Armenia Fund (full name Hayastan All Armenian Fund, ) was established in 1994 in Los Angeles, California. Armenia Fund, Inc. is a 501(c)(3) tax-exempt, non-governmental, non-political corporation, headquartered in Yerevan. Serving as the United States' Western Region affiliate of the "Hayastan" All-Armenian Fund along with its nineteen subsidiaries around the world, Armenia Fund, Inc. has issued over $120 million of electricity development guarantee and humanitarian revenue for Armenia. Lately, the government of Armenia has been contributing to the fund since the fund has been receiving less support and not being able to meet its initial goals.

Goals

Armenia Fund attempts to rebuild Armenia's economy and assist in the well-being of life in the region. Additionally, the organization attempts to rebuild major infrastructures damaged in Karabakh during the first Nagorno-Karabakh War. The Fund has adopted a policy to go "Beyond Bricks and Mortar" to provide sustainability for projects it sponsors.

Network

"Hayastan" All-Armenian Fund, Armenia Fund USA Inc.'s parent organization, through its affiliate organizations has presence in 16 countries around the world: United States, Canada, Brazil, Argentina, Great Britain, France, Netherlands, Germany, Switzerland, Austria, Sweden, Greece, Cyprus, Lebanon, Syria, and Australia.

Corporate Board of Armenia Fund USA Inc.

Famous donors

Some of the most famous donors and supporters of Armenia Fund include Kirk Kerkorian, the Kardashians, Serj Tankian of System of a Down and Cher. In 2020, due to the Nagorno-Karabakh(Artsakh) war, Kim Kardashian donated $1 Million. System of a Down released two new songs after 15 years, donating all the proceeds to Armenia Fund. As of December 2020, they had raised nearly $1 Million as a result.

Controversies

Kaputak Sevan

In 2007, the fund provided funding for the construction of a windsurfing center named "Kaputak Sevan" near the lake Sevan. Then the resort was "coincidentally" owned by Bella Kocharyan, former president Robert Kocharyan's wife.

Ara Vardanyan

In 2018, executive director of the fund Ara Vardanyan was arrested by National Security Service of Armenia. He was accused on embezzlement and misuse of money. Vardayan admitted that he has been using a Himnadram credit card for online gambling. Later, in 2019, a new episode of embezzlement has been revealed by the National Security Service of Armenia and the charges brought against Vardanyan have been modified. According to the new charges, Vardanyan is charged with embezzlement and abuse of powers by an official of a non-profit organization. Vardanyan, who had been detained within the scope of the case, has been released on bail.

Money laundering

Ara K. Manoogian, a human rights activist alleged that vast and sophisticated money-laundering network of the Himnadram has long called Armenia, one of the world's largest tax evaders with an annual black market worth about $300 million, and Karabakh, a legal gray area where international inspection has been impossible for decades, safe havens. The sixteen branches of the Himnadram are tax-exempt because they are a part of a nonprofit organization. Some Armenian oligarchs have used this tax-exempt status extensively. One such case was exposed by investigative journalists.

Telethon

Beginning in 1997, an annual telethon was set up and televised across the globe. The annual telethon takes place on Thanksgiving Day on various Armenian TV channels worldwide. On October 10, 2020, a special edition telethon took place to collect funds due to the 2020 war that broke out between Azerbaijan and Artsakh.