2016-08-03T09:28:03-05:00 2015-12-31 WithumSmithBrown PC 1 SPRING STREET NEW BRUNSWICK NJ 08901 990 2015-01-01 202821426 ARMENIAN CHURCH ENDOWMENT FUND INC % MICHAEL HALAJIAN ARME 2126860710 630 SECOND AVENUE NEW YORK NY 10016 MICHAEL DUKMEJIAN TREASURER 2126860710 2016-07-28 true Catherine Bendall P00521196 7328281614 2015 2016-12-15 16:53:06Z Bruce Ballard 630 SECOND AVENUE NEW YORK NY 10016 25362311 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 0 13 0 -2847 608481 1015819 203643 214483 2217185 3230241 0 0 3029309 4460543 2407611 2489463 0 0 98673 89546 0 0 0 539647 575109 3045931 3154118 -16622 1306425 94732392 90778942 30076789 29287743 64655603 61491199 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 2489463 2489463 214483 See Schedule O for a complete program description for the Armenian Church Endowment Fund. 2489463 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 0 0 true 0 false false false false false false false false false false X 13 13 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 0.0 X X 0 0 0 Bruce Ballard CHAIRMAN 4.0 0.0 X X 0 0 0 Stephen Haratunian VICE CHAIRMAN 3.0 0.0 X X 0 0 0 Roseann Manoogian Attar TREASURER (Thru 6/15) 2.0 0.0 X X 0 0 0 Alyssa Keleshian Bonomo Secretary 1.0 0.0 X X 0 0 0 GREGORY BEDROSIAN DIRECTOR 1.0 0.0 X 0 0 0 Robert E Cannuscio DIRECTOR 1.0 0.0 X 0 0 0 Charles A Demirjian DIRECTOR 2.0 0.0 X 0 0 0 Michael Dukmejian DIRECTOR 1.0 0.0 X 0 0 0 Thomas Garabedian DIRECTOR 1.0 0.0 X 0 0 0 James Kalustian DIRECTOR 1.0 0.0 X 0 0 0 Rebecca Shaghalian Larkin DIRECTOR 1.0 0.0 X 0 0 0 Charles Simonian 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 150966 1 X 1015819 1015819 ADMIN FEE CHARGED TO CUSTODIAL FUNDS 900099 214483 214483 214483 2438195 2438195 0 0 0 0 0 21693814 20901768 792046 792046 0 0 0 0 4460543 214483 2438195 2085405 2085405 0 404058 404058 0 0 0 78366 78366 0 11180 11180 0 0 12030 12030 108575 108575 0 0 391611 391611 2150 2150 0 3380 3380 7025 7025 0 36000 36000 160 160 0 802 802 0 0 0 11437 11437 FILING FEES 1939 1939 3154118 2489463 664655 0 X 42651 876038 941621 539821 24353 435868 10424 734 0 0 0 0 431154 369888 0 0 0 0 0 43168130 47975650 50114059 40580943 0 0 0 0 0 0 94732392 90778942 11591 24502 0 0 0 0 0 0 29984273 29186016 0 0 0 0 0 0 80925 77225 30076789 29287743 X -54150 -66855 9530269 5743856 55179484 55814198 64655603 61491199 94732392 90778942 X 1306425 -4474529 3700 X false true true false X X X 1 DIOCESE OF THE ARMENIAN CHURCH IN AMERICA EASTERN 131628202 1 true 1058299 0 1 1058299 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 true true 63871455 634714 -1221212 2489463 161571 260901 60373022 64553473 388481 1768853 2404675 163280 271397 63871455 59718464 936121 6359034 2055033 127187 277926 64553473 48854460 7159020 5989564 1801741 141878 264900 59794525 50652284 1043381 -497044 1898463 182570 263128 48854460 0.92000 0.08000 false false US EQUITY FUNDS 8437564 F GLOBAL EQUITY FUNDS 5377170 F HEDGE FUNDS 14967708 F NATURAL RESOURCES FUND 5861385 F VENTURE CAPITAL/PRIVATE EQUITY 2973158 F EMERGING MARKETS FUND 2000306 F REAL ESTATE 963652 F 40580943 0 CHARITABLE REMAINDER ANNUITIES 77225 77225 X -89360 -4474529 3700 -4470829 4381469 79074 79074 4460543 3075044 3075044 79074 79074 3154118 ENDOWMENT FUNDS 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. 