ACEF

ENDOWMENTS: What, Why, and How

“Give and it will be given to you” (Luke 6:38)

What is an endowment?

An endowment is a donation to the Armenian Church where the amount donated (called the principal) is invested in perpetuity, generating income every year to be spent for a specified purpose.

EXAMPLE: Mr. and Mrs. Pari Devoghian donate $10,000 to establish the “Mr. and Mrs. Never Devoghian Endowment Fund,” with its stated beneficiary listed as the “St. Gregory the Illuminator Armenian Church.” The original $10,000 is invested and remains untouched, but generates income year after year—forever. Once each year, the amount of annual income from the fund is sent to the St. Gregory Church, for the parish to use.

The Armenian Church Endowment Fund (ACEF) was established in 1974 with the express purpose of providing a vehicle for building a solid and enduring financial foundation for the Armenian Church. Today—30 years later—ACEF has been entrusted by its donors with over 1,000 endowed funds, totaling $65 million, and benefiting the Eastern Diocese, its programs and ministries; individual parishes and affiliated organizations; as well as the Mother See of Holy Etchmiadzin and the Armenian Patriarchates of Jerusalem and Istanbul. Each gift is invested immediately to earn income for its beneficiary. In 2004, ACEF distributed $2.7 million to various beneficiaries.

Why establish an endowment?

By establishing an endowment, you are doing what pleases God: ensuring a stronger Armenian Church with a solid financial foundation for yourself, your children and grandchildren. While we all must give, and give continuously, to the church to allow it to carry on its operations, we should also consider doing something that will have a lasting impact, year in and year out.

“Each one must do as he has made up his mind, not reluctantly or under compulsion, for God loves a cheerful giver. And God is able to provide you with every blessing in abundance, so that you may always have enough of everything and may provide in abundance for every good work.” (Second Corinthians 9:7-8)

How can I establish an endowment?

It is quite easy. You may do so at any time, and/or include provision for establishing an endowment in your will or bequest. You may do so by giving a cash contribution: simply write a check made out to

THE ARMENIAN CHURCH ENDOWMENT FUND (ACEF)

630 Second Avenue, New York, New York 10016

Accompany it with a letter indicating what you want the fund to benefit. For other forms of donation such as donating equities or property, or if you have any questions, please feel free to contact George Kassis, ACEF executive director, by sending an email to georgek@armeniandiocese.org, or by calling (212) 686-0710.

Information on other forms of giving—such as making gifts in the form of appreciated securities—is available on request.