Civic Intelligence

Armenian Educational Foundation Inc.

990 • Fiscal year 2023 • EIN 95-2000503

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 13, 2024

Organization Profileaefweb.org
600 W Broadway 130Glendale, CA 91204

(818) 242-4152

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

42nd percentile

0.08x

Higher debt load relative to assets than 42% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

53rd percentile

0.20x

Higher debt load relative to revenue than 53% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

69th percentile

14%

Higher net margin than 69% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

67th percentile

13%

Faster asset growth than 67% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

72nd percentile

22%

Faster revenue growth than 72% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Up

$6,055,187

Up $678,882 (+13%) from 2022

Net Assets

Up

$5,578,616

Up $723,440 (+15%) from 2022

Liabilities

Down

$476,571

Down $44,558 (-8.6%) from 2022

Revenue And Expenses
Liabilities / Revenue53rd percentileNet Margin69th percentile

Revenue

Up

$2,359,755

Up $428,969 (+22%) from 2022

Expenses

Up

$2,028,410

Up $342,566 (+20%) from 2022

Net Income

Up

$331,345

Up $86,403 (+35%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth67th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2011: $1,910,952Liabilities 2011: $0Net Assets 2011: $1,910,9522011Assets 2012: $2,088,439Liabilities 2012: $0Net Assets 2012: $2,088,4392012Assets 2013: $2,403,678Liabilities 2013: $0Net Assets 2013: $2,403,6782013Assets 2014: $2,597,358Liabilities 2014: $0Net Assets 2014: $2,597,3582014Assets 2015: $2,512,450Liabilities 2015: $0Net Assets 2015: $2,512,4502015Assets 2016: $3,033,855Liabilities 2016: $0Net Assets 2016: $3,033,8552016Assets 2017: $3,310,646Liabilities 2017: $0Net Assets 2017: $3,310,6462017Assets 2018: $3,337,799Liabilities 2018: $0Net Assets 2018: $3,337,7992018Assets 2019: $4,166,586Liabilities 2019: $76Net Assets 2019: $4,166,5102019Assets 2020: $5,222,089Liabilities 2020: $554,494Net Assets 2020: $4,667,5952020Assets 2021: $5,680,253Liabilities 2021: $588,310Net Assets 2021: $5,091,9432021Assets 2022: $5,376,305Liabilities 2022: $521,129Net Assets 2022: $4,855,1762022Assets 2023: $6,055,187Liabilities 2023: $476,571Net Assets 2023: $5,578,6162023Assets 2024: $8,093,975Liabilities 2024: $500,335Net Assets 2024: $7,593,6402024

Highlighted filing

2023

Assets$6,055,187
Liabilities$476,571
Net Assets$5,578,616
Open 2023 Filing

Operations Trend

Revenue Growth72nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $548,715Expenses 2011: $512,330Net Income 2011: $36,3852011Revenue 2012: $364,079Expenses 2012: $407,200Net Income 2012: -$43,1212012Revenue 2013: $402,969Expenses 2013: $300,739Net Income 2013: $102,2302013Revenue 2014: $374,373Expenses 2014: $413,887Net Income 2014: -$39,5142014Revenue 2015: $449,652Expenses 2015: $583,977Net Income 2015: -$134,3252015Revenue 2016: $768,320Expenses 2016: $550,966Net Income 2016: $217,3542016Revenue 2017: $547,563Expenses 2017: $528,162Net Income 2017: $19,4012017Revenue 2018: $564,703Expenses 2018: $562,048Net Income 2018: $2,6552018Revenue 2019: $1,201,086Expenses 2019: $841,880Net Income 2019: $359,2062019Revenue 2020: $2,096,988Expenses 2020: $1,115,099Net Income 2020: $981,8892020Revenue 2021: $2,130,869Expenses 2021: $2,004,563Net Income 2021: $126,3062021Revenue 2022: $1,930,786Expenses 2022: $1,685,844Net Income 2022: $244,9422022Revenue 2023: $2,359,755Expenses 2023: $2,028,410Net Income 2023: $331,3452023Revenue 2024: $3,779,002Expenses 2024: $2,053,440Net Income 2024: $1,725,5622024

