ARMENIAN CULTURAL ASSOCIATION OF N… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2019

Legal Domicile

Principal Officer

VALOT ATAKHANIAN

Phone

3473660096

Tax Period

2023-01-01 to 2023-12-31

ARMENIAN CULTURAL ASSOCIATION OF NEW YORK INC, founded in 2019, is a small nonprofit in the Arts, Culture & Humanities sector that reported $221K in total revenue in fiscal year 2023. Revenue fell 38% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $158K, a strong 72% operating margin.

Mission

ARMENIAN CULTURAL ASSOCIATION OF NEW YORK, INC. HAS BEEN CREATED AND WILL BE OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, AND SCIENTIFIC PURPOSES DIRECTED TO THE PRESERVATION AND CONTINUATION OF THE ARMENIAN CULTURAL AND HISTORICAL HERITAGE. IN CARRYING OUT ITS CHARITABLE PURPOSES, THE ORGANIZATION SHALL INFORM AND EDUCATE THE GENERAL PUBLIC IN THE HISTORY AND CULTURE OF THE ARMENIAN PEOPLE; PROVIDE FACILITIES FOR LECTURES, EXHIBITIONS AND SEMINARS RELATING TO THE ARMENIAN HERITAGE; ENCOURAGE AND AID IN THE STUDY OF SAID HERITAGE; ASSIST, SUPPORT, AND INSPIRIT NEEDY PEOPLE WHO HAVE DEVOTED THEIR LIVES TO THE PRESERVATION AND CONTINUATION OF THE ARMENIAN CULTURAL AND HISTORICAL HERITAGE; AND MAKE DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

Program Service Accomplishments

Program 1

Expenses: $39,500 Revenue: $0

ARMENIAN CULTURAL ASSOCIATION OF AMERICA, INC. ("ACCA"), IS A NOT-FOR-PROFIT CORPORATION FORMED UNDER THE LAWS OF THE STATE OF MASSACHUSETTS AND ORGANIZED FOR THE CHARITABLE PURPOSES OF PRESERVING...

ARMENIAN CULTURAL ASSOCIATION OF AMERICA, INC. ("ACCA"), IS A NOT-FOR-PROFIT CORPORATION FORMED UNDER THE LAWS OF THE STATE OF MASSACHUSETTS AND ORGANIZED FOR THE CHARITABLE PURPOSES OF PRESERVING AND CONTINUING ARMENIAN CULTURE AND HISTORICAL HERITAGE WITH A NATIONAL FOCUS. ACAA IS EXEMPT FROM FEDERAL TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"). ACAA CAUSED THE FORMATION OF ARMENIAN CULTURAL ASSOCIATION OF NEW YORK, INC. ("ACANY"), A NEW YORK NOT-FOR-PROFIT CORPORATION, IN MARCH 2019, WITH A SIMILAR CHARITABLE PURPOSE AS ACAA BUT WITH A FOCUS IN NEW YORK. ACANY IS ALSO EXEMPT FROM FEDERAL TAX UNDER SECTION 501(C)(3) OF THE CODE. CONTEMPORANEOUS WITH SUCH FORMATION, ACAA PLEDGED TO FUND ACANY WITH THE PROCEEDS REALIZED FROM THE SALE OF PROPERTY LOCATED AT 69-23 47TH AVENUE, WOODSIDE, NEW YORK 11377 (THE "PROPERTY"). THE PROPERTY WAS SOLD ON MARCH 29, 2019, WHEREBY, ACAA RECEIVED, AFTER THE PAYMENT OF ALL COSTS, NET SALE PROCEEDS IN THE AMOUNT OF $7,744,409.61. ACAA THEN, CONSISTENT WITH ITS PLEDGE, TRANSFERRED THAT $7,744,409.61 FROM THE SALE OF THE PROPERTY TO ACANY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,900

Program Service Revenue $0

Investment Income $218,518

Other Revenue $0

TOTAL REVENUE $221,418

Expense Breakdown

Grants Paid $39,500

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $39,500

Other Expenses $23,492

TOTAL EXPENSES $62,992

Year-over-Year Comparison

	2023	2022	Change
Revenue	$221,418	$354,899	-0.4%
Expenses	$62,992	$89,528	-0.3%
Net Income	$158,426	$265,371	-0.4%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VALOT ATAKHANIAN	CHAIR	1.00	Officer Director	$0	$0	$0
JOHN MKRTSCHJAN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
RAZMIG HAROUN	TREASURER	1.00	Officer Director	$0	$0	$0
ARMEN CAPRIELIAN	SECRETARY	1.00	Officer Director	$0	$0	$0
ROBERT SETRAKIAN	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2023	$221,418	$62,992	$10,675,064	$158,426
2022	$354,899	$89,528	$8,377,222	$265,371
2021	$385,257	$43,286	$9,987,121	$341,971
2020	No data	No data	$9,284,695	No data

ARMENIAN CULTURAL ASSOCIATION OF NEW YORK INC