2025-11-14T14:52:24-05:00 2024-12-31 WithumSmithBrown PC ONE TOWER CENTER BLVD 14TH FL EAST BRUNSWICK NJ 08816 990 2024-01-01 202821426 Armenian Church Endowment Fund Inc % MICHAEL HALAJIAN ARME 2128122255 630 Second Avenue New York NY 10016 Gregory Melconian Treasurer 2126860710 2025-11-14 true true Catherine Bendall P00521196 7328281614 2025-11-14 2024 2025-03-06 01:10:19Z Gregory Melconian 630 Second Avenue New York NY 10016 58188876 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 3 13 -17341 0 1553868 1660705 263187 312801 2546728 9669304 0 0 4363783 11642810 3326586 3429027 0 0 125208 179676 0 0 0 524618 618733 3976412 4227436 387371 7415374 146847942 151681375 58464602 58972696 88383340 92708679 X The mission of the Armenian Church Endowment Fund ("ACEF") is to provide financial support to the Diocese, parishes, and related entities of the Armenian Apostolic Church through oversight of pooled investments under our management. ACEF's professional investment management services, with a long-term horizon and diversified asset allocation, are designed to provide financial sustainability that allows our endowed institutions, our Armenian culture, and our spirituality to thrive for generations to come. false false 3500743 3429027 312801 ACEF has achieved its goal of distributing 4.5% of assets to beneficiaries each year for the last 22 consecutive years. These monies have been a stable source of funding, helping communities build or repair churches, meet their operating expenses, fund educational programs promoting Armenia's rich history and heritage, and support many other important initiatives. ACEF is proud to work with its investors to help ensure the future of the Armenian Church. 3500743 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 X 0 0 3 true 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 true true false NY X MICHAEL HALAJIAN 2126860710 630 SECOND AVENUE NEW YORK NY 10016 X Lisa A Kazanjian Executive Director 32.0 0.0 X 65115 0 0 Bishop Mesrop Parsamyan PRESIDENT 1.0 0.0 X X 0 0 0 Gregory Zorthian Chair 1.0 0.0 X X 0 0 0 Kirk S Hachigian Director 1.0 0.0 X 0 0 0 Bryan Stepanian Director 1.0 0.0 X 0 0 0 Gregory Melconian Treasurer 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 Kirk Kazazian DIRECTOR 1.0 0.0 X 0 0 0 Richard Papalian Director 1.0 0.0 X 0 0 0 Marie A 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 65115 0 0 0 false false false Bank of America PO Box 830269 DALLAS TX 75283 Investment manager 335467 1 1660705 1660705 ADMIN FEE CHARGED TO CUSTODIAL FUNDS 900099 312801 312801 312801 1363994 -17341 1381335 0 0 0 0 0 54851376 46546066 8305310 8305310 8305310 0 0 0 0 0 0 0 0 0 0 11642810 312801 -17341 9686645 2932985 2932985 0 496042 496042 0 65115 29302 35813 0 90882 22720 68162 0 23679 7814 15865 0 0 4076 4076 131755 131755 0 0 335467 335467 0 18650 18650 10092 10092 12010 12010 0 36000 11880 24120 0 0 1398 1398 0 0 0 50347 50347 FILING FEES 15134 15134 WITHHOLDING TAX 3517 3517 MISCELLANEOUS EXPENSES 287 287 4227436 3500743 726693 0 X 1433139 1064663 3747437 3022410 29580 13245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 71790062 83830323 69847724 63750734 0 0 0 0 0 0 146847942 151681375 22849 15249 0 0 0 0 0 0 58408253 58925541 0 0 0 0 0 0 33500 31906 58464602 58972696 X 1629077 1664931 86754263 91043748 88383340 92708679 146847942 151681375 7415374 -3090035 X false true X true false X X X 1 DIOCESE OF THE ARMENIAN CHURCH IN AMERICA EASTERN 131628202 1 true 2337865 0 1 2337865 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 88186068 1660705 6369668 3419032 9995 316355 92471059 81427578 1553868 8756083 3166591 159995 224875 88186068 97601752 460175 -13330828 3068404 10946 224443 81427306 80891548 862020 19027654 2914312 45478 200152 97621280 75689356 857223 7335355 2781680 3208 205770 80891276 0.01540 0.71510 0.26950 false false FIXED INCOME REAL ESTATE FUND 5385913 F INVESTMENTS AT NET ASSET VALUE 57557351 F MULTI STRATEGY HEDGE FUND 807470 F 63750734 0 CHARITABLE REMAINDER ANNUITIES 31906 31906 X 8217308 -3090035 -3090035 11307343 335467 335467 11642810 3891969 3891969 335467 335467 4227436 PART V: 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. Part X, Line 2: 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, 2024 and 2023, ACEF paid $17,007 and $9,072, respectively, 