STRONG AND GROWING ACEF THANKS DEPARTING DIRECTOR

George Kassis may have said a tearful “good-bye” to the Armenian Church Endowment Fund (ACEF) in September, 2004, but when the executive director of the organization stepped down, he did so knowing that he left behind a strong and vibrant organization poised to support the Diocese’s ministries and programs for generations to come.

“The work of ACEF is about building a strong foundation for the future of our Armenian Christian faith and heritage,” said Kassis. “I’m proud to say that we have nurtured ACEF, increased its value, and increased the amount of distribution we’re able to provide each year to parishes, Armenian institutions, and the Diocese’s efforts to make our faith a vibrant force in every Armenian family.”

LEAVING A LEGACY

As executive director of ACEF, Kassis oversaw the day-today management of the fund, which grew in market value from $40.4 million in 1998 to $64.7 million in 2003.

He split his time between ACEF and working for the Diocese of the Armenian Church of America (Eastern), where he was Director of Communications and Stewardship, managing efforts such as The Armenian Church magazine and the Diocese’s website, www.armenianchurch.net, along with the yearly fund-raising campaigns which covered the costs of Diocesan programs to benefit local parishes and individuals.

He was instrumental in creating the successful outline for the Archbishop’s Annual Appeal, the Diocese’s major yearly fund-raising campaign. He focused the effort not on asking for financial support, but on reaching out to Armenian communities around the Diocese and showing people how the Diocese’s ministries and programs were bringing life and dedication to the church.

Before coming to the in the Diocese in 1998, Kassis — who was born and raised in Aleppo, Syria — was a member of the Board of Directors of the Fund for Armenian Relief from 1990 to 1998, and worked in a variety of countries for the United Nations for 25 years.

“George was a dedicated employee, but more importantly, he is a devout Armenian Christian and a true example of a Christian steward,” said Archbishop Khajag Barsamian. “He worked tirelessly to provide a solid financial foundation for our pastoral efforts. And by strengthening ACEF, he succeeded in strengthening our church for future generations.”

The principal of endowments established through ACEF is never touched. Through a wise investment policy established by the ACEF Board of Trustees, the beneficiaries of the endowment funds receive an annual distribution to aid them in implementing their programs. The Diocese, the Mother See of Holy Etchmiadzin, educational programs at St. Nersess Armenian Seminary, and various local Armenian parishes and day schools are among the many beneficiaries of the Armenian Church Endowment Fund.

Last year, 2003, was the fund’s single best year since it was created in 1974, in terms of return on investment. In 2003, the fund investments grew by $11.2 million. This return is on top of the $2.16 million donors gave in 2004 for new endowment funds or to add to existing funds. And though the year is not finished, the fund is doing well in 2004.

“I am pleased so many people throughout the Diocese, and across the world, entrust their eternal gifts to the Armenian people with the dedicated and knowledgeable ACEF Board of Trustees,” said Kassis, who, with his wife, Jill, established the George and Jill Kassis Centennial Endowment Fund, which benefits both the Diocese and Holy Etchmiadzin. “They understand the importance of providing a continual cushion of support for the work of the Church and the expansion of Armenian organizations.”

OVERCOMING CHALLENGES

Looking back on his years with ACEF, Kassis is perhaps most proud of working with the Board of Trustees to emerge from the 2000 stock market bubble-burst in good condition.

Though 2000 to 2002 were the three worst years for the American stock market since 1931, ACEF’s planning and action was able to tightly limit its losses. During those three years, the average investment portfolio similar to ACEF’s holdings had a loss of 20.49 percent. By contrast, ACEF’s portfolio only slightly slipped by 7.13 percent.

“We carefully listened to our consultants and monitored the actions of the market to ensure we made wise and justified decisions,” Kassis said. “We know that people established endowment funds through ACEF with the intent of having that money around forever, and we worked hard to make sure that those dreams come true.”

Over the years, ACEF’s maintenance of the funds it oversees has led to tremendous growth. Funds invested in ACEF prior to 1998 have grown by an average of 19 percent.

ACEF and the Diocese are currently looking at candidates who will be able to replace and attend to all the various duties undertaken by Mr. Kassis.

“We wish George success on his new ventures in Cyprus, for we know that wherever he is and no matter what he is doing he will continue to be a strong supporter of the Armenian Church,” the Primate said.

Anyone can start a fund in ACEF, the principal donation of which is invested and remains untouched in perpetuity. Only future income generated from the investments are distributed to the named beneficiaries.

For more information on the Armenian Church Endowment Fund and to establish your own fund, contact Berjouhi Saladin by e-mailing berjouhis@armeniandiocese.org or by calling (212) 686-0710 ext. 34.