ARMENIAN MISSIONARY ASSOCIATION OF AMERICA Ամերիկայի Հայ Աւետարանչական Ընկերակցութիւն

ANNUAL REPORT 2017/18 CELEBRATING A CENTURY OF FAITH, LOVE AND SERVICE 1918 2018 FOREWORD

I thank God for giving me the calling to serve Him through the Armenian Missionary Association of America (AMAA) and the privilege to present to you, our supporters, friends and prayer partners, the Annual Report of the Armenian Missionary Association of America for the fiscal year 2017-2018. Pursuant to our policy of full disclosure and accountability, we have provided the Statements of Financial Position of the AMAA as of July 31, 2018, and Statements of Income and Expenditures for the past fiscal year, as prepared by our Auditors, Sax LLP, Independent Certified Public Accountants. These reports and financial statements were reviewed and acted upon at the 99th Annual Meeting of the Association held on October 20, 2018 at the United Table of Contents Armenian Congregational Church in Los Angeles, CA. Based on the approval of the reports, we have prepared this Annual Report which is available to all AMAA members, friends and supporting agencies worldwide and accessible on the AMAA website at www.amaa.org. We are grateful to God for blessing our wonderful organization for another year. We uphold all those who in the past, through their passion, dedication, sacrifice and hard work, built the foundation of AMAA. We also would like to thank all those who supported our organization with their prayers, participation and financial support during this past year. We invite you to make every effort to support your organization with greater enthusiasm, and invite others to join us in our worldwide outreach to preach the Gospel and provide a glass of cold water in His name.

Zaven Khanjian Executive Director/CEO

December 2018 Table of Contents

AMAA Board of Directors...... 4 President’s Message...... 5 Executive Director/CEO’s Report...... 7 Treasurer’s Report...... 20 Director of Finance’s Report...... 21 AMAA at a Glance...... 24 Funding Priorities...... 25 AMAA Ministries...... 26 AMAA Around the World...... 28 Financial Reports...... 31 Endowment Funds and Other Financial Info...... 47 Supporting Churches and Organizations...... 62 Historical Financial Data...... 64 Historical Data...... 65 How to Give...... 66 How to Pray...... 67 2017/18 4 AMAA Board of Directors

OFFICERS President: Nazareth Darakjian, M.D. Vice President: Michael Voskian, D.M.D. Treasurer: Nurhan Helvacian, Ph.D. Co-Recording Secretaries: Mark Kassabian, Esq. and Thomas Momjian, Esq.

EXECUTIVE DIRECTOR/CEO Zaven Khanjian

WEST COAST EXECUTIVE DIRECTOR Levon Filian

FIELD DIRECTOR/Pastor to Pastors in Armenia Rev. Mgrdich Melkonian

DIRECTOR OF FINANCE David Aynejian

BOARD OF DIRECTORS Class of 2018 Class of 2019 Class of 2020 Bryan Z. Agbabian H. Steven Aharonian, M.D. Edward Avedisian Rev. Berj Gulleyan Ara Apelian, M.D. Nazareth Darakjian, M.D. Nurhan Helvacian, Ph.D. Rafi Balabanian, D.D.S. Thomas Momjian, Esq. Mark Kassabian, Esq. Rev. Ara Guekguezian Jack Muncherian Kenneth Kevorkian Berjouhy Gulesserian Vahe Nalbandian, Ph.D. Seta Loshkajian Nalbandian Susan Jerian, M.D. Alan Philibosian, Esq. Heather Ohaneson, Ph.D. Hratch Sarkis Gary Phillips, Esq. Michele Simourian Joseph H. Stein, Jr. Ann Karagozian Sarafi an, Ph.D. Carlos Taraktzian Michael Voskian, D.M.D. Eileen Chopourian Stephey, Ed.D.

EX-OFFICIO Rev. Berdj Djambazian (Minister to AEUNA) Mihran Jizmejian (AMA-Canada - President/CEO) Joyce Philibosian Stein (Stephen Philibosian Foundation) Rev. Dr. Vahan H. Tootikian (AEWC-Executive Director) Rev. Dr. Krikor Youmshajekian (AMA-Australia - President/CEO)

PAST PRESIDENTS H. Steven Aharonian, M.D. George Bezirganian, M.D. Samuel Hekemian Andrew Torigian Joseph Zeronian, Ed.D.

HONORARY VICE PRESIDENTS Rev. Dr. Ara Chakerian (Moderator, AEU-North America) Rev. Megrditch Karagoezian (President, UAEC-Near East) Rev. Albert Paytyan (President, EC-Armenia) Rev. Dr. René Léonian (President (UAEC-Eurasia) Rev. Jacques Tchoghandjian (President, UAEC-France) 2017/18

President’s Message 5

By the grace of God, the AMAA Centennial year has arrived. The fi rst of the Centennial celebratory Banquets took place in New Jersey following our Annual Meeting in October 2017. It was a very joyous event and an appropriate fi rst of a salvo of many more such events to come. We also used this opportunity to honor our great donors the Avedisians and the Bilezikians. In March of 2018, the Lark Musical Society joined the AMAA to produce a Centennial Concert at the Ambassador Auditorium in Pasadena, where Beethoven’s Ninth Symphony “Ode to Joy” was performed together with Bruckner’s “Te Deum.” It was a very upbeat pro- Bgram very much in line with the mood of the Centennial celebrations. We then went around to Sydney, Australia for a weekend of Centennial Celebration events which were very expertly organized by Rev. Krikor Youmshajekian, President of AMA Australia. Invited guests included Arayik Harutyunyan, the State Minister of Artsakh, as well as pastors from the USA, Middle East, Armenia, France and South America. The Premier of New South Wales Gladys Berejiklian joined us for the Centennial Worship Service Sunday morning and congratulated the AMAA on the Centennial. The Banquet took place Sunday evening and it was well attended with many local community leaders participating. The month of May saw similar celebrations in Toronto and Montreal, Canada. We extend our words of gratitude to Mihran Jizmejian, President of AMA Canada, as well as Revs. Georges Dabbo and Hovhannes Svadjian and the cadres of volunteers who made these events truly memorable. Later in May we fl ew to Beirut for our Annual Meetings with the Near East Union as well as Haigazian University. The celebrations continued there with a Banquet at the Phoenicia Hotel on May 31st. This was a community-wide aff air with good representation at all levels. A Centennial thanksgiving service was also organized for Sunday afternoon at the First Church in Beirut with the participation of all the local churches. Our thanks to Rev. Megrditch Karageozian and Rev. Dr. Paul Haidostian for making these events possible. A week later we were in Paris where we had a meeting with all the pastors of the French Union and the Armenian Evangelical Fellowship of Europe that includes Belgium, Bulgaria, Germany, Greece, Holland and Turkey. The Centennial Celebration Banquet took place Saturday evening with many local dignitaries present including the Mayor of Issy-Les-Moulineaux. The Sunday morning service was dedicated to the AMAA Centennial with the participation of many pastors from the French Union. It was an upbeat and joyful event with a very good turnout. Our thanks to Revs. Jacques Tchoghandjian, Gilbert Léonian and Joel Mikaélian and all those who contributed to the success of these events. As I write this report in early August, the Youth Conference in Armenia has started already with the ambitious pro- gram of bringing together Armenian Evangelical youth from all over the world. Our hope is that these types of activities will entrench in our youth the Christian faith of their ancestors and the love of our historic Homeland. Later in September the celebrations will continue in Armenia. While in Armenia we will dedicate the newly built church complex in Gyumri. This building will house the sanctuary, the children’s after school day center and the administrative offi ces that are an integral part of our mission in Gyumri. Finally, in October we will bring the celebrations back to Los Angeles where we kicked off the Centennial in October 2016. Our mission continues in Armenia as in the past and now that the construction of the Gyumri church complex is complete we would like to turn our attention to the South-West district of Yerevan where we have an active church that’s functioning in a very dilapidated building. Our dream is to fi nd an appropriate piece of land in the vicinity of the Avedisian School, where we can build a church complex that’s appropriate for the South-West district church. In Aleppo, life is almost back to normal although the war is still going on to the south of the city. Eff orts to rebuild the damaged buildings have started and that includes the roof of the Emmanuel Church. The AMAA is actively involved in raising the funds necessary to complete the work. In Lebanon, our High Schools as well as the Haigazian University are facing fi nancial diffi culties. The community there continues to shrink because of emigration and those who stay behind in general do not have the means to shoulder the scholastic tuition. The AMAA continues to work with the institutions there to help them become more effi cient and hope- fully self-suffi cient. In North America we are facing a shortage of pastors with empty pulpits in several churches. We hope that this is a temporary situation and will correct itself in time. The AMAA is always ready to lend support to any in-care student of the AEUNA. Merdinian School continues its mission in Southern California, an increase in the number of students is desirable there also but more important than that they would like to see increased love and support from the local community. In spite of all these fi nancial diffi culties and demands, the AMAA has been able to maintain a balanced budget and has experienced growth in its assets and investments. 2017/18 6

While we celebrate the accomplishments of the past 100 years we must also look forward to the coming 100 years and prepare for the new challenges that we are going to face in our historical Homeland or the Diaspora. This is the reason why we have embarked on a campaign to raise $20 million that will be used for capital expenditures to build and repair our buildings and to augment our endowment funds that will help support our projects in perpetuity. So far, we have managed to raise close to $10 million and for some people the glass is half full and for others it’s half empty. The fact remains that we will always continue our eff orts to raise money to support our mission and projects as long as there are people who believe in what we’re doing and as long as there is one person on this earth who does not have Christ as his/her Lord and Savior. This has been a busy year for the Board, the committees as well as the staff in the U.S. and Armenia. My special thanks to all and to our Executive Director/CEO Zaven Khanjian who has not spared any eff ort to make this Centennial year a truly unique year in the history of the organization. May the glory of the Lord endure forever; May the Lord rejoice in His works. Psalm 104:31

Respectfully submitted, Nazareth E. Darakjian, M.D., President 2017/18

Executive Director/CEO’s Report 7

“...let your light shine before men, that they may see your good deeds and praise your Father in heaven.” Matthew 5:16

In yet another fi scal year, God continued to bless the AMAA to carry on its mission of goodness in 24 countries on fi ve continents. There were many shining lights during the year who generously contributed material, intellectual and spiritual resources, serving in humility and modesty all for the glory of God. These resources made it possible for the AMAA to carry the Word across continents and spread the Good News of the Gospel to the ends of the world refl ecting praise only to the Father in Heaven. The year 2017-2018 has been a year of intense eff orts to realize the goals of the Centennial Campaign simultaneously celebrating the AMAA Centennial around the globe. lThe Centennial resulted in closer contact between Paramus and centers of engagement of programs and services in its global operations, engaging Board members, committees, administration, staff , district offi ces, branch offi ces, volunteers and mission partners. The AMAA relentlessly continues its mission, service and programs in the following general categories: EVANGELISM HUMANITARIAN & RELIEF AID EDUCATION YOUTH PROGRAMS

As we roll forward toward the AMAA’s second century, we realize that who we are and what we are is the grace of what we have inherited from our predecessors, starting with the miracle of the founders to all who took the helm on the path, toiled to make it better and contributed a dime. We continue to praise God for His divine grace extended over this organization. We remain cognizant however, that where we head and what we desire to become depends on us and all that we invest in the present. God works through His servants who over the years have revealed exceptional leadership, creative thought process and amazing administrative abilities. The AMAA graciously and deservedly honored an exceptional number of select philanthropists at the AMAA Annual Meeting Centennial Banquet in New Jersey in the fall of 2017. The AMAA has continued to exalt God through print and social media outreach winning the respect and admiration of public opinion in the Homeland and elsewhere. Circumstances and conditions facing our nation and our people from Artsakh to Armenia, from the Near East to Europe and North and South Americas and the need to expand our resources and increase allocations have been the foundation of our $20M Centennial Campaign in progress. A report of selective, signifi cant activities and highlights follows.

PARAMUS HEADQUARTERS A.1 Personnel - During the current year in review, one employee resigned, and one is on leave following an automobile accident. - In the spring of 2018 employee evaluations were completed and reported where due. - The AMAA Employee Handbook review has been completed and the revised draft is ready for staff and Board approval in the 2018-2019 fi scal year. Special gratitude to James Gulezian of the Armenian Martyrs’ Congregational Church of Havertown, PA for his gracious expertise and input in the revision process.

A.2 Development, Fund Raising and Publicity AMAA Direct Mail and Social Media Fund Raising, Publicity and Promotion continued throughout the year with vigor and without interruption. During the current fi scal year, we produced and mailed out the following promotional pieces and/or undertook the following activities. a) AMAA News Appeal - 3rd Quarter 2017 issue b) AMAA News Appeal - 4th Quarter 2017 issue c) Christmas Joy Appeal - November 2017 d) AMAA Christmas Direct Mail Appeal - December 2017 e) Christmas Greeting Card - December 2017 f) The 2016-17 AMAA Annual Reports - December 2017 g) AMAA Endowment Fund Statements - December 2017 h) AMAA Life Member Certifi cates - December 2017 i) Annual Donor Statements - February 2018 2017/18 8

j) Syria Appeal - February 2018 k) Easter Direct Mail Appeal - March 2018 l) AMAA News Appeal - 1st Quarter 2018 issue m) AMAA News Appeal - 2nd Quarter 2018 issue n) AMAA Summer Camps Appeal - June 2018 o) Armenia Summer Camp Appeal - July 2018 p) Centennial Capital Campaign Mass Mailing Appeal - July 2018 In addition to the Direct Mail appeals, we continued to E-Blast appeals, commemorations, observations, salutations and program and service news to our growing Email list. Contributions have flown in. Encouraging statements, supportive messages, a few disapprovals and some significant accompanying donations have touched our hearts, multiplied the joy and treasured the mission.

A.3 AMAA News a) The July-Aug-Sept 2017 issue featured AMAA Interns in Armenia b) The Oct-Nov-Dec 2017 issue featured the NJ Centennial Banquet Honorees c) The Jan-Feb-Mar 2018 issue featured AMAA’s Centennial d) The Apr-May-June 2018 issue featured Armenia’s velvet revolution and the Centennial of the First Republic

A.4 AMAA 2018 Annual Meeting and Centennial Banquet In early 2018, a committee, Co-Chaired by Lori Muncherian, Arsine Phillips, Helga Sarkis and Tina Segel, embarked on preparations to celebrate the AMAA Centennial at the 2018 Annual Meeting Banquet at the downtown BILTMORE Hotel in Los Angeles. The 2018 AMAA Annual Meeting Banquet will honor: - Sheen Family Trust - Stephen Philibosian and Conte Foundations - Gerald and Patricia Turpanjian – TF Educational Foundation Kenneth Khachigian has graciously accepted to MC the Centennial Banquet. Tina Segel is producing videos depicting the honorees; a special video is ready celebrating the Centennial. In addition, a special Centennial book is ready to commemorate the occasion. A capacity crowd is anticipated, as this event will come to crown all Centennial Celebratory Banquets.

A.5 AMAA Scholarships For the 2018-2019 academic year, the AMAA provided over $225,000 in direct scholarship grants to college students. Eighty-five worthy and deserving students in North America received scholarships. In addition, specially designated scholarships were granted to HU students. AMAA funding also provided college scholarships to students in Armenia, Syria, Lebanon and Seminary students in the United States and Belgium.

A.6 Centennial Capital Campaign The AMAA Centennial Capital Campaign, which embarked in October 2016 and runs through the end of 2018, is marching on. The purpose of this Campaign is to raise funds for specific Capital Projects in the AMAA mission fields in addition to new or supplemental Endowment Funds for existing or new programs and projects. A bold target to raise $20M was set to raise funds for new Capital projects, enhance existing Endowment Funds and fund current missions and projects. During the current fiscal year, the following was accomplished. a) The 2017 Centennial Banquet in New Jersey broke a record in attendance on the East Coast with 365 guests. A total of $136,000 was raised for the Centennial Capital Campaign. b) A fundraising reception at the home of Zaven and Vivianne Chakmakjian in Dallas Texas on November 11, 2017 raised $ 53,000. c) A reception at the home of Ike and Chris Gulesserian in San Francisco on December 9, 2017 raised $40,000. d) On December 23, 2017 a fundraising event was hosted by Timothy and Kristin Smith in Pasadena, CA. It was a great occasion to stir alertness and raise knowledge of AMAA activities in young couples. e) The Sydney, Australia Centennial Banquet on March 16, 2018 celebrated AMAA’s Centennial and raised 2017/18

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$200,000 for the Capital Campaign. The AMA Australia District Committee led by Rev. Dr. Krikor Youmshajekian and the Armenian Evangelical community in Sydney undertook an amazing series of celebratory events culminating with the Banquet. f) On April 28, 2018, the Armenian Congregational Church of Greater Detroit hosted a Centennial Banquet. 120 guests celebrated the happy occasion and contributed $10,000 to the Capital Campaign. Rev. Vahan and Rosette Tootikian organized the event and Rosette chaired the Banquet Committee. g) The Toronto and Montreal, Canada celebrations on May 12, 2018 raised close to $100,000 for the Centennial Campaign. h) The Beirut, Lebanon (Near East) celebration Banquet on May 31st raised approximately $80,000 for the Capital Campaign. i) The Paris, France celebratory Banquet on June 9, 2018 raised $12,000 for the Capital Campaign designated to the Emmanuel Church repairs in Syria. j) On June 23, 2018 Drs. Nazareth and Ani Darakjian hosted a fundraising event at their residence in La Canada, California. The event raised over $200,000 for the Capital Campaign. By fiscal year end, our Capital Campaign had raised approximately $10M. AMAA members, associates and mission partners need to be diligently and actively engaged in this Centennial Campaign, and become role models who inspire, lead and guide the public toward a victory celebration in 2018. We have inherited an amazing legacy. Our obligation is to be faithful to that legacy and work hard to embrace the future in the same fervent spirit as the founders’. It is a pleasure to confirm that the current AMAA Board of Directors has reached 100% Campaign participation. Thank you, Board members. Special thanks to Ken Kevorkian, Development Committee Chair, Joyce Stein, Centennial Campaign Committee Co-Chair, Dr. Nazareth Darakjian, President, Levon Filian, West Coast Executive Director, Magda Poulos, Director of Annual Giving, and all Development Committee members for your relentless spirit and effort in moving the Campaign forward.

A.7 Cooperative Committee on Armenian Missions (CCAM) The Cooperative Committee on Armenian Missions, which conducts the annual review and distribution of the Donchian Fund held by the United Church of Christ (GLOBAL MINISTRIES), teleconferenced on Wednesday, February 28, 2018. The 2018 spendable distribution was $195,097. A distribution of 70% to Armenia and 30% for services in Syria and Lebanon was approved and later funded.

A.8 Armenian American Museum In December 2016, the AMAA joined the governing Body of the Armenian American Museum, to be erected in Glendale, California. The AMAA President and/or the Executive Director/CEO represents the AMAA on the Board of the Governors. Levon Filian is an alternate. On July 31, 2018 the Glendale City Council unanimously approved Stage II Design and environmental compliance and introduced the ordinance for the Ground Lease Agreement. The Ground Lease Agreement Ordinance was formally approved on August 14, 2018. The AAM project is solidly moving forward with a Fundraising Banquet and a Telethon scheduled in the fall of 2018.

A.9 Fourth ‘In Defense of Christians’ (IDC) Conference In Washington, DC On October 25, 2017, the AMAA ED/CEO participated in the Fourth IDC Summit entitled “American Leadership and Securing the Future of Christians in the Middle East.” Over 1,000 IDC members, advocates, clergy and press attended the Summit where policy makers and proponents gathered to advocate for persecuted Christians in the Middle East. The Summit was held in partnership with the Philos Project, the Armenian National Committee of America and the Institute on Religion and Democracy. The highlight of the Summit was Vice President Mike Pence’s Keynote address at the Solidarity Dinner where he announced that the US would provide support directly to persecuted communities through the USAID. Despite the rosy highlights, not much has been seen flowing directly toward the support of the persecuted Christian communities in the Middle East. 2017/18 10

A.10 Meeting with Catholicos Karekin II in Los Angeles Responding to a personal invitation and in coordination with the Western Diocese of the Armenian Church, an official dinner reception with Catholicos Karekin II of Etchmiadzin took place on November 2, 2017 at the Diocese Headquarters in Burbank, California. The warm and friendly gathering was an historic encounter with His Holiness that brought the promise of improved and elevated relations with the Mother Church in the Homeland. Despite the fact that the improved relationship has not accelerated the signing of an MOU between the two churches in Armenia, the AMAA and ECA have not encountered difficulties in carrying out their missions in the Homeland and operate in an uneventful atmosphere in the spirit of the desired MOU. The Catholicos has lately experienced some unpleasant public and rank and file opposition. The AMAA is steadfast in its support of the Mother Church and keen to preserve its legitimate structure. The AMAA ED/CEO has regularly met Catholicos Karekin II on his visits to Armenia in September 2017 and May 2018. A.11 Donor Shop After a long and considerable effort, on December 28, 2017 the AMAA launched its anticipated “DONOR SHOP” on line database. WWW.AMAA.DONORSHOPS.COM “Donor Shop” will help AMAA donors and members to: - Review their giving history - Select a child or granny to sponsor - Review purchases made - Learn more about AMAA’s childcare and sponsorship programs.

A.12 Property Data Base A specially designated AMAA Property database is in the works. A special template has been designed to compile data. Armenia and Artsakh are in place and AMAA owned properties elsewhere should follow. This is an important and valuable tool to trace basic information about AMAA owned properties, renovations and new construction data on line. The information is not for public use.

A.13 Annual Donor Statements On February 13, 2018, the AMAA for the first time introduced and mailed out annual Donor Contribution statements covering the calendar year 2017. These are not intended for tax returns but rather reflect all contributions made to the AMAA during a calendar year. Eventually the intent is to avoid written receipts and acknowledgments contributing to the environment and to save on intensive postage expense.

A.14 AMAA - Lark Centennial Concert – March 4, 2018 The graceful tradition of an annual joint concert with LARK Musical Society culminated this year with a special presentation dedicated to the Centennial of the AMAA. Titled ‘Faith and Love” this magnificent presentation of Beethoven’s 9th Symphony “Ode to Joy” was a tribute to the legacy of faith, love and service of the AMAA. It came to praise the Lord for His faithfulness and blessings to the mission of the AMAA. Gratitude to Ken Kevorkian for masterfully chairing the organizing Committee and to Maestro Vatsche Barsoumian for brilliantly presenting this joyful, memorable and consummately admirable concert.

A.15 Child and Orphan Care Annual Fashion Show – March 10, 2018 Another impressive Child and Orphan Care Annual Fashion Show was held at the Beverly Hills Hotel on March 10, 2018.

Here is an excerpt from what I shared with the Committee on March 11, 2018. “The precision, discipline, order and efficiency of the entire event, long before guests set an eye upon the hall until the last guest left the reception area was just incredible. It is a reflection of your dedication to the cause, your devotion to the Lord and your love of Armenia’s children.” The event raised around $200,000 for the AMAA Child and Orphan Care Program. 2017/18

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A.16 All Armenian Evangelical Youth Conference – August 2-16, 2018 On the Centennial of the AMAA, an All Armenian Evangelical Youth Conference was planned for a two- week period in Armenia. 140 Armenian Evangelical Youth and over 10 leaders from 15 countries participated in the Conference. A Steering Committee composed of: Rev. Nishan and Maria Bakalian, Rev. Mgrdich Melkonian, Harout Nercessian, Rev. Hovig Hovsepian, David Aynejian and Zaven Khanjian planned and executed the Conference. Rev. Nishan and Maria Bakalian, AMAA missionaries in Lebanon, were asked to lead the mission and did a marvelous job. The event was divided into three phases: 1) Acquaintance with the Homeland 2) A spiritual Conference in Hankavan – The ECA Yesterday, Today and Tomorrow 3) Mission Projects across the Homeland

The purpose of this historic gathering was to lead the youth to identify with their Ethnic, Spiritual and Individual values. The Conference was a smashing success with tons of excitement, joy and satisfaction. The major blessing is in the future of the Armenian Evangelical Church. The Conference will sink in, the youth will mature, the experience will educate, and the stored wealth of information will emerge in the intellect and psyche of the youth. I am confident that God has spoken to the Youth leading them on the road of future leadership of a bright and growing Armenian Evangelical Church.

A.17 AMAA Centennial Celebrations a) March 16-18, 2018 Sydney, Australia Thanks to the AMA Australia District Committee led by Rev. Krikor Youmshajekian, the Centennial celebrations were a smashing success. Several well-organized events highlighted the anniversary with participation from the entire community. The AMAA President, Executive Director/CEO and their wives led the guests at the celebrations and shared messages. A gross amount of $200,000 was raised and designated to the AMAA Artsakh Kindergartens. A detailed communique was released and covered in the AMAA News. b) April 28, 2018 Detroit, Michigan On April 28, 2018, the Armenian Congregational Church of Greater Detroit hosted a Centennial Banquet inviting the AMAA Executive Director/CEO as the keynote speaker. 120 guests representing the Church and the community attended. The event which was more of a celebration than a fundraiser contributed around $10,000 to the Capital Campaign. Rosette Tootikian, acting as Banquet Chair, and Rev. Vahan Tootikian, together with a church committee worked hard over the past year to make this happen. We are grateful to the Detroit Church and community for the love and appreciation expressed for the AMAA’s Centennial. c) May 12, 2018 Montreal, Canada AMAA President Dr. Nazareth Darakjian attended the May 12, 2018 Montreal’s AMAA Centennial Celebration Banquet and shared a message. On Sunday, May 13, 2018, Dr. Darakjian participated in the Montreal AMAA Centennial Worship Service where he also shared AMAA’s message. d) May 12, 2018 Toronto, Canada On the same day of AMAA’s celebration in Montreal, the AMAC planned a Celebratory Concert at the Armenian Evangelical Church in Toronto. Executive Director/CEO Zaven Khanjian attended the event and shared a celebratory message. Creating excitement and praising God for a Century of faith, love and service, Canada celebrated AMAA’s Centennial and jointly contributed close to $100,000 to AMAA’s Centennial Campaign. e) May 31, 2018 Beirut, Lebanon The traditional Near East Committee and HU Board of Trustee meetings brought many from the US who 2017/18 12

participated in the Centennial Banquet held at the Phoenicia Hotel on May 31, 2018. 225 guests were on hand to witness an elegant evening of celebration. The UAECNE Committee well organized both the Banquet and the Sunday, June 3 Worship Service. A wide representation from both the Armenian and Christian communities in Lebanon were invited and participated. Dr. Ani Darakjian, who stepped down from the Chair of the HU BOT on January 1, 2018, was honored at the Banquet for her seven years of dedicated and commendable service. The Banquet raised a gross amount of $80,000 for the Centennial Campaign. The net proceeds will be used to support the Armenian Evangelical Schools of Lebanon.

f) June 9, 2018 Paris, France A host of ministers from the French Union and the Armenian Evangelical Europe Fellowship and guests from the US were on hand to celebrate AMAA’s Centennial in Europe. Other dignitaries present included the Mayor of Issy-les-Moulineaux and the Prelate of Europe in Paris. Over 200 guests enjoyed an evening of praise and celebration glorifying God for the blessings that the AMAA has showered over the past century. A Worship Service followed on Sunday, June 10, 2018 at the Issy church with an overflow crowd followed by a reception in the Church garden. The Union of the Armenian Evangelical Church of France contributed 10,000 Euros designated to the roof repair of the Emmanuel Church in Aleppo. The accompanying meetings with the pastors of the French Union and the Europe Fellowship Unions created an opportunity to review the mission in Europe and the Church in France and rededicate our efforts to vitalize the faith and focus more on communities in Europe.

A.18 Memorial Service For Rev. Dr. Ara Jizmejian On Sunday, May 13, 2018, the Armenian Evangelical Church of Toronto held a Thanksgiving and Celebration service dedicated to the Life of Rev. Dr. Ara Jizmejian. Rev. Jizmejian’s love of God, service to the community, leadership role at the AEUNA and his influence on our Youth was deservedly heralded at the service. Executive Director/CEO Zaven Khanjian participated and shared AMAA’s message at the service.

A.19 AMAA Medical Mission June 22-July 1, 2018 This year was the 10th anniversary of the AMAA Medical Mission led by Albert and Sue Phillips to Armenia. 41 professionals plus 10 translators participated in the mission, which took them to Vanadzor, Stepanavan and Sisian serving 1,377 patients (1,027 adults plus 350 children). Despite the demolition of the building the Mission used in Stepanavan, the sanctuary came to the rescue where a clinic was set up. Two doctors in the mission are now licensed to practice medicine in Armenia and our Spitak Pharmacist dispensed medicine thus making the mission adherent to local laws. The Medical Mission is a blessing for a bountiful of patients who get annual recurring care and medicine from the Mission. Gratitude to the spiritual and Medical goodwill that the AMAA Mission carries to the Homeland under the leadership of Albert and Sue Phillips.

A.20 Sixth Armenia-Diaspora Conference in Yerevan The 6th Armenia – Diaspora Conference entitled “Mutual Trust, Unity and Responsibility” took place in Yerevan on September 18-20, 2018. A host of Armenian Evangelical representatives attended including the AMAA Executive Director/CEO. Rev. Berdj Djambazian, AEWC President, represented the Armenian Evangelical Community in the leadership of the Conference while three others took part in the Conference by addressing different panel discussions. On September 19, the AMAA ED/CEO addressed the Conference on the subject of “The Enigma of a Diaspora in Crisis.” In the context of the Conference, the AMAA Executive Director/CEO participated in Armenia-Diaspora cooperation working groups where the creation of a Pan-Armenian Council was discussed.

A.21 The Republic of Artsakh Honors the AMAA On September 19, 2017 and on the occasion of the AMAA Centennial, in the presence of a joint AMAA and Armenian Evangelical delegation, the President of Artsakh, HE Bako Sahakyan honored the AMAA with the medal of Gratitude. The AMAA ED/CEO and Mrs. Sona Khanjian received the medal on behalf of the AMAA. 2017/18

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A.22 “Hayastan” All Armenia Fund Meeting in Yerevan On May 25-26, 2018 the AMAA ED/CEO attended the 26th Annual Meeting of the ‘Hayastan” All Armenia Fund Board of Trustees. During the session Mr. Khanjian addressed the BOT. His remarks were echoed by President Sarkissian. Mr. Khanjian’s remarks can be viewed at http://bit.ly/2sKO61r. During the meeting the Executive Director/CEO had an opportunity to speak to both President Sarkissian and Prime Minister Pashinyan briefing them on AMAA’s global activities and inviting them to attend AMAA’s Centennial celebratory activities in Yerevan in September 2018.

B. MISSION FIELDS B.1 AMAA Armenia The following is a list of our activities in the Homeland. B.1.1 Armenia’s ‘Velvet’ Revolution The built-up frustration, disappointment and disillusionment of our people in Armenia over the past two decades finally erupted when President Serge Sargsyan having passed a constitutional amendment around two years ago, returned to power as the new Prime Minister of the country with added power and authority. In the second half of April and early May, Armenia witnessed a peaceful, non-violent civil disobedience all across the land expressed through demonstrations, public gatherings and road closures. Under pressure of the people, Sargsyan resigned, the Republican party capitulated and on May 8, 2018, opposition leader Nikol Pashinyan was elected as the country’s new Prime Minister. A sweeping campaign against corruption, monopolies and oligarchs has reinstituted confidence in the government and hope for a better future. Emigration has subsided and clear signs of self-exiled citizens returning to the country is observed. I feel confident that the working atmosphere in the country will be more conducive for theAMAA and ECA.

B.1.2 Mission Armenia continues to constitute the major mission field of the AMAA. Around 50% of AMAA’s budget is allocated to Armenia and Artsakh with more budgeted to Capital projects than anywhere else in the global mission field. Harout Nercessian and Rev. Mgrdich Melkonian continued to lead the AMAA and ECA operations during the fiscal year under review. During the current fiscal year, I visited the mission field twice. Once in September 2017 and then in May 2018. The Pashinyan-led velvet revolution has brought optimism, reinstituted confidence in the system and reignited hope for a better future. The shimmer of the feeling of a better future is reflected all around as plans of exodus are diminished and human traffic at the Zvartnots Airport has changed direction with more people coming in than leaving the country. AMAA operations are dynamic and immense and the general atmosphere in which the church operates seem to be heading in the direction of declined pressure and/or restrictions. I continue to follow a policy of restrained expansion coupled with improved services.

B.1.3 Evangelical Church of Armenia I retain my strong conviction that the existence, expansion and strength of the Armenian Evangelical Church of Armenia (currently 24 churches in Armenia and Artsakh) is of utmost importance to the future of the Armenian Evangelical movement. Our communities in the Middle East, which have fed the fire of the Evangelical Movement over the past century, continue their slow but steady decline toward a bleak and unknown future. As for the West, despite the potential of maintaining the spiritual zeal, it continues to lose many vital characteristics, which identified the vigorous Armenian Evangelical Movement of the 19th and 20th centuries. In my opinion, the only place where a zealous, active and energetic Armenian Evangelical Church can and should thrive and potentially perpetuate the movement is independent Armenia. Over the years we should see an increase in the number of those in the spiritual leadership of the church responding to a calling rather than seeking a convenient career. I have and continue to encourage pastors in Armenia to engage in academic, intellectual, theological and scholarly studies and advanced education. The AMAA stands ready and has offered means of publishing papers, articles and literature on subjects listed above. Despite holding on to a policy of cutting dry branches and irrigating the furrows of green fields, the church is expanding as we move our mission to larger physical grounds. Gyumri is the example this year and others 2017/18 14

will follow as we renovate or replace dilapidated grounds with new structures. Working closely with Rev. Mgrdich Melkonian, our Pastor to the Pastors in Armenia, I hope to achieve both physically and spiritually better days in Armenia. Spiritual retreats, seminars, training, interning and ‘upper room’ experiences are ongoing under the leadership of Rev. Melkonian. Rev. Melkonian continues his diligent service in leading, teaching, supervising and mentoring pastors in Armenia.

B.1.4 Avedisian School June 2018 reaped the second harvest of High School graduates at the Avedisian School. Thirteen students graduated 12 of whom head to prestigious universities. The keynote speaker was the renowned Turkish historian, Taner Akcam and within the dignitaries who attended the graduation was Minister of Education and Science Arayik Harutyunian. The School continues to excel, flourish and expand with an increased overload of enrollment demand. Benefactor Edward Avedisian nurtures the School in every way as the School continues to stand as a proud institution of learning in Armenia. The local Board in Yerevan, as well as the AMAA Armenia Committee, pursue the academic and physical improvements of the School with great care. The expansion of the Endowment Fund supporting the School continues with a record of $3.7M balance at the end of the fiscal year. The $2M goal in the Centennial Campaign has shed light on the need, and contributions continue to flow.

B.1.5 Construction Gyumri The construction of the new GYUMRI Church and Community Center was completed by the end of 2017, on schedule and within budget. AMAA Board Member Hratch Sarkis diligently and professionally oversaw the construction process. An enthusiastic church family comprised of the young and adult worked hand in hand to clean, scrub and prepare the complex for an informal opening. Formal dedication is scheduled for September 30, 2018 as part of AMAA’s Centennial celebrations in Armenia. The new Gyumri AMAA Center includes a sanctuary, social hall, and community and youth service center. The Center is a blessing not only to our community but also to the City of Gyumri and its children. The challenge now is to coordinate activities with the Mother Church, improve local relations and work hand in hand for the benefit of the entire community.

