In 1996, upon the passing of Unger Khoren Bandazian of the Richmond “Vrej” Gomideh, the family desired to contribute the monies from In Lieu of Flowers for the establishment of a permanent Hairenik Endowment Fund as a designated and certified entity. This initial Ten Thousand Dollar ($10,000.00) contribution allowed the organization to formally establish a fund for the specific benefit of the Hairenik Association and its operation. Jack C. Mardoian, Esq. was appointed legal counsel and created a not for profit trust known as Hairenik Endowment Fund with its own tax identification number and by-laws. These By-Laws were approved by the ACAA Board of Directors and the existing stock portfolio in the name of The Hairenik was formally deposited into the new fiduciary account. Subsequently, these funds were incorporated into another existing portfolio account with Smith Barney. Later all these funds were transferred into a new Hairenik Endowment Fund which is currently with Davenport & Company, Inc., the ACAA primary brokerage firm located in Richmond, Virginia. Davenport & Company, Inc. has been in business for over a 100 years. The income from this Fund is directed to the Hairenik Association for its publication expenses.