Highlighted filing

2023

Revenue$2,359,755
Expenses$2,028,410
Net Income$331,345
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 13, 2024
Return Version
2023v5.1
Gross Receipts
$2,955,875
Mission and Program Overview

Mission

Providing grants that contribute

Providing grants that contribute to the goals of armenian education and heritage

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,755,632$4,683,558▲ $1,927,926
Savings and Temporary Cash Investments$2,275,837$874,483▼ $1,401,354
Cash and Non-Interest-Bearing Accounts$108,123$309,083▲ $200,960
Pledges and Grants Receivable$33,156$47,762▲ $14,606
Land, Buildings, and Equipment, Net$112,853$34,290▼ $78,563
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$5,376,305$6,055,187▲ $678,882
Other Assets Total$90,704$106,011▲ $15,307
Liabilities
Grants Payable$421,629$389,231▼ $32,398
Other Liabilities$94,179$77,400▼ $16,779
Accounts Payable and Accrued Expenses$5,270$8,996▲ $3,726
Escrow Account Liability$51$944▲ $893
Total Liabilities$521,129$476,571▼ $44,558
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,386,635$3,076,156▲ $689,521
Net Assets With Donor Restrictions$2,468,541$2,502,460▲ $33,919
Total Net Assets Fund Balance$4,855,176$5,578,616▲ $723,440
Total Liabilities and Net Assets / Fund Balance$5,376,305$6,055,187▲ $678,882

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$34,290$262,763$297,053

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$1,940,192$115,700▲ $172,287-$2,090,539
2022$2,169,836$132,383▼ $211,585-$1,940,192
2021$2,080,540$83,650▲ $162,866-$2,169,836
2020$2,049,650$85,500▲ $75,980-$2,080,540
2019$1,796,278$169,300▲ $233,671$20,073$2,049,650
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Serop BeylerianPresident
George IssaiansVice President
Hermineh PakhaniansAsst Treasurer
Teny Haroutunian MdAsst. Secretary
Adrine HamamahMember
Al CabraloffMember
Alec BaghdasaryanMember
Gina FelikianMember
Hilda FidanianMember
Kevork SantikianMember
Michelle ShrikianMember
Peter Baghdassarian EsqMember
Razmik PerianMember
Sheila PapayansMember
Arthur MangassarianSecretary
Vahe HacopianTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,075,858
Program Service Revenue
$0
Investment Income
$189,117
Other Revenue
$94,780
All Other Contributions
$2,057,608
Change in Net Assets
$331,345

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,359,755
Revenue Not Reported on Form 990
$392,095
Total Revenue per Audited Statements
$2,751,850
Total Revenue per Form 990
$2,359,755
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$1,135,373
Other Expenses$743,284
Salaries, Compensation, and Employee Benefits$149,753
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$1,135,373--$1,135,373
Other Salaries and Wages$119,356$21,063-$140,419
Depreciation Depletion$78,563--$78,563
Occupancy$28,506$5,031-$33,537
Office Expenses$24,231$4,276-$28,507
Fees for Services Accounting-$21,328-$21,328
Other Expenses$46,359$10,924-$10,924
Payroll Taxes$7,934$1,400-$9,334
Information Technology-$3,654-$3,654
Insurance-$2,582-$2,582
Total Functional Expenses$1,958,152$70,258$0$2,028,410

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,028,410
Total Expenses per Audited Statements$2,028,410
Total Expenses per Form 990$2,028,410
International Activity

