Armenia Fund, Inc.
111 North Jackson St. Ste. 205
Glendale, CA 91206
Tel: 818-243-6222
Fax: 818-243-7222
Contact: Sarkis Kotanjian
info@armeniafund.org
PRESS RELEASE
May 12, 2006
Armenia Fund International Board of Trustees Convenes
15th Annual Meeting Highlights Fund’s Unprecedented Growth
Yerevan, Armenia – Armenia Fund’s Board of Trustees’ meeting convened on
Friday, May 5, 2006 in Yerevan. The meeting brings the leadership of all
19 international affiliates of the Fund to assess the progress of the
organization, discuss its financial health and audit reports, as well as
set new goals and priorities for the organization. The governing body,
which is chaired by His Excellency President Robert Kocharian, also
decides the 2006 beneficiary project. The Board is composed of all major
Armenian organization in the Diaspora – essentially forming the only
Pan-Armenian entity tasked with the mission of rebuilding the homeland.
The U.S. Western Region was represented by Chairperson Maria Mehranian
and Executive Director Sarkis Kotanjian.
Prior to the opening of the session, Board members lead a moment of
silence for the victims of Armavia Flight 967. His Holiness Karekin II,
Catholicos of All-Armenians lead the prayer.
On the verge of completion, the Board examined the progress of the
critically important North-South Highway in the Nagorno-Karabakh
Republic. The large-scale infrastructure project remains on schedule for
full completion in early 2007. The project is financially secured thanks
to the 2004 Telethon, which raised a record breaking $11.5 million.
Grant Thornton Amyot, the French-American accounting firm, presented the
Fiscal Year 2005 Financial and Construction audit of the organization.
The process is a two-stage procedure where the firm audits all the
financial statements of the Fund and issues its report. Secondly, the
firm audits the construction procedures and accounting methods of all
projects. Lead auditors from the firm presented the report during the
meeting. `In our opinion, the financial statements give a true and fair
view of the financial position of “Hayastan” All-Armenian Fund as of
December 31, 2005, and of the funds received and expenses incurred and
its cash flows for the year ended in accordance with International
Financial Reporting Standards’, stated Armand Pinarbasi, Managing
Partner of the firm. Per recommendations, the Fund continues to maintain
its internal audit control mechanisms. On a quarterly basis, the Fund’s
financial department prepares financial statement in accordance with
Grant Thornton Amyot’s rigorous recommendations.
During the meeting, Executive Director of the Fund, Mrs. Naira
Melkoumian presented a comprehensive report of the organization. Mrs.
Melkoumian highlighted two major points – the growth of participation
amongst the general Armenian Diaspora at large, notably from the United
States and an increase in the overall number of projects implemented in
Armenia and Nagorno-Karabakh. On an international level, the Fund
registered a 20% growth in income.
The Fund continues to implement projects in all regions of Armenia and
specifically Nagorno-Karabakh. Mrs. Melkoumian also reported on the
progress of the Martakert Regional Development Plan. Currently, the
regional hospital’s new design stage is on the verge of completion. The
effort is being spearheaded by the U.S. Western Region of the Fund.
Construction of a water pipeline network will commence by the end of
June. In addition, the agriculture development plan is nearing its
implementation stage with the introduction of technology packages to
local farmers in the region. President Kocharian remarked that Armenia
Fund is a well-established organization that has implemented countless
projects `of vital importance to the development of Armenia’. Indeed,
the organization, over the past decade has implemented more than $140
million of infrastructure development projects.
`40% growth for any given organization, whether non-profit or corporate,
is indeed a milestone. Armenia Fund, Inc., in the United States, has
been the driving force behind this growth, notably in the number of
donors. The organization’s transparency, track record, and history of
accomplishments continue as a testament to the organization’s viability
and growth’, stated U.S. Western Region Chairperson Maria Mehranian.
Armenia Fund in the U.S. Western Region had registered a 40% growth in
total pledges received, marking an all time high in terms of public
grassroots participation. `I would like to add, that Armenia Fund, Inc.
will continue its public outreach campaigns on a larger scale and this
will certainly reflect in the months prior to the Telethon,’ furthered
Mehranian. Indeed, the international Telethon has been a very viable
fundraising method for Armenia Fund. At the approval of the Board, the
Fund will pursue a wider public outreach program not only in the United
States, but internationally with a focus on Europe and the Middle East.
The meeting discussed the quality of construction and the necessary
steps and processes that need to be adopted to ensure its high standards
for all Armenia Fund projects. A decision was made to take all necessary
measures and set up a process to enhance the quality control standards.
The first step has already been taken — a large scale monitoring
program has been implemented in the first months of 2006.
`Construction is a complicated process that requires specific guidelines
and distinct procedures. Effective Program Management, Construction
Management and Quality Control are integral parts of a construction
process everywhere in the world. We have to bear in mind that Western
standards and construction codes are still not well established in
Armenia and we need to provide them with all the resources we have. The
Fund has done an exceptional job in meeting these challenges and what we
need to give them is assistance instead of criticism,’ stated Maria
Mehranian, `I know this first hand from urban planning and
infrastructure development experience that I personally have in the
United States,’ furthered Mehranian.
The Board meeting also appointed U.S. based attorney Mark Geragos to the
International Board of Trustees of Armenia Fund. Geragos and his aides
were at the meeting. `I am extremely impressed by the quality of the
Board, the affiliates and overall track record of Armenia Fund. This is
a premier organization that will continue its vital programs in
infrastructure development in Armenia and Nagorno-Karabakh. I am proud
to be on board with this organization’, stated Geragos at the press
conference following the meeting. Geragos will replace retiring Board
member Mihran Aghbabian, who was one of the driving forces of the Fund
since its early years.
Prior to the Board of Trustees Meeting, Armenia Fund and its affiliates
met at the American University of Armenia Business Center to discuss
wider inter-affiliate cooperation on all fronts. `The meeting was indeed
productive, bringing forth opinions and ideas from all corners of the
world. It is very interesting to hear the concerns of our compatriots
living outside of the United States.’, stated Sarkis Kotanjian,
Executive Director of Armenia Fund – U.S. Western Region.
Armenia Fund, Inc., is a non-profit 501(c)(3) tax-exempt corporation
established in 1994 to facilitate large-scale humanitarian and
infrastructure development assistance to Armenia and Nagorno Karabakh.
Armenia Fund, Inc. is the U.S. Western Region affiliate of `Hayastan’
All-Armenian Fund. Tax ID# 95-4485698