Sisian Sanctuary and Community Center The renovated SISIAN sanctuary and Ghazarosian-Kurkjian Community Center was formally inaugurated on April 27, 2018. The project was a collaboration between the AMAA and Hope for Armenia. “Our desire is for this Center to be a tool for proclaiming the love of our Lord and the Word of God our Savior,” said a communique from Hope for Armenia. This was a smooth and cohesive joint venture partially funded by the AMAA. The second phase of the renovation of the second floor is planned for 2019 once again in collaboration with the AMAA.

Baghramyan Sanctuary Leaks A major phase of the contract with architect Armand Arabian is complete with several leaks having disappeared. A dispute with the contractor resulting from their refusal to elaborate on work initiated in the Narthex let to the cancellation of the contract. The area was heavily leaking despite the work so far completed and despite the very mild winter experienced in Armenia with no accumulated snow and no heavy rain. There is ample balance in the budget to complete the work.

Stepanavan Office and Christian Education Building The three story AMAA Office and Christian Education Building, built in the 90s over a one- story house, showed serious structural cracks on the walls and was demolished. Under the supervision of Board Member Hratch Sarkis, an architect has been retained to draw plans for the new structure. The goal is to have the new structure completed by the end of the new fiscal year to properly accommodate the 2019 Medical Mission. 2017/18

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New Lot in South West District In July 2018 the purchase of an approximately one-acre lot was consummated and title recorded. The lot is very close to the Avedisian School and is intended to be the site of a new Church and AMAA center replacing the current dilapidated structure currently in use in the same District. The total cost including taxes, survey and soil report was $166,300.

B.1.6 Programs and Services in Armenia and Artsakh The AMAA is actively engaged in the following vital programs and services rendered in Armenia and Artsakh most of which are at levels of the previous year or have slightly grown.

Milk Fund Close to five hundred newborn babies who cannot be breastfed or are unable to digest milk continue to be blessed by the AMAA Milk Fund program, which is one of the most acclaimed children’s programs that the AMAA sponsors in Armenia.

Stitched With Love Betty Cherkezian continues to oversee this infant program, but Paramus has taken over the logistics of receipt, storage and shipping of ‘stitched with love’ clothing. The program provides new clothing to hundreds of Armenian infants all bundled with love and made by volunteer knitters in the US.

Orphan and Child Care Another year of excellence in volunteerism, love, care and compassion resulted in raising hundreds of thousands of dollars on both coasts to sponsor around 1,800 needy Armenian children in Armenia and Artsakh.

Day Centers An active new and bustling Day Center in Gyumri has come to raise the number of our Day Centers in Armenia to five. Educational ‘Shogh’ Day Centers operating in Yerevan, Vanadzor, Askeran and Shushi continue to serve hundreds of children offering nutrition, counseling, homework supervision, arts and crafts, science and math classes and the Word of God.

Medical and Dental Care Thanks to a generous donation from Dr. Chris Tashjian, the Aynilian Medical Center in Yerevan was equipped with a new ultra-sound machine and continues to provide services to patients. Our renovated and expanded dental facility has been licensed. A new Doctor is being sought to provide dental services to patients. The Hope for Armenia Vanadzor Clinic is active as well as the Spitak dental and pediatric clinic.

Artsakh Kindergartens Four Artsakh Kindergartens continued to serve, educate and care for hundreds of its children in beautiful, comfortable and upgraded facilities.

Heifer Project Villagers in Lori and Tavush enjoy the blessings of this agriculturally important program. The Heifer program is not expanding.

Christmas Programs The volunteer services of Al Jibilian and Nelson Randolph continue to be a blessing to Armenian children during the Christmas Holiday Season. A team of volunteers in Yerevan joined Al and Nelson for four days, packing gifts in ‘shoe boxes’ for distribution at various Christmas Programs to nearly 11,000 children. At a combined Staff and BOD Christmas party on December 2, 2017, the AMAA honored the families of Al and Nelson (in absentia) for their God pleasing Christian spirit and volunteer work. 2017/18 16

Christian Education There is a new, trained and interned Christian Education Department leadership in Armenia headed by Rev. Avedik Khachatryan. A team of Haigazian University educated senior staff support Rev. Khachatryan. Thousands of children, youth and young adults across the nation participate in various Christian Education, Vacation Bible Study, art, sports and educational programs.

B.1.7 Centennial Celebrations in Armenia and Armenia Tour Plans are laid for a memorable and historic celebration of AMAA’s Centennial in Armenia in September 2018. Six events are planned in eight days of festivities. They are: 1) Sunday, September 23 at Baghramyan, a concert dedicated to the Centennial presented by the Musical Ensemble of Armavir Church 2) Tuesday, September 25 at Baghramyan, ‘The Angel of Salvation.’ A play dedicated to the memory of Rev. Hovhannes Eskijian presented by AMAA’s Hayasa Theatrical Group. 3) Wednesday, September 26 at the Artists’ Union of Armenia, an exhibition of Art Works by Armenian Evangelical Artists. 4) Friday, September 28 at the Opera, a musical multi-media presentation of ‘A Journey of Faith, Love and Service” A Centennial Celebration. 5) Saturday, September 29 at the Marriott Hotel, a Celebratory Centennial Banquet. 6) Sunday, September 30, dedication of the newly constructed AMAA Community Center and Church in Gyumri. Forty-one participants from the AMAA Armenia Tour and numerous other guests from the US and elsewhere in the Diaspora will take part in the above celebratory events. I would like to stop for a moment and comment on the remarkable job the AMAA Representative in Armenia Harout Nercessian is doing. In terms of faith, ability, knowledge, character, industriousness, communication, care and humility, Harout Nercessian stands tall. The AMAA is blessed with Harout being in the ranks of its leadership.

B.2 NEAR EAST B.2.1 Syria B.2.1.1 Emmanuel Church Roof The Emmanuel Church roof rocketed during the war is under construction. Total replacement cost including cost of new furniture, pews, doors and windows is estimated around $120,000. The AMAA committed $50,000 to the reconstruction budget, raised and transferred $60,000 and intends to do more.

B.2.1.2 General Conditions in Syria Syria and its Armenian community are making headways in security and stability with normal life and peaceful conditions gradually returning to most areas under government control. More and more Arab and European religious, political and non-governmental delegations are visiting Syria and meeting with our communities. Community life seems closer to normal and generous AMAA and other gracious European resources have poured in to assist the community in its needs. A final political settlement though still seems to be far reached as the forces who conspired the crisis have failed to reach their goals. The AMAA continues its moral and material support of Syrian Armenians in Syria, Lebanon and Armenia where thousands of refugees are still struggling to settle.

B.2.2 Lebanon B.2.2.1. Haigazian University The Haigazian University Board of Trustees met in Beirut from May 31 to June 2, 2018. The University is making headways in its budget with considerable reduction in the operating deficit. An active BOT under the leadership of Dr. Hasmig Baran oversees operations and searches solutions where needed. HU’s financial status would considerably improve with added enrollment. Parallel 2017/18

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to fundraising, special, innovative and close attention needs to be paid to recruit new students. HU President Dr. Paul Haidostian continues the path to balance the operating budget through a balanced approach of cutting cost and raising revenue. HU remains the pride of the Armenian Evangelical global community with its vital role in preparing regional and international public leadership. The AMAA is determined to support and sustain this single Armenian educational center of higher education in the Diaspora.

B.2.2.2 Armenian Evangelical Schools in Lebanon Armenian Evangelical Schools in Lebanon continue to suffer from the dire geopolitical turmoil in the region which lays heavy on the economic and social conditions in the country. Deficits are high, and a new government decree has made it even harder. The crisis is widespread as other Armenian School systems suffer from the same ailments. One mitigating factor is consolidation which has been the route taken by the AGBU and the schools operating under the auspices of the See of Cilicia. The most serious crisis faced is at the Shamlian Tatigian High School. To reduce operating cost and mitigate deficit, the School decided to close its high school section, work hard on transferring students to sister High Schools. The decision necessitated urgent need for financial assistance which subsequently was provided by the AMAA Board. The UAECNE bears the responsibility to plan all that is necessary to stop the financial bleeding and save the schools. The education provided to some 1,100 students is of utmost importance. The importance of the Lebanese Armenian Schools cannot be underestimated. The Armenian Evangelical Schools of Lebanon “Papken and Helen Mugrditchian” Endowment matching fund continues to grow with a combined balance of $1,041,068 as of fiscal year-end 2017. It must be supported and maintained.

B.2.2.3 Properties The new AMAA ‘attorney in fact’ in Lebanon, Garbis Deyirmenjian, a long-time UAECNE Treasurer, is doing a good job in meeting the AMAA needs and objectives with regard to AMAA owned properties. These primarily include the Gertmenian properties, the Petania property and the Hadidian properties. It’s a pleasure to have Mr. Deyirmenjian personally with us this year to give us a first-hand report.

Petania Plot 457 – Medawar District A lawsuit has finally been filed in Lebanese courts to obtain court approval for the saleofthe property. Upon sale of the property, the AMAA will receive the proceeds of the 1,400 shares it has title to while the court will hold the balance of the proceeds of the 1,000 shares still in the name of Ms. Peterson. A parallel lawsuit has been filed to continue the effort to transfer title of the 1,000 shares from Ms. Peterson to the AMAA. Finally, work is in progress.

Gertmenian Properties The ‘liberation’ of the rental properties from old leases to current market leases vigorously continues. Total gross annual rent with the current leases is around $50,000 most of which should be collected in 2018.

Hadidian Properties The second of four donated Hadidian properties in Anjar sold for a net of $75,000.

B.2.3 Turkey Political turmoil, persecution of the opposition continues in Turkey with democracy constantly in retreat. Despite the risks, our community and its activities seem to be normal. The Hrant Dink Middle School at the Gedik Pasa Church is in good shape and continues to serve the children of Armenian migrants who have taken employment refuge in Turkey. 2017/18 18

Plans for the renovation and reconstruction of Camp Armen, led by a Community Reconstruction Committee supervising the process, has been submitted to the Tuzla Municipality for approval. The Community is eager and determined to rebuild Camp Armen. The Armenian Protestant community and church in Turkey fall under the Union leadership of the UAECNE. Ties, connections and relationships between Istanbul and Beirut need to rise to a level consistent with expectations.

B.2.4 Australia The Armenian Missionary Association of Australia remains vibrant and productive. The nature and results of the AMAA Centennial celebrations and fundraising in Sydney in March 2018 are reported elsewhere in this report. Over the past 16 years, Rev. Krikor Youmshajekian, the AMA Australia President/Executive Director, has diligently led the AMA of Australia into soaring heights and deserves to be commended and congratulated. Relationship with the AEC of Sydney needs to be maintained at a high level of trust, cooperation and coordination.

B.3 THE NORTH AMERICA MISSION B.3.1 AMAA Sundays Once again, thanks to a group effort exerted by Levon Filian, Rev. Mgrdich Melkonian, David Aynejian, Harout Nercessian and the AMAA Executive Director/CEO, we continued our traditional visits to the AEUNA member churches to participate in AMAA Mission Sunday programs. Over a calendar year we have done our utmost to cover all churches in North America with AMAA Sunday visits. We sincerely thank all the churches and Mission Committees for their support and partnership. We call on all churches to adopt AMAA missions and support and seamlessly cooperate with the AMAA in support of its programs and services. It is vital to our mission to cover all AEUNA churches once a year. I am cognizant of the fact that our visits need to be better organized under the leadership of a full-time Field Director.

B.3.2 AEUNA Biennial Convention The AMAA Executive Director/CEO, the West Coast Executive Director and the AMAA President attended the AEUNA Biennial convention held at the Burbank Marriott Hotel on June 28-30. On Sunday, July 1, 2018 the AEUNA honored AMAA’s Centennial by dedicating a special concert to the occasion at the United Armenian Congregational Church. Relations with the AEUNA leadership continue in a smooth, cohesive and efficient manner. The AMAA Executive Director/CEO is a member of the AEUNA Executive Committee and as such closely linked to all business activity at the AEUNA. The new Moderator, Rev. Vatche Ekmekjian, and Minister to the Union (MTTU), Rev. Berdj Djambazian, continue to lead the AEUNA with Christian zeal, and unexhausted energy.

B.3.3 Joint Home Missions Committee - JHMC The Moderator, MTTU and Treasurer of the Union together with the President, Treasurer and the AMAA Executive Director/CEO convene annually to review the Union needs. The JHMC of the AMAA and AEUNA met again in spring 2018 to review the budget request of the Union for ministerial needs in the Americas in the 2018-19 budget.

B.3.4 South America The 24th Biennial Convention of the AEUNA in June 2018 formally accepted the Armenian Evangelical Churches of Argentina and Uruguay to join the AEUNA. With Brazil already a member, the hemisphere now has one single Armenian Evangelical Union. Brazil and Argentina have vibrant and active young pastors while the pulpit in Uruguay remains to be filled. Rev. Réne Léonian completed a six-month service in Montevideo, Uruguay at the end of June 2018. The AMAA continues to support the three ministries of Armenian Evangelical churches in South America. It is our hope and prayer that the integration of these three churches in the AEUNA will bring much needed revival, energy and support 2017/18

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B.3.5 North America The crisis of vacant pulpits and the lack of adequate in-care students at the AEUNA continues. The picture elsewhere in the Middle East and Armenia is not much diff erent. A serious refl ection of the causes and recommendations for remedies are vital for the future of the global Armenian Evangelical Church.

C. CHALLENGES

A few updates on the Challenges reported in my 2017 Annual Report.

1) The Armenian Evangelical Church leadership crisis continues. The vacancies in the pulpits have not diminished but a cycle of musical chairs has taken over. The bright side of the situation is the two new seminary students from the New York church. God has called on Obed Bazikian and Aram Bashian to serve the spiritual need of His people. These are two serious young men who have answered the call.

2) Old divisions and splits have aggravated the above-mentioned crisis and the residue of its eff ect continues to negatively refl ect on the Union. The bright side is that we have not seen any continuation of new schisms however consolidation of smaller churches is key to the health and survival of the AEC.

3) In an eff ort to mobilize the youth to take the helm of the Association and recruit the next generation of donors, the AMAA has recruited a new staff position of Marketing and Event Manager. Our goal is to attract the youth and engage them in the Association in a language that they understand, prefer and promote.

4) The current and future state of our communities in the Near East remains to be of vital importance. I reiterate and renew my invitation to the leadership in the Near East to jointly study the situation, evaluate the current circumstances and draw a map for the future. I look forward to an opportunity of positive engagement in this regard.

D. LETTERS AND MESSAGES A host of celebratory letters and/or messages of sympathy were addressed to churches, organizations, institutions, families and individuals marking various occasions.

E. GRATITUDE “What, after all, is Apollos? And what is Paul? Only servants, through whom you came to believe-as the Lord has assigned to each his task. I planted the seed, Apollos watered it, but God made it grow.” 1 Corinthians 3:5-7 It is an honor and a privilege to be a servant of God. In this Centennial year of AMAA’s history it is humbling to realize that we can plant and water, but God is the one who makes it grow. Thank you, donors, Board and Committee members. Thank you volunteers and staff . Thank you all for your partnership in the service of God who has made this organization grow for one hundred years and be the Association that it is today. My sincere and heartfelt gratitude to all.

Respectfully submitted, Zaven Khanjian, Executive Director/CEO

“I have said these things to you, that in me you may have peace. In the world you will have tribulation. But take heart; I have overcome the world.” John 16:33 2017/18 20 Treasurer’s Report

It was my honor and privilege to serve as the Treasurer of the Armenian Missionary Association of America, Inc. (AMAA). The audited year-end fi nancial results (Pages 31-46) show that the revenues from contributions, bequests and investments totaled $22.1 million in fi scal year ending July 31, 2018, up from $20.7 million from the year before. The operating expenses over the same period were $12.6 million, resulting in an increase in net assets of $9.4 million. At year end, the market value of AMAA net assets was nearly $184.8 million. The investment income of $14.1 million, which consists of dividends and interests plus capital gains on the securities portfolio, was primarily due to favorable stock market conditions. The rental income accounted for an additional $1 million. The revenue from contributions and bequests was $6.4 million, down from $7.0 million the year before. I The AMAA spending on all evangelical programs including education, relief, assistance to churches and missions, leadership development and theological training continued unabated in 24 countries. The spending for operations, $11.6 million, includes the following: • $3.4 million for relief eff orts in Armenia, Syria and the rest of the Middle East; • $3.6 million on education, including Haigazian University of Beirut, child education centers in Armenia, Avedisian School in Yerevan, and scholarships for students in the United States; and, • $1.9 million for assistance to churches and missions, summer camps, leadership development programs and theological training, and on publications.

The total disbursements on capital projects were $714,000 in the fi scal year, and include spending for the following projects in Armenia: • $510,000 for the construction of the Gyumri Church and Center, which was completed and opened to service in September as part of the AMAA Centennial celebrations; • $37,000 for renovating the Baghramian Building’s roof; and, • $61,000 for renovating the Avedisian School soccer fi eld.

This year’s fi nancial statements were once again audited by the independent Certifi ed Public Accounting fi rm of SAX LLP. The independent auditor’s comments and fi nancial statements (Pages 31-46) are included in the Annual Report. I encourage each member to review these statements, and to direct your questions to me or our Controller Lisa Sudibya. I am grateful to Dr. Michael Voskian, the Chairman and all the other members of the Investment Committee for their diligence. Most importantly, I thank God for the AMAA supporters whose generosity and volunteerism are the foundation of the organization. Their talents and dedication enables the AMAA to carry out its holy mission and vital services around the world.

Respectfully submitted, Nurhan Helvacian, Ph.D., Treasurer 2017/18

Director of Finance’s Report 21

It has been a pleasure to serve as the Director of Finance for the Armenian Mission- ary Association of America (AMAA), especially over this past year as the AMAA celebrated its one hundredth year of service. It is truly remarkable to see all that the Lord is doing through this organization, and how He has blessed the AMAA. The fi nance function of the AMAA is well equipped to manage and report onthe fi nances of the AMAA. As in the past, we received an unqualifi ed opinion from our auditors for this fi scal year. Throughout this current fi scal year, we will implement the Financial Ac- counting Standards Board’s new fi nancial reporting rules for nonprofi t organizations. These pronouncements will simplify and improve the classifi cation of net assets, as well as the information presented in our fi nancial statements and notes related to liquidity, fi nancial per- formanceI and cash fl ows. The fi nance function of the AMAA involves organizing, budgeting and controlling the fi nancial and operational activities of the organization. Our goal is to properly manage and report on the funds of the AMAA with complete transparency and accountability. We achieve this goal through the develop- ment of a comprehensive internal control framework designed to improve and/or maintain organizational performance and governance. This approach is based on how the Apostle Paul administered an off ering for the Jerusalem Church. Although he knew they were handling the off ering correctly, he took great precautions to ensure everyone that the off ering was handled properly. “We want to avoid any criticism of the way we administer this liberal gift. For we are taking pains to do what is right, not only in the eyes of the Lord but also in the eyes of man.” (2 Corinthians 8:20-21). This is true for our Accounting Depart- ment as well. We go above and beyond to provide assurance to the Board, our donors and the public at large, that the funds entrusted to the AMAA are properly handled. The following comments highlight major areas of the audited fi nancial statements of the Armenian Missionary As- sociation of America (AMAA) for the fi scal year ending July 31, 2018. All numbers are rounded to the nearest thousand unless otherwise noted.

Statement of Financial Position Net assets as of July 31, 2018 increased by $9.4 million to $184.8 million when compared to the prior year’s amount of $175.4 million. The increase in net assets is primarily due to signifi cant income from investments. See below for informa- tion related to revenue and expenses. Signifi cant changes on the balance sheet are a result of the following: - Pledges receivable decreased by $1.2 million as some pledge payments have been fulfi lled. - Investments increased due to the net eff ect of investment income ($15.1 million) and funds used for operations. - Fixed assets decreased by $735K due to additional depreciation of assets placed in service in prior years which had not been properly depreciated.

Statements of Revenues, Expenses and Change in Net Assets Revenues, Gains and Other Support - $1.4 million increase Revenues, Gains and Other Support decreased based on the following factors: - Contributions increased by $1.7 million primarily due to increased bequests of $1.4 million, increased donations to endowment funds of $660K, off set by a decrease in general contributions. - Pledges decreased by $2.4 million due to higher than usual pledges in the prior year from the Centennial Cam- paign. - Investment income increased by $1.9 million which is mostly attributable to the performance of the portfolio and a strong stock market.

Program Expenses - $874K increase Program Expenses increased based on the following factors: - Child education expenses increased by $623K primarily due to an additional distribution to Shamlian Tatigian School in Beirut of $404K. - Relief decreased by $130K primarily due to decreased funding for Syria Relief - Churches and missions increased by $353K due to increased support for churches along with reclassifi cation of direct program expenses. 2017/18 22

Supporting services - $812K increase Expenses decreased based on the following factors: - Offi ce administration decreased by $248K due to eff orts in cost reduction as well as allocation of direct program expenses to applicable programs. - Depreciation increased by $1 million due to assets placed in service in prior years which had not been properly depreciated.

I would like to thank the Board for all their help and support over the past year, especially our Treasurer, Nurhan Helvacian, and Zaven Khanjian, our Executive Director/CEO. And I would also like to thank the great staff we have both here in Paramus and in Yerevan. The more I look at how much the staff does, the more I appreciate them. Like on any good team, it is those who are in the background who do the heavy lifting. Like the linemen who protect the quarterback, without their hard work and teamwork, nothing would get accomplished. Rarely seen and never recog- nized, they perform the mundane tasks to carry out the work of the AMAA, and I would be remiss not to thank each of them for all they do for the Lord’s Kingdom.

• Gil Blandon, Maintenance and Mail Room. By far and away, the most popular and respected person on staff is Gil. If you look up the word humble in the dictionary, you will see a picture of Gil, and that is evidenced by how he carries out his work in the offi ce.

• Darlene Dreisbach, Accountant in Paramus. Darlene works tirelessly to ensure that even the smallest transac- tions are recorded properly, always providing fi gures at the drop of a hat.

• Salpi Goughasian, Sponsorship Assistant. Salpi not only manages the information of sponsored children and connects them with their donors, but she is always willing to help and do additional tasks when needed.

• Louisa Janbazian, Public Relations and Communications Coordinator. In addition to handling all the PR, the AMAA News, and much more, Louisa has a wealth of knowledge about the AMAA which is a huge blessing for the AMAA. She is indeed the AMAA’s historian. Her dedication to the AMAA is unmatched and she is indeed irreplace- able.

• Vahagn Keshishyan, Chief Accountant in Yerevan. Vahagn maintains strong records for reporting within Arme- nia. He continuously delivers on various projects, most recently working with Armen Stepanyan to implement stron- ger internal controls in our Artsakh offi ce.

• Christine Kutlu, Events and Marketing Manager. Christine joined the AMAA in September, and in a short time has taken hold of this new position in the AMAA. Her enthusiasm to let the public know about the AMAA’s work is a benefi t to the organization.

• Marilyn Monasterio, Database Coordinator. Marilyn joined the AMAA in August and quickly learned her position. She provides confi dence and reliability in the data she enters, but in a short period of time she has proven to be a huge asset for the AMAA.

• Magda Poulos, Director of Annual Giving. Magda continuously explores diff erent opportunities to promote the AMAA. She is constantly looking for ways to strengthen and increase fundraising, focusing on the areas and pro- grams which need it the most. And she has done all this while writing the e-blasts over the last several years.

• Lucy Rastguelenian, Sponsorship Manager. In addition to managing the Sponsorship Department, Lucy also prepares the documentation for scholarships.

• Nancy Rivera, Executive Assistant. Nancy not only assists our Executive Director/CEO, but the entire AMAA Board and all the many committees as well. This is no easy task and takes a lot of coordination.

• Armen Stepanyan, Controller in Armenia. Armen is very dedicated to his job and always displays integrity in the face of many challenging situations. His work ethic demands quality, honesty and respect from those around him, 2017/18

23

and this is evidenced by the Accounting staff in Armenia and by his fi nished product, and I’m proud to work with him.

• Lisa Sudibya, Controller in Paramus. Lisa is very kind and always ready to help. She meticulously upholds the accuracy and reliability of our fi nancial records and is an integral part of the Accounting function. She is always quick to provide a report or help out in any way.

• Marie Viducich, Offi ce Manager.Marie wears many hats in the offi ce. Among her many duties, Marie ensures the timely communication of many donations while keeping the staff supplied with the resources they need to carry out their jobs.

• Jane Wenning, Administrative Support. Jane spends countless hours proofreading letters, reports and AMAA News articles. She always makes herself available any hour of the day to get the job done. Jane’s energetic and upbeat personality make her a joy to work with.

I have always stated that our greatest resource is your prayers, and once again I reiterate that, along with asking for your prayers for the upcoming year in these particular areas:

• Wisdom for leadership to carry out the operations of the AMAA (James 1:5, Proverbs 4:6-7, 16:16); • The necessary funds needed to carry out God’s will via the AMAA and manage the assets He has entrusted to this organization (2 Corinthians 9:8, Philippians 4:19, Matthew 25:14-30).

Most of all, I would like to thank God for allowing me to serve here over the last seven and a half years, and for all He has done. All praise to our Lord and Savior Jesus Christ, and glory to God our Father for ever and ever.

Respectfully submitted, David G. Aynejian, Director of Finance 2017/18 24 AMAA at a Glance

The Armenian Missionary Association of America, Inc. (AMAA) is committed to excellence in all it does, because we work for our Lord. This is made possible through the grace of God, who provided people the will to sacrifi ce their time and fi nancial resources. With God’s blessing and direction, we have become a strong, eff ective organization, understanding and reaching our communities around the world with Christian service relevant to our times.

The AMAA has at heart the religious cultivation, spiritual growth and development of the Armenian people, enabling them to stand fi rmly in their Christian faith and to devote themselves to Christian mission expressed through the Tchurch, education and relief eff orts. Therefore, the AMAA acts as an Armenian Evangelical missionary organization within the family of the Armenian Evangelical Church and the universal church of Jesus Christ.

The AMAA was founded in 1918 in Worcester, MA and incorporated as a non-profi t, charitable organization in 1920 in the State of New York. The AMAA is tax-exempt under Internal Revenue Code Section 501(c)(3).

The AMAA’s purpose is to serve the physical and spiritual needs of people everywhere, both at home and around the world. To fulfi ll this worldwide mission, the AMAA maintains a range of educational, evangelistic, relief, social service, health care, church and child care ministries in 24 countries.

The AMAA is governed by an elected Board of Directors composed of 27 unpaid members and has many other volunteers serving on its various committees. The AMAA also cooperates with many Armenian and non-Armenian organizations worldwide in accomplishing its mission. We appreciate all the time, talent, and eff ort put forth by these individuals and organizations allowing us to accomplish all that is necessary.

The mission and service ministry of the AMAA is made possible through the Grace of God and by the gifts of individuals, churches, and other organizations committed to fulfi lling the Great Commission – “Go into all the world and preach the Gospel to all creation.” Mark 16:15 2017/18

Funding Priorities 25

The primary mission of the Armenian Missionary Association of America (AMAA) is to continue improving the quality of life by providing assistance in the following areas:

▪ Churches and Missions ▪ Education ▪ Evangelism and Discipleship ▪ Humanitarian Relief Programs

To support the mission this year, the AMAA Board, Executive Director/CEO and the entire staff made great eff orts to implement and participate in the following projects:

AMAA Centennial Campaign Faithful to Our Legacy, Embracing the Future has been the overall theme for the Centennial Capital Campaign. Serving the physical and spiritual needs of our people, both at home and overseas through a range of church, educational, relief, social and health services, and childcare ministries in 24 countries around the world, the AMAA continues fundraising toward a $20 million Centennial Capital Campaign to increase scope and impact. In his closing remarks at the October 20, 2018 AMAA Annual Banquet in Los Angeles, Zaven Khanjian, AMAA Executive Director/ CEO, summed up our eff orts: “The only sense and justifi cation in our year-old celebration and the $20M Capital Campaign is in the vision of embracing the future in the Homeland, the Middle East, Europe, the Americas and everywhere the grace of God takes us.”

The Centennial Campaign strives to: • Build and improve churches, camps and schools • Provide tuition for those in need • Help meet the physical and spiritual needs of tens of thousands around the world • Administer health care programs in the Homeland • Embrace the next 100 years and create a solid financial Reconstruction of Emmanuel Church in Aleppo. foundation

The Gyumri Community Center, Gyumri, Armenia The Gyumri Community Center and Church celebrated its opening with a special ribbon-cutting ceremony on September 30, 2018. This special event was the last of six major events which took place during the Centennial AMAA Tour. The vision for the Center is that it will be an eff ective spiritual, cultural and social Center where community members fi nd hope, inspiration and assistance to overcome fi nancial, medical and social problems they may be facing. The new complex also houses an AMAA ‘Shogh’ Day Center to help children and youth overcome social and learning challenges. The Center is the fruition of the AMAA mission that began in Gyumri in 1989 to help survivors of the 1988 earthquake.

Armenian Evangelical Schools in Lebanon The AMAA has a long tradition of supporting the Armenian Evangelical schools in Lebanon. Over the last several years, the Association has seen an increased need for fi nancial support of these schools. Accordingly, the Association has established a new endowment fund category, the proceeds of which will be used to support these schools. The AMAA is very encouraged by the establishment of the Papken and Helen Mugrditchian Endowment Fund, which has a $1 million matching gift.

Syria Relief AMAA’s relief eff orts remain strong in Syria ̶ whether it is direct relief or providing a LifeLine and new opportunities for those who seek to leave and begin anew in the Homeland ̶ Armenia. AMAA’s commitment includes, but is not limited to, helping rebuild the Armenian communities, keeping schools open, rejuvenating shops and businesses and helping to rebuild the Emmanuel Church of Aleppo. 2017/18 26 AMAA Ministries

The AMAA was established through the vision of Armenian Evangelical Churches in the United States for missions and they became the mainstay of support for its programs. Over the years, the AMAA supported churches and missions both at home and overseas. As large numbers of Armenians emigrated to new areas, the necessity to establish new churches became essential. Through the AMAA’s support, churches are planted and supported in North America, Armenia, Europe, Australia, Members of the Armenian Evangelical Church of Tbilisi, Georgia, South America, Eurasia and the Middle East. celebrate the Harvest. Today, there are 145 Armenian Evangelical Churches and Fellowships around the world where the Gospel is preached.

Education Education is the most important asset that can be provided to an individual. Armenian Evangelicals have been pioneers in establishing exceptional schools and colleges. Armenian Christian education has not only been instrumental in maintaining Armenian heritage, but also in the survival of a nation. It is essential that we capture the next generation — our future. Twenty-five Armenian Evangelical Schools in Armenia, the Middle East, and North America rely on the AMAA’s support. Haigazian University. Over 1,000 needy students receive tuition aid annually. The Avedisian School in Yerevan, Armenia is entirely funded by the AMAA, while Haigazian University in Beirut, Lebanon, the only institution of higher education in the Armenian Diaspora, receives funding from the AMAA. Each year, approximately 150 college students in the United States and Armenia receive scholarships, making it possible for them to receive a higher education. The AMAA has also seen rapid growth with our educational SHOGH Day Centers, as new centers opened this past year in Gyumri, Armenia and Askeran, Artsakh. Through the help of the AMAA, our young generation is prepared to meet the challenges as they become successful clergymen, teachers, businessmen and businesswomen, diplomats, lawyers, social workers and professionals, and as they grow not only economically, but morally and Armenian Evangelical Hrant Dink School of Gedik Paca, Istanbul, Turkey. spiritually. 2017/18

AMAA MINISTRIES27

Evangelism Teach, preach, and be a witness to all nations — this is evangelism. It was the vital command that Jesus gave to His disciples. The AMAA has faithfully followed Christ’s instruction and supports evangelistic programs, which include: Bible Study groups, Child Evangelism, Summer Camps, Daily Vacation Bible Schools, missionary outreaches, and distribution of Bibles and Christian literature. The AMAA has also instituted many training programs for pastors in Armenia to better equip them in reaching people with the Gospel. The AMAA was established through the vision of Camp Sheen Shoghig in Hankavan, Armenia. Armenian Evangelical Churches in the United States for missions and they became the mainstay of support for its programs. Over the years, the AMAA supported churches and missions both at home and overseas. As large numbers of Armenians emigrated to new areas, the necessity to establish new churches became essential. Through the AMAA’s support, churches are planted and supported in North America, Armenia, Europe, Australia, South America, Eurasia and the Middle East. Today, there are 145 Armenian Evangelical Churches and Fellowships around the world where the Gospel is preached. Through these programs and outreach, not only has the AMAA changed the lives of thousands of people, but it has also inspired hope for future generations. Bringing people the Good News of eternal life in Christ is the best and most Armenian Children’s Milk Fund. important part of all that the AMAA does. Relief Aid Meeting the needs of the impoverished is a command of the Lord, as we read in Matthew 25, especially with respect to caring for those whose conditions are most destitute. The AMAA accepts this command very seriously and has provided relief aid and human services to thousands of people around the world, including those affected by wars or natural disasters. Together with the support of its members, friends, and partner organizations, the AMAA provides food for the hungry, shelter to the homeless, medical care for the sick, care for the children and elderly and love to those who are desperate and hopeless. Thousands of needy children and their families are sponsored. Social service offices provide much needed support and medical clinics have improved the health of many of the needy. These services were rendered not only in response to the needs, but also in response to God’s calling. AMAA — caring for the least of our brothers and Dental Policlinic in Aleppo. sisters in Christ since 1918. 2017/18 28 AMAA Serving the Needs of our

DURING THE FISCAL YEAR 2017-2018, WITH YOUR GENEROUS AND CHEERFUL CONTRIBUTIONS, THE FOLLOWING MINISTRIES WERE SUPPORTED BY THE AMAA THROUGHOUT THE WORLD

ARMENIA • Relief to families • Sponsorship of 1,800 children & families • Sponsorship of the elderly BRAZIL • Health Care Center in Yerevan and Spitak • Support the Armenian Evangelical Church • Dental Clinic in Vanadzor • Distribution of Christian literature • Support for various development projects • Scholarships to College students • Avedisian School operations in Yerevan • Relief to families • Scholarships to College & University students • Hankavan Summer Camp for over 1,600 children BULGARIA • Christian Education Programs in 33 locations • Support the Armenian Evangelical Churches • Milk Formula for over 500 babies • Support Children and Youth Summer Camps • Christmas Programs and distribution of gifts to over • Relief to families 10,000 children • Distribution of Christian literature • Publication and distribution of Bibles and Christian literature CANADA • Operation of the three “Shogh” after-school educational • Support the Armenian Evangelical Church of day centers Cambridge • Tutorial programs in all AMAA Centers • Scholarships to College students • Support for the ministries of the Union of the • Distribution of Christian literature Evangelical Churches and its 32-member churches and • Relief to Syrian-Armenian refugees fellowships • Provide assistance to help Syrian-Armenian refugees CYPRUS settle in Armenia • Distribution of Christian literature

ABKHAZIA EGYPT • Support the ministry of the Armenian Evangelical • Support the Armenian Evangelical Church Church • Distribution of Christian literature • Distribution of Christian literature FRANCE ARGENTINA • Support Christian Camps • Relief to families and elderly people • Financial aid to Panpere publication • Distribution of Bibles & devotional literature • Support the general Ministries of the Armenian Evangelical Union of France ARTSAKH • Distribution of Christian literature • Relief to 200 orphans and needy children • Relief to retired teachers and pastors • Operate Shushi Summer Camp • Support the Armenian Evangelical Fellowship of Europe • Operation of the two “Shogh” after-school educational • Church and camp building renovations day centers • Support Christian Education Programs for children and youth • Distribution of milk formula to infants with special needs • Operation of four Kindergartens • Distribution of Christian literature

AUSTRALIA • Distribution of Christian literature

BELGIUM • Support the Armenian Evangelical Church • Subsidize the salaries of ministers and Christian workers • Distribution of Christian literature Children at Summer Camp in Belgium. 2017/18

Communities Around the World AMAA MINISTRIES29

GEORGIA • Support the ministry of three Armenian Evangelical Churches • Funding of Summer Youth Camp • Relief to families • Distribution of Christian literature

GERMANY • Support the ministry in Eppingen, Kehl and Stuttgart • Distribution of Christian literature

GREECE • Support the Armenian Evangelical KG of Kokkinia • Support the ministries of two churches in Athens • Distribution of Christian literature Khoren and Shooshanig Avedisian School in Yerevan. HOLLAND • Support missionary work in Armenian Communities • Subsidize the salaries of pastors • Distribution of Christian literature • Support the medical and dental clinics of Christ’s Church in Aleppo IRAN • Support Arevik Youth Center • Support the ministry of three local churches • Support social and relief services • Distribution of Christian literature • Actively participate in Syria Armenian Relief Fund • Sustenance assistance to the Syrian-Armenians IRAQ • Support the ministry of the Armenian Evangelical TURKEY Church of Baghdad • Distribution of Christian literature • Support local Armenian Evangelical Churches LEBANON • Support Haigazian University UNITED STATES • Support four High Schools and one Middle School • Financial aid to Armenian Evangelical Churches & • Support the Centers for the Armenian Handicapped Fellowships • Support Daily Vacation Bible Schools • Financial aid to Armenian Evangelical Merdinian & • Support Christian Endeavor Youth Camp (KCHAG) Sahag-Mesrob Schools • Support the Armenian Evangelical Social Service Center • Financial aid to Theological students and interns • Subsidize the salaries of pastors • Financial aid to Ararat Home • Support youth ministries • Financial aid to Camp Arev and Camp Arevelk • Relief to families • Financial aid to the AEUNA’s Youth Ministry • Relief to Syrian Armenian refugees in Lebanon • Financial aid to AEUNA’s publication • Scholarships to College and University students RUSSIA • Organize Literary Contests • Support the ministries of the Armenian Evangelical • Distribution of Christian literature Churches of Moscow and Sochi • Distribution of Christian literature URUGUAY • Financial assistance to the local church SYRIA • Relief provisions to families • Support four Elementary Schools and two Secondary • Distribution of Christian literature Schools • Financial aid to Daily Vacation Bible Schools OTHER COUNTRIES • Financial aid to churches • Support the Ferraz de Vasconcellos Mission Center of • Relief provision to retired teachers the Armenian Evangelical Church of São Paulo • Financial aid to the Association for the Armenian Blind • Emergency relief aid for victims of natural disasters • Financial aid to the Armenian Old Age Home of Aleppo • Support new ministries in other countries The Needs are great... But Our Faith Remains Strong

Continue in what you have learned and have become convinced of, because you know those from whom you learned it. 2. Timothy 3:14

A LEGACY OF FAITH, LOVE AND SERVICE 2017/18

Financial Reports AMAA MINISTRIES31

Report of Management Management is responsible for the accompanying consolidated financial statements, related notes thereto, and all other financial information presented herein. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. In management’s opinion, the consolidated financial statements present fairly the organization’s financial position, results of operations, and cash flows. In addition, information and representations included in the organization’s Annual Report are consistent with the financial statements.

