Skip to content
Nonprofiteer
← ARMENIAN CHURCH ENDOWMENT FUND INC

Form 990 for tax year 2023

Filed by ARMENIAN CHURCH ENDOWMENT FUND INC.

Totals

Total revenue
$4,363,783
Total expenses
$3,976,412
Contributions and grants received
$1,553,868
Grants paid
$3,326,586
Program service revenue
$263,187
Investment income
$2,546,728
Other revenue
$0
Total assets, end of year
$146,847,942
Total liabilities, end of year
$58,464,602
Net assets or fund balances, end of year
$88,383,340
Program services expenses (Part IX)
$3,366,888
Management and general expenses
$609,524
Fundraising expenses
$0
Program service expenses (Part III)
$3,366,888

Program services were 84.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $1,553,868

  • 2a · Program service revenue: ADMIN FEE CHARGED TO CUSTODIAL FUNDS

    total $263,187 · related or exempt $263,187

  • 3 · Investment income

    total $998,544 · excluded $998,544

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $28,362,157

  • 7b · Less cost or other basis and sales expenses

    securities $26,813,973

  • 7c · Gain or loss

    securities $1,548,184

  • 7d · Net gain or loss

    total $1,548,184 · excluded $1,548,184

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,721,355 · program services $2,721,355

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $605,231 · program services $605,231

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $0

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $111,275 · program services $27,819 · management and general $83,456 · fundraising $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $13,933 · program services $3,483 · management and general $10,450

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $124,425 · management and general $124,425

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $276,599 · management and general $276,599

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $21,000 · management and general $21,000

  • 13 · Office expenses

    total $4,812 · management and general $4,812

  • 14 · Information technology

    total $6,170 · management and general $6,170

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $36,000 · program services $9,000 · management and general $27,000

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $1,204 · management and general $1,204

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $52,536 · management and general $52,536

  • 24a · Other expenses: FILING FEES

    total $1,872 · management and general $1,872

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,317,961 · end of year $1,433,139

  • 2 · Savings and temporary cash investments

    beginning of year $5,381,712 · end of year $3,747,437

  • 3 · Pledges and grants receivable

    beginning of year $60,125 · end of year $29,580

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,030 · end of year $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $58,778,147 · end of year $71,790,062

  • 12 · Investments: other securities

    beginning of year $70,142,728 · end of year $69,847,724

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,781 · end of year $22,849

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $53,973,811 · end of year $58,408,253

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $35,757 · end of year $33,500

  • 27 · Net assets without donor restrictions

    beginning of year $1,489,678 · end of year $1,629,077

  • 28 · Net assets with donor restrictions

    beginning of year $80,170,676 · end of year $86,754,263

Mission and programs · 2023

Mission

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.

Activities or mission (Part I)

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.

  • See Schedule O for a complete program description for the Armenian Church Endowment Fund.

    Expenses $3,366,888 · Grants $3,326,586

As filed on the 2023 return.

Listed in Part VII

  • Bishop Mesrop Parsamyan

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Robert E Cannuscio

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Melanie Dadourian

    Director

    Total calculated
    $0
    Hours/week
    1

  • Eric Baroyan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Gregory Zorthian

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Gregory Melconian

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Kirk S Hachigian

    Co-Chair

    Total calculated
    $0
    Hours/week
    1

  • Kirk Kazazian

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Richard Papalian

    Director

    Total calculated
    $0
    Hours/week
    1

  • Bryan Stepanian

    Co-Chair

    Total calculated
    $0
    Hours/week
    1

  • Marie Vanerian

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Shaghalian Vranka

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gregory J Amerkanian

    Director

    Total calculated
    $0
    Hours/week
    1

  • Lisa A Kazanjian

    Executive Director

    Total calculated
    $0
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202413199349312796

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.