A n n u a l R e p o r t 2 0 0 7 / 0 8

Anatolia Since its founding in 1886 the name Anatolia has been synonymous with quality education. In , since 1923, Anatolia is a private, non-profit, educational institution imbued with the best ideals of Greek and American education. Today, Anatolia provides quality education to Greek, American, and Balkan youth and adults alike through its three academic divisions.

ACT, the American College of Thessaloniki, is a private, independent, non-profit American university chartered by the State of Massachusetts and accredited by the New England Association of Schools and Colleges (NEASC). It offers Bachelor (BS and BA) degree programs in Business (Finance, International Business, Management, Marketing), Information Technology (Computer Science, Business & Computing and Computer Management Information Systems) and International Relations and Diplomacy. Graduate programs include a Master's program in Business Administration (MBA) with concentrations in Banking and Finance, Entrepreneurship, Management and Marketing, and through the school's collaboration with ALBA Graduate Business School, an Executive MBA and an MSc Degree in Finance and Accounting.

Anatolia College is one of the most prestigious secondary schools in Greece, comprising "gymnasio" (grades 7-9) and "lykeio" (grades 10-12), and the International Baccalaureate (IB) program (grades 11- 12) that prepares students for entry and success at some of the best universities worldwide.

Anatolia Elementary (primary school and kindergarten) builds a strong academic foundation in a warm family environment. The school's core philosophy integrates academic excellence, individual development, emphasis on the English language, and community service.

Three great schools. A single-minded commitment to quality Table of Contents education.

2. President’s Message GREECE: 3. Chairman’s Message Anatolia / The American College of Thessaloniki 4. Development Chair’s Message P.O. Box 21021 555 10 Pylea 5. Message from the Directors of Development Thessaloniki 6. The Year in Photos 10. Donors 2007-2008 U.S.: 14. Financials Anatolia / The American College of Thessaloniki 18. Board of Trustees 130 Bowdoin Street; Suite 1201-1202 , MA 02108 20. Administration Since its founding in 1886 the name Anatolia has been synonymous with quality education. In Thessaloniki, Greece since 1923, Anatolia is a private, non-profit, educational institution imbued with the best ideals of Greek and American education. Today, Anatolia provides quality education to Greek, American, and Balkan youth and adults alike through its three academic divisions.

ACT, the American College of Thessaloniki, is a private, independent, non-profit American university chartered by the State of Massachusetts and accredited by the New England Association of Schools and Colleges (NEASC). It offers Bachelor (BS and BA) degree programs in Business (Finance, International Business, Management, Marketing), Information Technology (Computer Science, Business & Computing and Computer Management Information Systems) and International Relations and Diplomacy. Graduate programs include a Master's program in Business Administration (MBA) with concentrations in Banking and Finance, Entrepreneurship, Management and Marketing, and through the school's collaboration with ALBA Graduate Business School, an Executive MBA and an MSc Degree in Finance and Accounting.

Anatolia College is one of the most prestigious secondary schools in Greece, comprising "gymnasio" (grades 7-9) and "lykeio" (grades 10-12), and the International Baccalaureate (IB) program (grades 11- 12) that prepares students for entry and success at some of the best universities worldwide.

Anatolia Elementary (primary school and kindergarten) builds a strong academic foundation in a warm family environment. The school's core philosophy integrates academic excellence, individual development, emphasis on the English language, and community service.

Three great schools. A single-minded commitment to quality Table of Contents education.

2. President’s Message GREECE: 3. Chairman’s Message Anatolia / The American College of Thessaloniki 4. Development Chair’s Message P.O. Box 21021 555 10 Pylea 5. Message from the Directors of Development Thessaloniki 6. The Year in Photos 10. Donors 2007-2008 U.S.: 14. Financials Anatolia / The American College of Thessaloniki 18. Board of Trustees 130 Bowdoin Street; Suite 1201-1202 Boston, MA 02108 20. Administration 2 The quality and We are now 3 reputation of raising our Anatolia reflects sights: on each of us Anatolia's Third personally whether Century as alumni, Campaign is a Trustees, faculty challenge to all or administration, of us in the and we are Anatolia family therefore joined to show our together in a pride in, and our common enterprise loyalty to, our to ensure the great school by well-being and making a special reputation of this gift to it. President’s Message Chairman’s Message

part of the history of this region. And increasing the mix of American and As Anatolia's new Chairman of the in the months to come. I urge you to yet, we should also aspire to a national Greek students on campus. A new law on Board of Trustees, I look forward to participate in this effort and to be as vision. On my last visit to the US, I was private colleges, passed by the Greek maintaining Anatolia's unique character generous as you can. proud to learn from faculty at top Parliament in July, finally provides a legal and mission and to its providing universities I visited that our graduates framework within which ACT will be programs that will offer unsurpassed Thank you. studying there are generally out able to operate. learning opportunities for the 21st performing other students from Greece. century. \ We are thus perceived as a beacon for Tuition alone, quite simply, cannot academic excellence at all levels in support such levels of excellence, and Our elementary school is growing; our Jack Clymer, Chairman Greece and the wider region. the measure of a great institution, high school continues to send its Board of Trustees whether Harvard, MIT, Columbia or, graduates to the best universities in Such energy and excitement in learning yes, Anatolia --- is the loyalty and Greece and abroad; and as the American was readily apparent in each division with participation of its Trustees, alumni and College of Thessaloniki enters its 27th the start of school in September. At the supporters. I would, therefore, like to year, it is poised to have its degrees Elementary School, the upper grades thank all of you who have contributed so recognized in Greece, a decade after moved into renovated facilities on the generously to Anatolia's Annual Fund gaining full, free-standing accreditation former Pinewood campus on our school and Third Century Campaign and to ask in America from NEASC, the grounds, allowing us to begin to meet those of you have not yet done so to accrediting agency for Harvard and MIT, surging demand for admission. At the come forward now. In the end, the among others. s I enter my tenth year at high school, over 100 students returned quality and reputation of Anatolia ne hundred and twenty-two Anatolia, my message to from mind-expanding study programs in reflects on each of us personally y e a r s a g o, A m e r i c a n Anatolia is an institution that needs your Trustees, alumni and the US. University admissions for Fall whether as alumni, Trustees, faculty or missionaries, aided by Greek support if it is to continue to provide and friends of this institution is 2008 were also very strong for both administration, and we are therefore and Armenian faculty and expand its distinctive educational A one of unlimited optimism Greece and the United States. At ACT, joined together in a common enterprise Ostaff, gave their wisdom and opportunities. To those who gave about the future of Anatolia, tempered the fact that we are now the only to ensure the well-being and reputation dedication to establishing Anatolia as a generously to the school during this past by realism about the challenges we face in institution in Greece with both full of this great school. beacon of educational excellence in Asia year, I offer my heartfelt thanks. We are maintaining its high academic standards American accreditation and EU degree Minor and, later, in Greece. Their values, now raising our sights: Anatolia's Third and continued pre-eminence. validation is translating into increased vision and integrity continue to inspire Century Campaign is a challenge to all of freshman enrollment. Study abroad our school. us in the Anatolia family to show our With its early years in Asia Minor and demand is also up, and innovative Richard Jackson pride in, and our loyalty to, our great long record of service to youth in partnerships such as the pre-freshman President school by making a special gift to it. You Northern Greece, Anatolia is an integral program with Northeastern are will be hearing more about the Campaign 2 The quality and We are now 3 reputation of raising our Anatolia reflects sights: on each of us Anatolia's Third personally whether Century as alumni, Campaign is a Trustees, faculty challenge to all or administration, of us in the and we are Anatolia family therefore joined to show our together in a pride in, and our common enterprise loyalty to, our to ensure the great school by well-being and making a special reputation of this gift to it. President’s Message Chairman’s Message part of the history of this region. And increasing the mix of American and As Anatolia's new Chairman of the in the months to come. I urge you to yet, we should also aspire to a national Greek students on campus. A new law on Board of Trustees, I look forward to participate in this effort and to be as vision. On my last visit to the US, I was private colleges, passed by the Greek maintaining Anatolia's unique character generous as you can. proud to learn from faculty at top Parliament in July, finally provides a legal and mission and to its providing universities I visited that our graduates framework within which ACT will be programs that will offer unsurpassed Thank you. studying there are generally out able to operate. learning opportunities for the 21st performing other students from Greece. century. \ We are thus perceived as a beacon for Tuition alone, quite simply, cannot academic excellence at all levels in support such levels of excellence, and Our elementary school is growing; our Jack Clymer, Chairman Greece and the wider region. the measure of a great institution, high school continues to send its Board of Trustees whether Harvard, MIT, Columbia or, graduates to the best universities in Such energy and excitement in learning yes, Anatolia --- is the loyalty and Greece and abroad; and as the American was readily apparent in each division with participation of its Trustees, alumni and College of Thessaloniki enters its 27th the start of school in September. At the supporters. I would, therefore, like to year, it is poised to have its degrees Elementary School, the upper grades thank all of you who have contributed so recognized in Greece, a decade after moved into renovated facilities on the generously to Anatolia's Annual Fund gaining full, free-standing accreditation former Pinewood campus on our school and Third Century Campaign and to ask in America from NEASC, the grounds, allowing us to begin to meet those of you have not yet done so to accrediting agency for Harvard and MIT, surging demand for admission. At the come forward now. In the end, the among others. s I enter my tenth year at high school, over 100 students returned quality and reputation of Anatolia ne hundred and twenty-two Anatolia, my message to from mind-expanding study programs in reflects on each of us personally y e a r s a g o, A m e r i c a n Anatolia is an institution that needs your Trustees, alumni and the US. University admissions for Fall whether as alumni, Trustees, faculty or missionaries, aided by Greek support if it is to continue to provide and friends of this institution is 2008 were also very strong for both administration, and we are therefore and Armenian faculty and expand its distinctive educational A one of unlimited optimism Greece and the United States. At ACT, joined together in a common enterprise Ostaff, gave their wisdom and opportunities. To those who gave about the future of Anatolia, tempered the fact that we are now the only to ensure the well-being and reputation dedication to establishing Anatolia as a generously to the school during this past by realism about the challenges we face in institution in Greece with both full of this great school. beacon of educational excellence in Asia year, I offer my heartfelt thanks. We are maintaining its high academic standards American accreditation and EU degree Minor and, later, in Greece. Their values, now raising our sights: Anatolia's Third and continued pre-eminence. validation is translating into increased vision and integrity continue to inspire Century Campaign is a challenge to all of freshman enrollment. Study abroad our school. us in the Anatolia family to show our With its early years in Asia Minor and demand is also up, and innovative Richard Jackson pride in, and our loyalty to, our great long record of service to youth in partnerships such as the pre-freshman President school by making a special gift to it. You Northern Greece, Anatolia is an integral program with Northeastern are will be hearing more about the Campaign 4 his President's Report is 5 My optimism for something new. In its section the success of on the year's philanthropy, it combines U.S. and Greek the Campaign is T giving for the first time, and it lists donors according to level of giving. It anchored in the is also the joint product of Anatolia's two belief that we offices for development, one based at the Office of the Trustees in Boston and now can all rally headed by U.S. Director of Operations Maria Karagianis, the other based at around Anatolia and in , the Office for Anatolia's European Development headed by Maria Tsekou '82. We are the co-authors of this unwavering message.