The organization maintains a system of internal accounting policies, procedures, and controls intended to provide reasonable assurance at appropriate costs, given the inherent limitations of all internal control systems, that transactions are executed in accordance with organization authorization, are properly recorded and reported in the financial statements, and that assets are adequately safeguarded. The organization’s independent accountants continually evaluate the adequacy and effectiveness of this system of internal accounting policies, procedures, and controls to the extent required under generally accepted auditing standards. Management takes the appropriate actions to correct deficiencies as they are identified.

The Audit Committee of the Board of Directors is composed solely of nonemployee members and is responsible for overseeing and monitoring the quality of the organization’s accounting and control practices. The Audit Committee meets throughout the year with management and the independent accountants to discuss audit activities, internal controls, and financial reporting matters. The Audit Committee reports its activities to the Board of Directors. The independent accountants have unrestricted access to the Audit Committee, without the presence of management.

Zaven Khanjian Executive Director/CEO 2017/18 32

ARMENIAN MISSIONARY ASSOCIATION OF AMERICA OPERATING AND CAPITAL BUDGETS FOR FISCAL YEARS ENDING JULY 31, 2019 AND 2018

Operating Budget Budget Budget 2018-2019 2017-2018 Fluctuation Operating Revenue: Anticipated Contributions $ 3,182,050 $ 3,109,700 $ 72,350 Appropriation From Investment Income 6,134,114 6,210,267 (76,153) Total Operating Revenue 9,316,164 9,319,967 (3,803) Operating Expenses: Education 2,252,764 2,528,312 (275,548) Armenia Relief 2,632,226 2,635,788 (3,562) Other Relief 441,909 559,697 (117,788) Evangelism 451,846 454,997 (3,151) Churches & Missions 1,101,090 1,060,937 40,153 Leadership Develop. & Theol. Training 84,000 106,472 (22,472) Publications/Book Service 182,500 178,500 4,000 Administration/Support Services 1,743,093 1,721,536 21,557 Auxiliary Activities 585,000 605,000 (20,000) Total Operating Expenses 9,474,428 9,851,239 (376,811)

Net Surplus/(Deficit) W/O Depreciation (158,264) (531,272) 373,008

Capital Budget 2018-2019 2017-2018 Total Project Budget Amount Budget Amount Budget* Gyumri Church and Center (a) $ 200,000 $ 450,000 $ 2,250,000 South West District Church Construction 100,000 300,000 750,000 Ijevan Center Renovation 75,000 - 75,000 Camp Hankavan Dining Hall (b) 400,000 - 400,000 Janbazian Kindergarten Renovation 20,000 - 20,000 Gyumri Parsonage Renovation 17,000 - 17,000 Abovyan Street Home Renovation 12,000 - 12,000 Shushi Camp 95,000 - 95,000 Stepanavan Administrative Building 500,000 - 500,000 Sisian Center Renovation 22,000 - 22,000 Paramus Headquarters Renovation 75,000 - 75,000 Yerevan Church (Bagramian) Roof Repairs - 60,000 60,000 Baghramyan Conference Room and Furniture - 70,000 70,000 Avedisian School Soccer Field - 46,000 46,000 Gyumri - Furniture - 100,000 100,000 Shushi Shogh Center Expansion (b) - 109,000 109,000 Stepanakert Office Renovation - 31,250 31,250 Church renovations (Executive Director Discretion) 75,000 75,000 150,000 Total $ 1,591,000 $ 1,241,250 $ 4,782,250

(a) Amount represents retention payments. (b) Project subject to raising funds.

* Total project budget may be comprised of several years and may not reflect the totals of the two years shown. 2017/18

AMAA MINISTRIES33

Independent Auditor's Report

Board of Directors Armenian Missionary Association of America, Inc.

Report on the Financial Statements

We have audited the accompanying financial statements of Armenian Missionary Association of America, which comprise statements of financial position as of July 31, 2018 and 2017, and the related statements of activities and changes in net assets and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Armenian Missionary Association of America as of July 31, 2018 and 2017, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Clifton, New Jersey October 4, 2018 2017/18 34

Armenian Missionary Association of America, Inc. Statements of Financial Position The Armenian Missionary As of July 31, 2018 and 2017 Association of America (AMAA) emphasizes full ASSETS 2018 2017 fi nancial disclosure, accountability and Cash $ 317,934 $ 318,900 careful stewardship. Pledges receivable, less allowance for doubtful pledges of $214,946 in 2017 and $214,946 in 2016 (Note 3) 1,654,810 2,832,107 Loans and mortgages receivable, less allowance for doubtful accounts of $350,500 in 2017 and $750,500 in 2016 (Note 6) 1,492,266 1,225,559 Other receivables and prepaid expenses 572,366 311,732

Total Cash, Receivables and Prepaid Expenses 4,037,376 4,688,298

Investments: (Note 4) Cash equivalents 20,910,779 12,921,293 NET ASSETS Corporate stocks 102,724,423 99,373,624 Bonds and notes 7,032,893 7,523,657 OF THE AMAA Real estate 29,292,499 29,292,499 Total Investments 159,960,594 149,111,073

Land, buildings, and equipment at cost, less accumulated depreciation of $6,977,429 in 2018 and $5,385,340 in 2017 (Note 7) 24,448,388 25,182,893

Total Assets $ 188,446,358 $ 178,982,264 $185M LIABILITIES AND NET ASSETS

Liabilities Accounts payable and accrued expenses $ 490,474 $ 41,310 Custodial accounts (Note 8) 2,895,473 3,423,054 $175M Other liabilities 244,210 137,553 Total Liabilities 3,630,157 3,601,917

Net Assets $166M $166M $166M Unrestricted (Note 9) Undesignated 16,507,583 18,570,411 Temporarily restricted (Note 10) 26,293,781 9,318,761 2014 2015 2016 2017 2018 Permanently restricted (Note 11) 142,014,837 147,491,175

Total Net Assets 184,816,201 175,380,347

The steadfast love of the Total Liabilities and Net Assets $ 188,446,358 $ 178,982,264 LORD never ceases; his mercies never come to an The notes to the financial statements are an integral part of these statements. end; they are new every morning; great is your faithfulness. Lamentations 3:22-23

The Notes to the fi nancial statements are an integral part of these statements. 2017/18

AMAA MINISTRIES35

Armenian Missionary Association of America, Inc. Statement of Activities and Changes in Net Assets For the Year Ended July 31, 2018

Temporarily Permanently Unrestricted Restricted Restricted Total

Revenues, Gains & Other Support

Contributions and bequests $ 2,794,739 $ 810,798 $ 2,428,890 $ 6,034,427 Pledges 322,000 - - 322,000 Investment income (Note 4) 207,991 14,862,648 - 15,070,639 Miscellaneous income 285,770 349,661 - 635,431 Net assets released from restrictions - Satisfaction of program objectives 6,953,315 (6,953,315) - -

Total Revenues, Gains & Other Support 10,563,815 9,069,792 2,428,890 22,062,497

Program Services

Education Child education $ 1,753,211 $ - $ - $ 1,753,211 General scholarship 316,303 - - 316,303 Haigazian University of Beirut 1,510,387 - - 1,510,387 Relief 3,365,484 - - 3,365,484 Evangelism 431,875 - - 431,875 Churches and missions 1,222,260 - - 1,222,260 Leadership and theological training 84,865 - - 84,865 Publications 160,837 - - 160,837

Supporting Services

Travel and hospitality 65,035 - - 65,035 Legal and professional fees 116,045 - - 116,045 Office administration 1,555,411 - - 1,555,411 Auxiliary activities 452,842 - - 452,842 Depreciation 1,592,088 - - 1,592,088

Total Expenses 12,626,643 - - 12,626,643

Change in Net Assets (2,062,828) 9,069,792 2,428,890 9,435,854

Net Assets at Beginning of Year 18,570,411 17,223,989 139,585,947 175,380,347

Net Assets at Year-End $ 16,507,583 $ 26,293,781 $ 142,014,837 $ 184,816,201

The Notes to the fi nancial statements are an integral part of these statements.

HOW INCOME WAS RECEIVED...... HOW IT WAS SPENT

Percentage of Income Percentage of Expenses

Publications The notes to the financial statements are an integral part of these statements. Miscellaneous Income 2.88% Evangelism 1% 3% Leadership/Theological Training Churches & Missions 1% Investment Income 17.01% 10% Supporting Services 30% Contributions 28.81%

Gains on Investments 51.30% Relief Education 27% 28% 2017/18 36

Armenian Missionary Association of America, Inc. Statement of Activities and Changes in Net Assets For the Year Ended July 31, 2017

Temporarily Permanently Unrestricted Restricted Restricted Total

Revenues, Gains & Other Support

Contributions and bequests $ 2,855,062 $ 801,251 $ 643,383 $ 4,299,696 Pledges 115,000 460,000 2,117,448 2,692,448 Investment income (Note 4) 389,568 12,857,383 - 13,246,951 Miscellaneous income 364,737 101,136 - 465,873 Net assets released from restrictions - Satisfaction of program objectives 5,857,353 (5,857,353) - -

Total Revenues, Gains & Other Support 9,581,720 8,362,417 2,760,831 20,704,968

Program Services

Education Child education $ 1,129,694 $ - $ - $ 1,129,694 General scholarship 339,592 - - 339,592 Haigazian University of Beirut 1,485,794 - - 1,485,794 Relief 3,495,491 - - 3,495,491 Evangelism 382,901 - - 382,901 Churches and missions 869,384 - - 869,384 Leadership and theological training 116,971 - - 116,971 Publications 151,238 - - 151,238

Supporting Services

Travel and hospitality 88,818 - - 88,818 Legal and professional fees 123,662 - - 123,662 Office administration 1,802,953 - - 1,802,953 Auxiliary activities 377,754 - - 377,754 Depreciation 576,608 - - 576,608

Total Expenses 10,940,860 - - 10,940,860

Change in Net Assets (1,359,140) 8,362,417 2,760,831 9,764,108

Net Assets at Beginning of Year 19,929,551 8,861,572 136,825,116 165,616,239

Net Assets at Year-End $ 18,570,411 $ 17,223,989 $ 139,585,947 $ 175,380,347

The Notes to the financial statements are an integral part of these statements. The notes to the financial statements are an integral part of these statements. 2017/18

AMAA MINISTRIES37

Armenian Missionary Association of America, Inc. Statements of Cash Flows For the Years Ended July 31, 2018 and 2017

2018 2017 Cash flows from operating activities: Change in net assets $ 9,435,854 $ 9,764,108 Adjustment to reconcile change in net assets to net cash from operating activities: Depreciation 1,592,088 576,608 Net realized (gains)/losses on investments (1,916,067) (7,450,088) Net unrealized (gains)/losses on investments (9,402,746) (1,693,544) (Increase)/decrease in pledges receivables 1,177,297 (1,922,857) (Increase)/decrease in loans and mortgages receivable (266,707) 190,496 (Increase)/decrease in other receivables and prepaid expenses (260,634) (49,215) Increase/(decrease) in accounts payable and accrued expenses 449,164 (47,418) Increase/(decrease) in custodial accounts (527,581) 178,686 Increase/(decrease) in other liabilities 106,657 (11,644) Contributions permanently restricted (2,428,890) (2,760,831) Net cash flows from operating activities (2,041,565) (3,225,699)

Cash flows used in investing activities: (Increase)/decrease in cash equivalents Purchases of securities investments (62,413,769) (43,798,629) Sales of securities investments 61,290,973 44,828,429 (Increase)/decrease in fixed assets 734,505 (1,148,206) Net cash flows used in investing activities (388,291) (118,406)

Cash flows from financing activities: Proceeds from contributions restricted for investments in endowments 2,428,890 2,760,831

Net increase/(decrease) in cash (966) (583,274)

Cash at beginning of year 318,900 902,174

Cash at end of year $ 317,934 $ 318,900

The Notes to the financial statements are an integral part of these statements.

The notes to the financial statements are an integral part of these statements. 2017/18 38

Armenian Missionary Association of America, Inc. Notes to the Financial Statements July 31, 2018

Note 1 – Organization

The Armenian Missionary Association of America, Inc. (AMAA) was founded in Worcester, Mass. in 1918 and incorporated on October 21, 1920, as a non-profit organization in the state of New York. On November 11, 1972, it relocated and continued its operations in New Jersey. The AMAA also maintains a regional office in Armenia.

The primary objective of the AMAA is to serve as the missionary arm of the Armenian Evangelical Churches and the Armenian evangelical people in the United States and abroad. The AMAA supports programs in over 20 countries, primarily in Armenia and the Middle East. In addition to general-purpose grants and contributions, the AMAA accepts endowment and trust funds with designated purposes and administers them.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements of the AMAA have been prepared in conformity with accounting principles generally accepted in the United States of America. They include the assets, liabilities, net assets, and financial activities of the AMAA. All inter-fund transactions for the fiscal years and resulting balances as of July 31, 2018 and 2017 have been eliminated. The significant accounting policies followed are described below to enhance the usefulness of the financial statements to the reader.

Contributions

Unrestricted net assets represent the part of the net assets of the AMAA that is neither permanently restricted nor temporarily restricted by donor-imposed stipulations. All such contributions are considered available as unrestricted support. If a restriction is fulfilled in the same fiscal year in which the contribution is received, the contribution is reported as unrestricted. The Board designates large contributions received without donor restrictions for specific purposes in accordance with AMAA by-laws.

Temporarily restricted net assets represent the part of net assets resulting from contributions and other inflows of assets whose use by the AMAA is limited by donor-imposed stipulations that either expire by passage of time or can be fulfilled and removed by actions of the AMAA pursuant to those stipulations. When a stipulated time restriction ends, or purpose restriction is accomplished, temporarily restricted net assets are classified and reported in the statement of activities as net assets released from restriction.

Permanently restricted net assets represent the part of net assets resulting from contributions and other inflows of assets whose use by the AMAA is limited by donor-imposed stipulations that neither expire by passage of time nor can be fulfilled or otherwise removed by actions of the AMAA. These gift instruments require the principal be invested in perpetuity and the income be used in part, or all, for specific purposes contained in the gift instrument.

Pledges Receivable

The AMAA accounts for pledges receivable in accordance with the recommendations of the Financial Accounting Standards Board Accounting Standards Codification Topic 958, “Not-For-Profit Entities.” Accordingly, all pledged contributions are recognized when the donor makes an unconditional promise to give to the AMAA. Pledges receivable over one year are discounted to present value. Contributions that are restricted by the donor are reported as increases in unrestricted net assets if the restrictions are anticipated to expire in the fiscal year in which the contributions are recognized. All other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets, depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.

The AMAA uses the allowance method to determine uncollectible pledges receivable. The allowance is based on prior years experience and management's analysis of specific promises made.

Other Receivables

Interest receivable consists primarily of accrued interest receivable on loans and securities.

Loans receivable consists primarily of various loans provided to enable Armenian Evangelical churches and schools to make expenditures related to their non-profit purposes. Loans are generally made at favorable interest rates. Interest income is recorded based on repayment terms and interest rate.

Allowances for doubtful accounts consist of allowances established for receivables deemed uncollectible. 2017/18 AMAA MINISTRIES 39 Investments

The AMAA adopted Financial Accounting Standards Board Accounting Standards Codification Subtopic 958-320, “Not- For-Profit Entities – Investments – Debt and Equity Securities” beginning with fiscal years ended July 31, 1997. Investments of the AMAA, including certain real estate properties, are reported in the financial statements at fair market value.

Cash equivalents consist of money market funds.

Corporate stocks are invested in marketable securities of trust or higher quality. In calculating realized gains/losses for specific stocks, the fair market value as of the prior year-end is used as the cost basis.

Bonds and notes consist of obligations of federal agencies and corporations with maturity dates ranging from zero to 36 years. Bond mutual funds are liquid and marketable and therefore are assigned a zero maturity date in the aggregate.

Gains or losses arising from the sale or disposition of investments and other non-cash assets are accounted for in accordance with the underlying classification based on donor restrictions.

Fair Value of Financial Instruments

The carrying amounts of financial instruments, including cash, cash equivalents, pledges receivable, other receivables, and accounts payable and accrued expenses approximates fair value due to the short maturity of these instruments. The carrying amounts of custodial accounts liability approximates the fair value of related underlying investment accounts.

Endowment Funds

The AMAA’s endowment consists of approximately 2,200 individual donor-restricted funds established for a variety of purposes. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds, are classified and reported based on the existence or absence of donor-imposed restrictions.

The AMAA has interpreted the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds and additional contributions to those funds, absent explicit donor stipulations to the contrary. As permitted by donor-imposition, the remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the AMAA in a manner consistent with the standard of prudence prescribed by UPMIFA.

The AMAA has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the original corpus of the endowment assets. Endowment assets include those assets of donor-restricted funds that the AMAA must hold in perpetuity or for a donor-specified period. Under this policy, as approved by the Board of Directors, the endowment assets are invested in a manner that is intended to produce results that meet or exceed the yield results of accepted market indices while assuming a moderate level of investment risk. Actual returns in any given year will vary. To satisfy its long-term rate-of-return objectives, the AMAA relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The AMAA targets a diversified asset allocation to achieve its long-term return objectives within prudent risk constraints.

The AMAA has a policy of appropriating for distribution each year a percentage of the endowment fund balance, based on an average of the prior 12 quarters. For the upcoming fiscal year, the AMAA has set the percentage at 4.5%. These funds are permitted to be expended in accordance with donor-imposed stipulations. The AMAA’s objective is to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment return, while utilizing a portion of the earnings. The Board of Directors has appropriated $5,314,946 and $5,316,645 from the endowment funds for the fiscal years ending July 31, 2018 and July 31, 2017, respectively.

Real Estate Investments

Real estate investments have been acquired through donations or by the expenditure of unrestricted or permanently restricted assets. These investments are primarily in mission and service facilities in various parts of the world and are maintained for the furtherance of the wider mission of the AMAA. These investments also include income-producing commercial properties in California, which were received as donations.

Fixed Assets and Depreciation

Fixed assets (land, buildings, and equipment) are valued at cost less accumulated depreciation. Depreciation is calculated using the straight-line method with estimated useful lives of the respective assets varying from three to thirty years. Purchases of fixed assets costing over $25,000 with a useful life greater than one year are capitalized in the financial statements. Fixed assets (land, buildings, and equipment) are valued at cost less accumulated depreciation. 2017/18 40

Depreciation is calculated using the straight-line method with estimated useful lives of the respective assets varying from three to thirty years. Purchases of fixed assets costing over $25,000 with a useful life greater than one year are capitalized in the financial statements.

The Organization reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.

Historical Collections and Other Non-Cash Contributions

Non-Cash (In-Kind) contributions, other than real estate, including certain historical books, art objects, and other artifacts received by the AMAA are not capitalized in the financial statements. The amounts are not material to the financial statements taken as a whole.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Income Tax Status

The AMAA is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and is not classified as a private foundation.

The AMAA adopted the “Accounting for Uncertainty in Income Taxes” Topic of the Financial Accounting Standards Board Accounting Standards Codification (formerly FIN 48). Tax positions are evaluated to determine whether, upon examination by taxing authorities, such positions would result in an assessment of a tax liability. For tax positions that, in management’s opinion, would result in an assessment, a tax liability along with any associated interest and penalties would be recognized in the accompanying statement of financial position. The AMAA recognizes interest and penalties associated with unrecognized tax liabilities as operating expenses. This standard has no material impact to the financial statements.

Reclassifications

Certain reclassifications have been made to the prior year amounts to conform to the current year presentation.

Risk Management and Uncertainties

Due to the prohibitive cost of obtaining hazard insurance on AMAA real estate holdings in certain foreign countries, including Armenia, AMAA has adopted a policy of self-insurance. While self-insurance involves modest risk, Management feels it is a cost-effective alternative and due to the geographic diversity of the properties, it does not believe any single catastrophic event will have a material impact on the financial position of the AMAA. This policy is applicable to certain real estate investment holdings (Note 5) and certain Land, buildings and Equipment used by AMAA in its mission (Note 7).

The AMAA maintains cash balances at several financial institutions. From time to time, the AMAA’s balances exceed the federally insured limits. Deposits with broker-dealers are insured up to $500,000 by the Securities Investor Protections Corporation. The AMAA maintains balances with brokers which are in excess of these limits.

The AMAA holds investments which are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect the fair market value of investments reported in the statement of financial position.

Subsequent Events

AMAA evaluated subsequent events through October 4, 2018, the date the financial statements were available to be issued.

2017/18

AMAA MINISTRIES41

Note 3 – Pledges Receivable

The aggregate maturities of the pledges receivable are as follows:

July 31, 2018 July 31, 2017 Less than one year $ 246,663 $ 235,946 One to five years 1,129,541 1,718,200 Over five years 493,552 1,092,907 Total 1,869,756 3,047,053 Less: Allowance for doubtful pledges (214,946) (214,946) Net Pledges Receivable $ 1,654,810 $ 2,832,107

Note 4 – Investments

The AMAA’s portfolio consists of various types of investments. The primary investment category is corporate stocks representing 73% and 76% of the portfolio in fiscal years ending July 31, 2018 and July 31, 2017, respectively. These investments are primarily considered available for sale. The AMAA believes that this concentration risk is limited since investments are intended to be held long-term.

Market Concentrations – Corporate Stocks – 2018 The AMAA’s corporate stock portfolio is invested in various asset classes and industries. The more significant at July 31, 2018 include: Information Technology (23.6% of total market value); Financials (17.7%); Healthcare (15.8%); Industrials (11.9%); Consumer Discretionary (11.0%). Other key industries represented include: Consumer Staples, Energy, Materials, Telecommunications, Real Estate and Utilities.

The largest individual stock investment at July 31, 2018 is Apple Inc. (3.4% of equity portfolio) followed by Boeing Co. (3.3%) and Amazon (3.2%).

Market Concentrations – Corporate Stocks – 2017 The AMAA’s corporate stock portfolio is invested in various asset classes and industries. The more significant at July 31, 2017 include: Information Technology (19.3% of total market value); Financials (15.9%); Industrials (12.7%); Health Care (12.0%); Consumer Discretionary (11.7%). Other key industries represented include: Consumer Staples, Energy, Materials, Telecommunications, Real Estate and Utilities.

The largest individual stock investment at July 31, 2017 is Apple Inc. (2.8%) followed by First Real Estate Investment (2.7%) and Boeing Co (2.7%).

Maturities – Bonds and Notes The aggregate maturities of the federal agencies and corporate bonds are as follows: July 31, 2018 July 31, 2017 Less than one year $ 90,857 $ 1,999,010 One to two years 492,783 99,532 Over two to three years 100,081 603,103 Over three to four years 4,846 187,529 Over four to five years 192,468 316,156 Over five to ten years 390,386 594,788 Over ten years 5,761,472 3,723,539 Total $ 7,032,893 $ 7,523,657

Return on Investments Investment and other income for fiscal year 2018 as compared to 2017 are as follows: July 31, 2018 Temporarily Permanently Unrestricted Restricted Restricted Total Rental $ 192,128 $ 706,422 $ 70,000 $ 968,550 Dividends and Interest 3,276 2,780,000 - 2,783,276 Net realized gains (losses) on investments (3,387) 9,406,133 - 9,402,746 Net unrealized gains (losses) on investments - 1,916,067 - 1,916,067 Total $ 192,017 $ 14,808,622 $ 70,000 $ 15,070,639

2017/18 42

Net realized gains amounted to $9,402,746, reflecting selling prices above their fair market value as of the prior year-end. Net unrealized gains, the change in the fair market value at July 31, 2018 compared to the fair market value for securities investments at July 31, 2017, were $1,916,067.

July 31, 2017 Temporarily Permanently Unrestricted Restricted Restricted Total Rental $ 154,313 $ 640,692 $ 84,000 $ 879,005 Dividends and Interest 4,498 2,988,972 - 2,993,470 Net realized gains (losses) on investments (89) 1,693,632 - 1,693,543 Net unrealized gains (losses) on investments - 7,450,087 - 7,450,087 Total $ 158,722 $ 12,773,383 $ 84,000 $ 13,016,105

Net realized gains amounted to $1,693,544, reflecting selling prices above their fair market value as of the prior year-end. Net unrealized gains, the change in the fair market value at July 31, 2017 compared to the fair market value for securities investments at July 31, 2016, were $7,450,088.

Endowment Funds Changes in endowment net assets for the fiscal year ended July 31, 2018 are as follows:

Temporarily Permanently Undesignated Restricted Restricted Total Endowment net assets, beginning of year $ 1,221,869 $ 18,039,104 $ 82,102,596 $ 101,363,569 Investment income - 13,969,132 - 13,969,132 Contributions 257,384 35,000 2,394,834 2,687,218 Appropriation of endowment assets for expenditure - (8,981,987) - (8,981,987) Endowment net assets, end of year $ 1,479,253 $ 23,061,249 $ 84,497,430 $ 109,037,932

Changes in endowment net assets for the fiscal year ended July 31, 2017 are as follows:

Temporarily Permanently Undesignated Restricted Restricted Total Endowment net assets, beginning of year $ 1,526,541 $ 11,644,960 $ 81,496,273 $ 94,667,774 Investment income - 8,986,877 - 8,986,877 Contributions - - 606,323 606,323 Appropriation of endowment assets for expenditure (304,672) (2,592,733) - (2,897,405) Endowment net assets, end of year $ 1,221,869 $ 18,039,104 $ 82,102,596 $ 101,363,569

Real Estate Investments A summary of real estate investments by location is as follows: July 31, 2018 July 31, 2017 Belgium $ 480,435 $ 480,435 Lebanon 4,078,978 4,078,978 South America 200,004 200,004 United States: Non-Commercial 14,883,082 14,883,082 United States: Commercial 9,650,000 9,650,000 Total $ 29,292,499 $ 29,292,499

2017/18

AMAA MINISTRIES43

Note 5 – Fair Value Disclosures

Fair Value Measurements As defined in the “Fair Value Measurements” standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the AMAA uses various methods including market, income, and cost approaches. Based on these approaches, the AMAA often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The AMAA utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the AMAA is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 — Valuations based on inputs other that level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets and liabilities in markets that are not active. If assets or liabilities have a specified contractual term, the inputs must be observable for substantially the full term of the asset or liability. • Level 3 — Valuations for assets and liabilities derived from unobservable inputs. Unobservable inputs are used to the extent that observable inputs for level 2 are not available. Unobservable inputs reflect the reporting entities own assumptions about the assumptions that market participants would use in pricing such assets or liabilities. For the fiscal year ended July 31, 2018 and 2017, the application of valuation techniques applied to similar assets and liabilities has been consistent. The following is a description of the valuation methodologies used for instruments measured at fair value: Corporate Stocks The fair value of corporate stocks is the market value based on quoted market prices, when available, or market prices provided by recognized broker dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use unobservable inputs due to the limited market activity of the instrument. Bonds, Notes, and Structured Settlements Bonds and notes consist of corporate and government bonds where fair value is the market value based on quoted market prices, when available, or market prices provided by recognized broker dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use unobservable inputs due to the limited market activity of the instrument. Structured Settlement Contracts do not trade in an active, open market with readily observable prices. While sales of structured settlements do occur, the precise terms and conditions typically are not readily available. Accordingly, the AMAA estimates the fair value of these contracts using discounted cash flow (“DCF”) models incorporating numerous assumptions from the perspective of market participant including servicing income, servicing costs, market discount rates, prepayment speeds, and default rates. Due to the nature of the valuation inputs, these contracts are classified within Level 2 of the valuation hierarchy.

Real Estate Real estate investments are carried at fair value and are generally classified within Level 2 of the valuation hierarchy. Values are based on certified appraisal reports and available comparable sales market data. However, certain real estate holdings, including various holdings in Lebanon, are classified within Level 3 because valuation is not practical due to geographic volatility. These investments are carried at acquisition value since this approximates fair value, based on recent sales.

Loans Receivable Loans receivable are not traded in an active, open market and are instead measured at fair value on a nonrecurring basis; that is, the loans receivable are not measured at fair value on an ongoing basis but are tested for impairment annually. Loan performance and credit risk are considered when evaluating loans for impairment (see note 6).

2017/18 44

Fair Value on a Recurring Basis The table below presents the balances of assets and liabilities measured at fair value on a recurring basis at July 31, 2018: Total Level 1 Level 2 Level 3 Corporate Stocks Financials $ 16,876,283 $ 16,876,283 $ - $ - Healthcare 15,038,770 15,038,770 - - Information Technology 22,468,347 22,468,347 - - Industrials 11,387,214 11,387,214 - - Consumer Discretionary 10,533,662 10,533,662 Consumer Staples 3,552,129 3,552,129 - - Energy 5,434,350 5,434,350 - - Telecommunication services 3,608,087 3,608,087 - - Utilities 251,304 251,304 - - Materials 3,021,057 3,021,057 - - Real Estate 3,199,342 3,199,342 - - Other 7,353,878 7,353,878 - - Total Corporate Stock 102,724,423 102,724,423 - - Bonds and Notes 7,032,893 7,032,893 - - Cash and Cash Equivalents 20,910,779 20,910,779 - - Real Estate Investments 29,292,499 - 25,279,864 4,012,635 Total Investment Assets $ 159,960,594 $ 130,668,095 $ 25,279,864 $ 4,012,635

There were no changes in Level 3 assets and liabilities measured at fair value on a recurring basis at July 31, 2018. Balance, July 31, 2017 $ 4,012,635 Total net gains (losses) included in net income - Purchases, sales, issuances and settlements, net - Balance, July 31, 2018 $ 4,012,635

The table below presents the balances of assets and liabilities measured at fair value on a recurring basis at July 31, 2017: Total Level 1 Level 2 Level 3 Corporate Stocks Financials $ 14,348,537 $ 14,348,537 $ - $ - Healthcare 10,802,955 10,802,955 - - Information Technology 17,427,454 17,427,454 - - Industrials 11,493,918 11,493,918 - - Consumer Supplies 17,697,236 17,697,236 - - Energy 6,579,713 6,579,713 - - Telecommunication services 3,777,869 3,777,869 - - Utilities 599,536 599,536 - - Materials 4,278,065 4,278,065 - - Other 12,368,341 12,368,341 Total Corporate Stock 99,373,624 99,373,624 - - Bonds and Notes 7,523,657 7,523,657 - - Cash and Cash Equivalents 12,921,293 12,921,293 - - Real Estate Investments 29,292,499 - 25,279,864 4,012,635 Total Investment Assets $ 149,111,073 $ 119,818,574 $ 25,279,864 $ 4,012,635

There were no changes in Level 3 assets and liabilities measured at fair value on a recurring basis at July 31, 2017. Balance, July 31, 2016 $ 4,012,635 Total net gains (losses) included in net income - Purchases, sales, issuances and settlements, net - Balance, July 31, 2017 $ 4,012,635

2017/18

AMAA MINISTRIES45

Note 6 – Loans Receivable

The composition of the loans receivable is as follows:

July 31, 2018 July 31, 2017 Commercial real estate $ 1,842,766 $ 1,576,059 Allowance for doubtful accounts (350,500) (350,500) Net Loans Receivable $ 1,492,266 $ 1,225,559

Note 7 – Land, Buildings, and Equipment

A summary of fixed assets as of July 31, 2018 follows:

Buildings & Office Land Total Improvements Equipment AMAA Headquarters $ 127,000 $ 1,814,029 $ 87,000 $ 2,028,029 Armenia 2,004,972 27,323,036 69,780 29,397,788 Total Fixed Assets 2,131,972 29,137,065 156,780 31,425,817 Less Acc. Depreciation - 6,820,649 156,780 6,977,429 Net Fixed Assets $ 2,131,972 $ 22,316,416 $ - $ 24,448,388

A summary of fixed assets as of July 31, 2017 follows:

Buildings & Office Land Total Improvements Equipment AMAA Headquarters $ 127,000 $ 1,814,029 $ 87,000 $ 2,028,029 Armenia 1,861,019 26,609,405 69,780 28,540,204 Total Fixed Assets 1,988,019 28,423,434 156,780 30,568,233 Less Acc. Depreciation - 5,228,560 156,780 5,385,340 Net Fixed Assets $ 1,988,019 $ 23,194,874 $ - $ 25,182,893

Note 8 – Custodial Accounts

Custodial accounts represent contributions and inflows of assets held by the AMAA for safekeeping and invested for future projects or other organizations, per their requests. A summary of the custodial accounts at market value follows:

July 31, 2018 July 31, 2017 Haigazian University End of Service Indemnity $ 1,124,946 $ 1,096,748 Armenian Evangelical Schools of California 565,871 1,133,535 Armenian Evangelical World Council 226,263 216,162 Estate of Kirakos Vapurciyan 509,393 556,859 Future Armenian Leadership Fund 384,000 419,750 TF Educational Foundation 85,000 - $ 2,895,473 $ 3,423,054 Note 9 – Unrestricted Undesignated Net Assets

Unrestricted net assets are composed of the following: July 31, 2018 July 31, 2017 Cash and investments available for operating expenditures $ 317,934 $ 318,900 Borrowings from other funds (8,258,739) (6,931,382) Fixed assets 24,448,388 25,182,893 Total Unrestricted Net Assets $ 16,507,583 $ 18,570,411

2017/18 46

Note 10 – Temporarily Restricted Net Assets

Temporarily restricted net assets are restricted to: July 31, 2018 July 31, 2017 Satisfaction of program objectives, such as Child Education, Relief, Milk Fund, Evangelism, etc. $ 7,760,376 $ 6,486,654 Net Pledges Receivable 1,654,810 2,832,107 Total Unrestricted Net Assets $ 9,415,186 $ 9,318,761

Note 11 – Permanently Restricted Net Assets

Permanently restricted net assets are restricted to: July 31, 2018 July 31, 2017 Endowments $ 109,037,932 $ 101,363,569 Trust assets 49,655,500 46,127,606 Total Permanently Restricted Net Assets $ 158,693,432 $ 147,491,175

Note 12 – Split-Interest Agreements

Certain split-interest agreements exist represented by endowment or trust funds whose income is distributed between the AMAA and others. The amounts are not material to the financial statements taken as a whole.

