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AEF PROVIDES ACCOUNTING FOR SHARE OF NY LIFE SETTLEMENT
asbarez
http://asbarez.com/95966/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
From: Emil Lazarian | Ararat NewsPress
asbarez
http://asbarez.com/95966/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
From: Emil Lazarian | Ararat NewsPress