2020-11-12T13:16:18-06:00 2019-12-31 WithumSmithBrown PC ONE TOWER CENTER BLVD 14TH FL EAST BRUNSWICK NJ 08816 990 2019-01-01 202821426 ARMENIAN CHURCH ENDOWMENT FUND INC % MICHAEL HALAJIAN ARME 2126860710 630 SECOND AVENUE NEW YORK NY 10016 MICHAEL DUKMEJIAN TREASURER 2126860710 2020-10-27 true Catherine Bendall P00521196 7328281614 2020-10-27 65.124.179.67 22006220203175000039 2020-11-12 P 5B6BB8D52EACAABF106F06F9267808F50B4159E4 C94B8325E03309842B84A141EFA0CA38C5FAC8DB 2019 2021-01-29 14:40:06Z Charles A Demirjian 630 SECOND AVENUE NEW YORK NY 10016 25585507 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. 12 12 1 12 6330 5330 1520848 723771 169992 225297 5721997 2210525 0 0 7412837 3159593 2627958 2744781 0 0 103416 109446 0 0 0 707726 601395 3439100 3455622 3973737 -296029 99446738 115502470 32185097 39671182 67261641 75831288 X 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 IN INVESTMENT MANAGERS. false false 2781142 2744781 225297 See Schedule O for a complete program description for the Armenian Church Endowment Fund. 2781142 true true false false false false false false true true false true false false true false true false false false false true false 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 X 0 0 true 1 true true true false false false false false false false false false false false X 12 12 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 Rev Fr Daniel Findik PRESIDENT 1.0 0.0 X X 0 0 0 Charles A Dermirjian CHAIRMAN 1.0 0.0 X X 0 0 0 michael dukmejian TREASURER 1.0 0.0 X X 0 0 0 GREGORY BEDROSIAN DIRECTOR 1.0 0.0 X 0 0 0 Robert E Cannuscio Secretary 1.0 0.0 X 0 0 0 Thomas Garabedian Vice Chairman 1.0 0.0 X X 0 0 0 James Kalustian DIRECTOR 1.0 0.0 X 0 0 0 Rebecca Shaghalian Lar DIRECTOR 1.0 0.0 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 Amerkanian Director 1.0 0.0 X 0 0 0 Aline Khatchadourian Director 1.0 0.0 X 0 0 0 0 0 0 0 false false false CAMBRIDGE ASSOCIATES 100 SUMMER STREET BOSTON MA 02110 INVEST CONSULTING 225000 1 723771 723771 ADMIN FEE CHARGED TO CUSTODIAL FUNDS 900099 225297 225297 225297 696723 6330 690393 0 0 0 0 0 24697789 22425914 2271875 1513802 1513802 0 0 0 0 0 0 0 0 0 0 3159593 225297 6330 2204195 2316251 2316251 0 428530 428530 0 0 0 96161 24040 72121 0 0 13285 3321 9964 0 0 0 109465 109465 0 0 418316 418316 0 5220 5220 5636 5636 6000 6000 0 36000 9000 27000 0 0 664 664 0 0 0 17744 17744 FILING FEES 1655 1655 MISCELLANEOUS EXPENSE 0 UBIT TAXES 695 695 3455622 2781142 674480 0 X 339925 273434 2520256 2182201 18809 43041 0 0 0 0 0 0 131046 109576 0 0 0 0 0 0 23830607 9801108 72606095 103093110 0 0 0 0 0 0 99446738 115502470 11019 14940 0 0 0 0 0 0 32107498 39592855 0 0 0 0 0 0 66580 63387 32185097 39671182 X 1042885 1258491 66218756 74572797 67261641 75831288 99446738 115502470 X -296029 8862483 3193 X false true X true false X X X 1 DIOCESE OF THE ARMENIAN CHURCH IN AMERICA EASTERN 131628202 1 true 1147451 0 1 1147451 0 true false false false false false false false false false false false false false false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 66956298 744570 10794288 2742369 2741 169992 75580054 72678252 1520848 -4219245 2665175 245606 112776 66956298 64089384 1514932 10044093 2575752 234913 159492 72678252 60959326 1520647 4629940 2520534 230521 269474 64089384 64457759 634714 -1221212 2489463 161571 260901 60959326 0.01000 0.80000 0.19000 false false REAL ESTATE 2298790 F INVESTMENTS AT NET ASSET VALUE 95070077 F MULTI STRATEGY HEDGE FUND 5724243 F 103093110 0 CHARITABLE REMAINDER ANNUITIES 63387 63387 11606953 8862483 3193 8865676 2741277 418316 418316 3159593 3037306 3037306 418316 418316 3455622 ENDOWMENT FUNDS All endowment funds are established as an investment vehicle that ensures that a parish or other beneficiary 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 beneficiaries. 