2013-05-28T10:37:39-05:00 2012-12-31 WithumSmithBrown PC 1 SPRING STREET NEW BRUNSWICK NJ 08901 990 2012-01-01 202821426 ARMENIAN CHURCH ENDOWMENT FUND INC % MICHAEL HALAJIAN ARME 2126860710 630 SECOND AVENUE Suite NEW YORK NY 10016 BRUCE BALLARD 2126860710 2013-05-23 true Catherine Bendall 7328281614 2012 2016-02-25 16:41:14Z MARK GABRELLIAN 630 SECOND AVENUE New York NY 10016 38142460 false X acefinvest.org X 2005 DE Armenian Church Endowment Fund supports parishes and individuals who are creating a legacy through endowments with long-term investment planning and by investing as a community for maximum financial return. 15 15 3 15 0 1043381 7159020 216372 208328 2676539 2773342 0 0 3936292 10140690 1915233 1897783 0 0 92470 97458 0 0 0 569600 517648 2577303 2512889 1358989 7627801 75091103 88381642 25618692 28046604 49472411 60335038 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 IT'S 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 IN INVESTMENT MANAGERS. false false 1897783 1897783 208328 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 IT'S 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. 1897783 true true false false false false false false true true false true false false true true true false false false true 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 true 5 0 true 3 true false false false false false false false false false false X 15 15 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 ARCHBISHOP KHAJAG BARSAMIAN 1.0 X X 0 0 0 MARK GABRELLIAN 4.0 X X 0 0 0 GREGORY ZORTHIAN 3.0 X X 0 0 0 BRUCE BALLARD 2.0 X X 0 0 0 ROSEANN MANOOGIAN ATTAR 1.0 X 0 0 0 HAIG ARIYAN 2.0 X 0 0 0 GREGORY BEDROSIAN 1.0 X 0 0 0 CHARLES DEMIRJIAN 1.0 X 0 0 0 STEPHEN HARATUNIAN 2.0 X 0 0 0 CHARLES SIMONIAN 1.0 X 0 0 0 OSCAR TATOSIAN 1.0 X 0 0 0 ALYSSA KELESHIAN BONOMO 1.0 X 0 0 0 MICHAEL DUKMEJIAN 1.0 X 0 0 0 THOMAS J GARABEDIAN 1.0 X 0 0 0 REBECCA SHAGHALIAN LARKIN 1.0 X 0 0 0 0 0 0 0 false false false CAMBRIDGE ASSOCIATES 100 SUMMER STREET BOSTON MA 02110 INVEST CONSULTING 124154 1 349689 6809331 7159020 ADMIN FEE CHARGED TO CUSTODIAL FUNDS 900099 208328 208328 208328 2211503 2211503 0 0 0 0 0 28563609 28001770 561839 561839 561839 0 0 0 0 10140690 208328 2773342 1544246 1544246 0 353537 353537 0 0 0 79246 79246 0 11911 11911 6301 6301 0 775 775 108225 108225 0 0 339249 339249 2340 2340 0 9470 9470 4300 4300 0 36000 36000 0 0 590 590 0 0 0 15428 15428 OTHER EXPENSES 197 197 FILING FEES 1074 1074 2512889 1897783 615106 0 129276 76246 9901823 4718987 214706 213204 0 257160 0 0 0 0 423784 429724 0 0 0 0 0 27827276 38037163 36594238 44649158 0 0 0 0 0 0 75091103 88381642 24361 10650 0 0 0 0 0 0 25483936 27930187 0 0 0 0 0 0 110395 105767 25618692 28046604 X -1227467 -443208 4004016 6923364 46695862 53854882 49472411 60335038 75091103 88381642 7627801 3234826 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 1400628 1 1400628 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true 25483936 3453999 1007748 27930187 true 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 59282125 970037 -15808992 2032339 135650 263305 42011876 0.90000 0.10000 false false US EQUITY FUNDS 6613633 F GLOBAL EQUITY FUNDS 4585280 F HEDGE FUNDS 19309613 F NATURAL RESOURCES FUND 5848719 F VENTURE CAPITAL/PRIVATE EQUITY 1438645 F EMERGING MARKETS FUND 6853268 F 44649158 0 CHARITABLE REMAINDER ANNUITIES 105767 105767 13302299 3230198 4628 3234826 10067473 73217 73217 10140690 2439672 2439672 73217 73217 2512889 ENDOWMENT FUNDS SCHEDULE D, PART V ACEF HAS A POLICY OF DISTRIBUTIING EACH YEAR FOUR AND A HALF PERCENT OF ITS ENDOWMENT FUND'S AVERAGE FAIR VALUE OVER THE PRIOR 12 QUARTERS THROUGH THE CALENDAR YEAR END OF THE PRECEEDING FISCAL YEAR IN WHICH THE DISTRIBUTION IS PLANNED TO THE BENEFICIARY AGENCY DESIGNATED BY THE DONOR. FIN 48 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, 2012 and 2011. There are no open tax years prior to 2009 and no tax related interest or penalties included in the financial statements presented. RECONCILIATION OF EXPENSES SCHEDULE D, PART XIII, 