2014-08-04T20:15:02-05:00 2013-12-31 WithumSmithBrown PC 1 SPRING STREET NEW BRUNSWICK NJ 08901 990 2013-01-01 202821426 ARMENIAN CHURCH ENDOWMENT FUND INC % MICHAEL HALAJIAN ARME 2126860710 630 SECOND AVENUE Suite NEW YORK NY 10016 Roseann Manoogian Attar TREASURER 2126860710 2014-07-08 true Catherine Bendall 7328281614 2013 2015-11-30 17:44:51Z Bruce Ballard 630 SECOND AVENUE New York NY 10016 24428636 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. 15 15 3 15 1082 82 7159020 924600 208328 189024 2773342 2008256 0 0 10140690 3121880 1897783 2131094 0 0 97458 100333 0 0 0 517648 493804 2512889 2725231 7627801 396649 88381642 95396818 28046604 30283472 60335038 65113346 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 2131094 2131094 189024 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. 2131094 true true false false false false false false true true false true false false true true true false false false true 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 true X 4 0 true 3 true true true false false false false false false false false false X 15 15 false false false false false false false true true false false false true true true true true false false false NY X MICHAEL HALAJIAN 2126860710 630 SECOND AVENUE NEW YORK NY 10016 X ARCHBISHOP KHAJAG BARSAMIAN PRESIDENT 1.0 X X 0 0 0 Bruce Ballard CHAIRMAN 4.0 X X 0 0 0 Stephen Haratunian VICE CHAIRMAN 3.0 X X 0 0 0 Roseann Manoogian Attar TREASURER 2.0 X X 0 0 0 Alyssa Keleshian Bonomo Secretary 1.0 X 0 0 0 G HAIG ARIYAN DIRECTOR 2.0 X 0 0 0 GREGORY BEDROSIAN DIRECTOR 1.0 X 0 0 0 Robert E Cannuscio DIRECTOR 1.0 X 0 0 0 Charles A Demirjian DIRECTOR 2.0 X 0 0 0 Michael Dukmejian DIRECTOR 1.0 X 0 0 0 Tom Garabedian DIRECTOR 1.0 X 0 0 0 Jim Kalustian DIRECTOR 1.0 X 0 0 0 Rebecca Shaghalian Larkin DIRECTOR 1.0 X 0 0 0 Charles Simonian DIRECTOR 1.0 X 0 0 0 Gregory Zorthian DIRECTOR 1.0 X 0 0 0 0 0 0 0 false false false CAMBRIDGE ASSOCIATES 100 SUMMER STREET BOSTON MA 02110 INVEST CONSULTING 130050 1 15000 909600 924600 ADMIN FEE CHARGED TO CUSTODIAL FUNDS 900099 189024 189024 189024 1915959 1082 1914877 0 0 0 0 0 21399053 21306756 92297 92297 92297 0 0 0 0 3121880 189024 1082 2007174 1763272 1763272 0 367822 367822 0 0 0 81515 81515 0 12424 12424 0 6394 6394 0 0 108225 108225 0 0 316685 316685 2586 2586 0 5222 5222 7704 7704 0 36000 36000 0 0 399 399 0 0 0 15948 15948 OTHER EXPENSES 200 200 FILING FEES 835 835 2725231 2131094 594137 0 X 76246 37812 4718987 846364 213204 219451 257160 192876 0 0 0 0 429724 427539 0 0 0 0 0 38037163 44079962 44649158 49592814 0 0 0 0 0 0 88381642 95396818 10650 15460 0 0 0 0 0 0 27930187 30183491 0 0 0 0 0 0 105767 84521 28046604 30283472 X -443208 -234223 6923364 10568087 53854882 54779482 60335038 65113346 88381642 95396818 X 396649 4360413 21246 X false true X true false X X X X false false false DIOCESE OF THE ARMENIAN CHURCH IN AMERICA EASTERN 131628202 01 true true true 901910 1 901910 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true 27930187 2260195 30190382 true X 59718464 936121 6357843 2117124 127187 277926 64490191 48854460 7159020 5989564 1877802 141878 264900 59718464 50652284 1043381 -497044 1898463 182570 263128 48854460 46908105 387446 5789478 2053197 96597 282951 50652284 42011876 364108 6903040 2004604 94794 271521 46908105 0.85000 0.15000 false false US EQUITY FUNDS 8509325 F GLOBAL EQUITY FUNDS 5626872 F HEDGE FUNDS 24357399 F NATURAL RESOURCES FUND 7106523 F VENTURE CAPITAL/PRIVATE EQUITY 1892695 F EMERGING MARKETS FUND 2100000 F 49592814 0 CHARITABLE REMAINDER ANNUITIES 84521 84521 X 7444091 4360413 21246 4381659 3062432 59448 59448 3121880 2665783 2665783 59448 59448 2725231 SCHEDULE D, PART V An endowment is an investment vehicle that ensures that a parish or other beneficiary will always have an income. 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. 