commitment to The trustees have decided that Anatolia's a philosophy of fundraising efforts must become more ambitious and must move into a larger, education that global arena, reflecting the school's own global reach. We need to pursue broadens fundraising opportunities wherever they horizons and may lead, from Athens to Los Angeles. opens minds. We have to face the fact that Anatolia has historically had a relatively small number of supporters, at least in comparison to many of our peer schools in the U.S. They Message from the Directors have been faithful to the school, and there Development Chair’s Message would be no Anatolia without them, from the Iowa woman who gave her silver tea of Development commitment to a philosophy of education And their love for Anatolia. This set to Charles Tracy to support the young The Third Century Campaign provides a business and philanthropic community that broadens horizons and opens minds. Campaign is for them and for those who Anatolia in Asia Minor to the sustained compelling occasion to rally Anatolia's there. Thanks to the efforts of the past will follow them. support of donors like George Bissell and supporters and to win new ones. New and current Presidents and Boards of the The goals of the Campaign are many, and Stavros Constantidides '47 in recent initiatives across Anatolia's three Anatolia Alumni Association, and of the they are essential to Anatolia's future. The Finally, let me assure you of the Trustee's decades. Superb though their generosity divisions require an increased level of Athens Anatolia Alumni Association, we renovation of the former Pinewood commitment to managing and has been, giving to Anatolia must become support. New buildings, renovations to have never been closer to our Greek facility for the Elementary School is now supporting a strong development effort broader and deeper if the school is going older facilities, new programs, new graduates. We need to continue to in progress, thanks to the generosity of the for Anatolia. The arrival earlier this year to grow in greatness in the 21st century. technology and always, exceptional mobilize their support. Anatolia Alumni Association, whose of Maria Karagianis as Director of U.S. teachers and staff, and a strong dramatic announcement of a Ä150,000 gift Operations in Boston has been a We face several immediate challenges scholarship program -- require funds What can you, as an alumnus/a or in May launched the public phase of the significant step forward in that regard. and opportunities. We must raise the level beyond what can be raised through friend of Anatolia or ACT do? campaign. Other major needs include $1.7 Maria has made an enormous impact in of alumni support on both sides of the tuition and fees. - give generously to the annual and s I resume my role as Chair of million for renovation of the indoor the short time she has been with Anatolia. Atlantic. The Anatolia Alumni capital campaigns t h e D e v e l o p m e n t gymnasium; $1.2 million to complete the She is ably supported in Athens and Association and other Greek donors have The Campaign is at its critical mid-way - help lead us to other sources of Committee, Anatolia's Third transformation of Raphael Hall into a Thessaloniki by Maria Tsekou '82, who set a fine example by recent gifts to the point. Eleven million dollars in gifts and support Century Campaign has now state-of the-art performing arts center; an continues as Director of European school. Now individual alumni must pledges remains to be raised by the end of - simply volunteer to become involved A entered its public phase. a dditional $500,000 to renovate the Development. Leadership for her come forward to help their alma mater, as 2009. It will take the generosity and in helping Anatolia Formally announced during the May former Pinewood facility; $400,000 for the efforts is provided by our Development they do at American schools and colleges. sacrifice of many donors and volunteers Trustee meetings, the Campaign comes at a Ingle Hall Annex renovation; and Sub-Committee in Greece chaired by Greece may lack the U.S. tradition of to enable us to reach that goal, but we are We are privileged to work on behalf of a critical time in Anatolia's remarkable $500,000 for the IB/Ladas Hall Trustee Antonis Kamaras '83. Each of private philanthropy, but there is no time determined to make it, and with your help, remarkable institution. With your help, history. Faced with repeated challenges to renovation. these individuals brings us experience, like the present to develop new patterns we know that we can. we can continue to build Anatolia as a its very existence, Anatolia has emerged commitment and a passion for Anatolia. of Greek giving to Anatolia. dynamic force for Greek and with its mission intact, leaving an indelible My hope is that you will reflect on these We are indeed fortunate to have them In the U.S. we are intensifying our efforts multinational education in a world crying mark on those young people who have and other objectives of the Campaign and leading our development activities. At the same time, we must appeal to to locate and contact Anatolia and ACT out for global understanding and been privileged to receive an Anatolia find one that inspires you to contribute. American philhellenes of every kind as alumni, and to gather them at a series of leadership. education. Whatever amount you are able to give will I look forward to meeting many of you well as to Greek Americans and our events planned for the fall and winter be received with gratitude. during the course of Anatolia's Third alumni now living in the United States and months in Boston, New York, Palm Thank for your support. It is to these past graduates and those who Century Campaign. in other foreign countries. American Beach, and Los Angeles, with President will follow them in the years ahead that I On my visits to campus over the past few Sincerely, philanthropy created this school, and Jackson in attendance. believe this Campaign should be dedicated. years, I've made it a habit to meet with giving to Anatolia from sources in the U.S. Maria Karagianis My optimism for the success of the students. And I always leave inspired by remains critical to the school's future. In Greece we are working to raise Campaign is anchored in the belief that we their energy, their enthusiasm, their Charlie Raphael, Trustee Anatolia's profile in Athens and to can all rally around Anatolia's unwavering scholarship and their accomplishments. Chair, Development Committee cultivate new sources of support from the Maria Tsekou 4 his President's Report is 5 My optimism for something new. In its section the success of on the year's philanthropy, it combines U.S. and Greek the Campaign is T giving for the first time, and it lists donors according to level of giving. It anchored in the is also the joint product of Anatolia's two belief that we offices for development, one based at the Office of the Trustees in Boston and now can all rally headed by U.S. Director of Operations Maria Karagianis, the other based at around Anatolia and in Athens, the Office for Anatolia's European Development headed by Maria Tsekou '82. We are the co-authors of this unwavering message. commitment to The trustees have decided that Anatolia's a philosophy of fundraising efforts must become more ambitious and must move into a larger, education that global arena, reflecting the school's own global reach. We need to pursue broadens fundraising opportunities wherever they horizons and may lead, from Athens to Los Angeles. opens minds. We have to face the fact that Anatolia has historically had a relatively small number of supporters, at least in comparison to many of our peer schools in the U.S. They Message from the Directors have been faithful to the school, and there Development Chair’s Message would be no Anatolia without them, from the Iowa woman who gave her silver tea of Development commitment to a philosophy of education And their love for Anatolia. This set to Charles Tracy to support the young The Third Century Campaign provides a business and philanthropic community that broadens horizons and opens minds. Campaign is for them and for those who Anatolia in Asia Minor to the sustained compelling occasion to rally Anatolia's there. Thanks to the efforts of the past will follow them. support of donors like George Bissell and supporters and to win new ones. New and current Presidents and Boards of the The goals of the Campaign are many, and Stavros Constantidides '47 in recent initiatives across Anatolia's three Anatolia Alumni Association, and of the they are essential to Anatolia's future. The Finally, let me assure you of the Trustee's decades. Superb though their generosity divisions require an increased level of Athens Anatolia Alumni Association, we renovation of the former Pinewood commitment to managing and has been, giving to Anatolia must become support. New buildings, renovations to have never been closer to our Greek facility for the Elementary School is now supporting a strong development effort broader and deeper if the school is going older facilities, new programs, new graduates. We need to continue to in progress, thanks to the generosity of the for Anatolia. The arrival earlier this year to grow in greatness in the 21st century. technology and always, exceptional mobilize their support. Anatolia Alumni Association, whose of Maria Karagianis as Director of U.S. teachers and staff, and a strong dramatic announcement of a Ä150,000 gift Operations in Boston has been a We face several immediate challenges scholarship program -- require funds What can you, as an alumnus/a or in May launched the public phase of the significant step forward in that regard. and opportunities. We must raise the level beyond what can be raised through friend of Anatolia or ACT do? campaign. Other major needs include $1.7 Maria has made an enormous impact in of alumni support on both sides of the tuition and fees. - give generously to the annual and s I resume my role as Chair of million for renovation of the indoor the short time she has been with Anatolia. Atlantic. The Anatolia Alumni capital campaigns t h e D e v e l o p m e n t gymnasium; $1.2 million to complete the She is ably supported in Athens and Association and other Greek donors have The Campaign is at its critical mid-way - help lead us to other sources of Committee, Anatolia's Third transformation of Raphael Hall into a Thessaloniki by Maria Tsekou '82, who set a fine example by recent gifts to the point. Eleven million dollars in gifts and support Century Campaign has now state-of the-art performing arts center; an continues as Director of European school. Now individual alumni must pledges remains to be raised by the end of - simply volunteer to become involved A entered its public phase. a dditional $500,000 to renovate the Development. Leadership for her come forward to help their alma mater, as 2009. It will take the generosity and in helping Anatolia Formally announced during the May former Pinewood facility; $400,000 for the efforts is provided by our Development they do at American schools and colleges. sacrifice of many donors and volunteers Trustee meetings, the Campaign comes at a Ingle Hall Annex renovation; and Sub-Committee in Greece chaired by Greece may lack the U.S. tradition of to enable us to reach that goal, but we are We are privileged to work on behalf of a critical time in Anatolia's remarkable $500,000 for the IB/Ladas Hall Trustee Antonis Kamaras '83. Each of private philanthropy, but there is no time determined to make it, and with your help, remarkable institution. With your help, history. Faced with repeated challenges to renovation. these individuals brings us experience, like the present to develop new patterns we know that we can. we can continue to build Anatolia as a its very existence, Anatolia has emerged commitment and a passion for Anatolia. of Greek giving to Anatolia. dynamic force for Greek and with its mission intact, leaving an indelible My hope is that you will reflect on these We are indeed fortunate to have them In the U.S. we are intensifying our efforts multinational education in a world crying mark on those young people who have and other objectives of the Campaign and leading our development activities. At the same time, we must appeal to to locate and contact Anatolia and ACT out for global understanding and been privileged to receive an Anatolia find one that inspires you to contribute. American philhellenes of every kind as alumni, and to gather them at a series of leadership. education. Whatever amount you are able to give will I look forward to meeting many of you well as to Greek Americans and our events planned for the fall and winter be received with gratitude. during the course of Anatolia's Third alumni now living in the United States and months in Boston, New York, Palm Thank for your support. It is to these past graduates and those who Century Campaign. in other foreign countries. American Beach, and Los Angeles, with President will follow them in the years ahead that I On my visits to campus over the past few Sincerely, philanthropy created this school, and Jackson in attendance. believe this Campaign should be dedicated. years, I've made it a habit to meet with giving to Anatolia from sources in the U.S. Maria Karagianis My optimism for the success of the students. And I always leave inspired by remains critical to the school's future. In Greece we are working to raise Campaign is anchored in the belief that we their energy, their enthusiasm, their Charlie Raphael, Trustee Anatolia's profile in Athens and to can all rally around Anatolia's unwavering scholarship and their accomplishments. Chair, Development Committee cultivate new sources of support from the Maria Tsekou The Year in Photos 7 “It was like

