In late 2013, the Estate of Gourgen & Margaret Asaturian bequest a sum of money to the Armenian Cultural Association of America, Inc. From this bequest the ACAA Board of Directors created the Gourgen & Margaret Asaturian Endowment Fund and asked the ACAA Trustees to deposit Five Hundred Thousand Dollars ($500,000.00) into the this fund. Additional proceeds from this bequest in the amount of $100,000.00 were deposited into the ACAA Capital Reserve Fund which is non-restricted account for the benefit of extra ordinary expenditures or emergencies of the ACAA. From the ACAA Capital Reserve Account the funds can be withdraw “at will” by the ACAA Board of Directors. The Gourgen & Margaret Asaturian Endowment Fund is restricted per the Trust Agreement executed by the ACAA Board of Directors Officers and the ACAA Endowment Fund Trustees.
