2004 Annual Report of the Development Office

Fundamental to carrying out the mission of the Diocese is to build a solid financial foundation, and the Development Office is responsible for coordinating and implementing a comprehensive development plan under the leadership of the Diocesan Council. The following report presents an overview of the development initiative.

Diocesan Development Plan: The “Diocesan Development Plan”—a 5-year comprehensive plan being developed by the Diocesan Development Committee under the leadership of the Diocesan Council—is now in its 3rd year of implementation. Serving on the Development Committee are Alex Dadourian (chair), Fr. Mampre Kouzouian, Oscar Tatosian, George Kassis (through Sep. 2004) and Barbara Tellalian.

Key goals of the “Diocesan Development Plan” are (a) to build support and financial security, (b) to strengthen ministries and programs benefiting our parishes, and (c) to ensure stability, flexibility, and growth for the Armenian Church. Key initiatives of the plan are:

• To increase support and participation in the “Archbishop’s Annual Appeal,” a program of annual giving that raises funds to support Diocesan ministries and programs benefiting our parishes.
• To work with parishes to build Parish Stewardship Programs that encourage gifts of time, talent, and treasure.
• To collaborate with parishes and affiliated organizations to establish and build endowed funds within the Armenian Church Endowment Fund (ACEF) and to encourage planned giving, i.e. naming the Armenian Church in a will or other planned gift.
• To recognize individuals working with parishes and affiliated organizations, who have named the Armenian Church in their wills or other planned gifts as members of the “Legacy Society of Giving.”

Archbishop’s Annual Appeal: This annual giving program, now in its 3rd year, raises funds to support the annual costs associated with the ministries and programs benefiting our parishes.

The 2004 Appeal raised $977,500, with 1105 contributors, an increase of 20% over the effort of 2003. A key goal is to annually increase participation to achieve 100% participation.

We extend grateful appreciation to all contributors for their support and participation. Contributions received by December 31, 2004 will be acknowledged in the 2004 Diocesan Annual Report. Contributions received after that date will be acknowledged in the 2005 Diocesan Annual Report.

“Thank-You Receptions” were held in targeted cities to acknowledge contributors, to increase awareness of Diocesan programs benefiting our parishes, and to broaden the base of support. Grateful appreciation is extended to the hosts, the regional committees and supporters in:

• Chicago, IL—held at the Union League Club, hosted by the Tatosian family. Committee: Fr. Tavit Boyajian, Fr. Aren Jebejian, Leona Mirza, Sarkis Tatosian, Michael Tootooian, Oscar Tatosian.
• Bayside, NY—held at Holy Martyrs Church, hosted anonymously. Co-chairs: Alex Dadourian, Michael Haratunian.
• Wyckoff, NJ—held at the home of Sandra and James Leitner. Committee: Sandra Leitner (chair), Haig Ariyan, Tom Ashbahian.
• Cambridge, MA— held at the Sheraton Commander Hotel, hosted by the Guleserian family. Committee: John Amboian, Jim Kalustian (co-chairs), Harry Alexanian, George Chakoian, Haig Deranian, Charles Guleserian, Dr. Nishan Goudsouzian, Aram Hintlian, Dn. Ara Jeknavorian, Raffi Yeghiayan, Barbara Tellalian.
• Detroit, MI—held at St. John Church, hosted by Howard Atesian and Dr. Edward Sarkissian (co-chairs).
• Highland Beach, FL—held at the home of Asbed and Margaret Zakarian. Committee: Seta Baldadian (chair), Naomi Davidian, Nina Stepan.

Legacy Society of Giving: This effort is pending inauguration; it will recognize individuals who have named the Armenian Church as a beneficiary in a will or planned gift. Individuals joining the society in 2005 will be recognized as Founding Members.

Aid to Parish Stewardship Efforts: A final edition of The Stewardship Handbook, first released at the 2004 Diocesan Assembly as a working document, was later distributed during the year’s subsequent regional meetings. Periodic updates are anticipated.

Armenian Church Endowment Fund (ACEF): Endowed funds within the “Armenian Church Endowment Fund” have been established by individuals, parishes and affiliated organizations. The initial gift is invested in perpetuity and remains untouched. A percentage of the interest income generated is distributed annually to designated beneficiaries, and a percentage is re-invested to build the fund and to allow for distribution in fallow years. Beneficiaries may be parishes, the Diocese, its affiliated organizations, as well as the patriarchal sees of the Armenian Church, and its foreign dioceses. “Cambridge Associates,” a Boston-based consultant, provides investment counsel to the ACEF Board of Trustees.

As of Dec. 31, 2004, the asset value of ACEF stood at $70.4 million—up from $64.7 million in 2003, an increase of 8.8%. The yield was an annual return of 12.7%. In total, $2.6 million in interest income was distributed to beneficiaries. ACEF annually distributes to each beneficiary 4.5% of the average value of the endowed fund during the prior 12-quarter period.

In 2004 ACEF received $610,240 from 146 contributors. Of that amount, $121,000 represented pledged commitments received for the “Spiritual Leadership Fund.”

All 2004 contributors to ACEF will be acknowledged in the category of giving in the Diocesan Annual Report. Named endowments of $5,000 and above will also be acknowledged.

Additional Sources of Income: In addition to the above, the Diocese received income from the following sources:

• Wills and Estates: $ 233,339
• Memorial/Recognition Programs: 27,530
• Diocesan Calendar: 12,392
• The Armenian Church magazine: 10,834
• Diocesan Annual Report publication: 7,308
• Other gifts: 61,759

Personnel: George Kassis served most of the year as director of Communications and Development (through Sep.). For the balance of 2004, Barbara Tellalian worked in the capacity of a consultant. The staff of the Development Office include Berjouhi Saladin—executive assistant; and Angela Kazarian—data base manager.