Note 13 –Retirement Plan

During fiscal year 2003, the AMAA formed an employee retirement plan under Internal Revenue Code Section 401(k). Under this plan, after the first year of employment, any employee may elect to defer a portion of his/her wages and receive partial matching by the AMAA. The portion the AMAA matches depends on the percentage of wages the employee elects to defer. The maximum amount the AMAA matches is 4.0% of base earnings. 2017/18

Endowment Funds and Other Financial Information AMAA MINISTRIES47

Armenian Missionary Association of America, Inc. Summary of Investments in Endowment Funds As of July 31, 2018

Armenian Missionary Association of America Summary of Investments in Endowment Funds As of July 31, 2018

Securities Endowment Funds - Various Designations $ 108,386,461 Armenia Relief 2,402,425 Haigazian University 12,504,604 Ministers and Widows Pensions 952,438 Armenian Evangelical Schools of California 820,083 Armenian Evangelical Schools of Lebanon 1,101,787 Avedisian School 4,491,750 Eurasia 5,342 Health Care Fund 3,205 $ 130,668,095 Real Estate Investments Endowment Funds - Various Designations 26,714,866 Haigazian University 2,577,633 29,292,499 Loans from Endowment Funds Endowment Funds - Various Designations 1,654,810

$ 161,615,404 2017/18 48 Endowment Funds at July 31, 2018

ENDOWMENT FUNDS

Name of Fund Value Name of Fund Value

ENDOWMENT FUNDS, Various...... 187,217 ANDONIAN THEOLOGICAL EDUCATION FUND, Haigazoun & Angel...... 10,785 AARONIAN MEMORIAL FUND, Ms.Evelyn...... 14,563 ANDRANIGIAN MEMORIAL FUND, Amar M...... 594,244 AARONIAN MEMORIAL FUND, Nevart & Charles...... 1,596 ANDREASSIAN ENDOWMENT FUND, Isgouhie...... 1,156,910 ABADJIAN ENDOWMENT FUND, Dikran...... 34,907 ANDREASSIAN/DARAKJIAN ENDOWMENT FUND...... 18,841 ABADJIAN ENDOWMENT FUND, John & Sona...... 56,579 ANDREISE MEMORIAL FUND, Thelma Grace Avedikian...... 1,221 ABADJIAN FUND MEMORY OF MOTHER VERA, Andre...... 36,447 ANDROYAN ENDOWMENT FUND, Nishan...... 21,170 ABAJIAN ENDOWMENT FUND, Henry K. & Gladys...... 35,792 ANONYMOUS #1 - MJ ENDOWMENT FUND, ...... 59,441 ABAJIAN ENDOWMENT FUND, Mr. & Mrs.G. J...... 96,675 ANONYMOUS #2 - PK ENDOWMENT FUND...... 918,100 ABAJIAN ENDOWMENT FUND, Sumpat S...... 4,531 ANONYMOUS #3 - AOK ENDOWMENT FUND...... 1,558,652 ABASHIAN ENDOWMENT FUND, Nishan & Esgoohi...... 24,844 ANONYMOUS #5 - AVED ENDOWMENT FUND...... 277,245 ABDULIAN ENDOWMENT FUND, Dr. & Mrs.Jack...... 26,742 ANONYMOUS #7- GSN ENDOWMENT FUND...... 87,483 ABDULIAN ENDOWMENT FUND, Dr. & Mrs.Misak...... 12,602 ANONYMOUS AK ENDOWMENT FUND...... 326,558 ABDULIAN ENDOWMENT FUND, Dr.Daniel & Juliette...... 5,359 ANONYMOUS EAK ENDOWMENT FUND...... 2,590 ABDULIAN MEMORIAL FUND, Araxie & Mary...... 15,298 ANONYMOUS EH ENDOWMENT FUND...... 45,410 ABDULIAN MEMORIAL FUND, Daniel & Anush...... 108,268 ANONYMOUS ENDOWMENT FUND...... 16,657 ABDULIAN MEMORIAL FUND, Vahe & Marianne...... 119,852 ANONYMOUS GJ ENDOWMENT FUND...... 4,721 ABRAHAMIAN MEMORIAL FUND, John & Mary...... 16,282 ANONYMOUS LK ENDOWMENT FUND...... 122,105 ACHJIAN, JR. ENDOWMENT FUND, Levon...... 1,786 ANONYMOUS MJ ENDOWMENT FUND...... 31,523 ADAMIAN ENDOWMENT FUND, Dr.Gregory H...... 1,533 APARTIAN MEMORIAL FUND, Rev.Barkev...... 2,663 ADANALIAN ENDOWMENT FUND, Rev.G. B...... 4,262 APELIAN MEMORIAL FUND, Harry & Catherine...... 15,420 ADOURIAN MEMORIAL FUND, Setrak Nicholas & Zenoohi...... 263,213 APELIAN MEMORIAL FUND, Joseph Moses & Alice...... 3,196 ADROUNY ENDOWMENT FUND, Jane Ann...... 25,180 APELIAN MEMORIAL FUND, Mr.Joseph...... 27,886 ADROUNY MEMORIAL FUND, Alice & George...... 32,579 APELIAN NURSE’S FUND, Marie...... 2,681 AGBABIAN HUBBARD ENDOWMENT FUND, Lucina...... 235,048 APKARIAN ENDOWMENT FUND, Rev.Hovhannes & Aznive...... 106,211 AGBABIAN HUBBARD SCHOLARSHIP ENDOWMENT FUND, APOIAN MEMORIAL FUND, Elizabeth...... 4,437 Lucina...... 235,048 APOIAN MEMORIAL FUND, Joseph...... 3,067 AGBABIAN MEMORIAL FUND, Rev.Siragan & Parouhie...... 211,953 APOVIAN ENDOWMENT FUND, Dr. & Mrs.John...... 3,452 AGBABIAN MEMORIAL FUND, Zaven...... 165,484 APRAHAMIAN MEMORIAL FUND, Steve...... 4,184 AGBASHIAN ENDOWMENT FUND, John & Florence...... 3,069 ARABAJIAN MEMORIAL FUND, Hagop & Annie...... 257,232 AGBASHIAN ENDOWMENT FUND, Mr. & Mrs.Aggie G...... 3,069 ARABIAN ENDOWMENT FUND, Mr. & Mrs.Robert V...... 1,533 AGHAJANIAN ENDOWMENT FUND, Ghevont...... 2,595 ARDSROONY MEMORIAL FUND, Vahe & Arpik...... 6,955 AGHASSIAN SCHOLARSHIP FUND, Lillian & Jonathan...... 115,507 ARISSIAN ENDOWMENT FUND, Mr. & Mrs.Karekin...... 21,034 AGHAZARIAN ENDOWMENT FUND, Mr. & Mrs.Arsen...... 9,376 ARMAGHANIAN ENDOWMENT FUND, Dicran & Arsha Louis...... 30,990 AGNERIAN ENDOWMENT FUND, Abraham & Victoria...... 3,848 ARMAGHANIAN ENDOWMENT FUND, Rev. & Mrs.H...... 19,949 AGNERIAN MEMORIAL FUND, Rev.Hovhannes H...... 42,286 ARMEN MEMORIAL FUND, Dr.Robert Nerces...... 13,142 AHARONIAN ENDOWMENT FUND, Hrair & Julie...... 29,650 ARMENIAN CONG’L CHURCH DETROIT FUND, Ladies Aid Society...... 1,533 AIJIAN ENDOWMENT FUND, Rev.M. M...... 1,976 ARMENIAN CONGREGATIONAL CH BUILDING, Chicago, IL.... 1,128,111 AIJIAN PHILIBOSIAN FUND, Kaloost, Siroon & Ruth...... 6,377,049 ARMENIAN CONGREGATIONAL CHURCH FUND, Haverhill...... 12,274 AINTAB COMPATRIOTIC UNION ENDOWMENT...... 70,187 ARMENIAN EVANGELICAL CHURCH, New York...... 149,279 AINTABLIAN ENDOWMENT FUND, Clara A...... 1,221 ARMENIAN EVANGELICAL SOCIAL SERVICE...... 142,285 AINTABLIAN TRAVER ENDOWMENT FUND, Ann...... 34,769 ARMENIAN MISSIONARY ASSOCIATION FUN, Iran...... 23,038 AJAMIAN ENDOWMENT FUND, Mr. & Mrs.Charles T...... 3,546 ARMENIAN PRESBYTERIAN COMMUNITY FUND, Washington DC...... 1,937 AJEMIAN ENDOWMENT FUND, Dr. & Mrs.George...... 50,037 ARMENIAN REFORMED PRESBYTERIAN CHUR, Cyprus...... 4,815 AJEMIAN ENDOWMENT FUND, John & Chouchan...... 3,326 ARMENIAN STUDIES EDUCATIONAL FUND...... 1,335 AJEMIAN ENDOWMENT FUND, Mr. & Mrs.Peter...... 3,474 ARTINIAN MEMORIAL FUND, Haroutune...... 4,879 AJEMIAN ENDOWMENT FUND, Puzant & Zartoohy...... 38,916 ARZOOYAN ENDOWMENT FUND, Archie...... 13,958 AKILLIAN MEMORIAL FUND, Anna...... 1,004 ARZOOYAN MEMORIAL FUND, Charles & Arshagui...... 79,928 AKKASHIAN ENDOWMENT FUND, Siranoush...... 13,466 ARZOUN ENDOWMENT FUND, Vahan & Gladys...... 33,488 AKKULIAN ENDOWMENT FUND, Mr. & Mrs.Daniel...... 7,787 ASBED ENDOWMENT FUND, H. K...... 5,529 AKULLIAN ENDOWMENT FUND, Shake...... 4,262 ASDIKIAN MEMORIAL FUND, Samuel E. & Elmas D...... 2,376 AKULLIAN MEMORIAL FUND, Mr. & Mrs.Jack...... 135,413 ASHJIAN ENDOWMENT FUND, Rev.Hamparzoum...... 3,874 AKULLIAN MEMORIAL FUND, Vahan...... 2,590 ASHKARIAN ENDOWMENT FUND, Beatrice...... 4,035 ALAJAJIAN ENDOWMENT FUND, Dorothy...... 4,035 ASHKARIAN MEMORIAL FUND, Ohanes...... 14,140 ALBARIAN ENDOWMENT FUND, Dr.Edward L...... 1,490 ASHODIAN ENDOWMENT FUND, John N...... 1,336 ALBARIAN ENDOWMENT FUND, George & Louise...... 38,982 ASLAN FAMILY TRUST ENDOWMENT FUND, ...... 22,631 ALBARIAN MEMORIAL FUND, Rev.Sarkis & Knarig...... 19,369 ASSADOURIAN MEMORIAL FUND, Garabed A. & Isabel...... 26,433 ALBERIAN ENDOWMENT FUND, Mr. & Mrs.Edwin...... 25,450 ATAMIAN ENDOWMENT FUND, Rodney & Tracy...... 10,811 ALEPPO COLLEGE ENDOWMENT FUND, Girls Division...... 5,729 ATAMIAN MEMORIAL FUND, Vartoohe...... 1,021 ALEXANDER ENDOWMENT FUND, Harry...... 102,425 ATESIAN ENDOWMENT FUND, Howard & Zabelle...... 1,852 ALEXANIAN ENDOWMENT FUND, Mr. & Mrs.Daniel...... 47,938 ATHANAS LITERARY ENDOWMENT FUND, Hour...... 116,810 ALEXANIAN MEMORIAL FUND, Ludwig & Alice...... 4,738 ATTARIAN ENDOWMENT FUND, Behiye...... 1,867 ALTOONJIAN ENDOWMENT FUND, Marjorie, Flora & Mable.... 1,698,814 ATTARIAN ENDOWMENT FUND, George & Mary...... 9,908 ALTOUNIAN MEMORIAL FUND, Arshag...... 9,384 ATTARIAN ENDOWMENT FUND, James E. & Virginia...... 36,821 AMAA 75TH ANNIVERSARY FUND...... 3,118 ATTARIAN ENDOWMENT FUND, James M...... 4,856 AMERKHANIAN MEMORIAL FUND, Arshak...... 2,114 ATTARIAN ENDOWMENT FUND, Mr. & Mrs.James M...... 3,708 AMIRKHANIAN ENDOWMENT FUND, Rev.Vartan...... 15,785 AVAKIAN ENDOWMENT FUND, Armand & Janet...... 5,386 2017/18

Endowment Funds at July 31, 2018 49

Name of Fund Value Name of Fund Value

AVAKIAN ENDOWMENT FUND, Azadouhie...... 2,269 BASMADJIAN FAMILY FUND, Krikor & Hagop...... 2,215 AVAKIAN ENDOWMENT FUND, Mr.H...... 6,741 BEAUCHAMP ENDOWMENT FUND, Mr. & Mrs.D. E...... 3,222 AVAKIAN ENDOWMENT FUND, Rev.Avak & Veronica...... 22,768 BECIDYAN MEMORIAL FUND, Dr.Hasmig...... 7,572 AVAKIAN ENDOWMENT FUND, Samuel & Rose...... 10,687 BEDIKIAN ENDOWMENT FUND, Harout...... 3,958 AVAKIAN MEMORIAL FUND, Yervant & Acabie...... 55,123 BEDIKIAN THEOLOGICAL FUND, Rev.A. A...... 65,991 AVED MEMORIAL FUND, Joseph G. & Mary K...... 17,627 BEDOIAN MEMORIAL FUND, Charles...... 68,613 AVEDIAN ENDOWMENT FUND, Alice...... 5,948 BEDROSIAN ENDOWMENT FUND, Dr. & Mrs.Levon...... 3,990 AVEDIAN ENDOWMENT FUND, Arnie & Nectar...... 72,144 BEDROSIAN ENDOWMENT FUND, Mr. & Mrs.Ben...... 3,874 AVEDIKIAN ENDOWMENT FUND, George & Mary...... 2,443 BEDROSIAN ENDOWMENT FUND, Mr. & Mrs.Martin...... 9,643 AVEDIKIAN ENDOWMENT FUND, Rebecca G. & Thelma...... 4,152 BEDROSIAN ENDOWMENT FUND, Mr. & Mrs.Vahe P...... 3,375 AVEDIKIAN ENDOWMENT FUND, Sarkis & Shake...... 4,347 BEDROSSIAN HADJIAN SURABIAN END FUN, Yevkine & Victoria...... 8,135 AVEDIKIAN MEMORIAL FUND, Dicran & Vehide...... 8,871 BEDROSSIAN MEMORIAL FUND, Dr.Edward & Angele...... 72,134 AVEDISIAN ENDOWMENT FUND, Dr. & Mrs.Socrat...... 6,199 BEDROSSIAN SCHOLARSHIP FUND, Dr. E. Howard...... 492,336 AVEDISSIAN HOYEN MEMORIAL FUND, Stella...... 4,125 BEKIAN ENDOWMENT FUND, Rev.Nishan...... 2,479 AVIAN ENDOWMENT FUND, Bob & M/M Hampar Avedisia...... 37,887 BEKMEZIAN ENDOWMENT FUND, Mary...... 7,712 AYNEDJIAN ENDOWMENT FUND, Hagop & Grace...... 8,323 BEKMEZIAN ENDOWMENT FUND, Millard...... 69,646 AYNEJIAN, Mr. & Mrs.John and Hilda...... 2,098 BELIAN MEMORIAL FUND, Aram Y...... 446,209 AYNILIAN FAMILY ENDOWMENT FUND, Nerses & Arpine...... 671,428 BELOYAN MEMORIAL FUND, Neshan...... 1,109 AYVAZIAN MEMORIAL FUND, Shnorhig H...... 3,158 BENGLIAN ENDOWMENT FUND, Mr. & Mrs.Semon...... 6,598 AZADIAN ENDOWMENT FUND, Vahan & Grace...... 117,389 BENGLIAN MEMORIAL FUND, Vahan & Sara...... 14,009 AZIRIAN ENDOWMENT FUND, Jirair D...... 2,890 BENNETT ENDOWMENT FUND, John Eskijian...... 1,259 BABAIAN ENDOWMENT FUND, Ralph...... 52,105 BENNEYAN ENDOWMENT FUND, Rev.H. G...... 5,810 BABAYAN NERSESSIAN ENDOWMENT FUND, Richard & Sonya...... 1,198 BERBERIAN ENDOWMENT FUND, Mr. & Mrs.Everett H...... 3,158 BABIGIAN ENDOWMENT FUND, Mrs.Y. K...... 1,937 BERBERIAN MEMORIAL FUND, Dr.Dicran & Armine...... 194,200 BABIKIAN ENDOWMENT FUND, Richard Zaven...... 299,493 BERBERIAN MEMORIAL FUND, Vahe A...... 1,531 BABOGHLIAN MEMORIAL FUND, Vartkes...... 2,144 BESH ENDOWMENT FUND, Van...... 62,262 BABOIAN ENDOWMENT FUND, Rev.Charles...... 1,982 BESH GETOOR MEMORIAL FUND, Dr.Levon & Elmon...... 6,790 BADEER ENDOWMENT FUND, Dr. & Mrs.Henry...... 1,146 BEYLERIAN MEMORIAL FUND, George...... 1,273 BADEER TRUST FUND, A. & V...... 2,028,123 BEZIRGANIAN ENDOWMENT FUND, Dr. & Mrs.George...... 228,343 BADEMIAN ENDOWMENT FUND, Zaven & Cleia...... 1,637 BEZIRGANIAN ENDOWMENT FUND, Drs.John & Sophia...... 36,687 BAGDASARIAN ENDOWMENT FUND, Mr. & Mrs.George...... 3,069 BEZIRGANIAN ENDOWMENT FUND, Mr.Steve...... 9,386 BAGDASARIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 3,963 BEZJIAN ENDOWMENT FUND, Alex & Victoria...... 4,325 BAGDIKIAN ENDOWMENT FUND, Rev. Dr.Aram...... 2,518 BEZJIAN ENDOWMENT FUND, Jacob & Lydia...... 5,600 BAGHDASARIAN ENDOWMENT FUND, Mr. & Mrs.Gerard...... 24,947 BEZJIAN ENDOWMENT FUND, Mr. & Mrs.Albert...... 56,525 BAGHDASSARIAN ENDOWMENT FUND, Mr.Stepan...... 2,723 BEZJIAN ENDOWMENT FUND, Mr. & Mrs.Hagop...... 4,895 BAGHDIKIAN ENDOWMENT FUND, Barkev...... 12,262 BEZJIAN HARDOUVELIS ENDOWMENT FUND, Gikas & Suzan..... 3,043 BAKALIAN ENDOWMENT FUND, Rev.Dr.Samuel & Hilda...... 1,467 BILEZIKIAN ENDOWMENT FUND, Valantine...... 4,378 BAKAMJIAN MEMORIAL FUND, Barkev & Grace...... 20,742 BILEZIKJIAN ENDOWMENT FUND, Zabel & Youhanna...... 33,102 BAKAMJIAN MEMORIAL FUND, Dr.Veronica...... 534,680 BIZDIKIAN ENDOWMENT FUND, Rev. & Mrs.Jerair...... 1,660 BAKER ENDOWMENT FUND, Mr. & Mrs.Ralph...... 1,221 BODOURIAN ENDOWMENT FUND, Harry Ghazaros...... 3,158 BAKER ENDOWMENT FUND, Seth & Hasmig...... 2,035 BOGDASARIAN ENDOWMENT FUND, John & Alice...... 3,961 BAKERDJIAN ENDOWMENT FUND, Mr. & Mrs.Vartan...... 3,025 BOGHARIAN ENDOWMENT FUND, Keghanoush...... 2,263 BAKMAZIAN ENDOWMENT FUND, Mr. & Mrs.Param & Selma.... 194,084 BOGHOSIAN/CHAKMAKJIAN MEMORIAL FUND...... 37,312 BALABANIAN ARM. CHILD. CANCER FUND, Saro...... 23,951 BOGHOSSIAN ENDOWMENT FUND, Dr. & Mrs.Hagop...... 24,547 BALABANIAN EDUCATIONAL FUND, Sarkis (Balaban Hoja)...... 19,455 BOGOSIAN ENDOWMENT FUND, Mr. & Mrs.Avedis Paul...... 11,846 BALIAN ENDOWMENT FUND, Ara...... 1,036 BOGOSIAN ENDOWMENT FUND, Mr. & Mrs.John...... 25,360 BALIAN ENDOWMENT FUND, Dr.Sarkis & Prapion...... 1,460 BOGOSIAN ENDOWMENT FUND, Paul...... 4,804 BALIAN MEMORIAL FUND, Venus...... 3,315 BOGOSIAN MEMORIAL EDUCATIONAL FUND, Tavit & Sirvart...... 16,530 BALIKIAN MEMORIAL FUND, Hrair...... 2,060 BOGOSIAN MEMORIAL FUND, Sarkis...... 391,622 BALIKJIAN ENDOWMENT FUND, D. & R...... 58,853 BOGOSSIAN MEMORIAL FUND, Armen & Florence...... 1,545 BALIKJIAN MEMORIAL FUND, Kegham...... 5,041 BOLOYAN ENDOWMENT FUND, Mr. & Mrs.Kazar...... 8,795 BALIOZIAN ENDOWMENT FUND, Vahe...... 1,822 BOND MEMORIAL FUND, Harold...... 1,100 BALUKJIAN ENDOWMENT FUND, Harry...... 5,337 BOOLE ENDOWMENT FUND, John H...... 15,824 BALUKJIAN ENDOWMENT FUND, Puzant & Esther...... 8,085 BOOLE ENDOWMENT FUND, Nectar...... 1,570 BALYOSIAN ENDOWMENT FUND, Stephen & Mary...... 5,163 BOSNIAN ENDOWMENT FUND, Luther H...... 38,736 BANCROFT JONES MEMORIAL FUND, Anna...... 19,947 BOUJICANIAN ENDOWMENT FUND, Arpine...... 1,082 BANDEIAN MEMORIAL FUND, Dr.Alice...... 1,837 BOUJICANIAN ENDOWMENT FUND, Kachadour...... 1,333 BANKER ENDOWMENT FUND, Mr. & Mrs.Oscar...... 4,832 BOYADJIAN ENDOWMENT FUND, Aram...... 1,937 BARDIZIAN EDUCATIONAL FUND, Solomon...... 2,449 BOYADJIAN ENDOWMENT FUND, Haroutune & Mary...... 303,970 BARONIAN ENDOWMENT FUND, Dr. D. Richard & Annette...... 95,381 BOYADJIAN KASSAPIAN MEMORIAL FUND, Marie & Haroutune.... 7,947 BARONIAN ENDOWMENT FUND, John K...... 1,109 BOYAJIAN ENDOWMENT FUND, Harry...... 1,976 BARONIAN ENDOWMENT FUND, Mary A...... 1,669 BOYAJIAN ENDOWMENT FUND, Hattie Eleanor...... 39,197 BARSUMIAN ENDOWMENT FUND, Aram...... 1,130 BOYAJIAN ENDOWMENT FUND, Louise...... 44,651 BARSUMIAN ENDOWMENT FUND, George & Helen...... 31,245 BOYAJIAN ENDOWMENT FUND, Mr. & Mrs.H...... 1,937 BARSUMIAN ENDOWMENT FUND, Rose A...... 3,158 BOYAJIAN ENDOWMENT FUND, Samuel Avedis...... 10,800 BARSUMIAN MEMORIAL FUND, George & Esther...... 54,588 BOYAJIAN HANLON ENDOWMENT FUND, Queenie...... 6,253 BARTIGIAN FAMILY FUND, Mr. & Mrs.Albert...... 5,227 BOYAJIAN MEMORIAL FUND, Avedis & Khatoun...... 96,799 BASHIAN MEMORIAL FUND, John & Hamaspure...... 2,800 BOYAJIAN MEMORIAL FUND, Joseph Sr...... 1,927 BASMADJIAN ENDOWMENT FUND, Ara & Kayane...... 35,906 BOYAJIAN MEMORIAL FUND, Kasper...... 17,262 2017/18 50 Endowment Funds at July 31, 2018

Name of Fund Value Name of Fund Value

BOYAJIAN MEMORIAL FUND, Rose...... 13,558 DARAKJIAN ENDOWMENT FUND, Albert & Annabelle Lee...... 404,071 BOYD MEMORIAL FUND, Mentor Astor...... 3,377 DARAKJIAN ENDOWMENT FUND, Drs.Nazareth & Ani...... 170,890 BOZYAN MEMORIAL FUND, Edith...... 1,727 DARAKJIAN ENDOWMENT FUND, Rev.Emmanuel & Mary...... 31,387 BRIX MEMORIAL FUND, Reuben & Victoria...... 1,013 DARMANJIAN ENDOWMENT FUND, Moses & Lydia...... 2,741 BROUSA SCHOOL GIRLS CLUB ENDOWMENT...... 22,169 DARPINIAN MEMORIAL FUND, John...... 12,842 BUCHAKJIAN ENDOWMENT FUND, Serge & Anita...... 2,837 DARPINIAN/TIMOURIAN ENDOWMENT FUND, Haig R. & Berjouhi...... 410,656 BURMAYAN ENDOWMENT FUND, Mr. & Mrs.Varujan...... 11,457 DAVAGIAN ENDOWMENT FUND, Mr. & Mrs.John S...... 1,579 CAPRELIAN MEMORIAL FUND, Rose...... 14,589 DAVIDIAN ENDOWMENT FUND, Mr. & Mrs.Charles...... 1,533 CARAPETIAN MEMORIAL FUND, Caro...... 3,990 DAVIDIAN ENDOWMENT FUND, Nahabed...... 1,124 CARPETLAND, Manougian Sakayan Turmani...... 13,171 DAVIDIAN ENDOWMENT FUND, Rev.Aris...... 1,982 CASPARIAN ENDOWMENT FUND, Hrant & Hranoush...... 16,242 DAVIDIAN MEMORIAL FUND, Elizabeth Rose...... 25,894 CASPARIAN ENDOWMENT FUND, Mr. & Mrs.Patrick...... 8,185 DAVIDIAN MEMORIAL FUND, James A...... 110,275 CASPARIAN MIRZAIAN MEMORIAL FUND, Perooz & Manoog...... 16,780 DAYIAN ENDOWMENT FUND, Dr. & Mrs.Edward...... 2,685 CHACHOU ENDOWMENT FUND, Mrs.K...... 3,874 DEDEYAN MEMORIAL FUND, Hagop...... 12,586 CHADURJIAN ENDOWMENT FUND, Edward A...... 59,362 DEDEYAN MEMORIAL FUND, Takvor...... 1,994 CHAGLASIAN MEMORIAL FUND, Mr. & Mrs.Karekin & Elizabeth.... 6,685 DEMERJIAN ENDOWMENT FUND, Alice M...... 1,465 CHAHINIAN MEMORIAL FUND, Krikor & Rahel...... 1,849 DEMERJIAN ENDOWMENT FUND, Artin & Azniv...... 2,271 CHAKEJIAN ENDOWMENT FUND, Sarkis...... 1,982 DEMERJIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 69,474 CHAKERIAN ENDOWMENT FUND, DEMIRDJIAN ENDOWMENT FUND, Shavarsh & Nazine...... 3,631 M.Arpine Mullisen & Samuel Gr...... 11,877 DEMIRJIAN ENDOWMENT FUND, Harold & Frances...... 26,863 CHAKMAKJIAN ENDOWMENT FUND, Anna...... 1,533 DEMIRJIAN ENDOWMENT FUND, Minas & Keghany...... 23,928 CHAKMAKJIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 14,816 DEMIRJIAN MEMORIAL EVANGELICAL FUND, Rev.Krikor...... 362,166 CHAKMAKJIAN JR. ENDOWMENT FUND, Mr. & Mrs.Aram K...... 1,647 DEPOIAN ENDOWMENT FUND, Gadarine...... 3,874 CHALABIAN ENDOWMENT FUND, Mr. & Mrs.Charles...... 32,708 DER BOGHOSSIAN MEMORIAL FUND, CHALIAN MEMORIAL FUND, Manouk & Anouche...... 1,252 Misak,Aznive, Armenouhie,Araxie...... 53,850 CHALIKIAN ENDOWMENT FUND, Mr. & Mrs.Edward...... 15,379 DER KALOUSDIAN ENDOWMENT FUND, Rev. & Mrs.Avedis...... 2,411 CHAMICHIAN MEMORIAL FUND, Joseph & Nevart...... 11,861 DER MARDEROSIAN ENDOWMENT FUND, Ara & Evelyn...... 2,290 CHANGELIAN ENDOWMENT FUND, Mr. & Mrs.Charles...... 3,158 DER MATTEOSIAN MEMORIAL FUND, Krikor & Yeghsa...... 28,155 CHATALBASH ENDOWMENT FUND, Mr. & Mrs.Thomas...... 3,069 DER OVANESIAN MEMORIAL FUND, Hagop & Anna M...... 38,736 CHAVOOR MEMORIAL FUND, Frank & Frances...... 1,458 DERANIAN ENDOWMENT FUND, Dr. & Mrs.Hagop Martin...... 3,052 CHELBIAN MEMORIAL FUND, Lucia...... 5,180 DERANIAN MEMORIAL FUND, Armen...... 25,432 CHERKEZIAN ENDOWMENT FUND, Mr. & Mrs.Archie...... 23,245 DERIAN ENDOWMENT FUND, James...... 2,599 CHILIAN ENDOWMENT FUND, Mr. & Mrs.Diran J...... 2,211 DERIAN ENDOWMENT FUND, Osgan...... 3,874 CHIVITJIAN ENDOWMENT FUND, Mr. & Mrs.H. G...... 1,764 DERIAN MEMORIAL FUND, Gary...... 11,394 CHOLAKIAN MEMORIAL FUND, Yeranoohi...... 2,085 DEVEDJIAN ENDOWMENT FUND, Mr. & Mrs.John...... 1,579 CHOPOORIAN ENDOWMENT FUND, Mr. & Mrs.Haig...... 3,158 DICKRANIAN ENDOWMENT FUND, Mr. & Mrs.Archie...... 2,979 CHOPOURIAN ENDOWMENT FUND, Giragos & Yeprouhi...... 484,773 DILDABANIAN ENDOWMENT FUND, Orjen...... 43,587 CHOPOURIAN MEMORIAL FUND, Patricia Ann...... 2,443 DIRADOURIAN ENDOWMENT FUND, Mr. & Mrs.Qureken...... 4,295 CHOPOURIAN SCHOLARSHIP FUND, Haroutune & Victoria...... 24,319 DIRAN ENDOWMENT FUND, Arsen & Varteni...... 275,449 CHORLIAN MEMORIAL FUND, Edward...... 5,565 DIRAN ENDOWMENT FUND, Leo...... 601,170 CHRISTIANSEN ENDOWMENT FUND, Dr. & Mrs.Gary & Aline...... 1,522 DIRAN MEMORIAL FUND, Mary...... 23,790 CHURUKIAN ENDOWMENT FUND, Vahe & Emilia...... 79,500 DODD MEMORIAL FUND, Andrew...... 8,363 CHURUKIAN MEMORIAL SCHOLARSHIP FUND, DOGHRAMJI ENDOWMENT FUND, Rev. Dr.Peter & Mary...... 1,842 Giragos M. & Helen T...... 58,816 DOGHRAMJI MEMORIAL FUND, Rosa...... 1,370 CLEMENCE MEMORIAL FUND, Eugene...... 3,158 DOHANIAN ENDOWMENT FUND, Armen Sr. & Rachel...... 96,319 COLLEGIAN 1983 TRUST FUND, Harry...... 56,000 DOHANIAN FAMILY FUND, Hagop M. & Esther...... 269,477 COMJEAN ENDOWMENT FUND, Marc...... 118,334 DOKOUZIAN MEMORIAL ENDOWMENT FUND, Mihran & Mary...... 3,393 CONE ENDOWMENT FUND, Mr. & Mrs.Lawrence K...... 5,523 DOLMADJIAN ENDOWMENT FUND, Jacob & Victoria...... 1,637 CUTLER ENDOWMENT FUND, Jack & Yumma...... 17,625 DOLMAJIAN MEMORIAL FUND, Mihran & Mary...... 2,736 DABBAGHIAN ENDOWMENT FUND, Marie...... 3,663 DONABEDIAN ENDOWMENT FUND, Mr. & Mrs.Daniel...... 3,158 DADEKIAN ENDOWMENT FUND, Mr. & Mrs.Zaven A...... 3,158 DONABEDIAN ENDOWMENT FUND, Mr. & Mrs.Suren...... 19,342 DADERIAN ENDOWMENT FUND, Asdghig...... 7,979 DONCHIAN ENDOWMENT FUND, Richard...... 175,905 DADIAN ENDOWMENT FUND, Arthur...... 1,742,981 DOUMANIAN ENDOWMENT FUND, Dr.Heratch O...... 15,104 DADOURIAN ENDOWMENT FUND, Dadour & Elise...... 76,806 DULGARIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 7,288 DADOURIAN ENDOWMENT FUND, Mr. & Mrs.Alexander...... 6,548 DURNA MEMORIAL FUND, John...... 22,998 DADOURIAN ENDOWMENT FUND, Mr. & Mrs.Noubar M...... 1,263 DURNA MEMORIAL FUND, Joseph J...... 22,981 DAGDIGIAN MEMORIAL FUND, Mr. & Mrs.Khoren...... 9,506 EJDAHARIAN BILEZIKIAN ENDOWMENT FUN, Armine...... 208,489 DAGHLIAN EKMEKJIAN ENDOWMENT FUND...... 11,622 EJDAHARIAN MEMORIAL FUND, Dr. & Mrs.Meguerditch...... 202,784 DAGHLIAN ENDOWMENT FUND, Hagop...... 6,289 EJFT ENDOWMENT FUND...... 40,943 DAGHLIAN ENDOWMENT FUND, Nazar & Lucy...... 32,969 EKNOIAN MEMORIAL FUND, Sirouhi...... 2,730 DAGHLIAN ENDOWMENT FUND, Yacoub & Feride...... 15,790 ELANJIAN ENDOWMENT FUND, Dr.George & Isabelle...... 7,045 DAGHLIAN MEMORIAL FUND, Rev. Dr.Theodore...... 6,228 ELIAZARIAN FAMILY MEMORIAL FUND...... 307,572 DAGHLIAN MEMORIAL SCHOLARSHIP FUND, Nazar...... 17,592 EMURIAN ENDOWMENT FUND, Rev.S. K. & G. T...... 30,849 DAGLIAN ENDOWMENT FUND, Dr. & Mrs.Parnag...... 10,870 ENDRIGIAN MEMORIAL FUND, Nevart...... 10,735 DANELIAN ENDOWMENT FUND, Jack & Brother...... 1,784 ENSHER ENDOWMENT FUND, Dr.Martha Googooian...... 25,263 DANELIAN ENDOWMENT FUND, Richard...... 7,126 ESAIAN NOGA ENDOWMENT FUND, ...... 8,675 DANIELIAN ENDOWMENT FUND, Krikor, Vartan & Nevart...... 470,405 ESAJIAN ENDOWMENT FUND, Nishan & Hranoush...... 1,426 DANIELIAN MEMORIAL FUND, Mr.Vagharshag...... 1,150 ETINOFF KIRAKOSSIAN ENDOWMENT FUND, Aznive...... 3,135 DARAKDJIAN MEMORIAL FUND, Berjouhi...... 2,945 ETOYAN ENDOWMENT FUND, Ani...... 30,474 2017/18