“Never doubt that a small heaven on group of thoughtful, committed people can earth.” change the world. Indeed, it Haigaram Baronian '26 is the only thing that ever Anestis Logothetis '53, Constance Logotheti, Jack Clymer, and Ourania Logotheti at the dedication ceremony of the new Logothetis has.” Science Laboratory in Ingle Hall given in memory of Andreas Logothetis.

Members of the Board of Trustees and guests watch a presentation of great quotations from notable Anatolians at the Third Century Margaret Mead Campaign kickoff in May, held at the Macedonian Museum of Modern Art in Thessaloniki. “On April 14th (1926)…our attention was attracted by the lay of the land on our present campus, along the edge of which we were passing. We turned aside, walked carefully over the ground, and felt that our quest was ending. Others soon agreed, and from that time on there was increasing “Peace. Time. approval and satisfaction with what one Trustee called 'one of the finest locations Education.” for a college in the whole world.'” George E. White, Anatolia's 2nd President, who re-established the school in Greece Cyrus Hamlin (1811-1900), the Anatolia students and faculty from the Elementary School and High School raised their voices in song at the annual Christmas Concert held pioneer American educator in in the Aristotle University Concert Hall on December 9. Turkey and the 'grandfather' of Anatolia College Epaminondas Farmakis of the Stavros Niarchos Foundation, “As we face this changing, chaotic, President Richard Jackson, Artemis Zenetou of the Fulbright Foundation, Yale University President Richard Levin, and U.S. Consul fear-ridden world, we can take General Hoyt Brian Yee following President Levin's May 7 address on “The Internationalization of the University” in Raphael Hall, in the comfort in the great, unchanging Fulbright “Great Ideas” series of public lectures at Anatolia. truths, and in the fact that the greatest hope for the future still lies in the ability of our schools to send “The College does not exist to out into the world men and women secure place and privilege to its who will try to live by these eternal graduates but to bring forth truths.” among the people and for the Carl Compton, teacher, Dean, and American Consul of Thessaloniki Elayne Paplos, Dr. Constance people those true and self- Ecklund, and President Jackson at the presentation of the historic Anatolia's 4th President Flag of Thygatira to the school by Dr. Ecklund, whose grandfather denying leaders for which the Christo Papadopoulos, an early Anatolia graduate, flew it in defense need is so great.” of Armenians in his parish in Turkey in 1895.

Charles Chapin Tracy (1838-1917), One of the photographs of Greece by Robert McCabe recently donated Anatolia's founder and first President to Anatolia by the photographer and now on permanent display in the Bissell Library. The Year in Photos The Year in Photos 7 “It was like

“Never doubt that a small heaven on group of thoughtful, committed people can earth.” change the world. Indeed, it Haigaram Baronian '26 is the only thing that ever Anestis Logothetis '53, Constance Logotheti, Jack Clymer, and Ourania Logotheti at the dedication ceremony of the new Logothetis has.” Science Laboratory in Ingle Hall given in memory of Andreas Logothetis.

Members of the Board of Trustees and guests watch a presentation of great quotations from notable Anatolians at the Third Century Margaret Mead Campaign kickoff in May, held at the Macedonian Museum of Modern Art in Thessaloniki. “On April 14th (1926)…our attention was attracted by the lay of the land on our present campus, along the edge of which we were passing. We turned aside, walked carefully over the ground, and felt that our quest was ending. Others soon agreed, and from that time on there was increasing “Peace. Time. approval and satisfaction with what one Trustee called 'one of the finest locations Education.” for a college in the whole world.'” George E. White, Anatolia's 2nd President, who re-established the school in Greece Cyrus Hamlin (1811-1900), the Anatolia students and faculty from the Elementary School and High School raised their voices in song at the annual Christmas Concert held pioneer American educator in in the Aristotle University Concert Hall on December 9. Turkey and the 'grandfather' of Anatolia College Epaminondas Farmakis of the Stavros Niarchos Foundation, “As we face this changing, chaotic, President Richard Jackson, Artemis Zenetou of the Fulbright Foundation, Yale University President Richard Levin, and U.S. Consul fear-ridden world, we can take General Hoyt Brian Yee following President Levin's May 7 address on “The Internationalization of the University” in Raphael Hall, in the comfort in the great, unchanging Fulbright “Great Ideas” series of public lectures at Anatolia. truths, and in the fact that the greatest hope for the future still lies in the ability of our schools to send “The College does not exist to out into the world men and women secure place and privilege to its who will try to live by these eternal graduates but to bring forth truths.” among the people and for the Carl Compton, teacher, Dean, and American Consul of Thessaloniki Elayne Paplos, Dr. Constance people those true and self- Ecklund, and President Jackson at the presentation of the historic Anatolia's 4th President Flag of Thygatira to the school by Dr. Ecklund, whose grandfather denying leaders for which the Christo Papadopoulos, an early Anatolia graduate, flew it in defense need is so great.” of Armenians in his parish in Turkey in 1895.