4D There is $73,217 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 SCHEDULE D, PART XI, 8 THE FINANCIAL STATEMENTS INCLUDE AN ADJUSTMENT FOR THE NET PRESENT VALUE OF ANNUITIES OF $4,628 THAT IS NOT SHOWN AS REVENUE IN THE FORM 990. RECONCILIATION OF REVENUE SCHEDULE D, PART XII, 2D THE INVESTMENT FEES THAT ARE PROPORTIONALLY CHARGED TO THE CUSTODIAL INVESTMENT FUNDS OF $73,217 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. Custodial Funds held for others 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. true Middle East and North Africa 0 0 Grantmaking GRANTS 84216 Russia and the Newly Independent States 0 0 Grantmaking Grants 269321 0 0 0 0 353537 353537 Russia and the Newly Independent States GENERAL SUPPORT 54804 WIRE Russia and the Newly Independent States GENERAL SUPPORT 56182 WIRE Middle East and North Africa GENERAL SUPPORT 49346 WIRE Russia and the Newly Independent States GENERAL SUPPORT 44798 WIRE Russia and the Newly Independent States GENERAL SUPPORT 44778 WIRE Russia and the Newly Independent States GENERAL SUPPORT 34597 WIRE Russia and the Newly Independent States GENERAL SUPPORT 34162 WIRE Middle East and North Africa GENERAL SUPPORT 25768 WIRE 8 6 false false false false false false GRANTS OUTSIDE OF THE US MONITORING 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) 785155 PROGRAMS ST NERSESS ARMENIAN SEMINARY 150 STRATTON RD NEW ROCHELLE NY 10804 510198454 501(C)(3) 230633 PROGRAMS HOLY MARTYRS ARMENIAN DAY SCHOOL 209-15 HORACE HARDING EXPWY BAYSIDE NY 11364 112492685 501(C)(3) 97177 PROGRAMS FUND FOR ARMENIAN RELIEF 630 SECOND AVE NEW YORK NY 10016 133706646 501(C)(3) 82171 PROGRAMS ST MARY ARMENIAN APOSTOLIC CHURCH 4125 FESSENDEN ST NW WASHINGTON DC 20016 911861915 501(C)(3) 51929 PROGRAMS HOLY CROSS CHURCH OF AMERICA 580 W 187TH ST NEW YORK NY 10033 043577508 501(C)(3) 41599 PROGRAMS ST GREGORY THE ENLIGHTENER ARMENIAN CHURCH 1131 NORTH STREET WHITE PLAINS NY 10605 363278891 501(C)(3) 32462 PROGRAMS ST LEON ARMENIAN CHURCH 12-61 SADDLE RIVER RD FAIRLAWN NJ 07410 237346244 501(C)(3) 28637 PROGRAMS ST JAMES ARMENIAN CHURCH 465 MOUNT AUBURN STREET WATERTOWN MA 02472 042152676 501(C)(3) 23541 PROGRAMS ST JOHN BAPTIST ARMENIAN CHURCH 7825 W LAYTON CHURCH GREENFIELD WI 53220 391504886 501(C)(3) 18898 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 145 BRATTLE STREET CAMBRIDGE MA 02138 391504886 501(C)(3) 15583 PROGRAMS ACYOA 630 SECOND AVENUE NEW YORK NY 10016 042167475 501(C)(3) 12615 PROGRAMS HOLY MARTYRS ARMENIAN CHURCH 209-15 HORACE HARDING EXPWT BAYSIDE NY 11364 131628202 501(C)(3) 11521 PROGRAMS ARMENIAN AMERICAN CULTURAL ASSOCIATION 1300 CRYSTAL DRIVE SUITE 1504 ARLINGTON VA 22202 541747032 501(C)(3) 9878 PROGRAMS ARMENIAN CHURCH OF OUR SAVIOR 87 SALISBURY ST WORCESTER MA 01609 391428880 501(C)(3) 9452 PROGRAMS ST THOMAS ARMENIAN CHURCH PO BOX 53 TENAFLY NJ 07670 042192685 501(C)(3) 7805 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 101 ASHMEAD ROAD CHELTENHAM PA 19012 221657923 501(C)(3) 7662 PROGRAMS ST DAVID ARMENIAN CHURCH 2300 YAMATO ROAD BOCA RATON FL 33431 231405611 501(C)(3) 7032 PROGRAMS 18 GRANTS IN THE US MONITORING 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 chruches and other religious ORGANIZATION TO BENEFIT THE VARIOUS PROGRAMS PROVIDED. THE diocese of the ARMENIAN CHURCH OVERSEES THE OPERATIONS OF ALL OF THE CHURCHES. GOVERNING BODY AND MANAGEMENT PART VI SECTION B #11 FORM 990 IS REVIEWED BY THE TREASURER OF THE BOARD AND APPROVED BY THE EXECUTIVE COMMITTEE BEFORE SUBMISSION. DISCLOSURE 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. POLICIES 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. Any conflicts that exist would be brought to the board for discussion and review. COMPENSATION PART IX, LINE 7 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. THE AFFILIATE FILES AND PAYS ALL THE REQUIRED EMPLOYMENT FILINGS AND 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. 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 false false false true true false true false false