Endowment funds and their purpose
General Endowment Fund – This fund includes gifts of less than $20,000 or any gift without a specific purpose. The net earnings benefit Saint Peter Armenian Church, Van Nuys and are allocated as follows: 30% to the church’s operating account, 30% to be reinvested into the fund and 40% to be used for any purpose designated by the Parish Council and approved by the Parish Assembly.
Alexander Memorial Fund – Net earnings to benefit Saint Peter Armenian Church. Thirty percent to the church's operating account, 30% to be reinvested into the fund, and 40% to be used for any purpose designated by the Parish Council and approved by the Parish Assembly. Administered as part of General fund.
Petoyan Family Fund – Ninety percent of the net earnings can be used by Sunday School to send one graduate per year to Armenia with a diocesan-sponsored program (either Eastern or Western Diocese) the remaining 10% to be reinvested into the fund.
Kandarian Scholarship Fund – Provides scholarship for the benefit of postgraduate students in any field of study. Net earnings shall be paid to or used for the benefit of the students at the discretion of the Fund Administrative Committee, appointed by the church.
Ketchoyan Trust Fund – Principal, earnings and distributions from the Western Diocese Endowment Fund are to be reinvested until both Mr. and Mrs. Ketchoyan pass on, unless both of them or the surviving spouse gives special approval. Upon both of their passing, the net earnings are to be used as operating income of the church or any purpose approved by the Parish Council and the Parish Assembly.
St. Nerses Fund – Created by an anonymous donor. Net earnings to be used for sending ACYO members to St. Nerses for the annual Summer Conferences. The Parish priest will determine the recipients.
Ulis Sekeroglu Fund – Net earnings will go to an orphanage in Armenia or to a needy student as determined by Parish Priest.
Aram Yarmagian Memorial Fund – Net earnings will go to an orphanage in Armenia or to a needy student as determined by Parish Priest.
Tachkapoulian Fund – Net earnings will be used to provide scholarships for Sunday school students to attend Western Diocese Summer Camp. Sunday School board shall select the recipients.
Kegham and Hermine Parunyan Fund – Net earnings will be used solely for expenses involving renovations or reconstructions of any kind that St. Peter Church Parish Council designates.
Martin and Bertha Yacoobian Family Foundation – Net earnings will be used to provide scholarships for Sunday School students to attend the Western Diocese Summer Camp. Sunday School board shall select the recipients.
John and Alice Yaldezian Trust Fund – Net earnings are to be used to assist financially needy St. Peter Sunday School children to attend the Western Diocese Summer Camp. The Sunday School Executive Committee will be responsible for selecting the recipients. If no recipient is selected, or if there is an excess in net earnings, the money shall be given to The Parish Council to be used for church operations.
Greg Boyajian Memorial Fund – Net earnings are to be paid as follows: 50%, to St. Peter ACYO (to be divided equally between the Juniors and Seniors) and 50% to a St. Peter’s parishioner(s) who need(s) financial help with their medical care. The Boyajian Family or their appointed advisors will determine the recipient for the medical award.
Toros & Linda Halburian Endowment Fund - The purpose of the fund is to provide a supplemental revenue source for the Sunday School at St Peters Armenian Apostolic Church. 90% of the net earnings of this fund are to be used at the direction of the Sunday School Board for the benefit of the School at large in a manner the Board deems appropriate. The remaining 10% is to be reinvested in the fund.
Net earnings or net income is defined as interest and dividends (not capital gains) realized by the Fund.
