Contact Us

E-mail:

orran@orran.am

Orran
Yerevan:

6 First Yekmalyan street,
375002 Yerevan, Armenia

Phone:

+374 10 53 51 67

Fax:

+374 10 53 86 72

 

Orran
Vanadzor:

4/1 Tigran Metz Avenue,
2001 Vanadzor, Armenia

Phone:

+374 32 24 55 98

Audited Accounts for 2017

Chairman’s Statement for the Year 2017

It is my privilege and pleasure to present Orran’s chairman’s statement for the year 2017.  Once again, the year has been one of consolidation, expansion and progress.  We have maintained all of our good practices and services including providing a daily hot meal, and offering educational, social and psychological assistance to our children and elderly.  We have expanded the help offered by adding more programs such as the sewing workshop and the drummer’s group in Vanadzor and we have progressed in the assessment and delivery techniques to target and influence more effectively the needs of our beneficiaries.

Our two banquets, one in Armenia and one in Los Angeles, remain our major sources of income at close to 44% of our operating costs, thanks to our many individuals and corporations around the globe.  Net income from our two banquets was in excess of $200,000. We are most grateful for all the members of our fund raising committees, over a dozen in each location, who dedicated their time and energy to host the 2 fund raising events.

Financially, we are sound with savings equivalent to 21 months of operating costs. We have diversified our source of funding attracting more and more financial institutions to complement the gifts of our individual donors.  And we are seeking more in-kind donations and input from our partners in government. 

We are getting closer to our aim of becoming a benchmark charitable institution in Armenia and for this we have to thank you our donors. 

Audited accounts for 2017 for Orran Armenia show a shortfall of income over expenditure equivalent to $138,195 US, at an exchange rate of 485 AMD/US dollar. These audited accounts refer to the Armenian-registered charity only and excludes the Orran affiliated institution in the United States which receives donations in the US in addition to the website donations and subsequently transfers funds to Armenia as and when needed.

The consolidated management accounts including donations received in the USA are on a cash basis and show a surplus of income over expenditure of $98,589. This compares to an operating surplus of $206,020 in 2016 (480 AMD/US dollar). Total cash balances at year end amounted to $792,786 compared to $715,470 at the end of 2016, an increase of $77,316 US. Cumulative debtors from the two 4th Quarter fund raising galas amount to $100, and due to the short time frame till year end, no debt provisions have been made for outstanding pledges which had not been collected by year end 2017. These end of year cash reserves amounting to $792,786 are equivalent to 175% of our yearly operational funding requirement, and well above the one-year minimum criteria set by the Orran Board.

In summary, our operating costs over the last 3 years amount to $452k, $335k, and $430k in 2015. This equates to $3.0 per beneficiary per day. Our operating surplus over the last 3 years amount to $96k, $206k, and $200k in 2015. We are pleased to report, and in line with past years, we strive to maintain our administration and marketing costs below 10% of our operating costs. 

We are constantly looking for ways to improve our services and to make sure that each $1 is spent in the most efficient way resulting in the greatest benefit. The global financial crisis continues to pose major challenges for securing funds for our operating budgets. At the same time, the number of needy people knocking on our door has increased.

At year end the beneficiaries at our 2 centers included 223 children and 84 elderly, totaling 307. A further 100 children in remote villages are supported by grants totalling $115k for vocational/apprenticeship programs. Yerevan center at 164 beneficiaries is marginally above its nominal capacity of 150, and the Vanadzor center with 143 beneficiaries is marginally below its nominal capacity of 150. With a strong and committed staff in Yerevan and Vanadzor comprising of 14 full time, 30 part time and 77 volunteers, Orran looks forward to the coming year for continuing its mission in “helping families in need”, all this depending of course on the continuing generosity of our donors.

Overall and despite the global financial crisis, it has again been a fantastic year for Orran and for this we are most grateful to our donors.  

 

Armine K. Hovannisian
Chairman, Board of Directors

26 November, 2018

For a complete set of Orran Armenia 2017 Audited Accounts, click here

For a complete set of Orran USA 2017 IRS filed accounts, click here