacancies.
Any vacancy in the Administrative Committee occurring in a position which was filled by an appointment
made by the Philoptochos President shall be filled by the then-current Philoptochos President for the
remaining unexpired term of the individual whose absence created the vacancy. Similarly, any vacancy
in the Administrative Committee occurring in a position which was filled by an appointment made by the
Metropolitan shall he filled by the Metropolitan for the remaining unexpired term of the individual
whose absence created the vacancy.

D. Duties.
It shall be the duties of the Administrative Committee to: (ii) maintain, safeguard and invest the
contributions, Assets and Earnings which comprise the Clergy Education Fund in accordance with these
Operating Guidelines; (ii) maintain all of the books, records and documents of the Clergy Education
Fund; (iii) prepare and make available Clergy Education Fund Grant Applications Forms (the “Grant
Application”); (iv) evaluate any Grant Applications that are submitted and annually make
recommendations for disbursement grants (“Grants”) from the Clergy Education Fund to the
Philoptochos Board and the Metropolitan in accordance herewith; and (v) undertake such other
activities necessary or appropriate for the growth, expansion and operation of the Clergy Education
Fund.

E. Clergy Education Fund Grant Process

(i) The Administrative Committee shall establish the timetables and process for the submission and evaluation of the Grant Applications and publish such timetable and procedure. As soon as practicable, such timetable and procedure, along with the Grant Application, may be placed on the metropolis web site, and copies thereof shall be available at the Metropolis offices.
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(ii) The Administrative Committee may interview applicants for Grants if they deem it appropriate.
(iii) After completing the evaluation of all Grant Applications, and following any interviews they deem
necessary or beneficial, the Administrative Committee shall make their recommendations for Grants to the Metropolis Philoptochos Board. The Metropolis Philoptochos Board shall thereafter consider such recommendations and the corresponding Grant Applications and pass on to the Metropolitan their recommendations for Grants along with the original recommendations of the Administrative Committee.
(iv) The Metropolitan shall consider the recommendations of the Metropolis Philoptochos Board and the Administrative Committee and he shall have the final authority as to who will receive any Grants, and the amounts and distribution timetable therefore.
(v) An individual may apply annually for a Grant if they qualify. There shall be no set or fixed amounts for Grants, nor shall there be any minimum amounts of Grants in each of the categories.

ARTICLE 1V. SPECIAL PROVISIONS REGARDING CLERGY EDUCATION FUND

A. Retreats.
In order for a retreat to be funded by a Grant from the Clergy Education Fund, it must first be
recommended or approved by the President of the Clergy Syndasmos and submitted to the
Administrative Committee.

B. Other Authorized Purposes.
The Metropolitan or Dean of the Vicars of the Metropolis may, in their discretion, make additional
recommendations to the Administrative Committee for events, lectures, training programs, retreats and
other activities to be funded by Grants from the Clergy Education Fund.

ARTICLE V. FUND MANAGEMENT AND INVESTMENT

A. Investment Restrictions
The Assets of the Clergy Education Fund shall be invested in accordance, and shall be subject to, the
investment restrictions and guidelines attached hereto as Exhibit “A and incorporated herein by this
reference, The Administrative Committee may seek investment advice from duly qualified and licensed
investment advisors.

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B. Philoptochos Support.
Providing funding and contributions to the Clergy Education Fund (the “Annual Contributions”) shalt be
an obligatory annual project for each Philoptochos Chapter within Metropolis. Whenever possible, the
Philoptochos Chapters shall conduct fundraising activities for the Clergy Education Fund during the
month of March of each year, as well as such other fundraising activities that they deem appropriate.

C. Funding Levels.
Grants from the Clergy Education Fund can be awarded from Annual Contributions, Assets or Earnings.
Whenever they deem it advisable, the Administrative Committee can add all or a portion of the Annual
Contributions and Earnings to the Assets to be retained in the Clergy Education Fund. The Administrative
Committee is permitted to recommend that Grants not be made from the Clergy Education Fund until
the level of the Assets has reached a certain sum.

ARTICLE VI. ADDITIONAL COVERNING PROVISIONS

A. Effective Date.
These Operating Guidelines shall become effective, and the Clergy Education Fund shall come into
existence, as soon as these Operating Guidelines are approved by both the Metropolis Philoptochos
Board and the Metropolitan. The Clergy Education Fund shall continue in existence in accordance with
these Operating Guidelines until it is terminated by both the Philoptochos Board and the Metropolitan.
If this Clergy Education Fund is ever terminated, any remaining Assets must be contributed to a fund,
entity or program of the Metropolis which supports similar programs and activities as does this Clergy
Education Fund.