Endowment Funds at July 31, 2018 51

Name of Fund Value Name of Fund Value

EVKHANIAN ENDOWMENT FUND, Mr. & Mrs.Manook...... 2,169 GULDALIAN ENDOWMENT FUND, K. George...... 6,112 FERESHETIAN MEMORIAL FUND, Sarkis & Nartoohie...... 228,767 GULESERIAN ENDOWMENT FUND, Mr. & Mrs.John...... 3,158 FERMANIAN ENDOWMENT FUND, Mr. & Mrs.Haig...... 15,790 GULESSERIAN ENDOWMENT FUND, Levon & Shake...... 15,823 FERMANIAN ENDOWMENT FUND, Mr. & Mrs.K...... 36,684 GULESSERIAN ENDOWMENT FUND, Puzant & Angele...... 851,014 FILIAN FAMILY ENDOWMENT FUND...... 17,933 GULESSERIAN ENDOWMENT FUND, Sarkis & Elenie...... 21,305 FILIAN MEMORIAL FUND, Movses...... 4,497 GULESSERIAN MEMORIAL FUND, Dikran S. & Verkinia...... 18,621 FIRST ARMENIAN EV. CH. ENDOWMENT FUND, Montreal, Canada...... 8,514 GULESSERIAN MEMORIAL FUND, Vahram...... 9,171 FISHER MEMORIAL FUND, Harold (Hratch Balikjian)...... 27,655 GULESSERIAN MEMORIAL FUND, Vasken...... 5,448 FLINT ENDOWMENT FUND, Mr. & Mrs.Gregory...... 4,579 GULEZIAN MEMORIAL FUND, Sarkis & Armenouhie...... 51,710 FROONJIAN ENDOWMENT FUND, Dr.H. Craig...... 16,503 GULIAN ENDOWMENT FUND, Arsen...... 2,325 GABRELLIAN & JESSOURIAN ASSOCIATES...... 3,158 GULUZIAN MEMORIAL FUND, Krikor O...... 4,923 GABRIEL ENDOWMENT FUND, Edwin Z...... 457,563 GURLEKIAN ENDOWMENT FUND, Rev. & Mrs.Hagop...... 9,262 GABRIEL ENDOWMENT FUND, Krikor...... 1,739 GUZELIAN ENDOWMENT FUND, Hrant...... 320,507 GABRIEL MEMORIAL FUND, Attabeg & Lusik...... 37,195 GUZELIMIAN MEMORIAL FUND, Mr. & Mrs.Khacher & Mr. Puzant...... 10,899 GAGOSIAN ENDOWMENT FUND, Nora...... 1,891 HACHIAN ENDOWMENT FUND, Nushan & Gladys...... 1,861,732 GAIDZAKIAN MEMORIAL FUND, Georges, Zabel & Joao...... 1,218 HACHIGIAN ENDOWMENT FUND, Mr. & Mrs.John M...... 1,458 GALIAN MEMORIAL FUND, Florence...... 29,376 HACHIGIAN MEMORIAL FUND, Maritza...... 3,990 GALOOSTIAN ENDOWMENT FUND, Flora & Diane...... 93,789 HADIDIAN ENDOWMENT FUND, Dr. & Mrs.Henry A...... 1,579 GAMAREKIAN MEMORIAL FUND, Dikran & Almas...... 1,813 HADIDIAN ENDOWMENT FUND, Dr. & Mrs.Yervant & Rose...... 32,635 GARABEDIAN ENDOWMENT FUND, Aghavnie...... 11,055 HADIDIAN ENDOWMENT FUND, Mr. & Mrs.Zaven & Arpine...... 10,657 GARABEDIAN ENDOWMENT FUND, Charles...... 1,956 HADIDIAN ENDOWMENT FUND, Puzant & Beatrice...... 172,341 GARABEDIAN ENDOWMENT FUND, Charles Mesrob...... 29,518 HADIDIAN ENDOWMENT FUND, Rev. & Mrs.Yenovk...... 80,976 GARABEDIAN ENDOWMENT FUND, Elise...... 1,994 HADIDIAN MEMORIAL FUND, Edgar & Noubar...... 21,782 GARABEDIAN ENDOWMENT FUND, Harry & Bertha...... 30,947 HADIDIAN MEMORIAL FUND, Rev.Aram H. & Gaida...... 39,108 GARABEDIAN ENDOWMENT FUND, Mary R. & Charles...... 18,515 HAGOPIAN (GARABEDIAN) MEMORIAL FUND, Rose...... 1,834 GARABEDIAN ENDOWMENT FUND, Mr. & Mrs.Aram...... 7,034 HAGOPIAN ENDOWMENT FUND, Dr.Arpi...... 173,712 GARABEDIAN ENDOWMENT FUND, Mr. & Mrs.Martin...... 1,533 HAGOPIAN ENDOWMENT FUND, Jacob...... 96,842 GARABEDIAN ENDOWMENT FUND, Mr. & Mrs.Paul...... 8,653 HAGOPIAN ENDOWMENT FUND, Rebecca...... 1,219 GARABEDIAN MEMORIAL FUND, Paul E...... 40,921 HAGOPIAN MEMORIAL FUND, Bedros & Yeranouhi...... 274,264 GAROIAN MEMORIAL FUND, Armen & Marie...... 3,201 HAGOPIAN MEMORIAL FUND, Satenig...... 11,068 GAROYAN MEMORIAL FUND, Nevart...... 1,734 HAGOPIAN MEMORIAL FUND, Sophie...... 1,688 GARRY ENDOWMENT FUND, Edward A. & Jessee...... 5,600 HAIDOSTIAN ENDOWMENT FUND, Dr. & Mrs.Berj H...... 13,646 GAZARIAN ENDOWMENT FUND, Dr. & Mrs.Arnold H...... 5,779 HAIG (KASHISHIAN) FUND, K. & Elsie...... 141,092 GAZARIAN MEMORIAL FUND, Vartan & Bertha...... 2,038 HAIG MEMORIAL FUND, Harold & Virginia...... 9,876 GAZEBAYUKIAN ENDOWMENT FUND, Jorge & Marlene...... 1,637 HAKIMIAN ENDOWMENT FUND, Avedis & Alice...... 58,378 GEARY ENDOWMENT FUND, Sara O...... 90,873 HAKIMIAN ENDOWMENT FUND, George...... 2,174 GEDICKIAN (GULIAN) MEMORIAL FUND, Hyranoush Isabelle...... 8,535 HAKIMIAN ENDOWMENT FUND, Harry...... 40,631 GEDIKIAN BOUJOULIAN FAMILY FUND...... 5,342 HAKIMIAN ENDOWMENT FUND, Krikor & Patricia...... 3,375 GENERAL ENDOWMWENT FUND, Other...... 4,989 HALAJIAN ENDOWMENT FUND, John & Agnes...... 1,387,345 GEOVKALAYJIAN MEMORIAL FUND, Lutfig & Armen...... 17,414 HALEBIAN ENDOWMENT FUND, Mr. & Mrs.Michael...... 27,521 GEOVKALAYJIAN MEMORIAL FUND, Mr. & Mrs.Haroutune Joseph...... 12,658 HALEBIAN ENDOWMENT FUND, Puzant & Barbara...... 3,850 GERTMENIAN ENDOWMENT FUND, Henry & Eunice...... 229,593 HALEBIAN MEMORIAL FUND, Marie...... 7,445 GERTMENIAN ENDOWMENT FUND, Mr. & Mrs.Roy Z...... 15,316 HALEBIAN MEMORIAL FUND, Puzant...... 6,650 GERTMENIAN ENDOWMENT FUND, Rev. & Mrs.Paul...... 141,471 HALEBIAN MEMORIAL FUND, Rose...... 2,085 GERTMENIAN FAMILY FOUNDATION ENDOWMENT FUND...... 249,721 HALEBLIAN ENDOWMENT FUND, Jamil Haroutune...... 2,711 GIRIDLIAN ENDOWMENT FUND, Leon & Matilda...... 30,314 HALEBLIAN ENDOWMENT FUND, Loutfi J. & Nouvart...... 1,533 GKD ENDOWMENT FUND...... 539,394 HALFORD MEMORIAL SCHOLARSHIP FUND, Anne Googooian...... 61,368 GLAVIAN BENLIAN ENDOWMENT FUND, Sona...... 59,580 HALVAJIAN ENDOWMENT FUND, Alice & Kathryn...... 597,301 GOENJIAN ENDOWMENT FUND, Lutfik & Arousiak...... 51,317 HAMO ENDOWMENT FUND, Sam & Phyllis...... 3,981 GOERGIZIAN ENDOWMENT FUND, Rev. & Mrs.Arsen...... 108,575 HANCOCK ENDOWMENT FUND, Angele Bedrossian...... 139,530 GOOGOOIAN MEMORIAL SCHOLARSHIP FUND, Louise...... 34,737 HANENIAN ENDOWMENT FUND, Mr. & Mrs.Sarkis...... 2,461 GOORABIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 15,342 HANESSIAN ENDOWMENT FUND, Christine...... 1,492 GOSTANIAN MEMORIAL FUND, Dorothy...... 7,331 HANESSIAN ENDOWMENT FUND, Nevdon & Sossy...... 17,795 GOSTANIAN MEMORIAL FUND, Esther...... 2,443 HANESSIAN MEMORIAL FUND, Avedis...... 4,276 GOSTANIAN MEMORIAL FUND, Vartanoush & Manoug...... 9,241 HANSEN ENDOWMENT FUND, Zabelle...... 42,017 GOULIAN ENDOWMENT FUND, Mr. & Mrs.Dicran...... 2,711 HANSON ENDOWMENT FUND, Virginia Hanessian...... 3,508 GRALIAN MEMORIAL FUND, Bayzar...... 1,533 HARABEDIAN MEMORIAL FUND, Rose G...... 20,302 GRAY MEMORIAL FUND, J. Harry...... 38,355 HARIKIAN ENDOWMENT FUND, Mr. & Mrs.Diran...... 13,500 GREGORY MEMORIAL FUND, John & Lousaper...... 2,229 HAROOTUNIAN ENDOWMENT FUND, Sena...... 6,535 GRIGGS (BENAYAN) MEMORIAL FUND, Aroos...... 11,316 HAROUTUNIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 1,420 GROSS MEMORIAL FUND, Diana Melkonian...... 2,537 HAROUTUNIAN MEMORIAL FUND, Yessayi & Makroohi...... 6,058 GUEKGUEZIAN ENDOWMENT FUND, Assadour & Turfanda...... 2,510 HARPOOTLIAN FAMILY MEMORIAL FUND, Charles & Esther..... 188,119 GUEKGUEZIAN ENDOWMENT FUND, Rev.Bernard & Knar...... 46,832 HARTUNIAN ENDOWMENT FUND, Albert & Mary...... 7,032 GUEKGUEZIAN FAMILY ENDOWMENT FUND, Asbed...... 14,575 HARTUNIAN ENDOWMENT FUND, Mr. & Mrs.John...... 5,676 GUEKGUEZIAN MEMORIAL FUND, Rev.Yenouk & Maggie...... 41,214 HARTUNIAN ENDOWMENT FUND, Mrs.Nevdon...... 1,937 GUEYIKIAN ENDOWMENT FUND, Dr. & Mrs.Berj...... 4,273 HARTUNIAN/YESAIAN ENDOWMENT FUND, GUEYIKIAN ENDOWMENT FUND, Mr. & Mrs.Luther...... 4,295 Margaret & Robert/Avedis...... 36,539 GULBENKIAN ENDOWMENT FUND, Prof.Avedis...... 2,035 HARUTUNIAN ENDOWMENT FUND, Mr. & Mrs.John...... 8,747 GULBENKIAN MEMORIAL FUND, Hasmig & Garbis...... 17,527 HARUTUNIAN FAMILY FUND, Der Sahakian &...... 15,858 2017/18 52 Endowment Funds at July 31, 2018

Name of Fund Value Name of Fund Value

HASERJIAN ENDOWMENT FUND, Nouritza...... 3,379 IZMIRLIAN SCHOLARSHIP FUND, Mr. & Mrs.Shimavon...... 30,525 HASSERJIAN MEMORIAL FUND, Dr.Paul Y. & Margaret...... 41,208 JAMESON ESSAY CONTEST FUND, James...... 282,895 HASSERJIAN ENDOWMENT FUND, Dr. & Mrs.Henry K...... 3,992 JAMESON FAMILY ENDOWMENT FUND, James...... 532,721 HASSERJIAN ENDOWMENT FUND, Mr. & Mrs.Gerard...... 1,579 JAMGOCHIAN ENDOWMENT FUND, Mr. & Mrs.Aram...... 3,158 HASSERJIAN MEMORIAL FUND, Aznive & Satenig...... 20,884 JAMGOTCHIAN ENDOWMENT FUND, Mrs.Serpouhi...... 4,043 HASSESSIAN ENDOWMENT FUND, Rev. & Mrs.Herald A. G...... 9,899 JANBAZIAN ENDOWMENT FUND, Boghos & Agnes...... 15,407 HATCH ENDOWMENT FUND, Benjamin...... 7,941 JANBAZIAN ENDOWMENT FUND, Rev.Movses & Louisa...... 261,658 HATCH ENDOWMENT FUND, Martin...... 76,394 JANIGIAN MEMORIAL FUND, Antaram...... 1,476 HEGHINIAN MEMORIAL FUND, Rev.Nazareth & Louisa...... 12,513 JANJIGIAN ENDOWMENT FUND, Charles A...... 9,146 HEKEMIAN ENDOWMENT FUND, Robert & Colleen...... 10,803 JANJIGIAN ENDOWMENT FUND, Edward & Lucy...... 443,070 HEKEMIAN FAMILY ENDOWMENT FUND, Robert & MJ...... 1,977,641 JANJIGIAN ENDOWMENT FUND, Edward and Lucy...... 146,543 HEKEMIAN FAMILY TRUST FUND...... 5,709,179 JANJIKIAN MEMORIAL FUND, Dr. & Mrs.Hovsep & Mary...... 1,142 HEKIMIAN ENDOWMENT FUND, Dr. & Mrs.J...... 15,030 JEBEJIAN MEMORIAL FUND, Vahe...... 4,878 HEKIMIAN ENDOWMENT FUND, M. Jerry & Margot...... 3,527 JEDIDIAN EDUCATIONAL FUND, Martha Doodoo...... 237,641 HEKIMIAN MEDICAL SCHOLARSHIP FUND, Dr.Jacob H...... 64,737 JEMELIAN ENDOWMENT FUND, Nerses...... 9,881 HEKIMIAN MEMORIAL FUND, Aram...... 2,607 JEMELYAN ENDOWMENT FUND, Jerry...... 2,480 HEKIMIAN MEMORIAL FUND, Zeron Jerry...... 2,201 JENANYAN ENDOWMENT FUND, John G...... 8,420 HELVADJIAN ENDOWMENT FUND, Nishan & Armine...... 27,411 JENANYAN MEMORIAL FUND, Charles H. & Roxy M...... 3,422 HINTLIAN ENDOWMENT FUND, Mr.Neshan G...... 1,579 JERJISIAN SCHOLARSHIP FUND, George & Elizabeth...... 69,397 HINTLIAN ENDOWMENT FUND, Setrak & Sara...... 40,810 JERNUKIAN MEMORIAL FUND, Haroutune & Dikranouhi...... 3,043 HINTLIAN FOUNDATION ENDOWMENT FUND...... 7,747 JERYAN ENDOWMENT FUND, Mr.P. H...... 1,982 HOOD MEMORIAL FUND, Kimberly Ann...... 1,781 JESRALY ENDOWMENT FUND, Mr.Peter M...... 1,533 HOVAGIMIAN ENDOWMENT FUND, Mr.George...... 11,622 JIGARJIAN MEMORIAL FUND, S. George & Rose...... 7,736 HOVAGIMIAN ENDOWMENT FUND, Sona...... 1,579 JIVELEKIAN ENDOWMENT FUND, Luis...... 33,368 HOVAGIMIAN MEMORIAL FUND, Angele...... 21,178 JOHNSON ENDOWMENT FUND, Richard...... 1,579 HOVAGIMIAN MEMORIAL FUND, Mgrditch & Takouhy...... 11,845 JONES MEMORIAL FUND, Sam...... 6,521 HOVAGIMIAN RELIGOUS FUND, Rev.Hovey & Jean...... 11,529 JOSEPH ENDOWMENT FUND, Mr. & Mrs.Jack & Mary...... 7,342 HOVANESSIAN ENDOWMENT FUND, Dr. & Mrs.R. A...... 3,069 JOUROYAN MEMORIAL FUND, Dick...... 1,788 HOVANESSIAN MEMORIAL FUND, Arakel & Dirouhi...... 22,825 JUNDANIAN ENDOWMENT FUND, Mr. & Mrs.Thomas...... 12,333 HOVENANIAN ENDOWMENT FUND, Alice & Phyllis...... 10,648 KABAKJIAN ENDOWMENT FUND, Haigazoon & Aghavni...... 111,504 HOVENANIAN ENDOWMENT FUND, Dr.Michael S...... 61,090 KABAKJIAN ENDOWMENT FUND, Mr. & Mrs.Aram...... 2,325 HOVENANIAN MEMORIAL FUND, Peter & Sara...... 33,568 KABAKJIAN ENDOWMENT FUND, Rose...... 9,474 HOVENANIAN MEMORIAL FUND, Simon, Bengzede & Mary...... 10,648 KABOOLIAN ENDOWMENT FUND, Karekin...... 44,491 HOVNANIAN ENDOWMENT FUND, Dr.H. Philip...... 42,934 KACHADORIAN ENDOWMENT FUND, Mr. & Mrs.Carnick...... 1,579 HOVNANIAN ENDOWMENT FUND, Mr. & Mrs.Hirair...... 2,211 KACHADURIAN ENDOWMENT FUND, Zumruth...... 10,841 HOVNANIAN ENDOWMENT FUND, Vahak & Hasmig...... 1,727 KACHATUROFF ENDOWMENT FUND, Nora Maya...... 15,453 HOVNANIAN FAMILY FUND, Jirair & Lil...... 2,409 KADIAN ENDOWMENT FUND, Dr. & Mrs.George...... 3,394 HOVNANIAN MEMORIAL ENDOWMENT FUND, Dr.August...... 13,181 KADIAN FAMILY ENDOWMENT FUND, Gloria...... 5,989 HOVNANIAN MEMORIAL FUND, Albert H...... 2,085 KAISERIAN ENDOWMENT FUND, Edward A. & Sara P...... 2,763 HOVNANIAN MEMORIAL FUND, Dr.Philip & Lydia...... 80,076 KALAGIAN MEMORIAL FUND, Kalos, Zabel & Alice...... 153,937 HOVNANIAN MEMORIAL FUND, Joan...... 11,193 KALAIDJIAN ENDOWMENT FUND, Rev.Mihran...... 1,128 HOWSEPIAN FUND, Awag & Takouhie...... 16,201 KALAIDJIAN ENDOWMENT FUND, Rev.William...... 2,014 HQ-ACOPIAN ENDOWMENT FUND , Mr. & Mrs.Sarkis...... 6,878 KALAYAN ENDOWMENT FUND, Shoushan & Berjouhie...... 4,152 HQ-ALBERIAN ENDOWMENT FUND, Marie...... 1,376 KALAYDJIAN ENDOWMENT FUND, Levon...... 5,211 HQ-BALUKJIAN ENDOWMENT FUND , Mr.Harry...... 4,127 KALAYDJIAN MEMORIAL FUND, Roupen & Marie...... 2,531 HQ-BEZIRGANIAN ENDOWMENT FUND, George & Pauline...... 6,878 KALEM MEMORIAL FUND, Bettina Josephine...... 12,789 HQ-BORANIAN ENDOWMENT FUND - Mr. & Mrs. John...... 1,466 KALEMKARIAN ENDOWMENT FUND, Mr. & Mrs.George V...... 20,779 HQ-DARPINIAN ENDOWMENT FUND, Arouss...... 1,860 KALEMKIARIAN ENDOWMENT FUND, Mr. & Mrs.Paul...... 1,267 HQ-HEKEMIAN ENDOWMENT FUND , Samuel & Sandy...... 121,752 KALENIAN ENDOWMENT FUND, Margaret...... 55,253 HQ-HEKEMIAN ENDOWMENT FUND, Robert & MJ...... 172,329 KALFAYAN ENDOWMENT FUND, Dr. & Mrs.Sarkis & Irene...... 89,095 HQ-JANBAZIAN ENDOWMENT FUND, Movses & Louisa...... 3,485 KALFAYAN ENDOWMENT FUND, Dr.Laura J...... 6,842 HQ-KALFAYAN ENDOWMENT FUND, Lawrence & Elise...... 2,636 KALFAYAN ENDOWMENT FUND, Hagop & Eliza...... 17,131 HQ-KURKJIAN ENDOWMENT FUND, Louis & Grace...... 7,375 KALFAYAN ENDOWMENT FUND, Rev. & Mrs.Puzant H...... 30,970 HQ-OTHER ENDOWMENT FUNDS ...... 4,181 KALFAYAN MEMORIAL FUND, Dr. & Mrs.Haroutune & Flora...... 103,799 HQ-PHILIBOSIAN FOUNDATION FUND, Stephen...... 271,155 KALFAYAN MEMORIAL FUND, Dr.Asbed...... 5,976 HQ-SARIAN FOUNDATION FUND...... 1,376 KALFAYAN MEMORIAL FUND/ZAREH, Luther & Beatrice...... 14,478 HQ-SHEGOIAN ENDOWMENT FUND, Ardson & Gladys...... 1,376 KALJIAN MEMORIAL FUND, Leo...... 374,773 HQ-SIMOURIAN ENDOWMENT FUND, John & Michele...... 14,656 KALOUSDIAN ENDOWMENT FUND, Albert Sooren & Alice...... 17,201 HQ-TORIGIAN ENDOWMENT FUND, Andrew & Rose...... 7,329 KALOUSTIAN ENDOWMENT FUND, Mr. & Mrs.Samuel...... 81,997 HUSISIAN ENDOWMENT FUND, John & Rose...... 3,713 KALUNIAN ENDOWMENT FUND, Mr. & Mrs.Haig...... 1,579 ICHKHAN ENDOWMENT FUND, Dr.Vicken...... 1,546 KALVONJIAN ENDOWMENT FUND, Araxie...... 14,855 IGNATIUS FUND, Clara...... 11,894 KALYN MEMORIAL FUND, Hampton & Grace...... 16,603 IGREJA EVANGELICA ARMENIA FUND, De Sao Paolo...... 17,920 KAPRIELIAN ENDOWMENT FUND, Kapriel...... 1,639 ILANJIAN MEMORIAL FUND, Marie...... 2,062 KARAGOZIAN ENDOWMENT FUND, Mr. & Mrs.Albert...... 3,158 ISHKANIAN ENDOWMENT FUND, Hagop & Elvira...... 6,991 KARAGOZIAN ENDOWMENT FUND, Zevart...... 2,353 ISHKANIAN MEMORIAL ENDOWMENT FUND, Harry...... 3,670 KARAKASHIAN ENDOWMENT FUND, Jack & Grace...... 4,468 ISKIAN FAMILY ENDOWMENT FUND...... 21,658 KARAKASHIAN MEMORIAL FUND, Mr.Karekin...... 2,800 ISKIYAN THEOLOGICAL SCHOLARSHIP FUN, Paul & Arousiag...... 148,357 KARAMANOUGIAN ENDOWMENT FUND, Vartanoush & Garabed...... 48,085 IZMIRIAN ENDOWMENT FUND, Mr. & Mrs.Luther...... 14,786 KARAMANOUKIAN ENDOWMENT FUND, Ohannes & Araxie...... 93,207 2017/18

Endowment Funds at July 31, 2018 53

Name of Fund Value Name of Fund Value

KARIAN ENDOWMENT FUND, Dr. & Mrs.Bernard K...... 5,959 KEUCHGERIAN MEMORIAL FUND, Marie...... 1,908 KARIAN ENDOWMENT FUND, Dr.Edward & Lucy...... 230,998 KEUHNELIAN ENDOWMENT FUND, John & Gladys...... 126,352 KARIAN MEMORIAL FUND, Michael...... 1,358 KEUHNELIAN ENDOWMENT FUND, Mr. & Mrs.Garabed H...... 134,937 KARJIAN ENDOWMENT FUND, Rev.Hovhannes...... 18,911 KEUSEYAN ENDOWMENT FUND, Mr. & Mrs.John...... 11,722 KARTOZIAN ENDOWMENT FUND, Rev. & Mrs.Haroutune...... 5,236 KEVORKIAN ENDOWMENT FUND, George & Alice...... 33,534 KASABACH ENDOWMENT FUND, Dr. Harry Yervant & Armen...... 25,641 KEVORKIAN ENDOWMENT FUND, Kenneth & Thelma...... 3,683 KASABACH ENDOWMENT FUND, Mrs.Arshalous...... 10,071 KEVORKIAN ENDOWMENT FUND, Mr. & Mrs.Joseph...... 3,963 KASHISHIAN ENDOWMENT FUND, Enock & Mary...... 28,723 KEVORKIAN ENDOWMENT FUND, Mr. & Mrs.Zenas J...... 1,633 KASHMANIAN ENDOWMENT FUND, Hagop & Arousiag...... 12,514 KEVORKIAN ENDOWMENT FUND, Mrs.Frank...... 4,262 KASPARIAN ENDOWMENT FUND #1, Alice Odian...... 48,145 KEYISHIAN ENDOWMENT FUND, Mr. & Mrs.John H...... 45,973 KASPARIAN SCHOLARSHIP FUND #2, Alice Odian...... 48,145 KEYISHIAN ENDOWMENT FUND, Mr. & Mrs.Robinson...... 11,414 KASPARIAN SCHOLARSHIP FUND #3, Alice Odian...... 48,145 KEYISHIAN MEMORIAL FUND, Yamnega...... 1,259 KASPER ENDOWMENT FUND, Dr. & Mrs.Richard L...... 1,579 KHACHADOURIAN MEMORIAL FUND, Rev.Nerses & Gulenia..... 22,845 KASSABIAN ENDOWMENT FUND, Dr.John & Mary...... 4,644 KHACHADOURIAN ENDOWMENT FUND, Mr. & Mrs. Khachadour...... 1,027 KASSABIAN ENDOWMENT FUND, Mr. & Mrs.A. L...... 422,969 KHACHIGIAN MEMORIAL FUND, John & Elizabeth...... 70,701 KASSABIAN ENDOWMENT FUND, Mr. & Mrs.Mihran...... 4,910 KHARAJJIAN MEMORIAL FUND, Nouri & Jemile...... 49,170 KASSARDJIAN ENDOWMENT FUND, Khoren & Kanarik...... 7,509 KHERLOPIAN MEMORIAL FUND, Marie...... 1,956 KASSARJIAN ENDOWMENT FUND, Romeo...... 3,600 KHOUNGANIAN ENDOWMENT FUND, Samuel & Limi...... 4,379 KASSOUNI ENDOWMENT FUND, Rev. & Mrs.Vartkes...... 17,182 KHRIMIAN ENDOWMENT FUND, Rose...... 50,292 KASSOUNY ENDOWMENT FUND, Dr. & Mrs.Dicran Y...... 29,327 KIZIRIAN ENDOWMENT FUND, Jacob & Virginia...... 13,808 KASSOUNY KAVOUKSORIAN EDUCATION FUND, KNADJIAN ENDOWMENT FUND, Peter...... 2,209 Kevork H. & Sirvart...... 5,857 KNADJIAN MEMORIAL FUND, Hagop, Zarouhi, Yetvart &...... 6,534 KASSOUNY MEMORIAL FUND, Rev. & Mrs.Yeghia...... 14,507 KNAIAN MEMORIAL FUND, Nighoghos G...... 3,147 KASSOUNY SCHOLARSHIP ENDOWMENT FUND, Arousiag Joy...... 81,194 KOCHAKIAN ENDOWMENT FUND, Giragos & Martha...... 19,740 KAVJIAN ENDOWMENT FUND, Dr. & Mrs.Edward...... 107,855 KOCHAKIAN MEMORIAL FUND, Moushegh & Arshalous...... 92,244 KAY ENDOWMENT FUND, George & Grace...... 21,941 KOEROGHLIAN ENDOWMENT FUND, Rev.Mihran & Beatrice...... 37,076 KAYAIAN ENDOWMENT FUND, Mr. & Mrs.Berge...... 16,429 KOKORIAN ENDOWMENT FUND, Mary...... 2,263 KAYE ENDOWMENT FUND, Dr. & Mrs.Ernest...... 2,942 KOMOORIAN ENDOWMENT FUND, Arika...... 568,139 KAZANJIAN ENDOWMENT FUND, Anna...... 4,066 KONDAKJIAN ENDOWMENT FUND, Albert & Josephine...... 2,377 KAZANJIAN ENDOWMENT FUND, Harry...... 4,596 KONYALIAN ENDOWMENT FUND, Krikor & Anoush...... 35,590 KAZANJIAN ENDOWMENT FUND, John...... 175,885 KOOLAKIAN ENDOWMENT FUND, Mr.Robert G...... 1,324 KAZANJIAN ENDOWMENT FUND, John...... 3,963 KOOMJIAN ENDOWMENT FUND, Mr. & Mrs.A. H...... 1,533 KAZANJIAN ENDOWMENT FUND, Juliette...... 2,518 KOOYUMJIAN ENDOWMENT FUND, Martha...... 3,158 KAZANJIAN ENDOWMENT FUND, Mr. & Mrs.Jack...... 1,649 KORDZIAN ENDOWMENT FUND, Leon M...... 4,756 KAZANJIAN ENDOWMENT FUND, Nouritza...... 3,963 KORENIAN ENDOWMENT FUND, Mr. & Mrs.John...... 64,914 KAZAROSIAN ENDOWMENT FUND, Harry...... 1,381 KOUMJIAN ENDOWMENT FUND, Mr. & Mrs.Dickran H...... 5,069 KAZAROSIAN ENDOWMENT FUND, Mr. & Mrs.Paul...... 1,263 KOUMRIAN ENDOWMENT FUND, Nathan & Makrouhi...... 20,023 KAZAROSIAN MEMORIAL ENDOWMENT FUND, Clara...... 5,471 KOUNDAKJIAN MEMORIAL FUND, Albert & Yevnige...... 17,821 KAZAROSIAN MEMORIAL ENDOWMENT FUND, Louise...... 5,604 KOUNDAKJIAN MEMORIAL FUND, James...... 16,013 KAZAROSIAN MEMORIAL FUND, Rev.B. B. & Mary...... 6,066 KOUNDAKJIAN MEMORIAL FUND, Loutfi & Isgouhi...... 5,826 KAZELIAN/KUMJIAN MEMORIAL FUND...... 2,942 KOUNDAKJIAN MEMORIAL FUND, Rev.Hagop & Mariam...... 2,732 KEHEYAN ENDOWMENT FUND, Dicran & Gulenia...... 10,134 KOUNDAKJIAN/BEREJIKLIAN MEMORIAL FUND...... 48,979 KELEDJIAN MEMORIAL FUND, Takouhi...... 3,977 KOUYOUMDJIAN ENDOWMENT FUND, Silvio Vartan...... 1,458 KELESHIAN MEMORIAL FUND, Karl Karekin...... 65,527 KOUYOUMJIAN MEMORIAL FUND, Dr.Robert G...... 40,139 KELIKIAN ENDOWMENT FUND, Dr.H. & Ovsanna...... 1,579 KOUYOUMJIAN MEMORIAL FUND, Rev.Nerces...... 18,158 KELJIKIAN ENDOWMENT FUND, Sarkis & Madeleine...... 2,305 KOUYOUMJIAN-POLADIAN MEMORIAL FUND, Araxie...... 21,738 KELLIGIAN MEMORIAL FUND, Myron & Helen F...... 20,514 KOUYUMDJIAN ENDOWMENT FUND, Dr. & Mrs.Ascencao...... 4,884 KELLIKIAN MEMORIAL FUND, Bedros & Aznive...... 10,222 KOUZOUKIAN MEMORIAL FUND, Shaka...... 2,800 KENOSIAN MEMORIAL FUND, Charles...... 123,910 KRADJIAN ENDOWMENT FUND, Steve...... 1,637 KEOSIAN MEMORIAL FUND, Robert & Cora...... 1,334 KRIKORIAN ENDOWMENT FUND, Dr. & Mrs.Puzant C...... 65,527 KERBABIAN ENDOWMENT FUND, Rev. & Mrs.Ardashes...... 18,987 KRIKORIAN ENDOWMENT FUND, Grace & Araxie Chourian...... 12,056 KERBEYKIAN ENDOWMENT FUND, Mr. & Mrs.Edward...... 3,802 KRIKORIAN ENDOWMENT FUND, Haig & Helen...... 2,148 KERBEYKIAN SCHOLARSHIP FUND, Jeffrey...... 157,511 KRIKORIAN ENDOWMENT FUND, Haig K. & Rose...... 26,364 KERKASHARIAN ENDOWMENT FUND, Samuel & Satenig...... 16,488 KRIKORIAN ENDOWMENT FUND, Hrant, Dolores & Rosanne...... 17,890 KERTMENIAN MEMORIAL FUND, Marjorie...... 10,942 KRIKORIAN ENDOWMENT FUND, Peter K...... 4,184 KESHIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 2,013 KRIKORIAN ENDOWMENT FUND, Rev.Samuel Coffin...... 52,682 KESHISHIAN ENDOWMENT FUND, Dr. & Mrs.S. K...... 3,963 KRIKORIAN ENDOWMENT FUND, Serge & Ann...... 192,077 KESHISHIAN ENDOWMENT FUND, Hadji Hagop...... 2,388 KRIKORIAN ENDOWMENT FUND, Yesayi & Jemile...... 1,937 KESHISHIAN ENDOWMENT FUND, Kevork...... 1,547 KRIKORIAN MEMORIAL FUND, Harry...... 1,852 KESHISHIAN ENDOWMENT FUND, Levon & Dickranouhie...... 13,943 KRIKORIAN MEMORIAL FUND, Sarkis Sr...... 3,474 KESHISHIAN MEMORIAL FUND, Garabed S...... 12,831 KULJIAN ENDOWMENT FUND, Edward H...... 1,549 KESHISHIAN MEMORIAL FUND, Jirayr...... 5,448 KUMJIAN ENDOWMENT FUND, Charles J...... 1,937 KESHISHIAN MEMORIAL FUND, Moses & Victoria...... 64,947 KUPALIAN ENDOWMENT FUND, Osanna, Hoohanes & Esther..... 16,366 KESHISHIAN MEMORIAL FUND, Mr. & Mrs.Mark...... 39,125 KURKJIAN MEMORIAL FUND, Daniel...... 9,066 KESHISHIAN MEMORIAL FUND, Siroon...... 5,144 KURKLIAN MEMORIAL FUND, Rose...... 1,637 KETENJIAN MEMORIAL FUND, Beatrice...... 9,206 KUSSAJIKIAN ENDOWMENT FUND, Hagop Vartivar...... 9,239 KETENJIAN MEMORIAL FUND, Hagop Markar...... 4,798 LAPP ENDOWMENT FUND, Tim & Laura...... 9,620 KETENJIAN MEMORIAL FUND, Yervant & Yulia...... 25,450 LAZAR MEMORIAL FUND, Isaac N...... 1,815 KETEYIAN MEMORIAL FUND, Rose...... 1,981 LEONIAN ENDOWMENT FUND, Rev.Rene & Sylvie...... 4,202 2017/18 54 Endowment Funds at July 31, 2018

