PRESS OFFICE
Diocese of the Armenian Church of America (Eastern)
630 Second Avenue, New York, NY 10016
Contact: Jake Goshert, Coordinator of Information Services
Tel: (212) 686-0710 Ext. 60; Fax: (212) 779-3558
E-mail: [email protected]
Website:
August 19, 2005
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ENDOWMENT FUND INCORPORATES, LOOKS TO THE FUTURE
A gift to the Armenian Church Endowment Fund (ACEF) lasts forever.
To protect funds bequeathed to it, the board of ACEF incorporated as a
separate entity at the beginning of 2005. And to ensure that the newly
reorganized ACEF meets all the rules and requirements that now apply,
the ACEF Board of Trustees has hired Kay Wight as its new director of
administration.
“Our goal is to ensure ACEF’s safety and growth within all the new laws
and regulations that cover such non-profit organizations,” said Wight,
who has a long resume in the world of foundations and non-profits.
“Like all foundations, the ability to increase our endowment and to
ensure the safety and protection of our programs is vital.”
Wight has an extensive background steering and advising non-profit
foundations, including the New York City Police Foundation, the G&P
Foundation for Cancer Research, and the MacAndrews & Forbes/REVLON
Foundation. She has also worked for American Express, CBS, and as an
aide to New York City mayors Koch and Dinkins.
In ACEF, she’s found a well-organized, quality foundation, she said.
“It is in an excellent place. It has an extraordinary board of trustees
and from the Primate and executive committee to the staff, everyone
should be quite proud of the strength of this organization,” said Wight,
who is taking over some of the administrative responsibilities
previously handled by former ACEF executive director George Kassis. “I
am here to ensure this newly incorporated organization adheres to all
the laws and guidelines, and that it exercises due diligence, so we can
focus on increasing our endowment to provide more support for our
beneficiaries.”
ACEF WORKS TO AID NUMEROUS ORGANIZATIONS
ACEF filed for its incorporation on February 9, 2005, and was stamped by
the state of Delaware on March 29, 2005. The purpose of incorporation
is to make official the independence of the fund from the Eastern
Diocese, which is just one of the beneficiaries of investments managed
by ACEF.
At the end of 2004, the funds in ACEF-managed accounts totaled
$65,054,650. Last year ACEF distributed $2.9 million to 130
beneficiaries.
“ACEF is one of the best ways for our community to support future
generations. Today’s gifts are invested forever, providing a steady
income stream for our programs and ministries for generations to come,”
said Archbishop Khajag Barsamian, Primate of the Eastern Diocese and
president of ACEF. “We’re glad to welcome Ms. Wight to the
organization, and we know she will continue the skilled and professional
management of ACEF that we have come to depend on.”
An endowment established with ACEF can benefit any Armenian non-profit
organization designated by the donor, from the Diocese or a local parish
to St. Nersess Seminary or the Fund for Armenian Relief (FAR). Funds
are invested and managed by the ACEF board of trustees, chaired by
Kevork Hovnanian, in a manner to ensure that the designated beneficiary
receives a steady annual income from the investments. The principle of
the investment can never be touched, so it will provide income from its
interest forever.
Endowments can be established through gifts, bequeaths and wills, or set
up as charitable gift annuities. If you have any questions or wish to
set up your own ACEF endowment, contact Kay Wight by e-mailing
[email protected] or calling (212) 686-0710 ext. 46.
— 8/19/05
E-mail photos available on request. Photos also viewable in the News
and Events section of the Eastern Diocese’s website,
PHOTO CAPTION (1): Kay Wight, the newly appointed director of
administration for the Armenian Church Endowment Fund (ACEF), fields a
question on endowment funds.
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