When the Armenian Cultural Association of America (ACAA), Inc. was established on March 10, 1969, the original Board of Directors was Tatul Papazian, Albert Derian, Robert Kaloosdian, James Tashjian, Setrak Minas, Murad Piligian, and Anthony Varjabedian. Then in 1975, under the direction of Col. Harry Sachaklian with support from Dr. Hratch Aprahamian and others, the corporation filed and was granted the non-profit 501(c)(3) status. This new status allowed the opportunity for our organization to be financially supportive in the areas of grants for culture, education, and internship to advance the Armenian mission in its many needs and endeavors.
The Armenian Cultural Association of America (ACAA), Inc. was established on March 10, 1969.
For many years, the ACAA Endowment Fund was a dormant aspect of the organization. Some funds were deposited but never was there an active pursuit to accumulate large funding and pursue active donations from within the Armenian community.
In 1995, the ACAA Board of Directors, under the Chairmanship of Vasken Aivazian, Esq., began to prepare policies and procedures to activate and advance the visions of the founders. The first Trustees of the ACAA Endowment Fund were Harold Mardoian, his son, Jack C. Mardoian, Esq. , Kenneth Hachikian, and Bedros C. Bandazian. In the following years, policy and procedures for the operation of the ACAA Endowment Funds were implemented and fiduciary responsibilities in accordance with federal and state regulations and statues were drafted.
In compliance with the requirements of all 501(c)(3) non-profit corporations, the ACAA is audited each year by professional Certified Public Accountants. Their report and ACAA Tax Return is then sent to the Attorney General of the Commonwealth of Massachusetts. After the Massachusetts review, the documents are then forwarded to the U.S. Treasury Department for their audit and review. There is much scrutiny and review of all the activities of the ACAA
Thus, the donors to the ACAA Endowment Fund can be assured that the operations and management are in the best fiduciary management available with complete compliance to all regulatory bodies of Federal and State.
An Endowment Fund can be created for a specific purpose or for general use by the organization. According to a donor’s desire, a Trust Agreement is prepared stipulating all the conditions and policies for the operation of the Trust. This document is signed by the donor or the donor’s Representative or Estate, the ACAA Board of Directors and the ACAA Trustees. All parties to this Trust Agreement acknowledge and agree to honor the Terms and Conditions as noted by the donor.
Bedros C. Bandazian is the Managing Trustee, ACAA Endowment Funds.
There are times when the ACAA Board of Directors are not directed by a bequest for specific designated use but the ACAA Board of Directors can create a Trust Agreements surmising the intent assumed by the donor. It is highly recommended that a donor create the Trust Agreement prior to any estate or will bequest.
Full funding does not need to be implemented at the time of creation. For named ACAA Trust, it is recommended that the minimum donation be at least $50,000 but lesser amounts will be given name recognition and invested within the ACAA General Fund. The ACAA Trustees, in consultation with legal representatives of the Donor and the ACAA can draft the Trust Agreement for a named donor.
We welcome the opportunity to discuss the creation of an ACAA Endowment Fund in the name of a donor, their family, or other identification. For more information, please contact Bedros C. Bandazian, Managing Trustee at bandaz@aol.com, 804-370-5468 or our home office, Armenian Cultural Association of America, Inc., 80 Bigelow Avenue, Watertown, Mass. 02472.
Bedros C. Bandazian is the Managing Trustee, ACAA Endowment Funds.
Source: Armenian Weekly
Link: The ACAA Endowment Fund: A Legacy for the Future