Charles & Agnes Kazarian Eternal Foundation

The Charles & Agnes Kazarian Eternal Foundation operates as a private operating foundation — a structural distinction that fundamentally shapes how grant seekers must approach it. Unlike conventional grantmaking foundations, it does not distribute money to a wide field of applicants; it runs its own programs, finances its own affiliates, and selects collaboration partners based on deep alignment with its intellectual and mission frameworks. That said, a meaningful and growing set of external funding opportunities has emerged since 2024, primarily through the Khachkar Studios initiative.

The foundation was established in March 2000 and is funded exclusively by affiliates of Japonica Partners, the investment firm led by Paul B. Kazarian, who serves as Chairman/President without compensation. This self-funding structure means the foundation operates outside the normal constraints of donor cultivation — Paul B. Kazarian is effectively the single decision-maker and primary architect of every program priority.

The foundation's giving philosophy is anchored in three explicit principles drawn from the book *New Philanthropy Benchmarking: Wisdom for the Passionate*: (1) empowering great aspirations across all of humanity; (2) judging a society by how it empowers its most disadvantaged members; and (3) demanding rigorous benchmarking and management excellence as a condition of receiving support. This last principle is operationally significant — the foundation does not simply fund good intentions. It funds organizations willing to adopt measurable frameworks.

For first-time inquirers, the entry point is almost always direct: email info@kazarianfoundation.org with a concise introduction articulating your organization's connection to at least one of the foundation's four operating areas: government financial performance, community development finance (Northeastern or Midwestern U.S.), Armenian cultural heritage education, or Armenian Christian faith initiatives. Do not begin with a formal proposal. The foundation favors relationship-building over transactional grant applications. No formal LOI template, no grant portal, no submission deadline calendar — this is an invitation-only, relationship-first culture.

The Kazarian Foundation's disbursements have grown substantially over a decade, rising from $2.86 million in FY2012 to $9.57 million in FY2022-2023, with the foundation's own website reporting spending exceeding $11 million in FY2024. Total assets sit at approximately $211.5 million (FY2023) — a figure that jumped dramatically following an $80 million contribution received in FY2019, which accelerated the foundation's giving capacity.

Because this is a private operating foundation, the IRS Form 990-PF reports $0 in "grants paid" in every available filing — all disbursements flow through programs the foundation itself operates or directly controls. The four program areas and their approximate expense allocations (from the most recent program descriptions) are:

• Activity 1 — JI-Analytics / Government Financial Performance: ~$1.08 million. Funds the world's leading (by the foundation's own designation) government financial benchmarking firm, supporting sovereign risk analysis, white papers, master classes, and conference programming.
• Activity 2 — Community Development Finance, Northeastern U.S.: ~$3.15 million (the largest single program). Partners with CDFIs to finance economically distressed communities — foreclosure prevention, homeownership access, municipal financial partnerships.
• Activity 3 — Community Development Finance, Midwestern U.S.: ~$1.74 million. CDFI-linked lending in low-to-moderate income communities; supported $53 million in community development lending and administered $127 million in PPP loans in 2020 alone, preserving nearly 15,000 jobs.
• Activity 4 — Education: ~$1.26 million. Covers government financial management education, Armenian cultural heritage initiatives, and microfinance literacy programs.

Externally accessible disbursements are relatively small in individual size but expanding: EMPOW Awards are $10,000 each. The Khachkar Studios commitment of up to $500,000 per eligible recipient over five years represents the largest disclosed external funding pathway. The foundation does not publish grant ranges or cycle information publicly, and the absence of a grantee list in its filings confirms that most spending remains internal to its own programs and CDFI partnerships.

The five foundations most similar to the Kazarian Foundation by asset size are all categorized under NTEE T (Philanthropy & Grantmaking), but the Kazarian Foundation's operating foundation structure, single-family control, and highly specialized mission areas make it structurally distinct from its asset-sized peers.

The Kazarian Foundation is notably the most operationally active of this peer set — it runs programs directly rather than distributing grant checks. The H. Hovnanian Family Foundation is a meaningful comparison point: the Hovnanian family is also Armenian-American, and both foundations reflect the philanthropic patterns of successful Armenian-American business leaders reinvesting in community and heritage causes. Unlike most peers in this asset range, the Kazarian Foundation maintains $0 officer compensation — an unusual structure that signals the founders' total personal commitment to mission over institutional self-interest.

The most significant development of the past 18 months is the emergence of Khachkar Studios as the foundation's primary external-facing initiative. In January 2025, the foundation pledged over $10 million toward U.S. Armenian pilot churches. By April 2025, it formalized the allocation to the four entities of the Armenian Eastern Diocese. On December 2, 2025, PR Newswire announced the full scope of the initiative: a $100 million commitment to Judeo-Christian faith revitalization, with $10 million reserved for direct disbursement to the 'Faithful' of the Armenian Eastern Diocese — individual recipients eligible for up to $500,000 over five years.

The EMPOW Awards, launched in May 2025, represent a separate $10,000 grant mechanism for Armenian Christian media creators — a smaller but publicly accessible funding stream. Simultaneously, a 2024 call for proposals sought producers for a 2025 series of Christian short-form films and documentaries through Khachkar Studios.

On the government finance side, JI-Analytics received PR Newswire coverage in May 2025 focused on sovereign government financial management innovation. A 'Christianity & the Amazing Armenians' video produced under the Khachkar Studios umbrella reached 1.5 million views by March 2025, demonstrating the foundation's growing capacity for digital media deployment.

The foundation's FY2024 spending surpassed $11 million — a new high — and total assets reportedly reached approximately $216 million by year-end 2024, suggesting continued portfolio appreciation despite high distribution levels.

Pathway 1 — Khachkar Studios / Armenian Christian Media (most accessible) The EMPOW Awards ($10,000 each) and the film proposal call are the only publicly solicited external opportunities. Applicants should be Armenian Christian media creators, filmmakers, or community organizations connected to Armenian parishes. Submit a concise project proposal to info@kazarianfoundation.org. Align your proposal language with the foundation's stated goal of doubling Armenian church attendance from 3% to 6% and achieving a 7.0x Social Return on Investment. Generic media or faith-based proposals without an Armenian community connection will not succeed.

Pathway 2 — CDFI and Community Development Finance Partners Organizations operating as CDFIs or CDFI-partnering lenders in economically distressed Northeastern or Midwestern U.S. communities should frame outreach around the foundation's established operational template: job creation loans, homeownership access for underserved families, PPP-style small business financing, and municipal financial partnerships. The foundation does not invite unsolicited lending partnerships broadly — make a direct, specific case that your organization fills a geographic or demographic gap in their existing CDFI network.

Pathway 3 — Academic Fellowships in Government Finance Researchers in sovereign risk, government financial management, or public balance sheet accounting should reference the JI-Analytics framework and the Citizens' Wealth Framework (CWF) explicitly. The Kazarian Sabbatical Research Fellowship (previously awarded to Professor Jacob Soll of Columbia) is the precedent — reach out through info@kazarianfoundation.org with a research proposal that advances or applies the Citizens' Wealth Framework to a specific government or regional context.

Common Mistakes to Avoid - Submitting a generic community development or faith-based proposal without demonstrating familiarity with the foundation's specific frameworks - Approaching this as a traditional grant application process — there is no portal, no deadline, no review committee as typically understood - Failing to mention benchmarking, SROI measurement, or performance management — these are non-negotiable elements of the foundation's funding philosophy - Contacting the North Kingstown, RI address (listed with IRS); the operating address is 1629 K Street NW, Suite 300, Washington, DC 20006