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. All BENEFICIARY organizations are DESIGNATED BY THE DONOR at the date the endowment is established with ACEF. FIN 48 ACEF is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for Federal income tax has been recorded in the statements of activities and changes in net assets. There were no uncertain tax positions at December 31, 2019 and 2018. There are no tax related interest or penalties included in the financial statements presented, other than $695 and $23,191 for UBIT tax paid on pass-through income earned on passive investments for certain limited partnerships at December 31, 2019 and 2018, respectively. RECONCILIATION OF EXPENSES $418,316 of investment expenses that were netted in the financial statements that have been grossed up for presentation in the Form 990. RECONCILIATION OF CHANGE IN NET ASSETS THE FINANCIAL STATEMENTS INCLUDE AN ADJUSTMENT FOR THE NET PRESENT VALUE OF ANNUITIES OF $3,193 THAT IS NOT SHOWN AS REVENUE IN THE FORM 990. RECONCILIATION OF REVENUE INVESTMENT FEES are netted against investment income in the audited finanical statements, however, these are reported as expenses in the Form 990, so will result in an increase in investment revenue. ADMINISTRATIVE FEE REVENUE FOR THE PRESENTATION IN THE FORM 990. Custodial Funds held for others The Armenian Church Endowment Fund will invest and manage funds for the Churches and beneficary agencies of the Diocese of the Armenian Church. These funds are not considered as contributions and net assets as the Church or 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. Middle East and North Africa 0 0 Grantmaking GRANTS 428530 0 0 0 0 428530 428530 Middle East and North Africa GENERAL SUPPORT 318051 FMV Middle East and North Africa GENERAL SUPPORT 89545 FMV Middle East and North Africa Programs 14027 FMV 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 OF AMERICA 630 SECOND AVENUE NEW YORK NY 10016 131628202 501(C)(3) 1147451 PROGRAMS ST NERSESS ARMENIAN SEMINARY 150 STRATTON RD NEW ROCHELLE NY 10804 510198454 501(C)(3) 314626 PROGRAMS FUND FOR ARMENIAN RELIEF 630 SECOND AVE NEW YORK NY 10016 133706646 501(C)(3) 89688 PROGRAMS ST MARY ARMENIAN APOSTOLIC CHURCH 4125 FESSENDEN ST NW WASHINGTON DC 20016 911861915 501(C)(3) 57710 PROGRAMS HOLY CROSS armenian CHURCH OF AMERICA 580 W 187TH ST NEW YORK NY 10033 043577508 501(C)(3) 45227 PROGRAMS ST GREGORY THE ENLIGHTENER ARMENIAN CHURCH 1131 NORTH STREET WHITE PLAINS NY 10605 363278891 501(C)(3) 36890 PROGRAMS ST LEON ARMENIAN CHURCH 12-61 SADDLE RIVER RD FAIRLAWN NJ 07410 237346244 501(C)(3) 37395 PROGRAMS ST JOHN BAPTIST ARMENIAN CHURCH 7825 W LAYTON CHURCH GREENFIELD WI 53220 391504886 501(C)(3) 36570 PROGRAMS ACYOA 630 SECOND AVENUE NEW YORK NY 10016 042167475 501(C)(3) 14669 PROGRAMS HOLY MARTYRS ARMENIAN CHURCH 209-15 HORACE HARDING EXPWY BAYSIDE NY 11364 131628202 501(C)(3) 118404 PROGRAMS ARMENIAN AMERICAN CULTURAL ASSOCIATION 1300 CRYSTAL DRIVE SUITE 1504 ARLINGTON VA 22202 541747032 501(C)(3) 12689 PROGRAMS ST THOMAS ARMENIAN CHURCH PO BOX 53 TENAFLY NJ 07670 042192685 501(C)(3) 8414 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 101 ASHMEAD ROAD CHELTENHAM PA 19012 221657923 501(C)(3) 8330 PROGRAMS ST DAVID ARMENIAN CHURCH 2300 YAMATO ROAD BOCA RATON FL 33431 231405611 501(C)(3) 8662 PROGRAMS SOORP HAROUTUNE ARMENIAN CHURCH PO BOX 1242 WINDERMERE FL 34786 593238620 501(C)(3) 48566 PROGRAMS ST JOHN'S ARMENIAN CHURCH 22001 NORTHWESTERN HIGHWAY SOUTHFIELD MO 48075 381434095 501(C)(3) 79704 PROGRAMS ARMENIAN APOSTOLIC SOCIETY INC 22001 NORTHWESTERN HIGHWAY SOUTHFIELD MO 48075 381434095 501(C)(3) 70923 PROGRAMS ST MARY ARMENIAN CHURCH 200 W PLEASANT AVENUE LIVINGSTON NJ 07039 222571494 501(C)(3) 8360 Programs ST SARKIS ARMENIAN APOSTOLIC CHURCH 7000 PARK ROAD CHARLOTTE NC 28210 562010362 501(c)(3) 5705 Programs Sts Sahag & Mesrob 70 Jefferson Street Providence RI 02908 17759 PROGRAMS ST SAHAG ARMENIAN CHURCH 203 N Howell Street St Paul MN 55104 6054 Programs ASA-ALEXANDER A DADOURIAN SCHOLARSHIP FUND 173 Canal Street 4th Floor New York NY 10013 6091 Programs FR PAREN AVEDIKIAN ANNUITY 5156 Hardwoods Drive West Bloomfield MI 48323 9100 Programs 24 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 AN AFFILIATE CHARGES ACEF ON A MONTHLY BASIS FOR THE ENTIRE SALARY OF ONE INDIVIDUAL AND 50% OF THE SALARY FOR TWO OTHER INDIVIDUALS. ACEF REIMBURSES THE AFFILIATE ON A MONTHLY BASIS for all salaries and fringe benefits. 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 $3,193 which includes the change in net present value of annuities payable. 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 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. 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 false false false false false false false false false