Charles Chapin Tracy (1838-1917), One of the photographs of Greece by Robert McCabe recently donated Anatolia's founder and first President to Anatolia by the photographer and now on permanent display in the Bissell Library. The Year in Photos 9 The Year in Photos "There is a caring and commitment to the Anatolia family that is, I believe, unique in Greece. Entering students join not just for an education and the years “Anatolia has a unique spirit, of school, but for all time, and one that you don't find at other Anatolia remains for many one of schools, a brotherhood and the most important dimensions of bridging of peoples and their lives." outlooks that is very rare.” Richard Jackson, Stavros Constantinides ‘47, 9th President of Anatolia College ACT Commencement 2008 Vice-Chairman of the Anatolia Board of Trustees A solemn moment - or not - in the Drama Club's production of “A “I feel full of pride that I was given the Funny Thing Happened on the Way to the Forum” in the renovated Raphael Hall. opportunity to graduate from Anatolia, to represent Anatolia in Model United Nations conferences, and in Debate tournaments and Forensics, to run for my school in the Aegean Tournament, to “Education. It's sing “Morning Cometh” in the school Chorale. And now I represent my what the world Anatolia education overseas by sharing the knowledge I was given with students needs most.” from all over the world.”

from a letter to President Richard Jackson from George S. Bissell, former former Anatolia scholarship holder Nina Chairman of the Anatolia Board Ioannidou '07, now a student at Dickinson One good comedy deserves another: the Greek Theater Club mounted College in Ohio of Trustees Psathas' satirical “ ” (“The Insatiable One”) in Raphael Hall. Anatolia College Commencement 2008

“Inspired by the following “The summit is quotation, and as a token of never an end in faith in Anatolia, enclosed is a itself. It's the gift. ‘We make a living by what we get, but we make a life by journey that counts.” what we give' – Winston Churchill.” Michalis Styllas '92, member of the first Greek team to make a successful ascent of Mt. Everest Grinnell College Fellow Kate Diedrick and English teacher Katie Chow on Antigone Raphael, in a letter to top of Mount Olympus after the traditional ascent by Anatolia seniors and former President William McGrew their escorts. Anatolia Elementary Students at the new facilities. The Year in Photos 9 The Year in Photos "There is a caring and commitment to the Anatolia family that is, I believe, unique in Greece. Entering students join not just for an education and the years “Anatolia has a unique spirit, of school, but for all time, and one that you don't find at other Anatolia remains for many one of schools, a brotherhood and the most important dimensions of bridging of peoples and their lives." outlooks that is very rare.” Richard Jackson, Stavros Constantinides ‘47, 9th President of Anatolia College ACT Commencement 2008 Vice-Chairman of the Anatolia Board of Trustees A solemn moment - or not - in the Drama Club's production of “A “I feel full of pride that I was given the Funny Thing Happened on the Way to the Forum” in the renovated Raphael Hall. opportunity to graduate from Anatolia, to represent Anatolia in Model United Nations conferences, and in Debate tournaments and Forensics, to run for my school in the Aegean Tournament, to “Education. It's sing “Morning Cometh” in the school Chorale. And now I represent my what the world Anatolia education overseas by sharing the knowledge I was given with students needs most.” from all over the world.”

from a letter to President Richard Jackson from George S. Bissell, former former Anatolia scholarship holder Nina Chairman of the Anatolia Board Ioannidou '07, now a student at Dickinson One good comedy deserves another: the Greek Theater Club mounted College in Ohio of Trustees Psathas' satirical “ ” (“The Insatiable One”) in Raphael Hall. Anatolia College Commencement 2008

“Inspired by the following “The summit is quotation, and as a token of never an end in faith in Anatolia, enclosed is a itself. It's the gift. ‘We make a living by what we get, but we make a life by journey that counts.” what we give' – Winston Churchill.” Michalis Styllas '92, member of the first Greek team to make a successful ascent of Mt. Everest Grinnell College Fellow Kate Diedrick and English teacher Katie Chow on Antigone Raphael, in a letter to top of Mount Olympus after the traditional ascent by Anatolia seniors and former President William McGrew their escorts. Anatolia Elementary Students at the new facilities. The Year in Photos 11 10 Donors 2007-2008

1886 Society ($1-$99) Samara Haido Sardis Ethel S. Seridou Alexia Schmidt Ellen Aleck Patricia Sougaraki Ifigenia Smirniotopoulos Pat A. Alexiadou Ifigenia '83 Spyropoulou Maria '87 Stamoulis George Allison Patricia Stavrides Harry Stater Phroso Andriopoulos Theodore Stocker Arthur F. Theodore Tedwilliam Antonakou Eleni Tantanozi Voula Travel Dynamics International Antoniou Leda '82 Theodore Neste Tsasis Ioannis Antzel Anna '79 Theodoridou Korina (ACT ‘93) Valavanis Dimitris '72 Arfanakis Nikolaos Thimi Athena Zachary Dan A. Arvanitis Kyriakos Triglianou Anastasia Aschenbrenner Stanley E. Tripani Vassiliki Beacon Hill Society ($250-$499) Atlasis Christos Tsalouhidou Rodoula '74 Bandis Athinodoros Tsekou Maria '82 Anton Arthur C. Barba Vaso '93 Tsianti Athanasia Arambages John Bissell Alice Tsiorva Chryssa Athanasiou Nicholas Chiotras Nick Tsiouri Georgia '90 Booras Family John A. Chriss Evan A. Tzanidis Stergios BP Foundation, Inc. Christodoulides John C. Varakliotou Effie Florentin Micky '69 Chucales George T. Vezertzis Yiannis Hope Thomas S. Corrie Bruce A. Vlanton Elias P. Kalaitzopoulou Maria Daki Katerina Waston Mary L. Zaharias Kanouras Antonis Delifesseki Roula Xanthopoulou Maria Katsarika Lena ACT ‘05 Diamantidou Lena Zarakinos Kostas Kopoulos Aris Dimogeronta Theano '95 Ziglina Margarita '94 Marovitz Eleonora D. Donovan Catharine-Marie Zlatani Mara Moraitou-Politzi Despina Dorian Harry A. Nelson Cleopatra I. Doulis John Merzifon Society ($100-$249) Papadopoulos Jeanette O. Efstathiou Athanasios Papmpori Athanasia Falaris Evangelos Anonymous Pearson Harriet P. Fintanidou Rania '90 Agretelis Stacey Sfakianakis A.E. Gerothanasi Veta Alexandrides Alexandros '65 Sportscar SA Givoglou John Alexandridou Liza '61 Theodore Graham C. Goulis Evangellos Axarlis Stelios Thomas John B. Goutsidis Argyris Bitzas Loukia Trident Cars SA As this report goes to press, the world is going through a remember Anatolia as they make plans for their estates, we Grollios Angelos Chouliaras Yiorgos '69 Wiersteiner Kyriaki A. have created the “Morning Cometh Society”, members of Halkia Panagiota Condakes Peter J. severe financial crisis the outcome of which remains to be Hawkes Mary N. Constan Telmer L. seen. These are challenging times for non-profit and profit- which have notified Anatolia that the school is included in Karamichalis Menelaos N. '87 Couloumbis Angela making institutions alike. their wills or have set up trusts or similar charitable Katsigianni Myrto ‘99 Danou Constantinou What do the names of the instruments. One can join at any age. We encourage those Kefalidou Christina De Moss John C. various giving societies refer to? Kocoris Steven Demeter George who care about Anatolia to become members of this Anatolia, of course, is one of the former. Its sole mission, Konstantara Lena '81 Dictos Paul A. “Morning Cometh” is the title of the school hymn, the one to which all of its resources are directed, is Society. Our offices in Boston and Greece will be happy to Konstantinou Thalia Douris Christine authored by President Charles Tracy, referring to triumph assist you. Kopanari Tania Dunham Mary F. after adversity. education. It simply aims to provide an education that is Kotroni Zoi Estate of Helen Manos second to none in this part of the world. Anatolia cannot Koufaki Labrini Forbes Wallace F. American missionary Charles Tracy founded Anatolia achieve this aim without philanthropic support. The Whatever the economic times, when it comes to Anatolia, Koukouranou Kaliopi Fourligas Nikos College in 1886 in Merzifon, in Asia Minor. thankfully, the fundamental things apply: love of the school, Kourtesidou Rania Galanis Sam J. individuals and organizations whose names appear below Kranias Kostas ‘59 Georgisoudis Pashalis '98 George E. White was Anatolia's 2nd President and the are those who made gifts to Anatolia in fiscal 2007-08. We belief in its mission, and generosity. As long as those values Kyriafini Christina Hallaauer Wilbur man who moved the school from Asia Minor to Greece. are profoundly grateful to them. They are responsible for sustain its supporters, Anatolia's future is bright, its Kyriakides Evgenios '87 Hatziavgousti Thomi '68 potential unlimited. Lafter Mary Hatzis Dimitrios '73 Charlotte Willard served as the Principal of the Girls' providing Anatolia its margin of excellence. Lingas John Hill Eric D. School in Merzifon and is famous for saving the lives of Loudi Angeliki Iatrides John O. ‘50 Armenians in 1915. Thank you! Lysarides George Jackson Richard Once again this year, Anatolia's largest gift came in the Makris Bessie Kamaras Callie H. Ernest Riggs was Anatolia's 3rd President. His wife Alice form of a bequest, from the estate of a longtime friend and Manidou Lia '76 Karamechedis Miltiades A. wrote a recently published history of the school. supporter, Antigone Raphael, whose name the school's Manikou Vana Karas Chris McClatchey Nitsa K. Karas Despina J. Carl and Ruth Compton dedicated their lives to Anatolia, renovated Performing Arts Center proudly bears. Another Megas Sophia S. Karas Stefos the former as an English teacher, Dean and the school's noteworthy gift came from former faculty member Lois Maria Karagianis, Michaelides Michael '84 Kasapis Konstantinos 4th President. Kerimis, who established a trust the principal of which will Director of U.S. Operations Mitrouli Claire Landstrom Elsie H. Moraiti Katia Latham Sara Cyrus Hamlin was one of the first American missionaries come to Anatolia after her death. She is a hale 91, and we Nar Leon Ligda-Karida Evagelia '66 to the . Anatolia is an offshoot of the wish her many more years, but we are also grateful for her Palatzian Eleni Mavridou Eleni school he founded near Constantinople in 1840. Maria Tsekou '82, Papaioannou Aristotelis McNeill William forethought. To encourage others to think ahead and to Papoutsi Dora Menides Byron A. Anatolia relocated to Thessaloniki in 1924 at the Pappas Rena '91 Mette Colleen suggestion of the then Prime Minister of Greece, Pappas Vaso Nikas Nicholas A. . Parissi Eleni-Maria ‘98 Orfanidou-Winscel Evdoxia Peters Alfred C. Papadopoulos Antonios Boston's Beacon Hill is the location of Anatolia's U.S. Phoenix Pontian Society of Greater Cleveland, Ohio Papageorgiou Panos headquarters. Pilorof-Kirlagitsi Irini '71 Papaioannou Angelos '69 Pistofidis Alexandros Perreault Joanne Merzifon was the multi-ethnic city in Asia Minor that was Plousios Christos '67 Progressive Insurance Foundation the site of Anatolia's original campus. Proestopoulos Ellen Raphael Joan Proestopoulos Vangelis Samaras Stelios & Rea '68 Anatolia College was founded in 1886. 12 13 Donors 2007-2008