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, 2024 and 2023. ACEF did not have any income tax related penalties or interest included in the financial statements presented. PART IV: 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. true Russia and the Newly Independent States 0 0 Grantmaking grantmaking 644352 0 0 0 0 644352 644352 Russia and the Newly Independent States Program services 391153 wire 0 Middle East and North Africa Program services 104889 wire 0 2 0 false false false false false false PART I, LINE 2: 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) 1451318 Program services St Nersess Armenian Seminary 486 Bedford Road Armonk NY 10504 510198454 501(C)(3) 396950 Program services St James Armenian Church 465 Mount Auburn Street Watertown MA 02472 042152676 501(C)(3) 33608 Program services St Leon Armenian Church 12-61 Saddle River Road Fair Lawn NJ 07410 226168135 501(C)(3) 63493 Program services Fund for Armenian Relief 630 2nd Avenue New York NY 10016 133706646 501(C)(3) 106138 Program services Holy Martyrs Armenian Day School 209-15 H Harding Expwy Bayside NY 11364 112492685 501(C)(3) 124251 Program services St John Armenian Church 22001 Northwestern Hwy Southfield MI 48075 381434095 501(C)(3) 93336 Program services Armenian Apostolic Society 22001 Northwestern Hwy Southfield MI 48075 381434095 501(C)(3) 83086 Program services Soorp Haroutiun Armenian Church 9274 W G Vineland Rd Orlando FL 32836 593238620 501(C)(3) 64728 Program services St John the Baptist Armenian Church 7825 W Layton Ave Greenfield WI 53220 391504886 501(C)(3) 53136 Program services St Mary Armenian Church 200 W Mt Plsnt Ave Livingston NJ 07039 222571494 501(C)(3) 13293 Program services Sts Sahag & Mesrob Armenian Church 70 Jefferson St Providence RI 02908 056012480 501(C)(3) 51292 Program services Holy Trinity Armenian Church 101 Ashmead Road Cheltenham PA 19012 231405611 501(C)(3) 7815 Program services Holy Virgin Mary & Shoghagat Church 400 Huntwood Rd Belleville IL 62226 223475081 501(C)(3) 11493 Program services Holy Trinity Armenian Church 145 Brattle Street Cambridge MA 02138 042167475 501(C)(3) 23047 Program services St Sarkis Armenian Church 7000 Park Road Charlotte NC 28210 562010362 501(C)(3) 8061 Program services Armenian Students Association of America 333 Atlantic Avenue Warwick RI 02888 226054952 501(C)(3) 20479 Program services ACYOA 630 2nd Avenue New York NY 10016 042167475 501(C)(3) 17286 Program services Armenian American Cultural Association 1300 Crystal Dr Arlington VA 22202 541747032 501(C)(3) 12241 Program services St David Armenian Church 2300 Yamato Rd Boca Raton FL 33431 591918817 501(C)(3) 10485 Program services St Thomas Armenian Church Hwy9W E Clinton Ave Tenafly NJ 07670 221657923 501(C)(3) 9856 Program services St Mary Armenian Apostolic Church 200 W Mount Pleasant Avenue Washington DC 07039 911861915 501(C)(3) 67891 Program services St Gregory the Enlightener 1131 North Street White Plains NY 10605 237346244 501(C)(3) 46498 program services Holy Cross Armenian Church 580 W 187th Street New York NY 10033 131679607 501(C)(3) 52990 program services Armenian church of Our sAvior 87 Salisbury Street Worcester MA 07609 042192685 501(C)(3) 18784 program services ST James Armenian Church 816 Clark Street Evanston IL 60201 363278891 501(C)(3) 6225 program services Holy Martyrs Armenian Church 209-15 H Harding Expwy Bayside NY 11364 111819339 501(C)(3) 15277 program services 27 0 PART I, LINE 2: 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 4.5% 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 V, Line 2A - COMPENSATION REIMBURSEMENT TO AFFILIATE: 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 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 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 Executive Director 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 VI, Section B, Line 15b Compensation for all employees are approved annually by the board of directors during the annual budget process. Part VI, Section C, Line 19 Governing documents, conflict of interest policy and financial statements are maintained at ACEF'S office and are available to the public upon request. 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 true false false false true true false false false