Name of Fund Value Name of Fund Value

LEVONIAN EDUCATIONAL TRUST FUND, Y. H. & R...... 1,808,424 MATIGIAN MEMORIAL FUND, Lucy...... 15,916 LEVONIAN ENDOWMENT FUND, Prof.Lootfi...... 485,858 MATOSSIAN ENDOWMENT FUND, Alex & Helen...... 11,046 LEVONIAN ENDOWMENT FUND, Rev. & Mrs.Puzant Sarkis...... 9,768 MATOSSIAN ENDOWMENT FUND, Dr.Nerses Y. & Ruth...... 7,133 LEVONIAN MEMORIAL FUND, Elia, Mariam & Louise...... 96,699 MATOSSIAN THEOLOGICAL FUND, Mateos & Josephine...... 16,529 LEVONIAN MEMORIAL FUND, Levon T...... 1,995 MATTHEWS ENDOWMENT FUND, Mr. & Mrs.Newton C...... 495,320 LEVONIAN MEMORIAL FUND, Yervant & Virginia...... 13,433 MATTHEWS MEMORIAL FUND, Esther...... 3,956 LION ENDOWMENT FUND, Alfred Jr. & Pearl...... 16,519 MAYBALIAN MEMORIAL FUND, John...... 11,941 LOUSIN ENDOWMENT FUND, Mr. & Mrs.Max...... 2,759 MC IVER ENDOWMENT FUND, Robert & Myrtle...... 2,263 LOUSSARARIAN ENDOWMENT FUND, Hagop & Arsha...... 37,838 MCKINNON ENDOWMENT FUND, Rev.Alvin & Dorothy Azadian...... 26,866 LUCAS ENDOWMENT FUND, Mr. & Mrs.Zaven...... 2,527 MEDZARENTZ ENDOWMENT FUND, Takouhi...... 3,516 LULEJIAN ENDOWMENT FUND, Araxie...... 1,019 MEDZIAN ENDOWMENT FUND, Edward & Gloria...... 10,678 LULEJIAN MEMORIAL FUND, John Melkon...... 12,658 MEDZIAN ENDOWMENT FUND, Vivian...... 6,367 MACKITAR ENDOWMENT FUND, Rev. & Mrs.S. M...... 4,609 MEEKER MEMORIAL FUND, Estate of Elise...... 13,936 MAGARIAN ENDOWMENT FUND, Gasper & Aznive...... 3,069 MEGERDITCHIAN ENDOWMENT FUND, Takouhi...... 15,969 MAGARIAN MEMORIAL FUND, Armorel M...... 8,901 MEGERDITCHIAN MEMORIAL FUND, Mary...... 1,637 MAGHAKIAN ENDOWMENT FUND, Armenouhi...... 59,858 MEGHRIGIAN ENDOWMENT FUND, Mr. & Mrs.Gary M...... 1,043 MAGZANIAN ENDOWMENT FUND, Samuel & Victoria...... 62,413 MEGHRIGIAN FAMILY ENDOWMENT FUND...... 24,114 MAGZANIAN MEMORIAL FUND, Manasseh H. & Mary...... 5,941 MEHAGIAN ENDOWMENT FUND...... 3,724 MAHIGIAN ENDOWMENT FUND, Krikor...... 1,088 MEKENIAN ENDOWMENT FUND, Araxy...... 1,066 MAHJOUBIAN ENDOWMENT FUND, Roupen...... 3,963 MEKHJIAN ENDOWMENT FUND, Dr. & Mrs.Haroutune...... 1,727 MAHSHIGIAN MEMORIAL FUND, Rev.Sdepan H...... 6,611 MEKITARIAN ENDOWMENT FUND, Azniv & Children...... 2,687 MAKANIAN MISSIONARY FUND, Rahel & Osanna...... 162,908 MEKITARIAN MEMORIAL FUND, Arshavir...... 1,496 MALIAN ENDOWMENT FUND, Mr. & Mrs.Arthur...... 55,410 MELCON ENDOWMENT FUND, Mr. & Mrs.James L...... 16,394 MALJANIAN ENDOWMENT FUND, Edward A...... 58,524 MELCONIAN ENDOWMENT FUND, Melcon & Hilda...... 12,336 MALOOTIAN MEMORIAL FUND, Estate ofAzniv Agnes...... 77,581 MELEKIAN ENDOWMENT FUND, Frances E...... 2,600 MANASIAN MEMORIAL FUND, Rose...... 1,508 MELIAN ENDOWMENT FUND, Mr. & Mrs.John...... 1,533 MANAVIAN MEMORIAL FUND, Rev. & Mrs.Garabed...... 6,600 MELIKIAN ENDOWMENT FUND, Carl B...... 74,473 MANGURIAN ENDOWMENT FUND, Mr. & Mrs.Harry...... 11,994 MELIKIAN ENDOWMENT FUND, Mr. & Mrs.Paul...... 3,158 MANIS ENDOWMENT FUND, Dr. & Mrs.Edward T...... 1,263 MELKONIAN ENDOWMENT FUND, Mr. & Mrs.Garabed...... 3,158 MANISHAGIAN ENDOWMENT FUND, Edward & John...... 71,953 MELKONIAN ENDOWMENT FUND, Rev.John...... 52,858 MANJELIKIAN ENDOWMENT FUND, Yeghia & Lucy...... 8,024 MERJANIAN ENDOWMENT FUND, MANOOGIAN ENDOWMENT FUND, Manoog T...... 59,282 Dr. & Mrs.Vosgeperan & Josephine...... 109,108 MANOOGIAN ENDOWMENT FUND, Mr. & Mrs.Richard...... 1,965 MERJANIAN ENDOWMENT FUND, Garabed & Eftemia...... 6,907 MANOOGIAN ENDOWMENT FUND, Paul C...... 87,191 MERJANIAN ENDOWMENT FUND, Panos & Mariam...... 62,944 MANOOGIAN MEMORIAL FUND, Hovhannes & Denchaly...... 3,274 MESROBIAN MEMORIAL FUND, Serpouhi...... 31,685 MANOOGIAN MEMORIAL FUND, Leonard A...... 3,127 MESSERLIAN ENDOWMENT FUND, Paul & Geralyn...... 2,462 MANOOGIAN MEMORIAL FUND, Madeline...... 5,500 MESSERLIAN ENDOWMENT FUND, Robert & Gloria...... 10,517 MANOOGIAN MEMORIAL FUND, Vahan & Aghavnie Courian...... 5,408 MESTJIAN ENDOWMENT FUND, Dr.Harry...... 2,711 MANOUGIAN ENDOWMENT FUND, Maritza...... 2,369 MESTJIAN ENDOWMENT FUND, Rose...... 26,195 MANOUGIAN FAMILY FUND, Nerses & Marie...... 7,351 MGRDICHIAN HEKIMIAN ENDOWMENT FUND, Esther...... 13,818 MANOUKIAN ENDOWMENT FUND, Manouk B. & Moses E...... 8,918 MGRDITCHIAN MEMORIAL FUND, Joseph...... 3,811 MANOUKIAN ENDOWMENT FUND, Moses B. & Rose E...... 41,558 MICHAELIAN ENDOWMENT FUND, Donald & Carolyn...... 11,901 MANOUKIAN ENDOWMENT FUND, Paul & Dona...... 1,461 MICHAELIAN ENDOWMENT FUND, Lucia...... 2,130 MANOUKIAN MEMORIAL FUND, Elize Kardzair...... 17,419 MICHAELIAN MEMORIAL FUND, Mary...... 2,736 MANUELIAN ENDOWMENT FUND, Agnes T...... 6,495 MICKAELIAN MEMORIAL FUND, Fred & Akabe...... 2,856 MARACHLIAN ENDOWMENT FUND, Samuel & Gladys...... 1,458 MILCONIAN ENDOWMENT FUND, Rose Khatir...... 3,606 MARANJIAN ENDOWMENT FUND, George & Rosy...... 3,184 MILLER ENDOWMENT FUND, Anna Chaghatzbanian...... 9,620 MARBURGER ENDOWMENT FUND, Dr. & Mrs.Richard & Mary...... 1,100 MINAESIAN MEMORIAL FUND, Rev.Artavazd & Sirpouhi...... 124,659 MARDEROSIAN ENDOWMENT FUND (MARTYR), Agnes Oskanian...... 20,302 MINASIAN ENDOWMENT FUND, Onnig & Vartuhi...... 77,474 MARDEROSIAN ENDOWMENT FUND (MARTYR), Elijha Paul...... 20,302 MINASIAN ENDOWMENT FUND, Vasken...... 1,355 MARDEROSIAN ENDOWMENT FUND (MARTYR), Lt. Col. Johnny Paul...... 20,302 MINASSIAN ENDOWMENT FUND, Nazaret, Anna & Manoug Ko..... 2,621 MARDEROSIAN MEMORIAL FUND, Mesrob & Dickranouhi...... 3,004 MINASSIAN ENDOWMENT FUND, Rev.G. Diran & Lydia...... 42,764 MARDIAN ENDOWMENT FUND, Mr. & Mrs.Samuel Jr...... 63,486 MINNETIAN ENDOWMENT FUND, Aram Robert & Tiffany N...... 7,724 MARDIGIAN ENDOWMENT FUND, Edward & Helen...... 176,689 MINNETIAN MEMORIAL FUND, Aram & Nevart...... 43,443 MARDIGUIAN ENDOWMENT FUND, Arpine...... 20,128 MIRAK ENDOWMENT FUND, John...... 12,332 MARDIGUIAN ENDOWMENT FUND, Mr. & Mrs.Steven Y...... 25,344 MIRIDJANIAN ENDOWMENT FUND, Dr.Anoush...... 1,579 MARDIGUIAN MEMORIAL FUND, Lydia Melene...... 2,353 MISSAKIAN ENDOWMENT FUND, Dr. & Mrs.Michael...... 7,549 MARDIROSIAN ENDOWMENT FUND, Mardiros K...... 1,982 MISSIRIAN ENDOWMENT FUND, Mr. & Mrs.John...... 3,069 MARDIROSSIAN ENDOWMENT FUND, Mr. & Mrs.Mardiros...... 9,206 MISSISSYAN ENDOWMENT FUND, Dr.Kegham A...... 27,362 MARGANIAN ENDOWMENT FUND, Rev. & Mrs.Mardiros...... 38,157 MKITARIAN ENDOWMENT FUND, Joyce...... 1,214 MARGOSIAN ENDOWMENT FUND, Zaven & Gladys...... 3,331 MOFFSES MEMORIAL FUND, Edwin...... 13,277 MARGOSIAN MEMORIAL FUND, Haig...... 9,048 MOMJIAN ENDOWMENT FUND, Albert & Esther...... 60,964 MARKARIAN ENDOWMENT FUND, Dr. & Mrs.Yervant...... 6,399 MOODOYAN ENDOWMENT FUND, Rev. & Mrs.Hagop...... 27,117 MAROUKIAN ENDOWMENT FUND, Mr.Gregory...... 22,379 MOORADIAN ENDOWMENT FUND, Sarah Siranoush...... 3,653 MARSUBIAN MEMORIAL FUND, Onan & Arousiag...... 1,075 MOORADIAN ENDOWMENT FUND, Sarkis & Mary Paul...... 63,290 MASHIKIAN ENDOWMENT FUND, Steve E...... 6,137 MOORDIGIAN CLINIC FUND, Nazaret & Maritza...... 38,736 MAST MEMORIAL ENDOWMENT FUND, Harold E...... 20,302 MOOSHOVIAN ENDOWMENT FUND, Aram Zipper...... 83,605 MASUMIAN MEMORIAL FUND, Estate of Nathan...... 11,506 MOOSHOVIAN RELIEF FUND, Aram Zipper...... 523,847 MATHSON ENDOWMENT FUND, Archie & Stella...... 83,518 MORADIAN ENDOWMENT FUND, Hon Judge & MrsRalph...... 1,533 2017/18

Endowment Funds at July 31, 2018 55

Name of Fund Value Name of Fund Value

MORAMARCO ENDOWMENT FUND, Mrs.Zaroohi...... 1,579 NOURKHANIAN MEMORIAL FUND, Alice...... 108,684 MORANIAN MASERIAN ENDWMENT FUND, Manuel M. & Ovsanna...... 25,544 NUYUJUKIAN ENDOWMENT FUND, Rev. & Mrs.Soghomon...... 37,388 MOROUKIAN ENDOWMENT FUND, Virginia...... 3,474 O’BRIEN (TEZEKJIAN) ENDOWMENT FUND, Marguerite...... 5,846 MOUMDJIAN MEMORIAL FUND, Barkev...... 1,020 OFLAZIAN MEMORIAL FUND, Movses & Margaret...... 1,526 MOUMJIAN ENDOWMENT FUND, Hampartzum & Makrouhy...... 14,840 OGHIGIAN ENDOWMENT FUND, Virginia...... 24,808 MOURAD MEMORIAL FUND, H. Khachadour...... 3,150 OHANESIAN ENDOWMENT FUND, Ann...... 1,979 MOURAD MEMORIAL FUND, Richard A...... 2,443 OHANIAN ENDOWMENT FUND, Therese...... 20,749 MOURAD MEMORIAL FUND, Virginia (H.K.)...... 1,547 OHNIGIAN ENDOWMENT FUND, Mr. & Mrs.S...... 15,194 MOURADIAN ENDOWMENT FUND, Albert, Henry & James...... 216,090 OUNAN ESTATE ENDOWMENT FUND, Louise...... 365,366 MOURADIAN ENDOWMENT FUND, Armen M. & Arousiag...... 47,751 OUNJIAN MEMORIAL FUND, Noury & Lydia...... 1,458 MOURADIAN ENDOWMENT FUND, Avedis & Victoria...... 138,511 OUYOUMJIAN ENDOWMENT FUND, Krikor & Emelia...... 78,300 MOURADIAN ENDOWMENT FUND, Dr.Mary G...... 47,084 PABOOJIAN MEMORIAL FUND, John & Alice H...... 3,953 MOURADIAN ENDOWMENT FUND, Herair & Sirvart...... 133,017 PAKCHOIAN ENDOWMENT FUND, Mr. & Mrs.John D...... 1,378,079 MOURADIAN ENDOWMENT FUND, Hratch & Kohar...... 77,303 PALOIAN ENDOWMENT FUND, Helen...... 2,687 MOURADIAN ENDOWMENT FUND, Leon H...... 99,735 PALOUTZIAN MEMORIAL FUND, Jack V...... 2,058 MOURADIAN MEMORIAL FUND, Edward...... 1,458 PAMBAKIAN MEMORIAL FUND, Hagop...... 2,163 MOUSIAN ENDOWMENT FUND, Lee & Azniv...... 63,147 PAMBAKIAN MEMORIAL FUND, Harout...... 1,440 MOVSESIAN ENDOWMENT FUND, Mr.Arthur...... 3,304 PAMBAKIAN MEMORIAL FUND, Madeleine...... 3,569 MOWSESIAN ENDOWMENT FUND, Oozhenig...... 2,531 PAMPEYAN ENDOWMENT FUND, Mr. & Mrs.William H...... 5,303 MUGAR (YEMENIJIAN) MEMORIAL FUND, Mr. & Mrs.Charles & Eliza...... 5,753 PANNOSIAN ENDOWMENT FUND, Jack...... 4,262 MUGAR MEMORIAL FUND, Gregory M. & Maritza M...... 16,368 PANOSSIAN ENDOWMENT FUND, Satenig & Onnig...... 5,807 MUGRDITCHIAN MEMORIAL FUND, Minas & Mihranoush...... 5,692 PAPAZIAN ENDOWMENT FUND, Dr.Dennis...... 4,674 MUGRDITCHIAN MEMORIAL FUND, Vram John...... 8,632 PAPAZIAN ENDOWMENT FUND, Haig G...... 2,553 MUGRDITCHIAN/MUGAR ENDOWMENT FUND, PARAGHAMIAN ENDOWMENT FUND, Berg & Mary...... 11,179 Rev.Youhanna & Ephronia...... 79,334 PARAGHAMIAN ENDOWMENT FUND, Zarman...... 3,500 MUKCHIAN ENDOWMENT FUND, Mugerdich & Mariam...... 4,262 PARECHANIAN ENDOWMENT FUND, D. & M...... 1,737 MUNCHERIAN ENDOWMENT FUND, Krikor & Rosina...... 3,274 PAREGIAN MEMORIAL FUND, George...... 2,581 MURADIAN ENDOWMENT FUND, Sam & Dora...... 15,997 PARMAKS ENDOWMENT FUND, Peter (Puzant)...... 20,454 MURADIAN MEMORIAL FUND, Dora...... 1,850 PARSEGHIAN ENDOWMENT FUND, Richard...... 3,972 MURADIAN MEMORIAL FUND, Lem...... 1,320 PARSEKIAN ENDOWMENT FUND, Lucy & Ned J...... 41,435 MURADIAN MEMORIAL FUND, Murad & Yevkin...... 103,042 PARSEKIAN ENDOWMENT FUND, Sampson & Satineg...... 8,336 MUSHEGAN ENDOWMENT FUND, Mack & Nellie...... 7,035 PARTIN MEMORIAL FUND, Terry Glenn...... 8,377 MUSSELMAN MEMORIAL FUND, George A...... 2,443 PAULSON ENDOWMENT FUND, Paul & Laura...... 49,060 NAHABEDIAN ENDOWMENT FUND, Mr. & Mrs.Theodore...... 1,937 PAYNE MEMORIAL FUND, Elizabeth Caraman...... 17,729 NAHABEDIAN ENDOWMENT FUND, Samuel...... 1,976 PEKMEZIAN ENDOWMENT FUND, H...... 11,819 NAHABEDIAN ENDOWMENT FUND, Theodore & Benjamin...... 1,533 PEREZ ENDOWMENT FUND, Antonio & Carol Bezirganian...... 11,094 NAHIGIAN ENDOWMENT FUND, M. H...... 7,296 PETERS ENDOWMENT FUND, Mr. & Mrs.Leon S...... 15,790 NAHIGIAN ENDOWMENT FUND, Mr. & Mrs.Movses...... 5,740 PHILIBOSIAN CONTE ENDOWMENT FUND, Sirpuhe & John...... 167,584 NAHIGIAN ENDOWMENT FUND, Raymond & Marie...... 167,851 PHILIBOSIAN ENDOWMENT FUND, Fred...... 5,716 NAHIGIAN MEMORIAL FUND, Edward & Kenneth...... 28,249 PHILIBOSIAN ENDOWMENT FUND, George & Alice...... 723,050 NAJARIAN AND FAMILY FUND, Baidzar...... 1,727 PHILIBOSIAN ENDOWMENT FUND, John & Eugenie...... 13,832 NAJARIAN ENDOWMENT FUND, Matthew & Florence...... 1,934 PHILIBOSIAN MEMORIAL ENDOWMENT FUND, Ruth...... 36,448 NAJARIAN ENDOWMENT FUND, Mr. & Mrs.Vay...... 5,526 PHILIBOSIAN TRUST FUND, Stephen...... 16,123,217 NAJARIAN FAMILY ENDOWMENT FUND, Baidzar & Milton...... 42,761 PHILIPIAN ENDOWMENT FUND, Garabed & Myrani...... 39,278 NAJARIAN FAMILY ENDOWMENT FUND, Mourad...... 8,012 PHILLIAN ENDOWMENT FUND, Alex M. & Victoria...... 13,972 NAJARIAN MEMORIAL FUND, George & Elizabeth...... 10,433 PHILLIPIAN MEMORIAL ENDOWMENT FUND, Lucy Kezlarian...... 313,681 NAKASHIAN ENDOWMENT FUND, H. H. & Sons...... 30,221 PHILLIPS ENDOWMENT FUND, George & Suzie...... 9,798 NALBANDIAN ENDOWMENT FUND, Dr. & Mrs.Vahe...... 16,014 PHILLIPS ENDOWMENT FUND, Mr. & Mrs.Gary & Arsine...... 4,445 NALBANDIAN ENDOWMENT FUND, Khoren & Seta...... 1,190 PILAVDJIAN ENDOWMENT FUND, Arslan & Akabi...... 1,637 NALBANDIAN ENDOWMENT FUND, Mr. & Mrs.Jack...... 40,268 PILIBOS MEMORIAL FUND, Alex...... 19,369 NASON FAMILY ENDOWMENT FUND, George B...... 3,908 PIRANIAN ENDOWMENT FUND, Armen...... 1,758 NAZARIAN ENDOWMENT FUND, Alice & Artine...... 12,939 PIRANIAN ENDOWMENT FUND, Simon & Louise...... 95,262 NAZARIAN ENDOWMENT FUND, Alice Artine...... 139,955 PISA ENDOWMENT FUND, Mr. & Mrs.Michael...... 1,579 NAZARIAN ENDOWMENT FUND, George & Louise...... 82,031 POLADIAN ENDOWMENT FUND, Araxie...... 2,932 NAZARIAN ENDOWMENT FUND, George K. & Lucy G...... 14,781 POLADIAN ENDOWMENT FUND, Mr. & Mrs.Baruyr A...... 1,263 NAZARIAN ENDOWMENT FUND, Mr. & Mrs.Henri...... 27,236 POLADIAN ENDOWMENT FUND, Zabel...... 10,433 NAZARIAN ENDOWMENT FUND, Mr. & Mrs.Nazar...... 1,484 POLADIAN MEMORIAL ENDOWMENT FUND, Apraham & Zarouhie...... 3,154 NAZARIAN ENDOWMENT FUND, Nazareth, Artin & Yester...... 164,782 POLADIAN MEMORIAL ENDOWMENT FUND, Sam...... 1,738 NAZARIAN MEMORIAL FUND, Alice...... 6,358 POLOSHIAN MEMORIAL FUND, Narthooe Nahigian...... 1,452,129 NAZARIAN MEMORIAL FUND, Nazar...... 4,289 PRATHER ENDOWMENT FUND, Thomas Dean & Laura...... 9,612 NAZARIAN MEMORIAL FUND, Nazareth...... 39,816 PROOD ENDOWMENT FUND, Mareza...... 3,248 NEDOURIAN MEMORIAL FUND, Dickranouhy...... 117,851 PROODIAN ENDOWMENT FUND, Stella & Mary...... 4,152 NIGOSSIAN MEMORIAL FUND, Hrandine & Solomon...... 1,624 PUSKULJIAN MEMORIAL FUND, Vartouhie...... 4,126 NISHAN ENDOWMENT FUND, Mr. & Mrs.Dagavarian...... 944,366 RAINEY ENDOWMENT FUND, Henry & Helen...... 285,069 NORADOUNKIAN ENDOWMENT FUND, Mr. & Mrs.Souren...... 1,131 RAINEY ENDOWMENT FUND, Mr. & Mrs.James H...... 3,963 NORAIR ENDOWMENT FUND, Anne E...... 4,784 RAPOPORT ENDOWMENT FUND, Mr. & Mrs.James...... 1,533 NORIAN ENDOWMENT FUND, Hagop Jay...... 80,306 REJEBIAN ENDOWMENT FUND, Dr.H. & M...... 93,027 NORIAN ENDOWMENT FUND, Kevork & Helen...... 10,300 REJEBIAN ENDOWMENT FUND, Mr. & Mrs.Vahram...... 15,853 NOURJIAN ENDOWMENT FUND, Mihran...... 3,934 REJEBIAN ENDOWMENT FUND, Vesta...... 2,590 2017/18 56 Endowment Funds at July 31, 2018

Name of Fund Value Name of Fund Value

REJEBIAN MEMORIAL FUND, Nazareth & Rosa...... 4,539 SHIRINIAN ENDOWMENT FUND, Apisoghom...... 3,874 REMINGTON MEMORIAL FUND, James Kevin...... 1,118 SHISHMANIAN MEMORIAL FUND, Alice (Galipse)...... 1,964 RENJILIAN ENDOWMENT FUND, Rev. & Mrs.Mihran...... 40,307 SHNORHOKIAN ENDOWMENT FUND, Rev.Manasseh...... 48,627 ROBERTS ENDOWMENT FUND, Elizabeth B...... 3,069 SHNORHOKIAN MEMORIAL FUND, Hovhannes & Victoria...... 2,711 ROBINSON MEMORIAL FUND, Dorothy A...... 29,735 SIMONIAN ENDOWMENT FUND, Richard...... 2,154 ROUBIAN ENDOWMENT FUND, Dr. & Mrs.Vahe S...... 33,880 SIMOURIAN/BAGDASARIAN ENDOWMENT FUND, John & Michele...... 49,859 RUBYAN ENDOWMENT FUND, Rev. & Mrs.P...... 13,134 SIMPADIAN EDUCATIONAL FUND, Diran...... 10,413 RUZIAN & FAMILY FUND, Rev.H...... 9,103 SIMSIRYAN MEMORIAL FUND, Anahit...... 733,049 SAATJIAN MEMORIAL FUND, Haiganoush...... 2,577 SIPAN ARMENIAN SCHOOL ENDOWMENT FUND...... 322,338 SADAKIAN MEMORIAL FUND, Rev. & Mrs.Assadour & Angele...... 6,081 SIRABONIAN ENDOWMENT FUND, Joseph & Victoria...... 3,874 SAFARJIAN ENDOWMENT FUND, David...... 3,666 SIRAGANIAN MEMORIAL FUND, Mihran & Arshagouhi...... 66,846 SAGATELIAN ENDOWMENT FUND, Barkev K...... 2,071 SKAGGS SCHOLARSHIP FUND, Seeran & Hazel Ghazarian...... 146,992 SAHAKIAN MEMORIAL FUND, Joseph & Lucille...... 290,537 SOGHOMONIAN ENDOWMENT FUND, Mr. & Mrs.Hovhannes...... 1,278 SAKLEM ENDOWMENT FUND, Rebecca R...... 5,484 SOGHOMONIAN MEMORIAL FUND, Avedis...... 35,460 SALAKIAN MEMORIAL FUND, Luther...... 1,491 SOGOMIAN ENDOWMENT FUND, Rev. & Mrs.Jirair...... 7,630 SALIBIAN ENDOWMENT FUND, Mr. & Mrs.Hrag...... 111,047 SOLAKIAN ENDOWMENT FUND, Dr. & Mrs.Haig...... 3,963 SALIBIAN ENDOWMENT FUND, Mr. & Mrs.Kourken & Agnes and Ara...... 22,118 SOUKESIAN FAMILY ENDOWMENT FUND...... 26,225 SALIBIAN ENDOWMENT FUND, Rev. & Mrs.Vahram...... 26,949 SOURENIAN MEMORIAL FUND, Lucy...... 189,071 SALIBIAN ENDOWMENT FUND, Souren, Alex, Haig & Nora...... 12,138 STAMBOULIAN ENDOWMENT FUND, Rev.Garabed...... 2,568 SALIBIAN MEMORIAL FUND, Henri...... 1,074 STEDMAN MEMORIAL FUND, Phyllis Corrine...... 2,186 SALVERIAN ENDOWMENT FUND, Leon & Arshalouyse...... 109,655 STEIN JR. ENDOWMENT FUND, Mr. & Mrs.Joseph...... 5,152 SAMERJIAN ENDOWMENT FUND, Benjamin...... 46,957 STEIN MEMORIAL FUND, Rev.Joseph...... 4,542 SANOSSIAN ENDOWMENT FUND, Florence & Joseph...... 29,389 STEPHANIAN MEMORIAL FUND, Margaret...... 17,262 SANTURIAN ENDOWMENT FUND, Nubar & Dorothy...... 2,135 STEPHEY ENDOWMENT FUND, Mr. & Mrs.Harry Jr...... 3,158 SAPRICHIAN ENDOWMENT FUND, Altoon & Sara...... 209,690 SULAHIAN ENDOWMENT FUND, Rev. & Mrs.S. K...... 10,479 SARAJIAN MEMORIAL FUND, Mesrop & Mary...... 582,973 SURABIAN ENDOWMENT FUND, Varter M...... 12,990 SARIAN ENDOWMENT FUND, Mr. & Mrs.Hratch...... 1,227 SURGEON MEMORIAL FUND, Adelaide...... 1,736 SARIAN FOUNDATION ENDOWMENT FUND...... 42,984 TABIBIAN ENDOWMENT FUND, Arshag...... 4,339 SARJANIAN ENDOWMENT FUND, Mr. & Mrs.Arshag...... 4,090 TABIBIAN ENDOWMENT FUND, Ovsanna...... 1,452 SARKISIAN (HOVANESIAN) ENDOWMENT FUND, Altoon...... 14,570 TAFJEN ENDOWMENT FUND, Dr.Paul...... 21,738 SARKISIAN ENDOWMENT FUND, Charles...... 8,233 TALANIAN ENDOWMENT FUND, Paul & Beverly...... 28,700 SARKISIAN ENDOWMENT FUND, Dickran M. & Flora G...... 297,895 TAMZARIAN ENDOWMENT FUND, Mr. & Mrs.Kay...... 19,942 SARKISIAN ENDOWMENT FUND, Dr. & Mrs.Krikor...... 3,874 TARAKTZIAN ENDOWMENT FUND, Mr. & Mrs.Carlos & Nancy..... 13,425 SARKISIAN ENDOWMENT FUND, Richard & Sylvia...... 30,791 TARZIAN & SEMERJIAN FAMILY ENDOWMENT...... 4,941 SARKISIAN MEMORIAL FUND, Edward G...... 31,263 TASHIAN ENDOWMENT FUND, Edward & Hovnan...... 1,211,200 SARKISIAN MEMORIAL FUND, Mr.Vartan...... 2,374 TASHJIAN ENDOWMENT FUND, Grace...... 24,547 SARKISSIAN ENDOWMENT FUND, Hagop & Helene Hasmig...... 1,017 TASHJIAN ENDOWMENT FUND, Vartan & Lydia...... 5,282 SARKISSIAN ENDOWMENT FUND, Rev.Robert & Therese...... 4,982 TASHJIAN MEMORIAL FUND, Garabed & Zarouhi...... 24,712 SARKISSIAN MEMORIAL ENDOWMENT FUND, TATARIAN ENDOWMENT FUND, Vahan...... 1,758 Hovhannes & Haigouhi...... 9,974 TATARIAN MEMORIAL FUND, Zephyr...... 2,531 SARKOSHIAN ENDOWMENT FUND, Araxie...... 42,063 TAVITIAN BAGDIKIAN ENDOWMENT FUND, Santookht...... 1,727 SARYAN ENDOWMENT FUND, Mr. & Mrs.Makar...... 3,069 TELFEYAN EVANGELICAL ENDOWMENT FUND...... 187,796 SEELY MEMORIAL FUND, Bob I. & Isabelle...... 15,140 TELFEYAN MEMORIAL FUND, Robert...... 2,624 SEMERJIAN ENDOWMENT FUND, Alice & Marjorie...... 32,526 TELLALIAN MEMORIAL FUND, Ezras & Nellie...... 38,736 SENEKJIAN ENDOWMENT FUND, Arshag & Meroum...... 18,552 TERJANIAN ENDOWMENT FUND, Antaram...... 2,711 SENEKJIAN ENDOWMENT FUND, Arshag & Merum...... 271,936 TERZIAN ENDOWMENT FUND, Hranoush Poladian...... 2,676 SERIJANIAN ENDOWMENT FUND, Dicran & Armine...... 76,333 TESHKOYAN ENDOWMENT FUND, Nevirag...... 1,937 SERMABEIKIAN ENDOWMENT FUND, Krikor & Anna...... 140,063 TEZEKJIAN MEMORIAL FUND, Edward A. & May I...... 17,727 SERRAJIAN MEMORIAL FUND, Hovhannes & Haiganoush...... 1,898 TEZEL ENDOWMENT FUND, Jirair & Louise...... 88,700 SHACHIAN MEMORIAL FUND, Ann & Lee...... 5,588 THOMPSON ENDOWMENT FUND, Mr. & Mrs.Misak...... 11,518 SHAHINIAN ENDOWMENT FUND, Dr.S...... 1,977 TILKIAN MEMORIAL FUND, Sarko...... 25,452 SHAHINIAN ENDOWMENT FUND, Mr. & Mrs.Andrew...... 1,579 TILKIAN SCHOLARSHIP FUND, Rev.Garabed & Nevart...... 51,046 SHAHINIAN ENDOWMENT FUND, Mr. & Mrs.S...... 1,288 TOKATLIAN FAMILY ENDOWMENT FUND...... 100,106 SHAKARIAN ENDOWMENT FUND, David B...... 363,158 TOOMAYAN MEMORIAL FUND, Dirouhi, Dickran & Meline...... 9,262 SHAKARIAN MEMORIAL FUND, Tzolak Henry...... 7,862 TOOTIKIAN EDUCATIONAL FUND, Juliette...... 6,777 SHAMLIAN ENDOWMENT FUND, Dr.Martin...... 3,171 TOOTIKIAN ENDOWMENT FUND, Rev. Dr.Vahan...... 8,209 SHAMLIAN MEMORIAL FUND, Arpie & Toros...... 7,257 TOOTIKIAN ENDOWMENT FUND, Rosette...... 1,369 SHAMLIAN MEMORIAL FUND, James Puzant...... 9,474 TOOTIKIAN MEMORIAL FUND, Keghanoush...... 10,512 SHANOIAN ENDOWMENT FUND, Mr. & Mrs.Peter...... 2,211 TOPALIAN & FAMILY ENDOWMENT FUND, Mr. & Mrs.Jirair...... 24,355 SHARABJIAN MEMORIAL FUND, Haiganoosh & John...... 6,473 TOPALIAN ENDOWMENT FUND, Paul & Naomi...... 4,275 SHARIAN ENDOWMENT FUND, Bedros M. & Vartouhi...... 3,379 TOPALIAN MEMORIAL FUND, Elizabeth...... 2,087 SHEEN FAMILY TRUST FUND...... 4,629,572 TOPAZIAN ENDOWMENT FUND, Shavarsh...... 75,640 SHEETS MEMORIAL FUND, Thomas Paul...... 1,674 TOPOUZIAN ENDOWMENT FUND, Hrant J...... 13,160 SHEGOIAN ENDOWMENT FUND, Ardson & Gladys...... 1,646 TORIGIAN ENDOWMENT FUND, Mr. & Mrs.Andrew & Rose...... 80,262 SHEKERJIAN ENDOWMENT FUND, Harbig...... 6,764,515 TORO MEMORIAL FUND, Rev.Youhanna...... 1,994 SHERENE ENDOWMENT FUND, Berjouhi K...... 12,658 TOROSIAN MEMORIAL FUND, Viola...... 1,727 SHIPLEY MEMORIAL FUND, Alice M...... 3,990 TOROUNIAN ENDOWMENT FUND, Mr. & Mrs.Anton...... 4,889 SHIRAJIAN LIBRARY FUND, Dr. & Mrs.Eliazar A...... 10,914 TOURIAN ENDOWMENT FUND, Mr. & Mrs.Levon H...... 133,474 SHIRAJIAN MEMORIAL FUND, Dr.Emman...... 1,762 TOVMASSIAN SCHOLARSHIP FUND, Rev.Edward & Arousiag..... 52,855 2017/18