Thessaloniki Society ($500-$999) Yessios Christos I. '57 Gifts in Kind Yioutikas Konstantinos '93 Apostolidou Christina Abadzi Helen Allen Peter S. The Charlotte Willard Society Anastasiadis Aliki Antonarou Eleni '90 ($2,500-$4,999) Antonelakis M. Antoniades Efstathios '93 Apostolides Petros '54 Athanasiadou Evangelia Allamanis Georgio '91 Arapis Mihalis '91 Bledjian Frank '57 Athens Alumni Association . Aristotelio University of Thessaloniki Cakridas Peter Chryssis George Atmatzidis Nikolaos Christofilopoulou Silia '86 Dukakis Michael S. Benaki Museum Class of 1976 Estate of Winifred E. Weter Benisis Giorgos Clifton Roger L. Florentin Jecky '66 Billis Aggelos '47 Doupsas George N. '89 Fragiadakis Leonidas Bolla-Mavridou Vasilia '63 Douralis Petros IWOG California State University Eskiadou Efrosini '96 Karatzas Vassilis Center of Asia Minor Studies Giannopoulos Alexandros '91 Makra Hellas Courey Michael Hatsopoulos George N. Kolios S.A. Recent S.A., Diamantidou Lena & Nikos Jessup John K. Kouloukouris Christos Diamantidou Mandi Kalfayan Roupen '81 Lansdale Bruce Dimitriades Angelos Kalfayan Arsen Oxford Company Tsiolias Christos Dokalis Christos Kanellis Panagiotis '66 Pimco Foundation Ekater Karas George C. Theodore Eustace D. Ekdotiki Voriou Ellados A.E Lambroussis Harry G. Theodore Kyle J. Eurobank Private Banking Mamidakis Alexandros ACT '87 Varvoglis Fanis '74 Florentin Jecky '66 Mavrikis Valerie Florentin Micky '69 Mizaras Vasilios '88 The Carl and Ruth Compton Society Haitoglou Alekos & Kostas '71 Molho Anthony '57 ($5,000-$9,999) Imerisia Morton David L. Interattica DPD Nikoleri Chrysa '82 Kalfas Savvas ACT '85 Papadopoulos Kostas Alexiadou Nayia '66 Kalouptsoglou Christos Sarandi Loukia Andreadis Andreas '70 Kosmoradio &Plus Radio Soultogianni Katerina '93 Apostolides Pascal '73 Koukou Pylarinos Dimitris '92 Spilios Arthur Arhontides Dimosthenis '87 Makedonia Newspaper Spiropoulou Maria '87 Dobrinka Cidrof Manolis Stergios Stephanides Chris C. Gogou Papadopoulos Stella '71 Mavrogenis Vasilis Theodore Nicoletta Grinnell College Menexopoulos Panagiotis '78 Vafiadis Ioannis '91 Hadji-Mihaloglou Serge '60 Michalopoulos K. Vakalis Athanasios '84 Johnson Bradford Mourouzi Maria Valogiorgis Agapitos '87 Kamaras Antonis '83 Nikoleri Chrysa '82 Vouros Paul C. '57 Kerimis Lois R. Nistikaki-Tsantekidou Eleftheria Logothetis Anestis '52 Papaconstantinou Dimitrios Marangos Lakis '46 & Rena The Cyrus Hamlin Society ($1,000-$2,499) PAP Corp Papadopoulos Fotis '86 Parents Association 2nd Gymnasium & Papadopoulou Nonita '81 Paterakis John Papadopoulou Erasmia '80 ACT Alumni Association Pepsico-HBH ABE Allamanis Nikolaos '67 Papaioannou Demetra Uek Robert W. Papaioannou Petros Anagnostopoulos Lambros Vasiliou Argyris Anderson Karen Papaioannou Angelos '69 Antypas George A. Pappous-Evangelides Photo Shop The Ernest and Alice Riggs Society Parents Association Elementary School Austin Charles A. ($10,000-$24,999) Bilimatsis John '54 Parents Association 1st Gymnasium Billis Aggelos '47 Pepsico-HBH ABE Anatolia College Alumni Association Petalas Apostolos Brademas John Costas and Mary Maliotis Charitable Foundation, Inc. Class of 1957 Porto Carras Grand Resort Kulukundis Elias B. M. Rousidou Athina ‘97 Clymer John H. M.Ioannidis AEBE Drakos William J. '38 Samara Rea '68 N. Demos Foundation, Inc. Souliotis George Ecklund Constance Nasioutzik Georgios '50 Elfner Albert H. Stamouli Myrto National Bank of Greece Svania Iosifina Gallopoulos Nicholas E. National Securities SA Georgiadou Panagiota Terkenlis Pavlos Pappajohn John Tziambiris Olymbia Hatzigeorgiou Ekaterini '77 Vivartia AE Karakitsos Demetrios Vagia Varvagianni Lapham Phyllis Verrou Thomi '65 Logotheti Ourania The George White Society ($25,000-$49,999) Vousiou Diana Logotheti Mosley Kori Logotheti-Anderson Katy Association of Friends of Anatolia College The Morning Cometh Society Logothetis Mimi Constantinides Stavros '47 (annuities, trusts, wills) Mavrofrides Christos Filaretos Theodore Parents Association 2nd Lykeion Hellenic Bottling Company 3E (David George) Kerimis Lois Pitsioras Ioannis Nicholas M. Nestor Proakis John Oceanic Heritage Foundation Raptopoulos Vassilios D. The Minneapolis Foundation (Helen & Dan Lindsay) Regard Gerard L. Sarafis Christos A. '37 The Charles Tracy Society ($50,000 or more) Sekas Mark J. Skouropoulos-Neoset group Anagnos Foundation While every effort has been made to ensure the accuracy of the Talatzidou Lia Bissell George S information presented in these lists, we apologize for any errors Tanielian Minas H. Estate of Antigone Raphael or omissions that may have been made. We would appreciate Vergas Nikolaos Kyriacopoulos Kitty their being brought to our attention. Wenrich Craig 14 15 A major upgrade of campus facilities started in 2005 with the renovation of Ingle Hall, the new soccer field and track, and the renovation of the Kindergarten building, and continued in 2007 with the conversion of the Raphael Hall to a contemporary Performing Arts Center and the renovation of the main campus tennis courts. These last two projects, in total exceeding $2.2 million, were completed in 2008 partially with funds made available through a USAID/ASHA grant. The capital projects initiated in June 2008 include a major renovation of the indoor gym and the renovation of the facilities previously hosting the Pinewood International Schools to be used for Anatolia Elementary classes. These two projects will reach upon completion the total cost of $1 million and will be financed through a gift from the Anatolia Alumni Association, a USAID/ASHA grant and funds raised from the ongoing capital campaign. 5 Year C apital C ampaign