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, 2015 and 2014. There are no tax related interest or penalties included in the financial statements presented. RECONCILIATION OF EXPENSES $79,074 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 $3,700 THAT IS NOT SHOWN AS REVENUE IN THE FORM 990. RECONCILIATION OF REVENUE THE INVESTMENT FEES THAT ARE PROPORTIONALLY CHARGED TO THE CUSTODIAL INVESTMENT FUNDS OF $79,074 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 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 Grantmaking GRANTS 404058 404058 404058 Middle East and North Africa GENERAL SUPPORT 313795 WIRE Middle East and North Africa GENERAL SUPPORT 54057 WIRE Middle East and North Africa GENERAL SUPPORT 6271 WIRE Middle East and North Africa GENERAL SUPPORT 29935 WIRE 4 false false false false false false GRANTS OUTSIDE OF THE US MONITORING 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) 1029488 PROGRAMS ST NERSESS ARMENIAN SEMINARY 150 STRATTON RD NEW ROCHELLE NY 10804 510198454 501(C)(3) 263607 PROGRAMS HOLY MARTYRS ARMENIAN DAY SCHOOL 209-15 HORACE HARDING EXPWY BAYSIDE NY 11364 112492685 501(C)(3) 106566 PROGRAMS FUND FOR ARMENIAN RELIEF 630 SECOND AVE NEW YORK NY 10016 133706646 501(C)(3) 90361 PROGRAMS ST MARY ARMENIAN APOSTOLIC CHURCH 4125 FESSENDEN ST NW WASHINGTON DC 20016 911861915 501(C)(3) 57628 PROGRAMS HOLY CROSS CHURCH OF AMERICA 580 W 187TH ST NEW YORK NY 10033 043577508 501(C)(3) 45589 PROGRAMS ST GREGORY THE ENLIGHTENER ARMENIAN CHURCH 1131 NORTH STREET WHITE PLAINS NY 10605 363278891 501(C)(3) 35781 PROGRAMS ST LEON ARMENIAN CHURCH 12-61 SADDLE RIVER RD FAIRLAWN NJ 07410 237346244 501(C)(3) 33507 PROGRAMS ST JAMES ARMENIAN CHURCH 465 MOUNT AUBURN STREET WATERTOWN MA 02472 042152676 501(C)(3) 26218 PROGRAMS ST JOHN BAPTIST ARMENIAN CHURCH 7825 W LAYTON CHURCH GREENFIELD WI 53220 391504886 501(C)(3) 27642 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 145 BRATTLE STREET CAMBRIDGE MA 02138 391504886 501(C)(3) 17238 PROGRAMS ACYOA 630 SECOND AVENUE NEW YORK NY 10016 042167475 501(C)(3) 13922 PROGRAMS HOLY MARTYRS ARMENIAN CHURCH 209-15 HORACE HARDING EXPWY BAYSIDE NY 11364 131628202 501(C)(3) 12625 PROGRAMS ARMENIAN AMERICAN CULTURAL ASSOCIATION 1300 CRYSTAL DRIVE SUITE 1504 ARLINGTON VA 22202 541747032 501(C)(3) 9851 PROGRAMS ARMENIAN CHURCH OF OUR SAVIOR 87 SALISBURY ST WORCESTER MA 01609 391428880 501(C)(3) 12078 PROGRAMS ST THOMAS ARMENIAN CHURCH PO BOX 53 TENAFLY NJ 07670 042192685 501(C)(3) 8482 PROGRAMS HOLY TRINITY ARMENIAN APOSTOLIC CHURCH 101 ASHMEAD ROAD CHELTENHAM PA 19012 221657923 501(C)(3) 8398 PROGRAMS ST DAVID ARMENIAN CHURCH 2300 YAMATO ROAD BOCA RATON FL 33431 231405611 501(C)(3) 7949 PROGRAMS SOORP HAROUTUNE ARMENIAN CHURCH PO BOX 1242 WINDERMERE FL 34786 593238620 501(C)(3) 40121 PROGRAMS ST JOHN'S ARMENIAN CHURCH 22001 NORTHWESTERN HIGHWAY SOUTHFIELD MO 48075 381434095 501(C)(3) 73136 PROGRAMS ARMENIAN APOSTOLIC SOCIETY INC 22001 NORTHWESTERN HIGHWAY SOUTHFIELD MO 48075 381434095 501(C)(3) 72483 PROGRAMS 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. GOVERNING BODY AND MANAGEMENT FORM 990 IS REVIEWED BY THE TREASURER OF THE BOARD AND APPROVED BY THE EXECUTIVE COMMITTEE BEFORE SUBMISSION. DISCLOSURE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MAINTAINED ACEF'S OFFICE AND are AVAILABLE TO THE PUBLIC UPON REQUEST. POLICIES 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. COMPENSATION 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. RECONCILIATION OF NET ASSETS Included on line 9 is $3,700 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 true true false false false false false false true false false true true true false false false