II Board Meeting

On the 3rd of March 2017 the Board of the Insurance Foundation for Servicemen gathered for the second trimestral Board Meeting.

As first order of business the Board discussed appointing an internal auditor. The candidacy of CBA employee Artak Baghdasaryan was proposed by the Director of the Foundation and was approved by the Board. The Board also approved the internal audit rules.

Currently the Foundation only collects investments through its website, through direct transfers to its bank account and through text messages made to the 1028 short number. The Foundation aims to further facilitate donating by creating new donation tools. The Foundation’s Director Mr.Varoujan Avedikian presented the “Donation Collections” framework, which outlines the new methods the Foundation will use to collect donations.

The Board also confirmed the dates of the next two Board Meetings which will take place on the 3rd of October and the 4th of December.

During the last trimester the Foundation had prepared a personal finance guide for its beneficiaries. The purpose of the guide is to give beneficiaries basic knowledge of existing financial services, how best to use them, saving strategies, smart home-buying tactics, how to take full advantage of their payouts and a list of organizations they can contact anytime for further guidance.  The Booklet was presented by the Director and was approved by the Board.

In the last phase of the Board Meeting the Director reported the progress of the Foundation throughout the last 6 months. The report included the total amount of money raised, the amount of compensations paid, the revenue received from the management of the funds. The Director told the Board of the work that had already been carried out to improve the Foundation’s work, as well as work that remains to be carried out.