5 year Capital Campaign

12% 12.000.00120 10 10.000.01000 6% Buildings & Acquisitions

s 8.000.0080

n 6 Operating o

i 5,4

l 6.000.0060 l Endowment i 4 55% M 4.000.0040 Scholarships 2,4 Endowment Campaign Target 27% 2.000.0020 1,2 Still to be raised Raised/Pledged 0 Buildings & Operating Scholarships $11 million Acquisitions Endowment Endowment to be raised

Financials Financial benefits are also anticipated from the collaboration of ACT with the University of Wales in Britain for the validation of ACT degrees. This association, which will not affect in any way the American character and identity of the institution, will grant ACT graduates the same professional rights as graduates of EU university branches operating in Greece. n the recent past, Anatolia College has Anatolia's operations, located in infrastructure in physical facilities, b e n e f i t e d f r o m r e m a r k a b l e Thessaloniki, Greece, include a 1,300- requires continuous investment and an Finally, the expansion of the Elementary School, planned to reach full student capacity by 2011, the increased interest in the endowment growth due to the positive student high school with an IB program increase in operating costs. These costs, International Baccalaureate program, as well as the upcoming changes in the legal status of private higher education in Greece, performance of financial markets, (Anatolia College), a 420-student four- which are settled in EUR, increased by which are anticipated to increase enrollment at the American College of Thessaloniki, create expectations of higher tuition revenues reaching its highest market value in the year U.S.-accredited college (the 5% in 2008, and after the conversion to in future years. summerI of 2007. As with most non-profit American College of Thessaloniki), and USD the percentage increase approaches institutions, Anatolia's annual financial a 450-student K-6 elementary school 18%, reflecting the unfavourable Prudent fiscal management and tight control on operating costs remain a high priority for Anatolia's management. While results are significantly affected by the (Anatolia Elementary). Significant USD/EUR conversion rate compared to establishment of additional revenues through new activities remains a target, efforts will continue towards further containment of performance of endowment. This year enrollment increases have been the same period last year. operational costs. Anatolia has experienced the side effects of recorded annually at the Elementary the highly negative climate in the world School and the Inter national Anatolia's endowment decreased from capital markets, primarily reflected in the Baccalaureate program. Enrollment at $36 million in June 2007 to $32.8 million valuation of its investment portfolio, and Anatolia College has reached full in June 2008, as the result of negative consequently in its annual financial results. capacity consistent with previous years, financial market performance. Support Audited Condensed Consolidated Statements of Financial Position (in thousands) while the American College of for Anatolia's financial aid program is Ju n e 30, 20 08 June 30, 2007 The Audited Condensed Consolidated Thessaloniki in 2007-2008 accepted a provided in larger proportion by the Total Total Statement of Financial Position presents freshman class 26% larger to that of the school's endowment, using an annual Assets: “Total Assets” as of June 30, 2008 of $64.05 prior year. Noteworthy is the increased spending rate calculated on a previous Cash and cash equivalents 2 , 3 4 3 1 ,688 million (June 30, 2007 of $63.80 million), a interest in the study abroad program at twelve-quarter average to absorb market Accounts, contributions and other receivable s 2 ,499 2 ,456 $0.25 million increase from the prior year. ACT, which in 2008 enrolled in excess of fluctuations. Investments, at fair value 32 ,836 36 ,036 Funds held in trust by others, at fair value 4 ,715 5,186 180 US students. These enrollment Fixed Assets 21,306 18,145 The “Total Net Assets” have decreased by trends are anticipated to continue in the A relatively high spending rate of 4.5% Other Assets 360 298 $2.38 million from $56.00 million on June following years. The result is increased was maintained for 2008 to make up 30, 2007 to $53.62 on June 30, 2008, tuition revenues, the main source of partially for lower income but mostly for Total Asse ts $64 ,059 $63,809 primarily from net unrealized losses of $6.7 Anatolia's operating revenues. the increased loss sustained from the from the valuation of investments following unfavorable US Dollar to Euro ratio, with Liab ilities and Net Assets: the negative performance of the financial Anatolia aims to offer the best of Greek income created in US Dollars and spent Acc ounts payable and accrued expenses $6 ,437 $4 ,834 Deferred revenue 3 ,995 2 ,966 markets. Comparatively, in the year ended 30 and American education, to provide its in Euros. Approximately 44% of the Total Liabilities 10,432 7,800 June, 2007, unrealized gains amounting to students with strong knowledge of the $1.27 million allocated to be spent for $2.63 million were reported. This is the main English language, and to build character financial aid in 2008 came from endowed Net Ass ets cause of the $4.7 million deficit of revenues through student involvement in funds, 34% from annual gifts, and 22% Unrestric ted 19 ,155 18 ,388 Temporarily restricted 16,989 20,234 over expenses on the Condensed extracurricular activities. Maintenance from operational funds. Financial aid Consolidated Statement of Activities Permanently restricted 17,483 17,387 of Anatolia's high institutional funds were further distributed 30% to Total Net Assets 53 ,627 56,009 against the surplus of $7.54 million in 2007. standards, including a superior ACT and 70% to Anatolia College. Total liabilities and net assets $64,059 $63,809 14 15 A major upgrade of campus facilities started in 2005 with the renovation of Ingle Hall, the new soccer field and track, and the renovation of the Kindergarten building, and continued in 2007 with the conversion of the Raphael Hall to a contemporary Performing Arts Center and the renovation of the main campus tennis courts. These last two projects, in total exceeding $2.2 million, were completed in 2008 partially with funds made available through a USAID/ASHA grant. The capital projects initiated in June 2008 include a major renovation of the indoor gym and the renovation of the facilities previously hosting the Pinewood International Schools to be used for Anatolia Elementary classes. These two projects will reach upon completion the total cost of $1 million and will be financed through a gift from the Anatolia Alumni Association, a USAID/ASHA grant and funds raised from the ongoing capital campaign. 5 Year C apital C ampaign

5 year Capital Campaign

12% 12.000.00120 10 10.000.01000 6% Buildings & Acquisitions

s 8.000.0080

n 6 Operating o

i 5,4

l 6.000.0060 l Endowment i 4 55% M 4.000.0040 Scholarships 2,4 Endowment Campaign Target 27% 2.000.0020 1,2 Still to be raised Raised/Pledged 0 Buildings & Operating Scholarships $11 million Acquisitions Endowment Endowment to be raised