Endowment Funds at July 31, 2018 57

Name of Fund Value Name of Fund Value

TOWER LAKES ENDOWMENT FUND, Nazareth Barsumian...... 2,565,518 YAGHSIZIAN MEMORIAL FUND, Hagop & Ephronia...... 17,901 TOZJIAN MEMORIAL FUND, Rena M...... 15,362 YARALIAN MEMORIAL FUND, Ferida...... 6,735 TROTT MEMORIAL FUND, Arthur & Zarouhi...... 6,521 YARDEMIAN ENDOWMENT FUND, Marguerite...... 3,199 TURMANIAN ENDOWMENT FUND, Armenie...... 1,748 YAZEJIAN ENDOWMENT FUND, Ann...... 2,263 TUTELIAN ENDOWMENT FUND, Mr. & Mrs.Edward...... 1,782 YAZEJIAN MEMORIAL FUND, Artin...... 16,943 TUTUNJIAN ENDOWMENT FUND, ...... 1,104 YERAMIAN ENDOWMENT FUND, Rev.Arsham K. & Maritza...... 3,504 ULIGIAN ENDOWMENT FUND, Mr. & Mrs.Charles...... 86,590 YERAMIAN MEMORIAL FUND, Arax & Aram...... 790,850 US MINISTERS RELIEF FUND...... 249,900 YERANIAN ENDOWMENT FUND, Araxie...... 31,780 VART ENDOWMENT FUND, Richard...... 7,747 YERANIAN ENDOWMENT FUND, Rev. & Mrs.Vartan...... 15,836 VART MEMORIAL FUND, Aharon S. & Nooritza...... 30,506 YERANIAN FAMILY FUND, Misses...... 3,220 VARTABEDIAN ENDOWMENT FUND, Dr...... 15,456 YERETSIAN ENDOWMENT FUND, Dr. & Mrs.Ara...... 20,122 VARTABEDIAN ENDOWMENT FUND, Mr. & Mrs.Armenag & Mariam...... 64,580 YERVANIAN ENDOWMENT FUND, Mr. & Mrs.Vahe...... 3,584 VARTANANTZ & MARTYRS MEM’L END FUND...... 530,179 YESAYIAN ENDOWMENT FUND, Dr.Harry & Merin (Norian)...... 38,736 VARTANIAN ENDOWMENT FUND, Kate A...... 11,353 YESSAYAN ENDOWMENT FUND, Leon & Haiganoush...... 5,882 VARTANIAN ENDOWMENT FUND, Michael M. & Lily Aghavni...... 42,030 YESSAYAN MEMORIAL FUND, Victoria R...... 1,221 VARTANIAN ENDOWMENT FUND, Vahan & Lillie...... 110,247 YETERIAN ENDOWMENT FUND, Veronica M...... 3,209 VARTANIAN ENDOWMENT FUND, Varoujan & Family...... 29,372 YOSEPH ENDOWMENT FUND, June Z. Jorjorian...... 3,248 VARTANIAN ENDOWMENT FUND, Yervant...... 852,480 YOUMOUSHAKIAN MEMORIAL FUND, Avedis & Ovsanna...... 39,710 VARTANIAN MEMORIAL FUND, Gladys...... 7,055 YOUNG ENDOWMENT FUND, Shakeh Dildabanian...... 55,617 VARTANIAN MEMORIAL FUND, Mr. & Mrs.John...... 16,692 YOUTH CRUSADE 60 TH ANNIVERSARY FUND...... 39,061 VARTIAN ENDOWMENT FUND, V. Michael...... 3,868 ZANOYAN MEMORIAL FUND, Papken & Marie...... 34,009 VASOYAN MELKONIAN MEMORIAL FUND, Marie...... 7,491 ZARIFIAN ENDOWMENT FUND, Charles...... 3,963 VOSKIAN ENDOWMENT FUND, Dr. & Mrs.John & Marilyn...... 196,083 ZARIFIAN ENDOWMENT FUND, Rev. & Mrs.John A...... 2,191 WALKER ENDOWMENT FUND, Russell...... 7,926 ZERON ENDOWMENT FUND, Bydzar...... 158,842 WHEELER MEMORIAL FUND, Olive H...... 1,924 ZEROUNIAN ENDOWMENT FUND, Jerry K. & Rose...... 5,896 WRITER ENDOWMENT FUND, John & Sarah...... 8,887 ZEROUNIAN MEMORIAL FUND, Peruz...... 4,650 YACOUBIAN MEMORIAL FUND, Avedis...... 5,811 ZOOLALIAN MEMORIAL FUND, Charles...... 1,068

ARMENIA RELIEF ENDOWMENT FUNDS

Name of Fund Value Name of Fund Value

ARMENIA RELIEF ENDOWMENT FUNDS, Various...... 11,814 GOPOIAN ENDOWMENT FUND, Haroutune & Mariam...... 4,261 AGBABIAN ENDOWMENT FUND, H. Hrant and Alidz...... 106,840 GUZELIAN MEMORIAL FUND, Viken...... 10,383 AHARONIAN ENDOWMENT FUND, Hrair & Julia...... 3,177 HAGOPIAN ENDOWMENT FUND, Mr. & Mrs.Isaac & Lena...... 4,531 AIVAZIAN ENDOWMENT FUND, Dr.Garo & Emma...... 15,978 HAIG (HAGOPIAN) ENDOWMENT FUND, Yevnige & Diran...... 988 AJEMIAN ENDOWMENT FUND, Edward...... 27,821 HAIG (HAGOPIAN) ENDOWMENT FUND, ANDONIAN ENDOWMENT FUND, Mihran...... 78,839 Grace, Victoria, Mary Gillingham,Virginia Anoush,Yevnige & Diran...... 17,557 ANONYMOUS B ENDOWMENT FUND...... 149,214 HAITAYAN ENDOWMENT FUND, Garo & Elizabeth...... 2,200 ARAKELIAN MEMORIAL FUND, Rosa...... 1,309 HASSESSIAN MEMORIAL FUND, Rev.Herald & Siranoush...... 7,229 AYRAPETYAN ENDOWMENT FUND, Asya...... 2,621 ISKENDERIAN MEMORIAL FUND, Dr.Haig, Nevart & Yerchanik...... 138,353 BABIKIAN ENDOWMENT FUND, Souren...... 1,301 ISKIKIAN MEMORIAL FUND, Rhoda Habib...... 11,520 BAGHDIKIAN ENDOWMENT FUND, Vatche & Elbiz...... 1,378 JEMELIAN ORPHAN & CHILD CARE FUND, Harry...... 300,902 BALDADIAN MEMORIAL FUND, Dorothy...... 6,890 JENANYAN ENDOWMENT FUND, William, Rev. Melkon & Se...... 32,219 BALIAN MEMORIAL FUND, Bali Kevork & Veronica...... 33,639 JUNDANIAN MEMORIAL FUND, Dr.Diane...... 14,305 BALIAN MEMORIAL FUND, Dikran & Azniv...... 6,244 KASPARIAN SCHOLARSHIP FUND #4, Alice Odian...... 49,460 BALUKJIAN ENDOWMENT FUND, Harry...... 3,623 KAYE ENDOWMENT FUND, Mr. & Mrs.Vincent...... 5,310 BARSOIAN MEMORIAL FUND, Leo...... 4,329 KAZANJIAN TRUST FUND, Hrand & Aghavni...... 11,032 BEDIKIAN FAMILY ENDOWMENT FUND, Arsen...... 5,445 KELEDJIAN MEMORIAL FUND, Shant...... 4,215 BEDROS MEMORIAL FUND, Edward P...... 1,561 KENOSIAN ENDOWMENT FUND, Mr. & Mrs.Joseph & Sylvia...... 2,327 BEDROSIAN ENDOWMENT FUND, Elizabeth...... 20,928 KENOSIAN ENDOWMENT FUND, Sarkis & Esther...... 1,678 BEDROSIAN MANASSYAN END. FUND...... 1,322 KENOSIAN MEMORIAL FUND, Grace...... 1,246 CHAKMAKIAN MEMORIAL FUND, Louise...... 2,501 KEUHNELIAN ARMENIA RELIEF FUND, Mr.Peter Charles...... 3,231 COMPATRIOTIC UNION OF HABOUSI...... 5,052 KHATCHADURIAN MEMORIAL FUND, Mrs.Pailak & Nevart...... 1,846 DAVIDIAN ENDOWMENT FUND, Sarkis & Esther...... 1,678 KHERLOPIAN ENDOWMENT FUND, TheJohn H. & Barig...... 2,237 DAVIDIAN MEMORIAL FUND, Sonia...... 1,919 KOEROGHLIAN ARMENIAN FUND, Rev.Mihran...... 1,330 DER KRIKORIAN MEMORIAL FUND, Annie...... 5,765 MANGERIAN MEMORIAL FUND, Hagop & Takouhy...... 17,916 DISHMAN ENDOWMENT FUND, Aida Sagan...... 5,691 MANOOGIAN SMITH MEMORIAL FUND, Nevart...... 1,426 DONCHIAN, HAJEIAN & CHIRKINIAN FUND...... 16,714 MARDEROSIAN MEMORIAL FUND, John Paul...... 1,817 DONNIAN MEMORIAL FUND, Mack...... 18,283 MASEREJIAN ENDOWMENT FUND, Zareh & Hasmig...... 4,841 DUNKAN ENDOWMENT FUND, Lucy T...... 11,440 MAYBALIAN ENDOWMENT FUND, Makarditch & Zevart...... 8,653 ESSEPIAN ENDOWMENT FUND, Dr. & Mrs.John P...... 7,348 MAYBALIAN MEMORIAL FUND, Dikran & Fahima...... 1,498 2017/18 58 Endowment Funds at July 31, 2018

ARMENIA RELIEF ENDOWMENT FUNDS

Name of Fund Value Name of Fund Value

MELIDONIAN ENDOWMENT FUND, Bedros & Marie...... 4,941 SEGEL ENDOWMENT FUND, Mr. & Mrs.David A...... 48,752 MINASIAN ENDOWMENT FUND, Vartuhi...... 13,343 SERMABEIKIAN MEMORIAL FUND, Veronica...... 2,210 MOUSAIAN MEMORIAL FUND, Dickran & Maritza...... 3,431 SEVOYAN MEMORIAL FUND, Charles...... 225,363 MUNCHERIAN MEMORIAL FUND, Emanuel & Hagop...... $2,998 SHACHIAN REARDON MEMORIAL FUND, Karen...... 170,496 NAJARIAN MEMORIAL FUND, Krikor K...... 1,591 SHAHINIAN ENDOWMENT FUND, Vahan & Loucine...... 113,407 NALBANDIAN ENDOWMENT FUND, Garbis & Ayko...... 2,850 SHIRVANIAN AYKANIAN MEM’L FUND, Angel...... 6,974 NALBANDIAN MEMORIAL FUND, Mr. & Mrs.Hagop & Anahis...... 3,348 SHOOSHANIAN ENDOWMENT FUND, Mr. & Mrs.Edward & Lucy...... 72,154 NAZARIAN ENDOWMENT FUND, Mr. & Mrs.Henry P...... 10,360 SUVAJIAN MEMORIAL FUND, Charles...... 22,230 ONANIAN ENDOWMENT FUND, Dr. & Mrs.Edward & Zvart...... 15,934 TOULOUKIAN ENDOWMENT FUND, Mr. & Mrs.Zaven & Rachel...... 46,669 PARSEGHIAN MEMORIAL FUND, George...... 1,653 TOURYAN MEMORIAL FUND, Rev.Vahram & Adelina...... 31,375 PRIDJIAN MEMORIAL FUND, Karekin & Pauline...... 20,831 TUFENKIAN MEMORIAL FUND, Richard...... 70,286 SARAFIAN MEMORIAL FUND, Sylvia...... 68,167 TUTELIAN MEMORIAL FUND, Stephen...... 2,830 SARKIS ENDOWMENT FUND, Hratch and Helga...... 32,052 VARTABEDIAN ENDOWMENT FUND, Diana & Nishan...... 16,012 SARKISIAN BROTHERS FOUNDATION...... 28,588 ZARTARIAN MEMORIAL FUND, Baghdassar & Hripsime...... 4,104 SARKISIAN ENDOWMENT FUND, Evelyn & Deli Sarkis...... 2,997 ZOBIAN ENDOWMENT FUND, Joseph & Grace...... 133,749 SARKISIAN MEMORIAL FUND, Levon...... 1,561

HAIGAZIAN UNIVERSITY ENDOWMENT FUNDS

Name of Fund Value Name of Fund Value HAIGAZIAN UNIVERSITY ENDOWMENT FUNDS, Various...... 56,001 BIZDIKIAN ENDOWMENT FUND, Nishan H...... 15,935 ABAJIAN ENDOWMENT FUND, Henry K. & Gladys...... 6,025 BOSNIAN ENDOWMENT FUND, Luther...... 14,056 ABAJIAN ENDOWMENT FUND, Mr. & Mrs.George...... 2,007 BOYAJIAN ENDOWMENT FUND, Dr. & Mrs.Jirair...... 1,953 ABDULIAN ENDOWMENT FUND, Daniel H. & Juliette...... 9,690 BROUSSALIAN ENDOWMENT FUND, Dr. & Mrs.Sarkis L...... 1,005 ABDULIAN ENDOWMENT FUND, H. Jack & Joyce...... 2,409 BUCK ENDOWMENT FUND, Mr. & Mrs.C...... 1,228 ADROUNY ENDOWMENT FUND, Dr. & Mrs.Zaven A...... 3,793 CARR ENDOWMENT FUND, Robert W...... 1,895 AGBABIAN ENDOWMENT FUND, Dr.Mihran & Elizabeth...... 17,507 CONSTANTIAN MEMORIAL FUND, Avedis...... 30,865 AGBABIAN ENDOWMENT FUND, Mr. & Mrs.Hrant...... 3,868 DADOURIAN ENDOWMENT FUND, Haroutun...... 28,237 AGBASHIAN ENDOWMENT FUND, Mr. & Mrs.Aggie G...... 1,953 DAGHLIAN ENDOWMENT FUND, Nazar & Lucy...... 3,681 AHARONIAN ENDOWMENT FUND, Hrair & Julia...... 51,817 DARAKJIAN SCHOLARSHIP FUND, Rev.Barkev & Armine...... 45,600 AJEMIAN ENDOWMENT FUND, Hripsime & Hovakim...... 11,153 DARPINIAN ENDOWMENT FUND, Dr.Haig Robert...... 6,788 AJEMIAN ENDOWMENT FUND, Peter & Ann...... 3,905 DE CERVANTES ENDOWMENT FUND, Mr. & Mrs.George...... 3,793 AKIN ENDOWMENT FUND, Mr. & Mrs.Wayne M...... 1,172 DEMIRJIAN ENDOWMENT FUND, Mr. & Mrs.Harold A...... 70,280 ARCHIBALD ENDOWMENT FUND, Mary L...... 10,553 DERAD ENDOWMENT FUND, Mother...... 8,052 ARIZONA WHOLESALE SUPPLY CO...... 5,021 DERENTZ ENDOWMENT FUND, Hagop & Seda...... 4,016 ARMENIAN CONG’L CHURCH CHICAGO...... 1,139 DICKRANIAN ENDOWMENT FUND, Mr. & Mrs.Archie...... 6,025 ARMENIAN MISSIONARY ASSOCIATION, Argentina...... 2,723 DILDILIAN ENDOWMENT FUND, Aram...... 1,055 ARMENIAN PRESBYTERIAN COMMUNITY, Washington DC...... 1,895 DINGILIAN FAMILY FUND...... 161,631 ASHJIAN ENDOWMENT FUND, Dr. & Mrs.Leon...... 3,793 DIRAN ENDOWMENT FUND, Arsen & Varteni...... 858,498 ATIMION ENDOWMENT FUND, Mr. & Mrs.Leo...... 7,808 DIRAN SCHOLARSHIP AWARDS, Mary...... 83,610 AVAKIAN ENDOWMENT FUND, Mr. & Mrs.Hemayak...... 11,713 FESJIAN ENDOWMENT FUND, Suren & Virginia...... 16,642 BABIKIAN EDUCATIONAL FUND, Prof.Souren & Alice...... 7,251 FIRST PRESBYTERIAN CH BERKELEY...... 1,561 BADEER ENDOWMENT FUND, Augustine & Vergine...... 42,949 GABRELLIAN & JESSOURIAN ASSOC...... 1,895 BAHUTH ENDOWMENT FUND, Dr.J. J...... 1,895 GALBEDIAN MEMORIAL FUND, Sylvia...... 15,130 BAKAMJIAN SCHOLARSHIP FUND, Santoukht & Yeghia...... 80,514 GARABEDIAN ENDOWMENT FUND, John...... 3,793 BAKMAZIAN ENDOWMENT FUND, Mr. & Mrs.Param...... 1,561 GARABEDIAN ENDOWMENT FUND, Joseph & Edward...... 8,087 BALIAN FAMILY ENDOWMENT FUND...... 3,385 GECHIJIAN ENDOWMENT FUND, Narthoohy...... 1,242 BALUKJIAN ENDOWMENT FUND, Harry...... 16,547 GERTMENIAN ENDOWMENT FUND, Henry & Eunice...... 502,046 BARSAMIAN ENDOWMENT FUND, Edward B...... 21,260 GRIMSLEY ENDOWMENT FUND, Dr. & Mrs.Glen & Helen...... 149,548 BARSAMIAN ENDOWMENT FUND, Hagop K. & Virginia...... 1,953 GULBENKIAN FOUNDATION, INC., Gullabi...... 95,382 BARSUMIAN ENDOWMENT FUND, George Jr. & Helen...... 65,843 GULESSERIAN ENDOWMENT FUND, Dr. & Mrs.Hrair...... 7,649 BARSUMIAN TOWER LAKES FOUNDATION, George N...... 34,136 GULESSERIAN ENDOWMENT FUND, Dr.Stepan...... 11,379 BASHIAN ENDOWMENT FUND, Mr. & Mrs.Edward...... 7,808 GULESSERIAN ENDOWMENT FUND, Levon & Shake...... 6,763 BASHIAN ENDOWMENT FUND, Mrs.George...... 1,895 GURLEKIAN ENDOWMENT FUND, Rev. & Mrs.Hagop...... 22,455 BASMAJIAN ENDOWMENT FUND, Miss...... 8,059 H.C. 25TH ANNIVERSARY FUND...... 1,717,924 BEDIGIAN ENDOWMENT FUND, George...... 3,945 H.U. ENDOWED CAPITAL FUND...... 93,346 BELIAN ENDOWMENT FUND, Aram Y...... 197,071 HADIDIAN ENDOWMENT FUND, Dr. & Mrs.Henry...... 2,099 BELIAN ENDOWMENT FUND, Dr. & Mrs.G...... 2,007 HAIG ENDOWMENT FUND, Dr.P. Vahe & Alice...... 2,108 BERBERIAN ENDOWMENT FUND, Antranig...... 3,239 HAIGAZIAN 50TH ANNIVERS. FUND...... 71,746 BERBERIAN ENDOWMENT FUND, Haig...... 94,819 HAIGAZIAN UNIV. E.S.I. FUND...... 167,180 BESHAR ENDOWMENT FUND, Edward H. & Isabelle...... 1,367 HAIGAZIAN UNIVERSITY ENDOWMENT FUND, Other...... 623,935 BEZIRGANIAN ENDOWMENT FUND, Dr.George & Mary...... 3,905 HAJAKIAN ENDOWMENT FUND, Yegishe & Maro...... 1,516 BEZJIAN ENDOWMENT FUND, Mr. & Mrs.Hagop...... 15,171 HAJINLIAN ENDOWMENT FUND, Karnig & Dikranouhi...... 15,616 2017/18

Endowment Funds at July 31, 2018 59

Name of Fund Value Name of Fund Value

HALEBIAN ENDOWMENT FUND, Mr. & Mrs.Michael...... 7,808 MEDZIAN ENDOWMENT FUND, Mr. & Mrs.Stanley S...... 12,831 HALFORD ENDOWMENT FUND, Anne...... 4,294 MEGHRIGIAN FAMILY FUND...... 1,953 HARIKIAN SCHOLARSHIP FUND, Virginia...... 108,300 MEHAGIAN FAMILY MEMORIAL FUND, A. S...... 1,541,551 HASERJIAN ENDOWMENT FUND, Harold & Elizabeth...... 8,032 MEHAGIAN MEMORIAL FUND, Leon...... 8,925 HINTLIAN ENDOWMENT FUND, Mrs.Sirvart...... 9,847 MEKHJIAN ENDOWMENT FUND, Dr. & Mrs.Haroutune...... 3,905 HOVANESSIAN ENDOWMENT FUND, Dr. & Mrs.R. A...... 1,895 MELIKIAN ENDOWMENT FUND, Mr. & Mrs.Gregory J...... 4,819 HOVNANIAN ENDOWMENT FUND, Dr. & Mrs.August...... 1,895 MERDINIAN ENDOWMENT FUND, MissElise...... 97,610 HOVNANIAN ENDOWMENT FUND, Dr.H. Philip...... 4,171 MESSABIAN FUND...... 2,360 HU60-ANONYMOUS ENDOWMENT FUND...... 76,449 MICHAELIAN ENDOWMENT FUND, Donald & Carolyn...... 8,448 HU60-CONTE FOUNDATION ENDOWMENT FUND, MOORADIAN ENDOWMENT FUND, Mr. & Mrs.M. Edward...... 2,598 Sirpouhi & John...... 76,449 MOORADIAN ENDOWMENT FUND, Sarkis & Mary Paul...... 33,463 HU60-DARAKJIAN ENDOWMENT FUND, Nazareth & Ani...... 59,886 MORANIAN ENDOWMENT FUND, Dr. & Mrs.Thomas...... 3,905 HU60-HAIGAZIAN UNIVERSITY 60TH ANNIVERSARY FUND..... 220,491 MOROTT MEMORIAL FUND, Agnes...... 190,034 HU60-HOVNANIAN FOUNDATION ENDOWMENT FUND, MUGAR ENDOWMENT FUND, Stephen...... 153,962 Hirair & Anna...... 75,010 MURADIAN ENDOWMENT FUND, Sam & Dora...... 32,634 HU60-KURKJIAN FAMILY ENDOWMENT FUND, Louis & Grace.... 75,274 NAHIGIAN ENDOWMENT FUND, Mr. & Mrs.Raymond...... 3,592 HU60-NAZARIAN ENDOWMENT FUND, Nora...... 74,858 NAJARIAN ENDOWMENT FUND, Mr. & Mrs.Vay...... 1,953 HU60-PHILIBOSIAN FOUNDATION ENDOWMENT FUND, NALBANDIAN ENDOWMENT FUND, Mr. & Mrs.Khoren...... 1,139 Stephen...... 42,460 NALBANDIAN FARMS INC...... 7,585 HU60-PHILLIPS SR. ENDOWMENT FUND, George...... 25,246 NAZARIAN ENDOWMENT FUND, Mr. & Mrs.Nazar...... 3,793 HU60-SARKIS ENDOWMENT FUND, Hratch...... 48,164 NISHAN ENDOWMENT FUND, Mr. & Mrs.Dagavarian...... 429,531 HU60-ZERONIAN ENDOWMENT FUND, J & M...... 12,344 OGLUKIAN MEMORIAL FUND, Levon...... 18,937 HU-CENT-CONTE FOUNDATION ENDOWMENT FUND, OHAN ENDOWMENT FUND, Ellen Markarian...... 2,211 Sirpuhe & John...... 93,389 PARSEGHIAN ENDOWMENT FUND, Haigazoon...... 30,123 HU-CENT-PHILIBOSIAN FOUNDATION ENDOWMENT FUND, PARSEKIAN ENDOWMENT FUND, Mr. & Mrs.Ned J. Esq...... 9,175 Stephen...... 376,360 PETERS MEMORIAL SCHOLARSHIP FUND, Leon S...... 410,352 IPJIAN ENDOWMENT FUND, Mr. & Mrs.John C...... 1,895 PHILIBOSIAN ENDOWMENT FUN, Mr. & Mrs.Fred...... 1,895 ISHKANIAN ENDOWMENT FUND, Hagop & Elvira...... 3,414 PHILIBOSIAN FOUNDATION FUND, Stephen...... 101,732 J.M. SPECIAL STIPEND FUND...... 15,057 PIRANIAN ENDOWMENT FUND, Mr. & Mrs.Poozant...... 4,342 JAMENTZ ENDOWMENT FUND, Dr.Samuel...... 1,516 POLADIAN ENDOWMENT FUND, Jack H...... 25,660 JANJIGIAN ENDOWMENT FUND, Papken V...... 2,213 RASSAM ENDOWMENT FUND, George...... 1,139 JANJIGIAN MEMORIAL SCHOL. FUND, S.B. & Louise...... 64,126 REJEBIAN ENDOWMENT FUND, Mr. & Mrs.Vahram...... 9,034 JAVIAN ENDOWMENT FUND, Mr. & Mrs.George...... 1,953 REJEBIAN SCHOLARSHIP FUND, Rev. & Mrs.S. M...... 15,625 JIVELEKIAN ENDOWMENT FUND, Mrs.Luis & Ramilda...... 102,408 ROUBIAN ENDOWMENT FUND, Genevieve...... 6,832 JUSKALIAN ENDOWMENT FUND, Mardie...... 5,708 RUBYAN ENDOWMENT FUND, Rev.Puzant...... 1,139 KABASAKALIAN ENDOWMENT FUND, Mr. & Mrs.Peter...... 1,350 SALIBIAN MEMORIAL FUND, Mihran & John...... 28,480 KACHADURIAN MEMORIAL FUND, Zumruth...... 14,103 SANOIAN ENDOWMENT FUND, Henry P. & Nancy...... 3,312 KALEMKARIAN ENDOWMENT FUND, Mr. & Mrs.George V...... 6,678 SARIAN ENDOWMENT FUND, Dr. & Mrs.Jirair...... 6,069 KALENIAN ENDOWMENT FUND, Armen K. & Mary D...... 49,944 SARIAN FOUNDATION FUND...... 20,221 KAMBORIAN ENDOWMENT FUND, Mr. & Mrs.Jacob...... 2,693 SARJANIAN ENDOWMENT FUND, Mr. & Mrs.Arshag...... 1,895 KAPIGIAN ENDOWMENT FUND, Mr. & Mrs.Arshag...... 3,905 SARKISIAN MEMORIAL FUND, Edward G...... 13,942 KAPIKIAN ENDOWMENT FUND, Mr. & Mrs.Carl...... 3,005 SAROUNIE ENDOWMENT FUND, Yeran (Pailoun)...... 3,714 KARAGHEUSIAN ENDOWMENT FUND, A. & M...... 2,007 SCHOLARSHIP AWARDS FUND, Mary Diran...... 83,610 KARAGHEUSIAN ENDOWMENT FUND, MissLeila...... 19,522 SEMERJIAN ENDOWMENT FUND, Marjorie & Alice...... 42,834 KARAKOOSHSCHOLARSHIPFD FOR MUSIC, Sophie...... 16,560 SENECA ENDOWMENT FUND, Dr.Harry...... 3,905 KARAMANOUGIAN ENDOWMENT FUND, Vartanoush & Garabed...... 3,417 SERMABEIKIAN ENDOWMENT FUND, Krikor & Anna...... 3,905 KASSABIAN ENDOWMENT FUND, Dr.Mihran K...... 71,882 SHARIAN ENDOWMENT FUND, Mr. & Mrs.Bedros Sr...... 2,996 KATCHADOURIAN ENDOWMENT FUND, Dr. & Mrs.Herant...... 3,905 SHEGOIAN ENDOWMENT FUND, Mr. & Mrs.Ardson...... 1,540 KESHISHIAN ENDOWMENT FUND, Mr. & Mrs.G...... 5,963 SISLIAN ENDOWMENT FUND, Mr.Robert...... 2,558 KEUHNELIAN ENDOWMENT FUND, G. H...... 53,924 SOGHOMONIAN ENDOWMENT FUND, Avedis...... 4,171 KEYISHIAN ENDOWMENT FUND, Mr. & Mrs.John H...... 3,905 SOURENIAN MEMORIAL FUND, Shavarsh & Lucy...... 240,722 KHANJIAN ENDOWMENT FUND, Dr. & Mrs.John & Pauline...... 23,622 TABOURIAN ENDOWMENT FUND, Garbis & Ida...... 1,953 KISH ENDOWMENT FUND, Mr. & Mrs.Zaven A...... 8,785 TASHJIAN ENDOWMENT FUND, Mr. & Mrs.Hurant...... 1,953 KONDAKJIAN ENDOWMENT FUND, Mr. & Mrs.Daniel...... 1,895 TAVIDIAN ENDOWMENT FUND, Esteban...... 1,895 KOOLAKIAN ENDOWMENT FUND, Robert...... 1,516 TCHAKEDJIAN ENDOWMENT FUND, Avedis & Vergine...... 94,819 KRAJIAN MEMORIAL FUND, Joseph M...... 5,059 TERJIMANIAN ENDOWMENT FUND, Hagop & Anahid...... 7,159 KULJIAN ENDOWMENT FUND, Edward...... 1,005 TILKIAN ENDOWMENT FUND, Dr. & Mrs.Ara...... 21,240 KURKJIAN MEMORIAL FUND, Louis & Mary...... 250,132 TILKIAN ENDOWMENT FUND, Dr.Sarko & Rita...... 10,843 LEVONIAN MEMORIAL FUND, Victoria...... 7,585 TOKATLIAN ENDOWMENT FUND, Mr. & Mrs.Melik...... 1,953 M.T.D. DEV. CO. ENDOWMENT FUND...... 7,531 TOPALIAN ENDOWMENT FUND, Mr. & Mrs.Jirair...... 18,964 MACER ENDOWMENT FUND, Dr. & Mrs.George A...... 2,276 TOPALIAN ENDOWMENT FUND, Socrat...... 1,540 MALJANIAN ENDOWMENT FUND, Daniel E...... 2,454 TOPJIAN ENDOWMENT FUND, Armen...... 10,169 MANOOGIAN ENDOWMENT FUND, Mr. & Mrs.Alex...... 101,514 TOULOUKIAN FOUNDATION FUND...... 1,206 MARDIAN ENDOWMENT FUND, Mr. & Mrs.Aram...... 1,895 TOWER LAKES FOUNDATION FUND, George Barsumian...... 34,136 MARKARIAN ENDOWMENT FUND, Mr. & Mrs.Richard R...... 4,487 TUFENKIAN MEMORIAL FUND, Ruben & Pailazou...... 62,479 MARKARIAN SCHOLARSHIP FUND, *Dr.John J...... 117,131 TURPANJIAN FAMILY ENDOWMENT FUND...... 80,515 MARKARIAN SCHOLARSHIP FUND, Dr.John J...... 5,253 VARIOUS ACCOUNTS FUND...... 1,104 MARKARIAN SCHOLARSHIP FUND, Hagop Gerrit Verkuyl...... 3,283 WOMEN’S AUXILIARY LOS ANGELES...... 182,493 MATHSON ENDOWMENT FUND, Archie & Stella...... 15,509 YESSAIAN ENDOWMENT FUND, Mr. & Mrs.Charles...... 3,905 MATOSSIAN ENDOWMENT FUND, Dr.Nerses Y. & Ruth...... 4,016 ZAKARIAN ENDOWMENT FUND, Mrs. Mihran...... 1,282 MATOSSIAN MEMORIAL FUND, Arthur...... 167,929 2017/18 60 Endowment Funds at July 31, 2018