B. Amendments.
These Operating Guidelines may be amended only after the proposed written amendment is approved
by both the Metropolitan and the Metropolis Philoptochos Board.

EXHIBIT “A”
INVESTMENT GUIDELINES AND RESTRICTIONS

All Assets, funds, investments, securities and other properties held at any time by the Clergy Education
Fund shall be managed and invested at all times in accordance with the “prudent man standard.” The
following investment limitations shall apply:

(a) All or any portion of the Assets may be invested in either: (i) securities, notes, bills or obligations of the United States Government or agencies whose instruments are backed by the full faith and credit of the United States Government; or (ii) certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or the Federal Savings & Loan Insurance Corporation and which are issued by banks and thrift institutions which are ranked in the top two rating categories by any of the Clergy Education Guidelines revision I Page 4 nationally recognized rating agencies, all of which investments should be divided into “ladders” of different maturity dates;
(b) Not more than fifty percent (50%) of the fair market value of the Assets may be invested in high
grade corporate bonds in any of the top three rating categories established by either Standard & Poors Corporation or Moody (i A, AA, AAA; or A, Aa, Aaa, one grade higher than bank grade) or some such similar ratings (collectively, the “Approved Bond Ratings”); provided, however, at no time is the Clergy Education Fund authorized to acquire any corporate bonds which are rated lower than the Approved Bond Ratings, and if the rating of any corporate bonds held by the Clergy Education Fund deteriorates below the Approved Bond Ratings, the Administrative Committee should make every reasonable effort to sell such nonconforming bonds as soon as practicably possible without realizing a significant loss in value;
(c) Not more than fifty percent (50%) of the fair market value of Assets may be invested in publicly
traded, high quality equity securities with a primary emphasis on preservation of capital and long term total return maximization and which are rated by Standard & Poors Corporation four (4) stars or higher, “B” or better and on the “Recommended” list or some such relatively similar ratings (collectively, the “Approved Equities Ratings”), except as set forth in herein; provided, however, at no time is the Clergy Education Fund authorized to acquire any equity securities which are rated lower than the Approved Equities Ratings, except as set forth herein, and if the rating of any equity securities held by the Clergy Education Fund deteriorates below the Approved Equities Ratings, the Administrative Committee should make every reasonable effort to sell such nonconforming equity securities as soon as practicably possible without realizing a significant loss in value;
(d) As a part of the up to fifty percent (5O6/o) of fair market value of Assets which may be invested in
public equity securities as set forth herein, the Assets may he invested in one or more no4oad mutual funds registered with the Securities & Exchange Commission (the “Mutual Funds”) which invest in publicly traded equity securities and which are rated by any of the nationally recognized rating agencies as “lowest risk”, “high performance” and carry the recommendation “buy” or some such similar ratings (collectively, the “Approved Mutual Fund Ratings”); provided, however, at no time is the Clergy Education Fund authorized to acquire any Mutual Funds which are rated lower than the Approved Mutual Fund Ratings, and if the rating of any Mutual Funds held by the Clergy Education Fund deteriorate below the Approved Mutual Fund Ratings, the Administrative Committee should make every reasonable effort to sell such nonconforming Mutual Funds as soon as practicably possible without realizing a significant loss in value;
(e) At no time may the Clergy Education Fund acquire investments such that greater than: (i) five
percent (5%) of the fair market value of the Clergy Education Fund aggregate assets are invested in the corporate bonds, equity securities or other permitted investment vehicles of any one issuer (except for Mutual Funds pursuant hereto and except as set forth herein); or (ii) twenty-five percent (2 5%) of the fair market value of the Clergy Education Fund aggregate assets are invested in any one industry Standard Industrial Classification group; provided, however, that if due to market value fluctuations the Clergy Education Guidelines revision I Page 5 above percentage limitations are exceeded, the Administrative Committee shall have a reasonable period of time, not to exceed six (6) months, to make the appropriate adjustments in the Clergy Education Fund portfolio in order to bring it in compliance with the limitations set forth herein;
(f) The Clergy Education Fund may not engage in short selling of securities nor create any debt on behalf of the Clergy Education Fund, including specifically, without limitation, the practice known as margin trading;
(g) At no time may the Clergy Education Fund be invested in, own or acquire any options, puts, calls,
warrants, straddles limited partnership interests, limited liability corporation securities, commodities contracts or other similar riskier investment vehicles; and
(h) The Clergy Education Fund is not authorized to acquire or invest in any form or fashion in real
property of any kind; provided, however, the Clergy Education Fund is authorized to receive, as a part of its Assets, contributions of real property which the Administrative Committee should make every
reasonable effort to sell as soon as practicably possible at the highest possible value with the proceeds becoming a part of the Assets.

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Printable version of Guidelines:

Clergy Education Guidelines.