For Immediate Release ~ May 10, 2006
Contact: Sarkis Kotanjian ~ 818-243-6222
Yerevan, Armenia – Armenia Fund’s Board of Trustees’ meeting convened on Friday, May 5, 2006 in Yerevan. The meeting brings the leadership of all 19 international affiliates of the Fund to assess the progress of the organization, discuss its financial health and audit reports, as well as set new goals and priorities for the organization. The governing body, which is chaired by His Excellency President Robert Kocharian, also decides the 2006 beneficiary project. The Board is composed of all major Armenian organization in the Diaspora – essentially forming the only Pan-Armenian entity tasked with the mission of rebuilding the homeland. The U.S. Western Region was represented by Chairperson Maria Mehranian and Director of Public Relations Sarkis Kotanjian.
| Catholicos Karekin II leads the prayer in memory of the victims of Armavia Flight 967. Trustees honored their memory with a moment of silence |
Prior to the opening of the session, Board members lead a moment of silence for the victims of Armavia Flight 967. His Holiness Karekin II, Catholicos of All-Armenians lead the prayer.
On the verge of completion, the Board examined the progress of the critically important North-South Highway in the Nagorno-Karabakh Republic. The large-scale infrastructure project remains on schedule for full completion in early 2007. The project is financially secured thanks to the 2004 Telethon, which raised a record breaking $11.5 million.
Grant Thornton Amyot, the French-American accounting firm, presented the Fiscal Year 2005 Financial and Construction audit of the organization. The process is a two-stage procedure where the firm audits all the financial statements of the Fund and issues its report. Secondly, the firm audits the construction procedures and accounting methods of all projects. Lead auditors from the firm presented the report during the meeting. “In our opinion, the financial statements give a true and fair view of the financial position of "Hayastan" All-Armenian Fund as of December 31, 2005, and of the funds received and expenses incurred and its cash flows for the year ended in accordance with International Financial Reporting Standards”, stated Armand Pinarbasi, Managing Partner of the firm. Per recommendations, the Fund continues to maintain its internal audit control mechanisms. On a quarterly basis, the Fund’s financial department prepares financial statement in accordance with Grant Thornton Amyot’s rigorous recommendations.
| Naira Melkoumian presents the 2005 Annual Report. L to R: Vigen Sargsian, Presidential Aide; Ara Vardanyan, Deputy Executive Director of Armenia Fund |
During the meeting, Executive Director of the Fund, Mrs. Naira Melkoumian presented a comprehensive report of the organization. Mrs. Melkoumian highlighted two major points – the growth of participation amongst the general Armenian Diaspora at large, notably from the United States and an increase in the overall number of projects implemented in Armenia and Nagorno-Karabakh. On an international level, the Fund registered a 20% growth in income.
The Fund continues to implement projects in all regions of Armenia and specifically Nagorno-Karabakh. Mrs. Melkoumian also reported on the progress of the Martakert Regional Development Plan. Currently, the regional hospital’s new design stage is on the verge of completion. The effort is being spearheaded by the U.S. Western Region of the Fund. Construction of a water pipeline network will commence by the end of June. In addition, the agriculture development plan is nearing its implementation stage with the introduction of technology packages to local farmers in the region. President Kocharian remarked that Armenia Fund is a well-established organization that has implemented countless projects “of vital importance to the development of Armenia”. Indeed, the organization, over the past decade has implemented more than $140 million of infrastructure development projects.
| U.S. Western Region delegates Sarkis Kotanjian and Maria Mehranian confer during the meeting |
“40% growth for any given organization, whether non-profit or corporate, is indeed a milestone. Armenia Fund, Inc., in the United States, has been the driving force behind this growth, notably in the number of donors. The organization’s transparency, track record, and history of accomplishments continue as a testament to the organization’s viability and growth”, stated U.S. Western Region Chairperson Maria Mehranian. Armenia Fund in the U.S. Western Region had registered a 40% growth in total pledges received, marking an all time high in terms of public grassroots participation. “I would like to add, that Armenia Fund, Inc. will continue its public outreach campaigns on a larger scale and this will certainly reflect in the months prior to the Telethon,” furthered Mehranian. Indeed, the international Telethon has been a very viable fundraising method for Armenia Fund. At the approval of the Board, the Fund will pursue a wider public outreach program not only in the United States, but internationally with a focus on Europe and the Middle East.
| The Lebanese, Dutch, and British affiliates of Armenia Fund |
The meeting discussed the quality of construction and the necessary steps and processes that need to be adopted to ensure its high standards for all Armenia Fund projects. A decision was made to take all necessary measures and set up a process to enhance the quality control standards. The first step has already been taken -- a large scale monitoring program has been implemented in the first months of 2006.
“Construction is a complicated process that requires specific guidelines and distinct procedures. Effective Program Management, Construction Management and Quality Control are integral parts of a construction process everywhere in the world. We have to bear in mind that Western standards and construction codes are still not well established in Armenia and we need to provide them with all the resources we have. The Fund has done an exceptional job in meeting these challenges and what we need to give them is assistance instead of criticism,” stated Maria Mehranian, “I know this first hand from urban planning and infrastructure development experience that I personally have in the United States,” furthered Mehranian.
| Armenia Fund – France Chairman Bedros Terzian and newly elected Trustee Mark Geragos exchange remarks |
The Board meeting also appointed U.S. based attorney Mark Geragos to the International Board of Trustees of Armenia Fund. Geragos and his aides were at the meeting. “I am extremely impressed by the quality of the Board, the affiliates and overall track record of Armenia Fund. This is a premier organization that will continue its vital programs in infrastructure development in Armenia and Nagorno-Karabakh. I am proud to be on board with this organization”, stated Geragos at the press conference following the meeting. Geragos will replace retiring Board member Mihran Aghbabian, who was one of the driving forces of the Fund since its early years.
Prior to the Board of Trustees Meeting, Armenia Fund and its affiliates met at the American University of Armenia Business Center to discuss wider inter-affiliate cooperation on all fronts. “The meeting was indeed productive, bringing forth opinions and ideas from all corners of the world. It is very interesting to hear the concerns of our compatriots living outside of the United States.”, stated Sarkis Kotanjian, Executive Director of Armenia Fund – U.S. Western Region.
Armenia Fund, Inc., is a non-profit 501(c)(3) tax-exempt corporation established in 1994 to facilitate large-scale humanitarian and infrastructure development assistance to Armenia and Nagorno Karabakh. Armenia Fund, Inc. is the U.S. Western Region affiliate of “Hayastan” All-Armenian Fund. Tax ID# 95-4485698