International Summary

Offices
1
Employees
5
Spending
$116,988

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
ArmeniaProgram ServicesSalaries15$65,549
ArmeniaOperational ExpenseOffice Expense00$29,553
ArmeniaProgram Expense-00$11,427
ArmeniaProgram ServicesOffice Rent00$5,312
ArmeniaProgram ServicesBank Charges00$5,147
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$198,600
Fundraising Direct Expenses$34,570
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fundraiser$216,850$198,600$8,902$189,698
Total Events$216,850$198,600$34,570$164,030
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities (non Current)$59,622
Lease Liabilities (current)$17,778
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The Board of Directors review the 990 for approval prior to filing.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Armenian Educational Foundation
EIN
95-2000503
Phone
8182424152
Address
600 W BROADWAY 130, Glendale, CA 91204

Signing Officer

Name
Hermineh Pakhanians
Title
Treasurer
Signed
2024-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Hermineh Pakhanians
Formed
1950
Legal Domicile
CA
Voting Board Members
16
Independent Board Members
16
Employees
1

Preparer

Firm
YSR CPA Group PC
Address
2529 Foothill Blvd Suite 212, La Crescenta, CA 91214
Preparer
Emin Shahbazian CPA
Phone
8183309752
Supplemental Narrative

Financial Statement Notes

Part IV, Line 2B: Explanation of escrow account liability

“Custodial liabilities account is related to pass through funding from donors intended for the buildup educational foundation.”

Part V, Line 4: Intended uses of the endowment fund.

“The intended uses of the endowment funds are for the support of providing financial assitance to armenian students.”

Part X : FIN48 Footnote

“The foundation is exempt from income taxes under section 501(c)(3) of the internal revenue code and section 23701(d) of the california revenue and taxation code. The foundation has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the internal revenue code. Income generated from activities unrelated to the foundation's exempt purpose is subject to tax under irc section 511. The foundation did not have any unrelated business income for the year ended december 31, 2023. The foundation follows the provision of uncertain tax positions as addressed in fasb accounting standards codification. The foundation recognizes accrued interest and penalties associated with uncertain tax positions as part of the income tax provision, when applicable. The foundation believes that it has taken no significant uncertain tax positions for the year ended december 31, 2023. Management believes the foundation is no longer subject to income tax examinations by applicable taxing jurisdictions for the years prior to december 31, 2019.”

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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,055,187
Liabilities
$476,571
Net assets
$5,578,616
Revenue
$2,359,755
Expenses
$2,028,410
Net income
$331,345
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.09$0.50$7.59$3.78$2.05$1.73
2023Detailed filing. Detailed filing data is available for this year.$6.06$0.48$5.58$2.36$2.03$0.33
2022Detailed filing. Detailed filing data is available for this year.$5.38$0.52$4.86$1.93$1.69$0.24
2021Detailed filing. Detailed filing data is available for this year.$5.68$0.59$5.09$2.13$2.00$0.13
2020Detailed filing. Detailed filing data is available for this year.$5.22$0.55$4.67$2.10$1.12$0.98
2019Detailed filing. Detailed filing data is available for this year.$4.17$0.00$4.17$1.20$0.84$0.36
2018Detailed filing. Detailed filing data is available for this year.$3.34$0.00$3.34$0.56$0.56$0.00
2017Detailed filing. Detailed filing data is available for this year.$3.31$0.00$3.31$0.55$0.53$0.02
2016Detailed filing. Detailed filing data is available for this year.$3.03$0.00$3.03$0.77$0.55$0.22
2015Detailed filing. Detailed filing data is available for this year.$2.51$0.00$2.51$0.45$0.58$0.13
2014Summary only. Only limited summary data is available for this year.$2.60$0.00$2.60$0.37$0.41$0.04
2013Summary only. Only limited summary data is available for this year.$2.40$0.00$2.40$0.40$0.30$0.10
2012Summary only. Only limited summary data is available for this year.$2.09$0.00$2.09$0.36$0.41$0.04
2011Summary only. Only limited summary data is available for this year.$1.91$0.00$1.91$0.55$0.51$0.04