2024-11-14T15:15:18-06:00 2023-12-31 WithumSmithBrown PC ONE TOWER CENTER BLVD 14TH FL EAST BRUNSWICK NJ 08816 990 2023-01-01 202821426 Armenian Church Endowment Fund Inc % MICHAEL HALAJIAN ARME 2128122255 630 Second Avenue New York NY 10016 Gregory Zorthian Chair 2126860710 2024-11-13 true true Catherine Bendall P00521196 7328281614 2024-11-13 2023 2024-10-15 13:58:12Z Gregory Zorthian 630 Second Avenue New York NY 10016 31177756 false X acefinvest.org X 2005 DE Armenian Church Endowment Fund's ("ACEF") mission is to provide professional asset management services to the parishes and related entities of the Diocese of the Armenian Church. 13 13 0 0 70424 460175 1553868 259328 263187 -5999067 2546728 0 0 -5279564 4363783 3079350 3326586 0 0 111990 125208 0 0 0 543159 524618 3734499 3976412 -9014063 387371 135682703 146847942 54022349 58464602 81660354 88383340 THE ARMENIAN CHURCH ENDOWMENT FUND (ACEF) IS AN INDEPENDENT NONPROFIT ENTITY WHOSE MISSION IS TO PROVIDE PROFESSIONAL, HIGHLY DISCIPLINED, TIGHTLY CONTROLLED AND COST EFFECTIVE ASSET MANAGEMENT SERVICES TO VARIOUS CONSITUENT PARTS OF THE ARMENIAN APOSTOLIC CHURCH, INCLUDING THE DIOCESE OF THE ARMENIAN CHURCH OF AMERICA (EASTERN), THE INDIVIDUAL PARISHES, MISSION PARISHES AND RELATED ENTITIES OF THE DIOCESE, AS WELL AS TO ST. NERSESS ARMENIAN SEMINARY AND THE MOTHER SEE OF HOLY ETCHMIADZIN. THE INVESTMENT OBJECTIVE OF ACEF IS TO EARN SUFFICIENT RETURNS THROUGH TIME TO SUPPORT STABLE AND GROWING INCOME DISTRIBUTIONS FROM EACH INDIVIDUAL ENDOWMENT FUND TO THE DESIGNATED BENEFICIARY OF EACH FUND, WHILE PRESERVING AND ENHANCING THE PRINCIPAL BALANCE OF EACH SUCH ENDOWMENT FUND. ACEF SEEKS TO ACCOMPLISH THIS OBJECTIVE BY AGGREGATING THE INDIVIDUAL ENDOWMENT FUNDS AND INVESTING THEM COLLECTIVELY IN A BROADLY DIVERSIFIED PORTFOLIO MANAGED BY INSTITUTIONAL QUALITY INVESTMENT MANAGERS. false false 3366888 3326586 See Schedule O for a complete program description for the Armenian Church Endowment Fund. 3366888 true true false false false false false false true true false true false false true false true false false false false true true false false false false true false false false false false false false false false false false false false false false true false false false false 0 0 0 true true false false false false false false false false false false false X 13 13 false false false false false false false true true false false true true true true true true false false false NY X MICHAEL HALAJIAN 2126860710 630 SECOND AVENUE NEW YORK NY 10016 X Bishop Mesrop Parsamyan PRESIDENT 1.0 0.0 X X 0 0 0 Robert E Cannuscio Secretary 1.0 0.0 X X 0 0 0 Melanie Dadourian Director 1.0 0.0 X 0 0 0 Eric Baroyan Director 1.0 0.0 X 0 0 0 Gregory Zorthian Chair 1.0 0.0 X X 0 0 0 Gregory Melconian Treasurer 1.0 0.0 X X 0 0 0 Kirk S Hachigian Co-Chair 1.0 0.0 X X 0 0 0 Kirk Kazazian DIRECTOR 1.0 0.0 X 0 0 0 Richard Papalian Director 1.0 0.0 X 0 0 0 Bryan Stepanian Co-Chair 1.0 0.0 X X 0 0 0 Marie Vanerian DIRECTOR 1.0 0.0 X 0 0 0 Elizabeth Shaghalian Vranka DIRECTOR 1.0 0.0 X 0 0 0 Gregory J Amerkanian Director 1.0 0.0 X 0 0 0 Lisa A Kazanjian Executive Director 40.0 0.0 X 0 0 0 0 0 0 0 false false false Bank of America PO Box 830269 DALLAS TX 75283 Investment manager 276599 1 1553868 1553868 ADMIN FEE CHARGED TO CUSTODIAL FUNDS 900099 263187 263187 263187 998544 998544 0 0 0 0 0 28362157 26813973 1548184 1548184 1548184 0 0 0 0 0 0 0 0 0 0 4363783 263187 2546728 2721355 2721355 0 605231 605231 0 0 0 111275 27819 83456 0 0 0 13933 3483 10450 0 0 124425 124425 0 0 276599 276599 0 21000 21000 4812 4812 6170 6170 0 36000 9000 27000 0 0 1204 1204 0 0 0 52536 