Financials Financial benefits are also anticipated from the collaboration of ACT with the University of Wales in Britain for the validation of ACT degrees. This association, which will not affect in any way the American character and identity of the institution, will grant ACT graduates the same professional rights as graduates of EU university branches operating in Greece. n the recent past, Anatolia College has Anatolia's operations, located in infrastructure in physical facilities, b e n e f i t e d f r o m r e m a r k a b l e Thessaloniki, Greece, include a 1,300- requires continuous investment and an Finally, the expansion of the Elementary School, planned to reach full student capacity by 2011, the increased interest in the endowment growth due to the positive student high school with an IB program increase in operating costs. These costs, International Baccalaureate program, as well as the upcoming changes in the legal status of private higher education in Greece, performance of financial markets, (Anatolia College), a 420-student four- which are settled in EUR, increased by which are anticipated to increase enrollment at the American College of Thessaloniki, create expectations of higher tuition revenues reaching its highest market value in the year U.S.-accredited college (the 5% in 2008, and after the conversion to in future years. summerI of 2007. As with most non-profit American College of Thessaloniki), and USD the percentage increase approaches institutions, Anatolia's annual financial a 450-student K-6 elementary school 18%, reflecting the unfavourable Prudent fiscal management and tight control on operating costs remain a high priority for Anatolia's management. While results are significantly affected by the (Anatolia Elementary). Significant USD/EUR conversion rate compared to establishment of additional revenues through new activities remains a target, efforts will continue towards further containment of performance of endowment. This year enrollment increases have been the same period last year. operational costs. Anatolia has experienced the side effects of recorded annually at the Elementary the highly negative climate in the world School and the Inter national Anatolia's endowment decreased from capital markets, primarily reflected in the Baccalaureate program. Enrollment at $36 million in June 2007 to $32.8 million valuation of its investment portfolio, and Anatolia College has reached full in June 2008, as the result of negative consequently in its annual financial results. capacity consistent with previous years, financial market performance. Support Audited Condensed Consolidated Statements of Financial Position (in thousands) while the American College of for Anatolia's financial aid program is Ju n e 30, 20 08 June 30, 2007 The Audited Condensed Consolidated Thessaloniki in 2007-2008 accepted a provided in larger proportion by the Total Total Statement of Financial Position presents freshman class 26% larger to that of the school's endowment, using an annual Assets: “Total Assets” as of June 30, 2008 of $64.05 prior year. Noteworthy is the increased spending rate calculated on a previous Cash and cash equivalents 2 , 3 4 3 1 ,688 million (June 30, 2007 of $63.80 million), a interest in the study abroad program at twelve-quarter average to absorb market Accounts, contributions and other receivable s 2 ,499 2 ,456 $0.25 million increase from the prior year. ACT, which in 2008 enrolled in excess of fluctuations. Investments, at fair value 32 ,836 36 ,036 Funds held in trust by others, at fair value 4 ,715 5,186 180 US students. These enrollment Fixed Assets 21,306 18,145 The “Total Net Assets” have decreased by trends are anticipated to continue in the A relatively high spending rate of 4.5% Other Assets 360 298 $2.38 million from $56.00 million on June following years. The result is increased was maintained for 2008 to make up 30, 2007 to $53.62 on June 30, 2008, tuition revenues, the main source of partially for lower income but mostly for Total Asse ts $64 ,059 $63,809 primarily from net unrealized losses of $6.7 Anatolia's operating revenues. the increased loss sustained from the from the valuation of investments following unfavorable US Dollar to Euro ratio, with Liab ilities and Net Assets: the negative performance of the financial Anatolia aims to offer the best of Greek income created in US Dollars and spent Acc ounts payable and accrued expenses $6 ,437 $4 ,834 Deferred revenue 3 ,995 2 ,966 markets. Comparatively, in the year ended 30 and American education, to provide its in Euros. Approximately 44% of the Total Liabilities 10,432 7,800 June, 2007, unrealized gains amounting to students with strong knowledge of the $1.27 million allocated to be spent for $2.63 million were reported. This is the main English language, and to build character financial aid in 2008 came from endowed Net Ass ets cause of the $4.7 million deficit of revenues through student involvement in funds, 34% from annual gifts, and 22% Unrestric ted 19 ,155 18 ,388 Temporarily restricted 16,989 20,234 over expenses on the Condensed extracurricular activities. Maintenance from operational funds. Financial aid Consolidated Statement of Activities Permanently restricted 17,483 17,387 of Anatolia's high institutional funds were further distributed 30% to Total Net Assets 53 ,627 56,009 against the surplus of $7.54 million in 2007. standards, including a superior ACT and 70% to Anatolia College. Total liabilities and net assets $64,059 $63,809 16 17

Audited Condensed Consolidated Statements of Activities (in thousand s)

Y ea r Ended Year Ended Investments at fair value (June 30 each year, in millions) June 30, 2008 June 30, 2007 T ot al Total 40 Revenues: 36 Student tuition and fees, net $17 ,0 81 $13,566 35 32,8 Contributions, private grants and federal grants 1, 72 3 4,856 29,8 Investment earnings ap propriated for spending 1,167 930 30 27,1 Investment return less e arnings appropriated for spending (3,631) 3,493 25,2 Other investment income (200) 692 s 25 21,8 n

Auxiliary and other revenue 4,389 5,381 o 18,7 i

l 20

l

Total revenues 20,529 28,918 i

M 15

Expenses: 10 Instruction 13,953 11,598 Administrative and institutional 7,708 6,137 5 Auxiliary activities 3,585 3,560 Federal grants expenses 0 83 0

Total exp ense s 25,246 21,378 2002 2003 2004 2005 2006 2007 2008

Change in net assets $(4,717) $7,540 Net assets as of beginning of year 56,008 47,462 Foreign currency translation adjustment 2,336 1,007 Net assets as of end of year $53,627 $56,009 Contributions & Grants

6000

4773 5000 4569

s 4000 3759 d n a

s 3000 2613

Notes to Condensed Consolidated Financial Statements (dollars in thousands): u

o

h 1843 (1) The condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles 2000 1760 1723 generally accepted in the United States of America. T (2) The College's accounting records in Greece are maintained in Euros. The foreign currency equivalents are converted into U.S. dollars. (3) The College is a tax-exempt organization exempted from income taxes in both the United States of America and in Greece. 1000 (4) Investments at fair value as of June 30, 2008 consisted of short term investments ($10,864), equities ($15,347), fixed income ($6,106) and other ($519) for a total of $32,836. (5) Fixed assets, consisting principally of buildings and equipment, are stated at cost and presented net of accumulated depreciation of $13,369 and 0 $10,519 in 2008 and 2007, respectively. 7) The College has several defined contribution annuity retirement plans covering the majority of its full-time faculty and administrative personnel. 2002 2003 2004 2005 2006 2007 2008 The amounts charged to expense for these plans were $587 and $608 for the years ended June 30, 2008 and 2007, respectively. A termination fund for Greek employees is also payable upon their retirement or involuntary termination, as provided by Greek law with the amounts charged for this plan $327 and $196 for the years ended June 30, 2008 and 2007, respectively. The accounts payable and accrued expenses presented on the balance sheet include $2,480 and $1,884 respectively for each period, relating to this long term obligation. 16 17

Audited Condensed Consolidated Statements of Activities (in thousand s)

Y ea r Ended Year Ended Investments at fair value (June 30 each year, in millions) June 30, 2008 June 30, 2007 T ot al Total 40 Revenues: 36 Student tuition and fees, net $17 ,0 81 $13,566 35 32,8 Contributions, private grants and federal grants 1, 72 3 4,856 29,8 Investment earnings ap propriated for spending 1,167 930 30 27,1 Investment return less e arnings appropriated for spending (3,631) 3,493 25,2 Other investment income (200) 692 s 25 21,8 n

Auxiliary and other revenue 4,389 5,381 o 18,7 i

l 20

l

Total revenues 20,529 28,918 i

M 15

Expenses: 10 Instruction 13,953 11,598 Administrative and institutional 7,708 6,137 5 Auxiliary activities 3,585 3,560 Federal grants expenses 0 83 0

Total exp ense s 25,246 21,378 2002 2003 2004 2005 2006 2007 2008

Change in net assets $(4,717) $7,540 Net assets as of beginning of year 56,008 47,462 Foreign currency translation adjustment 2,336 1,007 Net assets as of end of year $53,627 $56,009 Contributions & Grants

6000

4773 5000 4569

s 4000 3759 d n a

s 3000 2613

Notes to Condensed Consolidated Financial Statements (dollars in thousands): u

o

h 1843 (1) The condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles 2000 1760 1723 generally accepted in the United States of America. T (2) The College's accounting records in Greece are maintained in Euros. The foreign currency equivalents are converted into U.S. dollars. (3) The College is a tax-exempt organization exempted from income taxes in both the United States of America and in Greece. 1000 (4) Investments at fair value as of June 30, 2008 consisted of short term investments ($10,864), equities ($15,347), fixed income ($6,106) and other ($519) for a total of $32,836. (5) Fixed assets, consisting principally of buildings and equipment, are stated at cost and presented net of accumulated depreciation of $13,369 and 0 $10,519 in 2008 and 2007, respectively. 7) The College has several defined contribution annuity retirement plans covering the majority of its full-time faculty and administrative personnel. 2002 2003 2004 2005 2006 2007 2008 The amounts charged to expense for these plans were $587 and $608 for the years ended June 30, 2008 and 2007, respectively. A termination fund for Greek employees is also payable upon their retirement or involuntary termination, as provided by Greek law with the amounts charged for this plan $327 and $196 for the years ended June 30, 2008 and 2007, respectively. The accounts payable and accrued expenses presented on the balance sheet include $2,480 and $1,884 respectively for each period, relating to this long term obligation. 18 19

