Endowments and Donations
Much of the capital funds belonging to the Armenian Educational Foundation (AEF) derive from permanent endowments in the form of bequests and trusts, as well as donations. These generous contributions have enabled the AEF to maintain it sommitment to furthering the educational endeavors of Armenian youth and to provide financial assistance to Armenian Schools.
Bequests and Trusts
In general a bequest is some form of personal property passed on in a will. In a few instances, the AEF has benefited from living wills in which case the benefactor hands over monies or property while he or she is still alive. Over the years, the AEF has also set up trusts such that a given sum of money is placed in a high yield account with the AEF receiving the interest from that account as its Trustee. By definition, any money held in banks in trust cannot be invested for the purchase of property.
Establishing the organization’s initial financial base were the following permanent endowments set up in the late 1950s:
- the Levon and Sophia Hagopian Educational Trust Fund created with $260,000 from a donation of 80 acres of land in Fresno.
the Yervant and Felicia Kouyumjian and Kaloust and Virginia Torosian funds established with $25,000 and $35,000, respectively, to support specifically the Palandjian College (Jemaran) in Beirut, Lebanon
the Van Der Bedrosian Memorial Fund formed with $275,000 from the living trust of Paul and Elizabeth Der Bedrosian
The organization has also received numerous donations from individuals seeking to make tax-deductible contributions. These charitable gifts give the AEF spending flexibility and, in the past, have allowed the group to make income-generating property investments.
The most benevolent donation to be received by the AEF came from the Tracinda Corporation in 1986 when the organization received 60,000 shares of stock in the company. Soon after, these shares were redeemed for a cash value of $840,000. Also in 1986, Khachik and Margaret Shatikian donated $50,000, of which $25,000 helped to create the Modern Armenian History Chair at UCLA. Another noteworthy donation of $50,000 came in 1994 from Manoog and Yeghia Movsisian.
Today as always, the AEF is continually seeking ways to strengthen its financial base to generate the necessary capital to increase the funds available for scholarships and continue providing financial support to day schools.
AEF Endowment Funds
AEF holds and administers endowment funds for various educational grants and scholarships in Diaspora and Armenia
Established in 1992, the $230,000 fund provides $24,500 annually in scholarships to students attending universities in the United States, Armenia and Artsakh.
Palanjian Jemaran Fund
Established in 1994, the $60,000 fund provides $3,000 or more annually to the Aslanian Palanjian Jemaran school in Beirut.
Jorjorian Fund (Anjar)
Established in 1994, the $85,000 fund provides $6,000 annually in scholarships to graduates from the Gulbenkian School in Anjar who attend universities in Lebanon.
Established in 1998, the $60,000 fund provides support for scholarships in Armenian Genocide Studies in Armenia.
Established in 2003, the $50,000 fund provides full tuition scholarships to students attending public universities in Armenia majoring in Law.
Shrikian Fund (Anjar)
Established in 2004, the $150,000 fund provides $10,000 in annual support for the Gulbenkian School in Anjar, Lebanon.
Established in 2005, the $100,000 fund provides $5,000 annually to cover the full tuition for five students in Armenia.
Shrikian Fund (Antelias)
Established in 2007, the $150,000 fund provides for the preparation of priests at Antelias Seminary.
Jorjorian Fund (Armenia)
Established in 2012, the fund provides full tuition scholarships for 24 Armenia public university students who are graduates of high schools in Stepanakert, Alaverdi, Spitak, Gyumri, Echmiatzin, Dilijan and Stepanakert.
Vahe Shrikian Fund (Anjar)
Established in 2012, the $150,000 fund provides financial support to the Anjar school and university scholarships for graduates of Anjar schools.
Established in 2013, the $20,000 fund provides two full tuition scholarships for students attending public universities in Armenia majoring in Animation.
John Varjabedian Fund
Established in 2014, the $50,000 fund provides scholarships to students attending public universities in Armenian and are graduates from high schools in the New Arabkir region in Yerevan.
Established in 2014, the $100,000 fund provides full tuition scholarships to 16 Artsakh State University students who are graduates of high schools in Artsakh.
Markarian-Arakelians Educational Fund
Established in 2016, the $250,000 fund provides full tuition scholarships to 15 students attending universities in Armenia and Artsakh. Additonally, this endowment will provide funds to purchase musical instruments and/or repair village schools.