52536 FILING FEES 1872 1872 3976412 3366888 609524 0 X 1317961 1433139 5381712 3747437 60125 29580 0 0 0 0 0 0 0 0 0 0 2030 0 0 0 58778147 71790062 70142728 69847724 0 0 0 0 0 0 135682703 146847942 12781 22849 0 0 0 0 0 0 53973811 58408253 0 0 0 0 0 0 35757 33500 54022349 58464602 X 1489678 1629077 80170676 86754263 81660354 88383340 135682703 146847942 X 387371 6342430 -6815 X false true X true false X X X 1 DIOCESE OF THE ARMENIAN CHURCH IN AMERICA EASTERN 131628202 1 true 1266439 0 1 1266439 true false false false false false false false false false false false false false false true false Diocese of the Armenian Church in America Eastern RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 81427578 1553868 8756083 3166591 159995 224875 88186068 97602024 460175 -13330828 3068404 10946 224443 81427578 80891548 862020 19027654 2914312 45478 200152 97621280 75689356 857223 7335355 2781680 3208 205770 80891276 66956298 854144 10794288 2742369 2741 169992 75689628 0.02000 0.73000 0.25000 false false FIXED INCOME REAL ESTATE FUND 5960116 F INVESTMENTS AT NET ASSET VALUE 61288485 F MULTI STRATEGY HEDGE FUND 2599123 F 69847724 0 CHARITABLE REMAINDER ANNUITIES 33500 33500 X 10431871 6342430 2257 6344687 4087184 276599 276599 4363783 3708885 9072 9072 3699813 276599 276599 3976412 ENDOWMENT FUNDS All endowment funds are established as an investment vehicle that ensures that a parish or other not for profit beneficiaries will always have an income stream in perpetuity. The principal of an endowment is not spent. Through the spending policy in place, ACEF looks to make an annual income distribution to all not for profit beneficiaries. Not for profit beneficiaries have been established by the donor at the time the endowment fund was established. The Endowments managed by ACEF distribute approximately 4.5% income each year. Any additional income is reinvested so that in years when financial returns are poor, a distribution can still be made. Over time, as the market value of each endowment fund increases, so does the income distribution. ACEF determines the allocation amount annually and HAS had a history OF DISTRIBUTIING FOUR AND A HALF PERCENT OF the ENDOWMENT FUNDS AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERS THROUGH THE CALENDAR YEAR END OF THE PRECEEDING FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED. FIN 48 ACEF is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code, except for any unrelated business income tax ("UBIT") that is assessed on pass-through income earned on passive investments for certain limited partnerships. During the years ended December 31, 2023 and 2022, ACEF paid $9,072 and $21,914 for UBIT tax on these passive investments. There is no provision for federal income tax recorded in the statements of activities and changes in net assets. There are no uncertain tax positions at December 31, 2023 and 2022. ACEF did not have any income tax related penalties or interest included in the financial statements presented. RECONCILIATION OF CHANGE IN NET ASSETS THE FINANCIAL STATEMENTS INCLUDE AN ADJUSTMENT FOR THE NET PRESENT VALUE OF ANNUITIES OF $1,544 THAT IS NOT SHOWN AS REVENUE IN THE FORM 990. Custodial Funds held for others The Armenian Church Endowment Fund will invest and manage funds for the Churches and not for profit beneficiary agencies of the Diocese of the Armenian Church. These funds are not considered as contributions and net assets as the Church or not for profit Beneficiary Agency has established a custodial account which can be repaid in full. The custodial accounts earn their share of the investment income and receive distributions