Board of Trustees Board of Trustees

PETER SUTTON ALLEN, Ph.D. DR. ANGELYN KONUGRES SERGE B. HADJI-MIHALOGLOU, JOHN PAPPAJOHN EMERITUS TRUSTEES ALEXANDER MATTHEWS Providence, RI COUPOUNAS Esq. Des Moines, IA Des Moines, IA Chestnut Hill, MA Athens, Greece GILBERT W. BOWEN, D.Min. LAMBROS G. HARRIET PEARSON Kenilworth, IL HON. NICHOLAS C. PETRIS ANAGNOSTOPOULOS ELENI DALAKOURA RICHARD JACKSON (Ex Officio) Armonk, NY Oakland, CA Athens, Greece Piraeus, Greece President, THEODORE A. COULOUMBIS, Thessaloniki, Greece CHARLES E. PORTER Ph.D. HON. EUGENE T. ROSSIDES GEORGE ANTONIADIS ROBERT L. DENORMANDIE Boston, MA Athens, Greec Washington, DC Manchester, NH Luxembourg ANTONIS KAMARAS London, England JOHN PROAKIS WILLIAM J. DRAKOS Mrs. PAULINE TOUMPOURAS PETROS APOSTOLIDES DIMITRIS DIMITRIADIS Boston, MA Stamford, CT Cohasset, MA Thessaloniki, Greece Thessaloniki, Greece CONSTANTIN KELETSEKIS Athens, Greece CHARLES RAPHAEL WALLACE F. FORBES DIMITRI C. ZANNAS ANGELOS V. BILLIS PETER DOUKAS Williamsburg, VA Briarcliff Manor, NY Thessaloniki, Greece Thessaloniki, Greece Glyfada, Greece ELIAS KULUKUNDIS New York, NY CHRIS TOMARAS ELIAS P. GYFTOPOULOS, Ph.D. GEORGE S. BISSELL ALBERT H. ELFNER, III Chicago, IL Cambridge, MA Boston, MA Boston, MA KITTY KYRIACOPOULOS Athens, Greece KYRIAKOS TSAKOPOULOS JULIAN F. HAYNES, Ph.D. HONORARY TRUSTEES JOHN BRADEMAS LEONIDAS EVANGELIDIS Roseville, CA Orono, ME New York, NY Athens, Greece HELEN LINDSAY ARCHBISHOP DEMETRIOS Wayzata, MN SYMEON G. TSOMOKOS DAVID B. INGRAM New York, NY CARROLL W. BREWSTER JACK FLORENTIN Athens. Greece Hingham, MA Ridgefield, CT Thessaloniki, Greece ANESTIS LOGOTHETIS HON. MICHAEL DUKAKIS Wilmington, DE OLYMPIA TZIAMPIRI JOHN K. JESSUP, JR., Ed.D. Boston, MA ROGER L. CLIFTON NICHOLAS G. GALAKATOS, Ph.D. Thessaloniki, Greece Seal Harbor, ME Bozeman, MT Boston, MA NESTOR M. NICHOLAS, Esq. Boston, MA ROBERT W. UEK JOHN H. CLYMER, Esq. WILLIAM P. GALATIS Naples, FL Chairman Charlestown, MA NATALIA ORFANOS Boston, MA Stockton, CA FANIS VARVOGLIS BETTY C. GEORGAKLIS Thessaloniki, Greece STAVROS CONSTANTINIDES, Quincy, MA ANGELOS PAPAIOANNOU Ph.D. Thessaloniki, Greece ARGYRIS VASILIOU Thessaloniki, Greece Stanford, CT 18 19

Board of Trustees Board of Trustees

PETER SUTTON ALLEN, Ph.D. DR. ANGELYN KONUGRES SERGE B. HADJI-MIHALOGLOU, JOHN PAPPAJOHN EMERITUS TRUSTEES ALEXANDER MATTHEWS Providence, RI COUPOUNAS Esq. Des Moines, IA Des Moines, IA Chestnut Hill, MA Athens, Greece GILBERT W. BOWEN, D.Min. LAMBROS G. HARRIET PEARSON Kenilworth, IL HON. NICHOLAS C. PETRIS ANAGNOSTOPOULOS ELENI DALAKOURA RICHARD JACKSON (Ex Officio) Armonk, NY Oakland, CA Athens, Greece Piraeus, Greece President, THEODORE A. COULOUMBIS, Thessaloniki, Greece CHARLES E. PORTER Ph.D. HON. EUGENE T. ROSSIDES GEORGE ANTONIADIS ROBERT L. DENORMANDIE Boston, MA Athens, Greec Washington, DC Manchester, NH Luxembourg ANTONIS KAMARAS London, England JOHN PROAKIS WILLIAM J. DRAKOS Mrs. PAULINE TOUMPOURAS PETROS APOSTOLIDES DIMITRIS DIMITRIADIS Boston, MA Stamford, CT Cohasset, MA Thessaloniki, Greece Thessaloniki, Greece CONSTANTIN KELETSEKIS Athens, Greece CHARLES RAPHAEL WALLACE F. FORBES DIMITRI C. ZANNAS ANGELOS V. BILLIS PETER DOUKAS Williamsburg, VA Briarcliff Manor, NY Thessaloniki, Greece Thessaloniki, Greece Glyfada, Greece ELIAS KULUKUNDIS New York, NY CHRIS TOMARAS ELIAS P. GYFTOPOULOS, Ph.D. GEORGE S. BISSELL ALBERT H. ELFNER, III Chicago, IL Cambridge, MA Boston, MA Boston, MA KITTY KYRIACOPOULOS Athens, Greece KYRIAKOS TSAKOPOULOS JULIAN F. HAYNES, Ph.D. HONORARY TRUSTEES JOHN BRADEMAS LEONIDAS EVANGELIDIS Roseville, CA Orono, ME New York, NY Athens, Greece HELEN LINDSAY ARCHBISHOP DEMETRIOS Wayzata, MN SYMEON G. TSOMOKOS DAVID B. INGRAM New York, NY CARROLL W. BREWSTER JACK FLORENTIN Athens. Greece Hingham, MA Ridgefield, CT Thessaloniki, Greece ANESTIS LOGOTHETIS HON. MICHAEL DUKAKIS Wilmington, DE OLYMPIA TZIAMPIRI JOHN K. JESSUP, JR., Ed.D. Boston, MA ROGER L. CLIFTON NICHOLAS G. GALAKATOS, Ph.D. Thessaloniki, Greece Seal Harbor, ME Bozeman, MT Boston, MA NESTOR M. NICHOLAS, Esq. Boston, MA ROBERT W. UEK JOHN H. CLYMER, Esq. WILLIAM P. GALATIS Naples, FL Chairman Charlestown, MA NATALIA ORFANOS Boston, MA Stockton, CA FANIS VARVOGLIS BETTY C. GEORGAKLIS Thessaloniki, Greece STAVROS CONSTANTINIDES, Quincy, MA ANGELOS PAPAIOANNOU Ph.D. Thessaloniki, Greece ARGYRIS VASILIOU Thessaloniki, Greece Stanford, CT 20

Administration

Anatolia/ACT Administration Anatolia Elementary School American College of Thessaloniki Richard L. Jackson - President Nikos Arnaoutis - Director Panayiotis Kanellis - Executive Vice Manos Agrodimos - Director of Nikos Kourkoumelis - Chair, Business President and Chief Operating Administration Division and MBA Director Officer Panos Vlachos - Dean of Faculty and Maria Karagiannis - Director of US Chair, Division of Technology and Operations Anatolia College Sciences Maria Tsekou - Director of European David Wisner - Chair, Division of Development George Lysarides - Vice President for Humanities and Social Sciences Christos Kalouptsoglou - Manager, IT Secondary Education Archontis Pantsios - Assistant Dean Services Ioannis Lalatsis - Dean A' Lykeion of Academic and Student Affairs Theodoros Papanestoros - Director of Christos Plousios - Dean B' Lykeion and International Programs Marketing Kyriakos Arvanitis - Dean A' Antigoni Vlachopoulou - Registrar Teresa Grenot - Director, Anatolia Gymnasium Elli Konstantinou - Director of Libraries Lia Manidou - Dean B' Gymnasium Recruitment Argyris Goutsidis - Director of Facilities Theodore Filaretos - Director, IB Roula Lebetli - Director of Rodney Coules - Director of Testing Ellen Proestopoulos - Director of Admissions Services and Bilingual Program Student Services Ariane Kotsis - Director of Yannis Tzorbatzoglou - Coordinator for Phil Holland - Chairman, English International Programs Institutional Advancement Rea Samara - Executive Director, Public Relations Ifigenia Sougaraki - Director, Scholarships and Gifts Pavlos Floros - Director of Campus Accounting and Financial Services Eva Kanellis - Director of US College Counseling and Summer Camps Linda Blanton - Institutional Director of English Programs