PRESS OFFICE
Diocese of the Armenian Church of America (Eastern)
630 Second Avenue, New York, NY 10016
Contact: Jake Goshert, Coordinator of Information Services
Tel: (212) 686-0710 Ext. 60; Fax: (212) 779-3558
E-mail: [email protected]
Website:
March 9, 2005
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FINANCIAL PROFESSIONAL JOINS ENDOWMENT BOARD
By Florence Avakian
“The Armenian Church is the single most important institution providing
connection, community, and continuity to and among all Armenians.
Remarkably, this has been the case for more than a thousand years,” says
Gregory Parseghian, the newest member to join the Board of Directors of
the Armenian Church Endowment Fund (ACEF). “For me, the church is a
means by which to connect the best attributes of the history of the
Armenians to the promise of the future.”
During the December 2004 meeting of the ACEF Board of Directors,
Archbishop Khajag Barsamian, Primate of the Diocese of the Armenian
Church of America (Eastern) and President of the ACEF Board of
Directors, officially welcomed Mr. Parseghian to the team that is doing
much to strengthen and support a variety of organizations and
ministries.
ALTAR BOY TO ACEF
Mr. Parseghian is an independent financial consultant in Washington,
D.C., and has established his own company, Parseghian Investment
Advisors. He is a graduate of the University of Pennsylvania, with a
bachelor’s degree in finance, and an MBA from the University’s Wharton
Business School. After graduation, he worked on Wall Street for 15
years at companies such as First Boston, Black Rock, and Salomon Bros.
He then relocated to Washington, D.C., where he was employed for 10
years by the Freddie Mac company.
Growing up in Philadelphia, he attended the St. Sahag and St. Mesrob
Church of Wynnewood, PA, where his mother was the organist, and he
served as an acolyte. In addition to being a leader at ACEF, he is also
a Fellow Trustee of the Armenian Assembly of America. Married with two
boys, he and his wife Christine (nee Tatarian), recently visited
Armenia, where they were impressed by the country’s economic development
and moved to give support to a variety of efforts.
“As a new board member of ACEF, I have been deeply impressed by the
professionalism of the staff and other members of the ACEF Board of
Directors,” Mr. Parseghian said. “The fund’s portfolio is well run, and
its purpose is clearly understood. I am optimistic that as the Armenian
community takes the time to examine the operation and critical
importance of ACEF, the level of contributions to the fund will grow. I
look forward to ACEF having the ability to fund a growing portion of the
church’s budget in future years.”
SUCCESSFUL YEAR
ACEF most recently distributed $2.7 million to 151 beneficiaries from
the endowment income generated by funds managed by the ACEF Board in
2003. This was an increase of $300,000 over the distribution of the
prior year.
Part of this increase is due to generous donations from individuals who
establish endowment funds with beneficiaries, including the Diocese,
local parishes, or other institutions.
“With the ongoing support of the funds invested in ACEF, the Diocese is
able to spend less time worrying about raising funds and to be more
focused on reaching Armenians with the Lord’s word,” the Primate states.
The extraordinary success of ACEF is due in large part to the decisions
made by its volunteer Board of Directors, under the chairmanship of
Kevork Hovnanian, the real estate developer and entrepreneur, and a
generous benefactor. For Mr. Parseghian, giving of his time and skills
to build the endowment fund to pay for future programs is a way to honor
the past.
“I can both honor the sacrifices made by my ancestors that gave me an
opportunity to succeed, and play a role in perpetuating the ability of
the church to be relevant to my children and grandchildren,” he said.
Mr. Parseghian joins current ACEF board members: vice chairman Alex
Dadourian, treasurer Gregory Zorthian, secretary Mark Gabrellian, and
members Haig Ariyan, Haig Dadourian, Haig Deranian, Karnig Durgarian,
Harry Keleshian, and Barbara Tellalian.
Through their collective finance management abilities and the help of
professional advisors, ACEF board members conservatively invest
contributions, with the donated principal remaining in the investment in
perpetuity. ACEF then ensures that the designated beneficiary group
receives a steady annual income from the investments. Depending on the
investment climate, high returns result in the growth of each fund to
generate even more income for future years. With low returns, ACEF
supplements the income with undistributed gains from previous years, in
order to ensure beneficiary organizations receive steady, predictable
annual incomes.
“By contributing to the Armenian Church Endowment Fund, one is building
a permanent financial base for the Armenian Church, in perpetuity. This
is a very meaningful way to honor your parents and your family. The
gift is a living legacy,” ACEF chairman Hovnanian said.
If you would like more information about setting up an endowment fund to
benefit the Diocese, your local parish, or another organization such as
the Mother See of Holy Etchmiadzin or St. Nersess Seminary, please
contact Berjouhi Saladin by e-mailing [email protected] or
calling (212) 686-0710 ext. 34.
— 3/9/05
E-mail photos available on request. Photos also viewable in the News
and Events section of the Eastern Diocese’s website,
PHOTO CAPTION (1): Members of the Armenian Church Endowment Fund (ACEF)
welcome new member Gregory Parseghian, second from left in back row,
during their December 2004 meeting.
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