annually under the same methodology as the endowment funds. There is no donative intent and all assets held are repayable under the terms of the custodial agreements and policies of the Armenian Church Endowment Fund, Inc. Russia and the Newly Independent States 0 0 Grantmaking grantmaking 605231 0 0 0 0 605231 605231 Russia and the Newly Independent States Programs 495759 wire 0 Middle East and North Africa Programs 60149 wire Middle East and North Africa Programs 6986 wire Middle East and North Africa Programs 33320 wire 11 false false false false false false MONITORING OF GRANTS OUTSIDE OF THE US THE DISTRIBUTIONS MADE TO BENEFICIARY ORGANIZATIONS OUTSIDE OF THE U.S.ARE BASED ON A CALCULATION OF FOUR AND A HALF PERCENT OF EACH RESPECTIVE ENDOWMENT FUND'S AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERS. THE FUNDS are disbursed to the Holy See in Armenia or the Patriarchate for religious programmatic use of those organizations or to other churches and seminaries of the Armenian Church. THE ARMENIAN CHURCH IS FAMILIAR WITH THE OPERATIONS OF THESE ORGANIZATIONS. true Diocese of the Armenian Church 630 2nd Avenue New York NY 10016 131628202 501(C)(3) 1266439 FMV Program St Nersess Armenian Seminary 486 Bedford Road Armonk NY 10504 510198454 501(C)(3) 377792 FMV Program St James Armenian Church 465 Mount Auburn Street Watertown MA 02472 042152676 501(C)(3) 32187 FMV Program St Leon Armenian Church 12-61 Saddle River Road Fair Lawn NJ 07410 226168135 501(C)(3) 56963 FMV Program Fund for Armenian Relief 630 2nd Avenue New York NY 10016 133706646 501(C)(3) 103136 FMV Program Holy Martyrs Armenian Day School 209-15 H Harding Expwy Bayside NY 11364 112492685 501(C)(3) 118858 FMV Program St John Armenian Church 22001 Northwestern Hwy Southfield MI 48075 381434095 501(C)(3) 73630 FMV Program St Mary Armenian Church 4125 Fessenden St NW Washington DC 20016 911861915 501(C)(3) 65020 FMV Program Armenian Apostolic Society 22001 Northwestern Hwy Southfield MI 48075 381434095 501(C)(3) 79564 FMV Program Soorp Haroutiun Armenian Church 9274 W G Vineland Rd Orlando FL 32836 593238620 501(C)(3) 54566 FMV Program Holy Cross Armenian Church 580 W 187th Street New York NY 10033 131679607 501(C)(3) 50751 FMV Program St Gregory the Enlightener AC 1131 North Street White Plains NY 10605 237346244 501(C)(3) 42308 FMV Program St John the Baptist Armenian Church 7825 W Layton Ave Greenfield WI 53220 391504886 501(C)(3) 49547 FMV Program St Mary Armenian Church 200 W Mt Plsnt Ave Livingston NJ 07039 222571494 501(C)(3) 11860 FMV Program Sts Sahag & Mesrob Armenian Church 70 Jefferson St Providence RI 02908 056012480 501(C)(3) 35521 FMV Program Holy Trinity Armenian Church 101 Ashmead Road Cheltenham PA 19012 231405611 501(C)(3) 22071 FMV Program St Sahag Armenian Church 203 N Howell St St Paul MN 55104 911931703 501(C)(3) 13523 FMV Program Holy Virgin Mary & Shoghagat Church 400 Huntwood Rd Belleville IL 62226 223475081 501(C)(3) 13170 FMV Program Holy Trinity Armenian Church 145 Brattle Street Cambridge MA 02138 042167475 501(C)(3) 9400 FMV Program St Sarkis Armenian Church 7000 Park Road Charlotte NC 28210 562010362 501(C)(3) 7725 FMV Program Armenian Church of Our Saviour 87 Salisbury Street Worcester MA 01609 042192685 501(C)(3) 17990 FMV Program ASA-Alexander Dadourian Scholarship 333 Atlantic Avenue Warwick RI 02888 226054952 501(C)(3) 17704 FMV Program ACYOA 630 2nd Avenue New York NY 10016 042167475 501(C)(3) 16553 FMV Program St James Armenian Church 816 Clark St Evanston IL 60201 363278891 501(C)(3) 12877 FMV Program Holy Martyrs Armenian Church 209-15 H Harding Expwy Bayside NY 11364 111819339 