AEF Provides Accounting for Share of NY Life Settlement

The Armenian Educational Foundation

GLENDALE—In March 2005, the Armenian Educational Foundation was one of nine organizations to receive $333,333 from the New York Life Settlement Fund for victims of the Armenian Genocide.

As required by the court order, within six months of receipt of the funds and periodically thereafter, AEF submitted reports to the court administrator on how the $333,333 was to be distributed and the progress of the projects.

In his March 24, 2011 column, Harut Sassounian wrote “…organizations which have obtained funds from the two insurance settlements have the moral obligation to disclose to the Armenian community the amounts they received and spent.” Although in May 2008, AEF issued a press release to all Armenian newspapers reporting the status of the projects receiving funds from the NY Life settlement, in response to Mr. Sassounian’s challenge, AEF provides the following details of the projects funded from the NY Life settlement funds.

$109,340 was allocated for the renovation of the following four village schools: Khnooshinak-Artsakh, Zolakar-Gegharkunik, Norashenik-Syunik, Khor Virab-Ararat. 

$185,280 was allocated to purchase classroom furniture in 45 impoverished village schools previously renovated by AEF.

$54,841 was allocated to provide scholarships for orphans who at age 18 graduated from orphanages and live in Mer Doon in Etjmiatsin-a transitional shelter with survival training or any other assistance. The scholarships included full tuition and education related expenses through graduation from a public university in Armenia.

As the following income/expense summary indicates, AEF did not charge any administrative costs as required by the court order. Additionally, AEF allocated all interest income received from the fund until disbursed to the projects. The last scholarship recipient working towards his medical degree required additional contribution beyond the New York Life funds which were provided by AEF. As always, AEF never reimburses its Board members for expenses, including travel to Armenia, and for implementation and coordination of its projects.
INCOME
NY Life Allocation to AEF $333,333
Interest Earned on Fund $12,897
AEF Contribution $3,231
Total Income $349,461

EXPENSES
School Renovations – 4 schools $109,340
School Furniture – 45 schools $185,280
Orphan Scholarships $54,841
Administrative Expenses $0
Total Expenses $349,461

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