The purpose of the foundation is particularly to contribute to the financing of the Armenian Old People's Home currently located in Palaia Kokkinia, 8, Odos Agion Panton, Piraeus (Greece). The foundation may also provide assistance to other Armenian ecclesiastical, humanitarian or cultural institutions. To this end, the foundation will pay out each year to the beneficiary(ies) the returns on its assets in whole or in part. Furthermore, the foundation may accept voluntary donations, such as donations, bequests, etc., in favor of the Armenian Old People's Home as well as in favor of other Armenian ecclesiastical, humanitarian or cultural institutions. However, the recipient institutions must be clearly specified. These donations and bequests, etc. will be allocated and treated in accordance with the wishes of the benefactors.