501(C)(3) 14652 FMV Program Armenian American Cultural Association 1300 Crystal Dr Arlington VA 22202 541747032 501(C)(3) 11819 FMV Program Soorp Haroutune Armenian Cemetery PO Box 143 South Milwaukee WI 53172 593238620 501(C)(3) 6936 FMV Program St David Armenian Church 2300 Yamato Rd Boca Raton FL 33431 591918817 501(C)(3) 10021 FMV Program St Thomas Armenian Church Hwy9W E Clinton Ave Tenafly NJ 07670 221657923 501(C)(3) 9439 FMV Program GRANTS IN THE US MONITORING THE DISTRIBUTIONS MADE TO benficiary ORGANIZATIONS of the diocese of the armenian church IN THE US and ARE BASED ON A CALCULaTION OF FOUR AND A HALF PERCENT OF THE ASSOCIATED ENDOWMENT FUND'S AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERs. THE FUNDS RECEIVED ARE UTILIZED BY THE churches and other armenian religious ORGANIZATIONs TO BENEFIT THE VARIOUS PROGRAMS PROVIDED. THE diocese of the ARMENIAN CHURCH OVERSEES THE OPERATIONS OF ALL OF THE CHURCHES. Part VI, Section B, Line 11b - 990 review and approval process FORM 990 IS REVIEWED BY THE TREASURER OF THE BOARD AND APPROVED BY THE Board BEFORE SUBMISSION. Part VI, Section C, 19 - Availability of governing documents GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MAINTAINED ACEF'S OFFICE AND are AVAILABLE TO THE PUBLIC UPON REQUEST. Part VI, Section B, line 12c - Conflict of interest policy ACEF's Conflict of Interest policy is provided to each Director at the beginning of the year. Each Director completes and returns the Conflict of Interest Questionnaire and the signed acknowledgment. The Administrator reviews the completed forms to verify that no conflict of interest exists and the forms are maintained by ACEF. Any conflicts that exist would be brought to the board for discussion and review. Part V, Line 2a - Compensation reimbursement to afflilate ACEF REIMBURSES an AFFILIATE ON A MONTHLY BASIS for all salaries and fringe benefits for employees based on the time spent working for ACEF which varies from 30% to 100% based on the employee. THE AFFILIATE FILES ALL THE REQUIRED EMPLOYMENT FILINGS AND remits the required PAYROLL TAXES AND CHARGES ACEF FOR THESE EXPENSES AS WELL AS OTHER FRINGE BENEFITS. ACEF DOES NOT FILE ANY EMPLOYMENT RETURNS DIRECTLY AS A RESULT. Part XI, line 9 - other changes in net assets Included on line 9 is $2,257 which is the change in net present value of annuities payable offset by the Form 142 withholding tax paid of $9,072. Page 2, Part III, Line 4a When there is an immediate need, Armenians always respond. We build the churches and the parish halls that are the center of our spiritual and cultural lives. We fund the youth groups, summer camps, and trips to Armenia that connect our young people to our heritage. And we reach out to people who are suffering, whether they are in Armenia or in our own neighborhoods. Endowments give us the opportunity to be just as generous in providing for future generations. THE INVESTMENT OBJECTIVE OF ACEF IS TO EARN SUFFICIENT RETURNS THROUGH TIME TO SUPPORT STABLE AND GROWING INCOME DISTRIBUTIONS FROM EACH INDIVIDUAL ENDOWMENT FUND TO each DESIGNATED NOT FOR PROFIT BENEFICIARY, WHILE PRESERVING AND ENHANCING THE PRINCIPAL BALANCE OF EACH SUCH ENDOWMENT FUND. ACEF SEEKS TO ACCOMPLISH THIS OBJECTIVE BY AGGREGATING THE INDIVIDUAL ENDOWMENT FUNDS AND INVESTING THEM COLLECTIVELY IN A BROADLY DIVERSIFIED PORTFOLIO MANAGED BY INSTITUTIONAL QUALITY INVESTMENT MANAGERS. DIOCESE OF THE ARMENIAN CHURCH IN AMERIC 630 SECOND AVENUE NEW YORK NY 10016 131628202 DIOCESE NY 501(C)(3) 509(A)(1) NA false false false false false false false false false false true false false false true true false false false