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. BENEFICIARY AGENCY DESIGNATED BY THE DONOR. SCHEDULE D, PARY X, QUESTION 2 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, 2013 and 2012. There are no open tax years prior to 2010 and no tax related interest or penalties included in the financial statements presented. SCHEDULE D, PART XIII, 4D $59,448 of investment expenses that were netted in the financial statements that have been grossed up for presentation in the Form 990. SCHEDULE D, PART XI, 8 THE FINANCIAL STATEMENTS INCLUDE AN ADJUSTMENT FOR THE NET PRESENT VALUE OF ANNUITIES OF $21,246 THAT IS NOT SHOWN AS REVENUE IN THE FORM 990. SCHEDULE D, PART XII, 2D THE INVESTMENT FEES THAT ARE PROPORTIONALLY CHARGED TO THE CUSTODIAL INVESTMENT FUNDS OF $59,448 WERE NETTED AGAINST THE RELATED INVESTMENT FEE EXPENSE IN THE FINANCIAL STATEMENT. THESE FEES HAVE BEEN INCLUDED AS ADMINISTRATIVE FEE REVENUE FOR THE PRESENTATION IN THE FORM 990. Schedule D, Part IV, lines 1b and 2b 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 Grantmaking GRANTS 367822 367822 367822 Russia and the Newly Independent States GENERAL SUPPORT 60672 Wire Russia and the Newly Independent States GENERAL SUPPORT 63788 Wire Middle East and North Africa GENERAL SUPPORT 51215 Wire Russia and the Newly Independent States GENERAL SUPPORT 46494 Wire Russia and the Newly Independent States GENERAL SUPPORT 46474 wire Russia and the Newly Independent States GENERAL SUPPORT 35948 Wire Russia and the Newly Independent States GENERAL SUPPORT 35447 Wire Middle East and North Africa GENERAL SUPPORT 27784 Wire 8 false false false false false false SCHEDULE F 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. 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) 901910 PROGRAMS ST NERSESS ARMENIAN SEMINARY 150 STRATTON RD NEW ROCHELLE NY 10804 510198454 501(C)(3) 241823 PROGRAMS HOLY MARTYRS ARMENIAN DAY SCHOOL 209-15 HORACE HARDING EXPWY BAYSIDE NY 11364 112492685 501(C)(3) 100892 PROGRAMS FUND FOR ARMENIAN RELIEF 630 SECOND AVE NEW YORK NY 10016 133706646 501(C)(3) 85815 PROGRAMS ST MARY ARMENIAN APOSTOLIC CHURCH 4125 FESSENDEN ST NW WASHINGTON DC 20016 911861915 501(C)(3) 54064 PROGRAMS HOLY CROSS CHURCH OF AMERICA 580 W 187TH ST NEW YORK NY 10033 043577508 501(C)(3) 43173 PROGRAMS ST GREGORY THE ENLIGHTENER ARMENIAN CHURCH 1131 NORTH STREET WHITE PLAINS NY 10605 363278891 501(C)(3) 33763 PROGRAMS ST LEON ARMENIAN CHURCH 12-61 SADDLE RIVER RD FAIRLAWN NJ 07410 237346244 501(C)(3) 30751 PROGRAMS ST JAMES ARMENIAN CHURCH 465 MOUNT AUBURN STREET WATERTOWN MA 02472 042152676 501(C)(3) 24598 PROGRAMS ST JOHN BAPTIST ARMENIAN CHURCH 7825 W LAYTON CHURCH GREENFIELD WI 53220 391504886 501(C)(3) 21913 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 145 BRATTLE STREET CAMBRIDGE MA 02138 391504886 501(C)(3) 16327 PROGRAMS ACYOA 630 SECOND AVENUE NEW YORK NY 10016 042167475 501(C)(3) 13093 PROGRAMS HOLY MARTYRS ARMENIAN CHURCH 209-15 HORACE HARDING EXPWT BAYSIDE NY 11364 131628202 501(C)(3) 11957 PROGRAMS ARMENIAN AMERICAN CULTURAL ASSOCIATION 1300 CRYSTAL DRIVE SUITE 1504 ARLINGTON VA 22202 541747032 501(C)(3) 9188 PROGRAMS ARMENIAN CHURCH OF OUR SAVIOR 87 SALISBURY ST WORCESTER MA 01609 391428880 501(C)(3) 9836 PROGRAMS ST THOMAS ARMENIAN CHURCH PO BOX 53 TENAFLY NJ 07670 042192685 501(C)(3) 8261 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 101 ASHMEAD ROAD CHELTENHAM PA 19012 221657923 501(C)(3) 7947 PROGRAMS ST DAVID ARMENIAN CHURCH 2300 YAMATO ROAD BOCA RATON FL 33431 231405611 501(C)(3) 7298 PROGRAMS 18 SCHEDULE I 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 #11 FORM 990 IS REVIEWED BY THE TREASURER OF THE BOARD AND APPROVED BY THE EXECUTIVE COMMITTEE BEFORE SUBMISSION. PART VI SECTION C #19 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 #12C 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, 2a, Employees and related tax filings 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 reqired 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, Page 12, line 9 - Other changes in net assets Included on line 9 is $21,246 which includes the change in net present value of annuities payable. 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 true true false false false false false false true false false true true true false false false