Fund for Armenian Relief Inc

Nonprofit profile at a glance

EIN
133706646
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2128895150
Rating
78
Verdict
SUPPORTED
Rating confidence
Standard
Sector
International Development

Official website

Reported finances

Revenue
$9,019,793
Expenses
$6,681,172
Assets
$30,851,623
Liabilities
$173,687

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • Bishop Mesrop Parsamyan (President)

Highest reported compensation

  • GARNIK NANAGOULIAN (EXECUTIVE DIR - thru 9/30/24): $166,207 total reported compensation
  • Bree Perlman (Executive Dir - eff 10/1/24): $147,692 total reported compensation
  • Bagrat Sargsyan (COUNTRY DIRECTOR): $91,957 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Far is dedicated to honoring the past, empowering the present andensuring the future for people in armenia. Far gives hope, guidance and opportunity to those in need, empowering them to create a betterpresent and helping them pave the way to a stronger future. Far's vision is to develop an equitable, sustainable, and resilient armenian homeland, where people are thriving: leading dignified lives with universal access to opportunities to realize their full potential through education, healthcare and decent work. They are proud members of a progressive nation making indispensable contributions to the betterment of their local communities and the world at large. Far provides short term emergency relief and implements long-term programs for the economic growth and social development of armenia.it helps the most vulnerable segments of the population - children and the elderly - and prepares professionals to lead their newly independent country. Headquartered in New York, far has three offic

What it reported doing in 2024

Economic development programs - See Schedule O for program description

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 60% for direct work, and 40% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 68
  • Accountability: 100
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.9%; rating input score 67
  • Program expense ratio: 85.4%; rating input score 85
  • Fundraising efficiency: $24.98 raised per $1 spent on fundraising; rating input score 65; 65th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 3rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 97.7%; rating input score 98; 33rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 25.9%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 4.62; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 88; 88th percentile among comparable filings
  • Officer compensation ratio: 7.2%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 39th percentile among comparable filings
  • Revenue growth: 6.6% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 8.2% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 66.9% of revenue deployed · 85.4% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 8 filing controls reported
  • Programs: 6 filed program accomplishments · $5.7M in reported program spending
  • Leadership: top reported pay $166K · 20 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $683K reported
  • Consistency: 39 of 41 current checks pass · 2 findings to review
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule G fundraiser detail did not reconcile in the filed values.