MINISTERS'/MINISTERS WIDOWS' PENSION FUNDS

Name of Fund Value Name of Fund Value

MINISTERS’/MINISTERS WIDOWS’ PENSION FUNDS, Various.... 21,720 KARIAN ENDOWMENT FUND, Dr. & Mrs.Edward...... 2,475 ABAJIAN ENDOWMENT FUND, Henry K. & Gladys...... 2,475 KARIAN ENDOWMENT FUND, Dr.Bernard...... 2,475 ABAJIAN ENDOWMENT FUND, Thelma...... 2,475 KEUHNELIAN ENDOWMENT FUND, Dr. & Mrs.John...... 3,341 ABDULIAN ENDOWMENT FUND, Dr. & Mrs.Daniel H. & Juliette...... 3,466 KEUHNELIAN ENDOWMENT FUND, Mr. & Mrs.Garabed H...... 2,675 ABDULIAN ENDOWMENT FUND, Dr. & Mrs.Jack H...... 2,475 KRIKORIAN ENDOWMENT FUND, Dr. & Mrs.P. C...... 4,270 ABDULIAN ENDOWMENT FUND, Dr. & Mrs.Misak...... 2,475 LEVONIAN ENDOWMENT FUND, Dr. & Mrs.Rendel...... 2,475 AGBABIAN ENDOWMENT FUND, Dr. & Mrs.Mihran S...... 2,475 LION ENDOWMENT FUND, Mr. & Mrs.Herbert...... 2,475 AGBABIAN ENDOWMENT FUND, Mr. & Mrs.Hrant H...... 2,546 LOSHKAJIAN ENDOWMENT FUND, Mr. & Mrs.Theodore T...... 1,237 ANONYMOUS - 6 ENDOWMENT FUND...... 15,188 MANOOGIAN ENDOWMENT FUND, Mr. & Mrs.Alex...... 2,475 ARMENIAN MARTYRS CONG. CH FUND...... 13,483 MARDIAN ENDOWMENT FUND, Sam Sr...... 1,621 ATTARIAN ENDOWMENT FUND, James E. & Virginia...... 11,310 MASHIKEN ENDOWMENT FUND, Steve...... 2,305 AYNILIAN ENDOWMENT FUND, Mr. & Mrs.Nerses...... 2,475 MEDZIAN ENDOWMENT FUND, Mr. & Mrs.Stanley S...... 2,475 BAGDASARIAN MEMORIAL FUND, Lily Sophie...... 11,068 MEHAGIAN ENDOWMENT FUND, Mr. & Mrs.A. Stephen...... 1,485 BALUKJIAN ENDOWMENT FUND, Harry...... 1,260 MERDINIAN ENDOWMENT FUND, MissElise...... 2,475 BARSUMIAN ENDOWMENT FUND, Mr. & Mrs.George...... 1,237 MERJANIAN ENDOWMENT FUND, Dr. & Mrs.Antipas...... 1,068 BENLIAN ENDOWMENT FUND, Sonia...... 2,517 MINASSIAN ENDOWMENT FUND, Rev. & Mrs.G. Diran...... 2,178 BOYAJIAN MEMORIAL FUND, Edward Jeremiah...... 2,103 MINISTERS’ WIDOWS COMM. LEBANON...... 4,656 BOYAJIAN MEMORIAL FUND, Avedis & Khatoun...... 2,630 MUGAR ENDOWMENT FUND, Mr. & Mrs.Stephen...... 7,297 CHALIKIAN ENDOWMENT FUND, Mr. & Mrs.Edward...... 4,279 NAHIGIAN ENDOWMENT FUND, Marie...... 2,722 CHERKEZIAN ENDOWMENT FUND, Mr. & Mrs.Archie...... 2,475 NASON ENDOWMENT FUND, Harry G...... 3,243 CHURUKIAN ENDOWMENT FUND, Dr. & Mrs.Vahe...... 2,475 NORAIR ENDOWMENT FUND, Anne E...... 2,475 DEMIRJIAN ENDOWMENT FUND, Mr. & Mrs.Harold A...... 1,485 OHANESSIAN ENDOWMENT FUND, Deborah...... 1,815 DERENTZ ENDOWMENT FUND, Mr. & Mrs.Hagop...... 2,475 PETERS ENDOWMENT FUND, Mr. & Mrs.Leon S...... 1,237 DOHANIAN ENDOWMENT FUND, Mr. & Mrs. Armen...... 2,722 PHILIBOSIAN ENDOWMENT FUND, Stephen...... 30,748 DOHANIAN MEMORIAL FUND, Rev.Z aven...... 3,718 PHILIBOSIAN FOUNDATION FUND, Stephen...... 24,744 ESKIJIAN ENDOWMENT FUND, Mr. & Mrs. Luther...... 2,490 REINVESTED INCOME INVESTMENTS...... 8,561 EVKHANIAN ENDOWMENT FUND, Mr. & Mrs. Manouk...... 1,360 SARIAN ENDOWMENT FUND, Drs.Jirair & Norair...... 7,423 GERTMENIAN ENDOWMENT FUND, Mr. & Mrs. Henry...... 6,187 SARKISIAN ENDOWMENT FUND, Flora...... 7,297 GUEKGUEZIAN MEMORIAL FUND, Marie...... 2,787 SHEGOIAN ENDOWMENT FUND, Ardson & Gladys...... 7,384 GULESSERIAN ENDOWMENT FUND, Dr. & Mrs. Hrair P...... 1,089 SHERENE ENDOWMENT FUND, Mr. & Mrs.Lemuel G...... 2,475 HAIDOSTIAN ENDOWMENT FUND, Dr. & Mrs. Berj H...... 1,195 SOGHOMONIAN ENDOWMENT FUND, Avedis...... 1,237 HATCH ENDOWMENT FUND, Martin F...... 4,039 SOGOMIAN ENDOWMENT FUND, Rev. & Mrs.Jirair...... 4,405 HEKEMIAN FAMILY TRUST FUND, S. & E...... 7,423 TEZEL ENDOWMENT FUND, Dr. & Mrs.Jirayr...... 2,722 HEKEMIAN FOUNDATION FUND...... 2,475 TOKATLIAN ENDOWMENT FUND, Mr. & Mrs.Melik...... 2,475 HOVNANIAN ENDOWMENT FUND, Dr.H. Philip...... 1,068 TOOTIKIAN ENDOWMENT FUND, Rev. & Mrs.Vahan...... 3,711 IZMIRLIAN ENDOWMENT FUND, Mr. & Mrs. Asadour...... 2,431 TOURIAN ENDOWMENT FUND, Mr. & Mrs.Levon...... 2,475 JENANYAN ENDOWMENT FUND, Edward...... 2,475 UNION ARMENIAN EVANG CH NEAREAST...... 363,109 KAPIGIAN ENDOWMENT FUND, Mr. & Mrs. Albert...... 2,178 UNITED CHURCH BOARD WORLD MINISTRY...... 244,063 KARAGHEUSIAN ENDOWMENT FUND, Miss Leila...... 16,083 YERGAN ENDOWMENT FUND, Mr. & Mrs.Berj...... 2,390

AVEDISIAN SCHOOL ENDOWMENT FUND

Name of Fund Value

AVEDISIAN SCHOOL ENDOWMENT FUND, Other...... 4,472,687 TALENTO ENDOWMENT FUND, Joseph L. and Mary Sourenian.... 8,417 ZERONIAN ENDOWMENT FUND, Marilyn and Joe...... 10,684

ARMENIAN EVANGELICAL SCHOOLS OF LEBANON Papken & Helen Mugrditchian Endowment Fund

Name of Fund Value Name of Fund Value

MUGRDITCHIAN ENDOWMENT FUND, Papken and Helen...... 550,051

Matching Endowment Funds HADIDIAN ENDOWMENT FUND...... 11,595 ARMENIAN EVANGELICAL SCHOOL LEBANON, Other...... 206,785 HADIDIAN ENDOWMENT FUND-ANJAR...... 11,595 ARMENIAN WOMEN’S EDUCATION CLUB...... 6,626 NALBANDIAN ENDOWMENT FUND, Khoren and Seta...... 25,375 GULESSERIAN ENDOWMENT FUND, Maurice and Berjouhy...... 16,026 OUZOUNIAN ENDOWMENT FUND, Mr. & Mrs.Mike...... 273,743 2017/18

Endowment Funds at July 31, 2018 61

ARMENIAN EVANGELICAL SCHOOLS OF CALIFORNIA

Name of Fund Value Name of Fund Value

ARMENIAN EVANGELICAL SCHOOLS OF CALIFORNIA, Various...... 4,060 GOERGIZIAN ENDOWMENT FUND, Rev.Arsen...... 1,937 ABAJIAN MEMORIAL FUND, Yepros...... 3,146 GROUP ENDOWMENT FUND, Armenian Evangelical School...... 5,260 ABDULIAN ENDOWMENT FUND, Dr. & Mrs. Daniel H. & Juliette..... 5,895 GULDALIAN MEMORIAL FUND, George...... 3,281 ADROUNY ENDOWMENT FUND, Alice...... 2,259 HANESSIAN ENDOWMENT FUND, Zaven and Ani...... 3,653 AGBABIAN ENDOWMENT FUND, Hrant & Alidz...... 4,925 HAZARIAN ENDOWMENT FUND, Dr.Carl...... 6,091 AGBABIAN ENDOWMENT FUND, Rev. & Mrs.Siragan & Parouhie...... 8,948 HOVIVIAN/KANDARIAN FUND...... 1,937 ALEPPO COLLEGE ALUMNI ASSOC...... 3,872 ISHKHANIAN ENDOWMENT FUND, Hagop & Elvira...... 2,904 ANDREASSIAN MEMORIAL FUND, Rev.Dikran & Zarouhie...... 10,923 JAMESON FAMILY ENDOWMENT FUND, James...... 1,937 APELIAN ENDOWMENT FUND, Zevart...... 2,904 JERNAZIAN MEMORIAL FUND, Rev.Ephraim & Marie...... 20,436 APELIAN MEMORIAL FUND, Veronica & Hratch...... 11,616 KALDJIAN ENDOWMENT FUND, Mr. & Mrs.Barkev...... 3,097 ARMENIAN EVANGELICAL SCHOOLS OF CALIFORNIA, Other...... 59,681 KALDJIAN MEMORIAL FUND, Samuel...... 4,081 ARZOOYAN ENDOWMENT FUND, Archie...... 7,746 KALFAYAN MEMORIAL FUND, Dr.Asbed...... 7,009 ASHKARIAN ENDOWMENT FUND, Mr. & Mrs.Vahe...... 8,712 KHANJIAN ENDOWMENT FUND, Mr. & Mrs.Dikran...... 1,451 ASHKARIAN MEMORIAL FUND, Beatrice...... 24,476 KHANJIAN ENDOWMENT FUND, Mr. & Mrs.Vazken...... 21,148 BAGHDIKIAN ENDOWMENT FUND, Mr. & Mrs.Barkev...... 3,602 KHANJIAN ENDOWMENT FUND, Zaven and Sona...... 10,033 BALIAN MEMORIAL FUND, Ohannes...... 3,418 KRIKORIAN ENDOWMENT FUND, Dr. & Mrs.Puzant...... 3,872 BARAN MEMORIAL FUND, Ara...... 59,812 MAKARIAN ENDOWMENT FUND, Yervant & Hrant...... 1,937 BARDAKJIAN MEMORIAL FUND, George...... 3,484 MENESHIAN MEMORIAL FUND , Avedis & Nora...... 8,859 BEZIRGANIAN ENDOWMENT FUND, Dr. & Mrs.George...... 1,937 MENESHIAN MEMORIAL FUND, Marie...... 4,180 BEZJIAN MEMORIAL FUND, Hagop...... 26,534 MOURADIAN ENDOWMENT FUND, Herair & Sirvart...... 7,746 BEZJIAN MEMORIAL FUND, Hagop K...... 5,828 MOURADIAN ENDOWMENT FUND, Hratch & Kohar...... 8,666 BOOLGHOORJIAN MEMORIAL FUND, Anahis...... 15,005 PHILIBOSIAN FOUNDATION FUND, Stephen...... 37,413 CHARKHEDIAN ENDOWMENT FUND, Raffi...... 13,110 SANOSSIAN MEMORIAL FUND, Hagop...... 3,650 DARAKJIAN ENDOWMENT FUND, Drs.Nazareth & Anie...... 47,227 SARIAN ENDOWMENT FUND, Dr. & Mrs.Norair...... 6,535 DARAKJIAN ENDOWMENT FUND, Rev.Barkev & Armine...... 15,318 SARKIS MEMORIAL FUND, Missak & Elizabeth...... 103,038 DEMIRJIAN MEMORIAL FUND, Beatrice...... 90,958 SHEGOIAN ENDOWMENT FUND, Ardson & Gladys...... 21,395 DER MATEOSSIAN MEMORIAL FUND, Mateos...... 4,863 STUDENT AID ENDOWMENT FUND...... 1,171 EKMEKJI MEMORIAL FUND, Eugene & Nazeli...... 27,418 TER OHANESSIAN MEMORIAL FUND, Dr.Gregor...... 7,406 FERMANIAN MEMORIAL FUND, Krikor...... 10,567 VANERIAN ENDOWMENT FUND, N. S...... 8,836 GARABEDIAN MEMORIAL FUND, Hagop...... 3,199 VARTANIAN MEMORIAL FUND, Gladys...... 9,682

CHURCHES AND MISSION DEVELOPMENT FUNDS-EURASIA

Name of Fund Value

TALENTO ENDOWMENT FUND, Joseph L. & Mary Sourenian...... 5,342

HEALTH CARE MISSION FUND

Name of Fund Value

HEALTH CARE MISSION FUND, Other...... 3,205 2017/18 62 Supporting Churches and Organizations

Americans for Armenians, Campbell, CA Anderson Charitable Foundation Linda & John, Rockford, IL Aranosian Hodgson Foundation of 2015, Concord, NH Ararat Armenian Congregational Church, Salem, NH Ararat Evangelical Church, Sandy, UT Ararat Foundation, Alexandria, VA Armenia Tree Project, Woburn, MA Armenian Brotherhood Bible Church, Scarborough, Ontario, ON Armenian Christian Fellowship, Santa Ana, CA Armenian Church of the Nazarene, Glendale, CA Armenian Cilicia Evangelical Church, Pasadena, CA Armenian Congregational Church, Southfield, MI Armenian Euphrates Evangelical Church, Cranston, RI Armenian Evangelical Brethren Church, Glendale, CA Armenian Evangelical Church, Cranston, RI Armenian Evangelical Church, Mount Prospect, IL Armenian Evangelical Church, Cambridge, ON Canada Armenian Evangelical Church, Mount Prospect, IL Armenian Evangelical Church, Laval, Montreal, QC Canada Armenian Evangelical Church, Mount Prospect, IL Armenian Evangelical Church of Toronto, Markham, ON Armenian Evangelical Union of North America, Glendale, CA Armenian Evangelical Women's Fellowship, Fresno, CA Armenian Evangelical Women's Fellowship, Woburn, MA Armenian Martyrs' Congregational Church, Havertown, PA Armenian Medical Fund, USA, Congers, NY Armenian Memorial Church, Watertown, MA Armenian Missionary Association of Australia, Sydney, Australia Armenian Missionary Association of Canada, Toronto, ON Canada Armenian Nursing & Rehab Center, Emerson, NJ Armenian Presbyterian Church, Paramus, NJ Armenian Radio Hour of NJ, South Orange, NJ Armenian Relief Society-Eastern USA Agnouni Chapter, Midland Park, NJ Armenian Relief Society-Western USA Gars Chapter, Montrose, CA Armenian Renaissance Association, Commerce Township, MI Armenian Theological Students Aid, Inc., Fresno, CA Bilezikian Family Foundation, Inc., Yarmouthport, MA C & E Merdinian Armenian Evangelical School, Sherman Oaks, CA Calvary Armenian Congregational Church, San Francisco, CA Carnegie Corporation of New York, New York, NY Christian Arts International, Inc., Loudonville, NY Church of Christian Evangelical Faith, Glendale, CA 2017/18

63

Church of the Risen King, Hillsdale, NJ Conte Foundation, Indian Wells, CA Dallas Seminary Foundation, Dallas, TX Daughters of Vartan Ani Chapter, Morris Plains, NJ Daughters of Vartan Araxie Chapter, El Cerrito, CA Daughters of Vartan Gayane Chapter, Northridge, CA Daughters of Vartan Nevart Chapter, Los Angeles, CA Daughters of Vartan Varteni Chapter, Monterey Park, CA Daughters of Vartan Zabelle Chapter, Dearborn, MI Detroit Armenian Women's Club, Howell, MI Eglise Evangelique Armenienne, Issy-Les-Moulineaux, France Espoir Pour L'Armenie, Lyon, France First Armenian Church, Belmont, MA First Armenian Presbyterian Church, Fresno, CA First Armenian Presbyterian Church, Fresno, CA Gertmenian Foundation, Laguna Beach, CA Glendale Armenian Brotherhood Bible Church, Burbank, CA Grille Foundation, St Helier Jersey, Holy Spirit Ministry, Los Angeles, CA Holy Trinity Armenian Church, North Hollywood, CA Hovnanian Foundation, Inc. Hirair & Anna, Tinton Falls, NJ Igreja Central Evangelical Armenia, Sao Paulo, SP Brazil Immanuel Armenian Congregational Church, Downey, CA Immanuel Armenian Congregational Church, Downey, CA Independent Order of Odd Fellows Friendship Lodge 20, Belmont, MA Knights of Vartan Arax Lodge 11, Coventry, RI Mirak Foundation, John, Arlington, MA Orphans of War, Gig Harbor, WA Panpere Revue, Marseille, Philibosian Foundation, Stephen, Indian Wells, CA Pilgrim Armenian Congregational Church, Fresno, CA Sipan Armenian School, Paramus, NY Southern Baptist Foundation, Nashville, TN St. Nareg Armenian Church, Montebello, CA St. Sarkis Armenian Apostolic Church, Douglaston, NY St. Stephen's Armenian Apostolic Church, Watertown, MA Telfeyan Evangelical Fund, Inc., Garden City, NY TF Educational Foundation, Rancho Palos Verdes, CA Union of the Armenian Evangelical Churches in the Near East, Beirut, United Armenian Congregational Church, Los Angeles, CA United Church of Christ - Wider Church Ministries, Cleveland, OH 2017/18 64 Historical Financial Data

Receipts Over The Years 1919...... $ 7,723.57 1930-31...... $ 6,645.15 1939-40...... $ 4,140.93 1920-21...... 3,055.18 1931-32...... 7,847.01 1940-41...... 6,026.05 1923-24...... 2,393.25 1932-33...... 3,991.46 1942-43...... 10,648.74 1924-25...... 2,901.11 1933-34...... 4,132.30 1943-44...... 21,121.76 1925-26...... 4,556.11 1934-35...... 2,223.61 1944-45...... 17,578.87 1926-27...... 7,048.43 1935-36...... 3,703.59 1945-46...... 32,706.30 (b) 1927-28...... 7,246.77 1936-37...... 4,220.51 1946 (a)...... 31,460.40 (b) 1928-29...... 5,547.88 1937-38...... 4,166.89 1947...... 44,524.11 (b) 1929-30...... 13,487.94 1938-39...... 6,195.18

(a) From June 1 - December 31 only. (b) During these years $134,187.01 were also raised for the Centennial Campaign in the United States and $18,544.00 in Syria & Lebanon. Assets And Budget Over The Years Year Assets Budget Year Assets Budget 1945-46...... $19,000 1982-83...... $ 12,481,853...... $ 1,248,995 1946-47...... 34,500 1983-84...... 15,259,940...... 1,354,020 1947-48...... $154,000...... 50,000 1984-85...... 17,341,445...... 1,558,622 1948-49...... 150,000...... 98,175 1985-86...... 22,558,583...... 1,617,461 1949-50...... 158,000...... 75,000 1986-87...... 26,549,686. (b)...... 1,753,606 1950-51...... 168,000...... 68,125 1987-88...... 28,154,025...... 2,033,645 1951-52...... 168,000...... 62,000 1988-89...... 30,529,069...... 2,178,981 1952-53...... 282,000...... 48,750 1989-90...... 34,074,031...... 3,562,668 1953-54...... 310,000...... 65,000 1990-91...... 36,169,135...... 3,952,612 1954-55...... 393,000...... 70,375 1991-92...... 38,147,928...... 3,887,558 1955-56...... 460,000...... 82,500 1992-93...... 40,074,181...... 4,088,551 1956-57...... 505,700...... 102,500 1993-94...... 43,185,331...... 4,414,835 1957-58...... 560,000...... 106,225 1994-95...... 46,245,234...... 5,001,443 1958-59...... 628,000...... 108,200 1995-96...... 49,603,138...... 5,387,537 1959-60...... 755,000...... 125,000 1996-97...... 78,446.257 .(c)...... 5,353,758 1960-61...... 900,000...... 140,000 1997-98...... 89,614,203...... 5,210,184 1961-62...... 1,210,000...... 144,200 1998-99...... 99,990,585...... 5,422,459 1962-63...... 1,262,000...... 189,775 1999-00...... 103,578,240...... 5,710,910 1963-64...... 1,392,000...... 160,500 2000-01...... 99,399.055...... 5,704.988 1964-65...... 1,670,000...... 175,000 2001-02...... 85,928.515...... 4,930.761 1965-66...... 1,985,000...... 180,000 2002-03...... 90,895,093...... 5,397,065 1966-67...... 1,971,000...... 213,000 2003-04...... 98,323,998...... 5,581,847 1967-68...... 2,345,000...... 217,000 2004-05...... 106,437,065...... 5,833,462 1968-69...... 4,417,022. (a) ...... 211,000 2005-06...... 109,789,584...... 6,044,916 1969-70...... 2,286,156...... 160,245 2006-07...... 119,611,874...... 7,010,699 1970-71...... 2,769,383...... 160,945 2007-08...... 124,227,706...... 7,130,405 1971-72...... 3,109,421...... 202,410 2008-09...... 117,490,844...... 6,785,534 1972-73...... 3,709,261...... 277,945 2009-10...... 124,275,401...... 6,965,768 1973-74...... 3,468,200...... 274,620 2010-11...... 136,338,615...... 7,295.265 1974-75...... 4,107,147...... 330,460 2011-12...... 139,002,932...... 7,529,574 1975-76...... 4,265,804...... 323,675 2012-13...... 152,514,629...... 8,199,249 1976-77...... 4,682,965...... 483,090 2013-14...... 164,873,155...... 8,876,681 1977-78...... 4,830,195...... 663,159 2014-15...... 168,913,738 ...... 8,924.590 1978-79...... 6,531,681...... 678,359 2015-16...... 169,098,531...... 9,193.815 1979-80...... 7,339,795...... 709,281 2016-17...... 178,982,264...... 9,650,239 1980-81...... 9,216,288...... 742,284 2017-18...... 188,446,358...... 10,551,239 1981-82...... 10,783,850...... 1,067,416 (a) About $2,000,000 was transferred to the Stephen Philibosian Foundation. (b) Includes an adjustment of $2,195,000 in the Sheen Charitable Purpose Unitrust to reflect current value of a real estate property in the Unitrust. (c) Pursuant to most recent Financial Accounting Standards Board’s regulations, investments of the Association are reported at fair market value rather than at cost (book) value. 2017/18

Historical Data 65

Incorporators of the AMAA - October 21, 1920 Martin F. Hatch, Esq...... 1948-1949 Vahan S. Babasinian...... Minas S. Kondazian Stephen Philibosian...... 1949-1957 Antranig A. Bedikian...... Armenag Mahjoubian Harry A. Kuljian...... 1958-1960 Kapriel Bedrosian...... John Mushekian Garabed H. Keuhnelian...... 1960-1966 Haroutune M. Dadourian...... Garabed T. Pushman Edward Janjigian...... 1966-1968 Hagop M. Depoyan...... Dikran M. Sarkisian Robert Hekemian...... 1968-1970 Dikran B. Donchyan...... John G. Telfeyan George Philibosian...... 1970-1971 Aram G. Hejinian...... Haig Y. Yardumian Archie Cherkezian...... 1971-1976 Milton B. Ignatius Samuel Hekemian...... 1976-1978 Edward Janjigian...... 1978-1984 Presidents Aram Minnetian...... 1984-1995 John G. Telfeyan...... 1919-1924 (June) Andrew Torigian...... 1995-1997 Garabed T. Pushman...... 1924-1936 Vahram Aynilian...... 1997-1999 Rev. A. H. Hartunian...... 1936-1938 Aram Robert Minnetian...... 1999-2007 Rev. A. B. Shmavonian...... 1938-1940 Nurhan Helvacian, Ph.D...... 2007 to present Rev. H. G. Benneyan...... 1940-1941 K. Gabriel...... 1941-1942 Executive Secretaries Rev. H. G. Benneyan (Sept. 14) ...... 1942-1944 (July 10) Rev. M. T. Kalaidjian...... 1919-1921 Dr. N. I. Ishkanian (Oct. 25) ...... 1944-1946 (Sept.) Rev. A. A. Bedikian...... 1921-1928 Rev. S. M. Rejebian (Oct. 14)...... 1946-1948 (Sept. 22) Rev. M. G. Papazian...... 1928-1929 Dr. Y. H. Hadidian (Sept. 22)...... 1948-1949 (Sept. 14) Rev. A. A. Bedikian...... 1929-1930 Martin F. Hatch, Esq. (Sept. 15)...... 1949-1952 (June 28) Rev. Dr. Y. H. Hadidian...... 1930-1934 Dr. J. H. Hekimian (June 28) ...... 1952-1955 (July 13) Rev. N. Bekian...... 1935-1943 Martin F. Hatch, Esq. (July 13) ...... 1955-1956 (Sept. 12) Rev. A. A. Bedikian...... 1943-1946 G. Mooradkanian, Esq. (Sept. 12) ...... 1956-1958 Rev. P. H. Kalfayan...... 1946-1959 (May 26) Dr. J. H. Hekimian...... 1958-1959 Rev. E. S. Tovmassian (Oct. 21) ...... 1959-1968 Haig Solakian, Ph.D...... 1959-1960 Steven Mardiguian (Acting) (Sept. 11) ...... 1968 (Dec. 11) Rev. Dr. D. Y. Kassouny (Nov. 12)...... 1960-1962 Rev. G. H. Chopourian, Ph.D...... 1969-1975 Haig Solakian, Ph.D...... 1962-1964 John H. Keyishian...... 1964-1966 Executive Directors Vahe S. Roubian, D.D.S...... 1966-1968 Rev. Giragos H. Chopourian, Ph.D...... 1976-1987 Nazar Y. Daghlian...... 1968-1971 Rev. Dr. Movses B. Janbazian...... 1987(Aug.)-2000 (Sept. 25) George Philibosian...... 1971-1974 Andrew Torigian (Acting)...... 2000 (Sept.26) -2001 (March 31) Edward M. Kavjian, M.D...... 1974-1975 Rev. Jirair M. Sogomian (April 1)...... 2001-2003 (Aug. 9) John Keuhnelian, M.D...... 1975-1976 Andrew Torigian (Acting) (Aug. 9)...... 2003 (Dec. 31) Archie Cherkezian...... 1976-1978 Rev. Peter Doghramji, Ph.D...... 2004 (Jan.-Aug.) Samuel Hekemian...... 1978-1980 Andrew Torigian...... 2005 (Sept.) - 2009 George Philibosian...... 1980-1982 Levon Filian...... 2010 -2013 George Bezirganian, M.D...... 1982-1984 Rev. Mgrdich Melkonian (Interim)...... 2013 Nov. to Oct. 2014 Nazar Y. Daghlian...... 1984-1987 George Bezirganian, M.D...... 1987-1988 Executive Directors/CEO H. Philip Hovnanian, Ph.D...... 1988-1990 Zaven Khanjian...... Sept. 2014 to present Edward Janjigian...... 1990-1993 Albert Momjian, Esq...... 1993-1997 West Coast Executive Directors Andrew Torigian...... 1997-2005 Levon Filian...... 2014 to present H. Steven Aharonian, M.D...... 2005-2011 Joseph Zeronian, Ed.D...... 2012 -2014 Field Directors Nazareth E. Darakjian, M.D...... 2015 to present Rev. Movses B. Janbazian...... 1981-1987 Dr. Kenell Touryan...... 1988-1993 Treasurers Hagop Manjelikian...... 1994-2000 John Mushekian...... 1919-1924 Hagop Aynejian...... 2000-2001 John G. Telfeyan...... 1924-1925 Dikran Youmshakian...... 2005-2010 John Mushekian...... 1925-1932 Armen Beylerian...... 2012 - 2013 (April) Albert Telfeyan...... 1932-1942 Rev. Mgrdich Melkonian...... 2013 to present Haroutune Nergararian...... 1942-1947 2017/18 66 How to Give

Stewardship of God’s Blessings How to Give for His Glory!

For a Christian, Estate and Gift Planning is more than saving taxes and taking care of your loved ones. The Bible talks about how to look at the matter of our material blessings. For example, 2Corinthians 9:7 reminds us “Each man should give what he has decided in his heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” The Armenian Missionary Association of America (AMAA) has faithfully used your gifts for carrying out His Good News and compassion of help to all Armenians worldwide.

There is no better way to thank God than to share His Word with others and to give cheerfully. The AMAA has volunteer professionals who are ready to assist you, using all of the sophisticated estate planning opportunities available, to carry out your personal and charitable vision. Here are some helpful hints:

The Direct Giving Cash Gifts in the form of cash or through checks or credit/debit cards are the most common methods of direct charitable giving. All contributions to the AMAA qualify for income, gift and estate tax deduction, as an IRS 501 (c) (3) organization. The AMAA can only continue its purpose by your thoughtful and generous support of its outreach.

Giving Securities or Real Estate which has Appreciated in Value Stocks, bonds, mutual funds and real estate that have increased in value can bring extra tax savings. Not only will the donor enjoy the tax deduction for the fair market value of the gift, but will also bypass capital gain tax that would otherwise be due if the securities or property were sold and the proceeds donated.

Charitable Lead or Remainder Trusts This is where you give the AMAA a certain percentage for a term of years and get the property back or in the alternative, you retain a set percentage of the asset’s value transferred to the AMAA, who takes on management, for a period of years or life of yourself or others, and at the termination, the asset is held in a special perpetual endowment fund in the memory of a loved one, and the income is used for the specified purpose.

Giving Through a Will or Living Trust The laws are changing and now is a good time to review long-range estate and financial planning under your current estate planning documents. In the current unstable laws, where the amount passing death tax free is likely to be especially low, the tax incentive for charitable trusts is ever increasing. Giving through wills, living trusts, life insurance policies and retirement accounts at death offers great opportunities for leaving a lasting legacy to charitable interests, when viewed from the effect of death taxes and assets otherwise passing to relatives directly much less attractive.

Endowment Funds Gifts and bequests can be used to establish endowment funds, at the $1,000+ level, in the name of the donor or someone the donor wishes to honor, either now or at your being with the Lord. These endowment funds are invested by the AMAA and the income is used to support designated purposes of the donor as part of the worldwide outreach of the AMAA.

There are many ways you can make your giving meaningful and cheerful. Planning and timing are essential. Just take a moment and consider what you’re giving today will mean for you and for others tomorrow. God will bless you abundantly. The AMAA would like to partner with you in carrying out your stewardship for your family, and loved ones and the Lord’s work on Earth.

For additional information on Estate and Gift Planning, please write or call in confidence the AMAA Executive Director/CEO, who will assist you in every way possible, and put you in contact with its professionals to help carry out your plan in conjunction with your own estate planning representatives, as appropriate. The AMAA’s address and phone number are on the back cover of this report. 2017/18

How to Pray 67

A Prayer Request For Each Day of the Month Please consider prayer as part of your giving. This list provides you with a guide to prayer for AMAA ministries each day of the month. a. Include the prayer requests in your personal and family devotions each day. b. Include the prayer in your Church’s Sunday Worship Service and weekly bulletin. c. Use the calendar to involve your local church, Sunday School or Youth Group in the mission and service ministry of other believers at home and overseas. You may want to enter into an active fellowship with those for whom you pray. Their addresses and additional information on their ministry may be obtained from our website (www.amaa.org) or the AMAA office.

1. The Executive Director and the AMAA Office Staff. Pray for others. Pray for a spirit of cooperation among those seeking to serve wisdom as they seek to be good stewards of the resources God pro- the Armenian people. vides them and encourage God’s people around the world. 17. The Armenian Apostolic Church. Pray for His Holiness 2. The AMAA Representative, the Staff, the volunteers and Karekin II and His Holiness Aram I and the Mother Church, that God their families in Armenia. Pray for their personal walk with the Lord, might continue to raise up spiritual leaders who walk in humble obe- protection and needs. Also pray for the effectiveness of their service as dience to Christ, meeting the deep spiritual hunger of the Armenian they strive to meet the spiritual and physical needs of our people using people. AMAA’s resources. 18. A spirit of unity among all the churches in Armenia and the 3. The Officers and Board Members of the AMAA, AMAC and Diaspora. Pray that they would faithfully obey Christ, work together in AEUNA. Pray for wisdom and unity of purpose as they make critical a spirit of love and produce much fruit in their ministry. decisions affecting the mission and service of the Armenian Evangeli- 19. Churches in Lebanon and Syria and in the Assyrian commu- cal Church. Also pray that they might faithfully walk with the Lord. nities of Beirut and Aleppo. Pray that the believers and their pastors 4. AMAA Chapters and Missions Committees. Pray for God to and lay leaders will continually walk with the Lord, overcome their dif- bless their efforts and make their partnership with AMAA a source of ficulties, experience joy in their ministry and ever grow in their witness blessings to many around the world. and service. 5. The Officers and Board Members of UAECNE (Lebanon), 20. Churches in Armenia, Georgia, Russia, and other former So- UAECF (France), UECA (Armenia), UAECE (Eurasia), AEWC (Inter- viet countries. Pray for prepared hearts as many hear the gospel of national). Pray for wisdom and unity of purpose as they make critical salvation. Pray for the spiritual growth of believers and cooperation decisions affecting the mission and service of the Armenian Evangeli- among churches and their leaders. Pray for wisdom in dealing with the cal Church. Also pray that they might faithfully walk with the Lord. unique problems they face. 6. Churches in Argentina, Brazil and Uruguay. Pray that believers 21. “Love your enemies and pray for those who persecute you.” and their pastors and lay leaders will continually walk with the Lord, ex- Pray for the countries of Turkey and Azerbaijan. Pray that they might perience joy in their ministry and ever grow in their witness and service. seek peace and cooperation with Armenia. Pray for the success of the 7. Churches in Turkey, Iran and Iraq. Pray that their leaders and evangelistic work going on in those countries. members might experience His power and not lose hope in the face of 22. Armenian Schools in North America. Pray that these schools difficulties. Pray that they might continue to receive His Word and spirit, might train children in the way they should live as wise and generous and remain faithful to their calling. adults, appreciative of their Armenian Christian heritage. 8. Churches in the United States and Canada. Pray that the believ- 23. Armenian Schools in Armenia, Europe and the Middle ers, their pastors and lay leaders will continually walk with the Lord, experi- East. Pray that these schools might prepare children to be wise ence joy in their ministry and ever grow in their witness and service. and generous adults, serving their communities with love and un- 9. Churches in Australia, AMA-Australia. Pray that the believers, selfish dedication. their pastors and lay leaders will continually walk with the Lord, experi- 24. The Government of Armenia. Pray for the President, Prime Min- ence joy in their ministry and ever grow in their witness and service. ister and those in authority, that they might seek God’s guidance when 10. The physical and spiritual needs of our brethren in Armenia, making decisions, and that they might fight for truth and against injustice Georgia, Russia, and other former Soviet countries. and corruption. 11. Churches in Cyprus, Egypt and Greece. Pray that the believers 25. The US Government - Pray for the President, Cabinet mem- and their pastors and lay leaders will continually walk with the Lord, ex- bers, members of both houses and local government and leaders. perience joy in their ministry and ever grow in their witness and service. Pray that they remain faithful to the Christian principles this great nation 12. Pray for Armenian missionaries involved in mission, church was founded on. Pray that God will give them wisdom and guidance. or service ministries in non-Armenian congregations and communi- 26. Refugees from from Conflict Centers. Pray for those who live ties in North America and overseas. as displaced people, striving to readjust to their new surroundings and 13. Haigazian University in Beirut, Lebanon. Pray that it will faith- find helping hands. fully train young Christian leaders who will be prepared to serve Christ 27. Victims of wars or disasters. Pray that the believers and their and their communities in the Middle East. Pray also for wisdom for the pastors and lay leaders will continually walk with the Lord, experience president, faculty and the governing board. joy in their ministry and ever grow in their witness and service. 14. AMAA/AEUNA Home Mission projects and Armenian Evan- 28. World Peace. Pray that God will enlighten those in authority that gelical Youth in North America. Pray for the effectiveness of the they may bring justice and mercy into their office. AMAA/AEUNA joint home mission projects through which Armenian 29. Armenians in Artsakh. Pray for a just and final resolution to the Evangelicals serve critical spiritual and social needs in the Armenian seemingly intractable conflict, and for the safety and the urgent needs community of North America. Pray also for our young people as they of our people there. Pray also for the local AMAA staff as they minister seek to grow in the Lord. to the needy. 15. Revival among Armenians worldwide. Pray for a spiritual re- 30. Past leadership. Pray for those who have ministered to our vival in Armenia and throughout the Diaspora. Pray that Armenians churches and communities over the years that they might draw strength might rediscover their true heritage in Christ. from the Lord in their retirement and be encouraged by their awareness 16. Armenian Charitable Organizations: Armenian General Be- that their labor was not in vain. nevolent Union, Armenian Relief Society, Children of Armenia Fund, 31. Pray that God would lead you to become involved in helping Fund for Armenian Relief, “Hayasdan” All-Armenia Fund, Hope for meet the physical and spiritual needs of our brothers and sisters world- Armenia, Jinishian Memorial Program, Karagheusian Corporation, wide and in spreading the Good News of Jesus Christ to those needing Stephen Philibosian Foundation, Syrian Armenian Relief Fund, and reconciliation with God and their fellow men. WWW.AMAA.ORG

Armenian Missionary Association Of America Ամերիկայի Հայ Աւետարանչական Ընկերակցութիւն

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Tel: 201.265.2607 • Fax: 201.265.6015 [email protected] • www.amaa.org