Terms of use

Welcome to Ahimnadram!

Using the information on our website (ahimnadram.com), site services, and system of financial assistance, you agree to our terms of use, including Privacy Policy and Cookie Policy.

From time to time we can update our Terms of Use. Any changes will be published on our website.

 

What does ahimnadram.com do?

Our website unites the people of Artsakh with the whole world, giving an opportunity to those who want to participate in the development of Artsakh.

The platform features non-profit business programs in education, culture, and sports, whose inventors can channel their resources into a preferred project, the whole process of which will be available to the public.

 

Financing the projects.

The funds raised for the implementation of projects according to the financing procedure are transferred to the beneficiary through the Fund "High Technologies and Strategic Planning Center" (hereinafter – the Fund). If the Fund receives funding without a project or category referral, the funding will be allocated among other projects selected by the majority votes of the Fund’s board of trustees.

The amount provided for a business project is given to the beneficiary in the form of a targeted interest-free loan of up to 20 million drams with a repayment period of up to 10 years. The maximum repayment period is granted to the business projects that require financial support in the amount of 18 million to 20 million for the implementation. In other cases, the repayment depends on the amount necessary to realize the project and the expected income from the project.

 

Projects from the spheres of education, culture, sport, as well as non-profit and State projects, are supported on a charitable basis.

 

 

How is the business project financing?

A deadline (90 calendar days) will be set for the full funding of the project during which the full cost of the project will be collected.

Possible options after the project deadline;

  • In that case, if 50% of the total cost of the project is not achieved, the collected money will be allocated to other business projects to be provisionally selected by the investor as an alternative.
  • In the 51-85% funding range, the project is extended to 15 days. During this period, the Fund will approach charities that have made contributions to the project with a proposal to supplement the amount, as they were already interested in implementing the project, as well as relevant local government bodies. However, if the required amount is not reached, it will be redistributed among other projects.
  • In the case of funding 86-99% of the project is reviewed for consistency with the projects up to the amount collected. In the third scenario, full replenishment from the fund is possible.

Program support will be provided in material form in accordance with the list of mandatory elements in the program.

 

How are non-commercial educational, cultural, and sports programs funded by the State-funded?

A deadline (90 calendar days) will be set for the full funding of the project during which the full cost of the project will be collected.

  • For up to 50% of the total amount of the project, the amount collected will be allocated to other projects.
  • With more than 50% of funding, the duration of the project is extended by 15 calendar days. During this period, the Fund will approach people and organizations that have supported the project with a proposal to supplement the amount, as they were already interested in implementing the project, as well as to relevant local government bodies for financial support from the State budget. However, if the full amount is not recovered, the amount collected will be allocated to other projects.
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Projects will be supported in kind according to the list of mandatory elements in the annex.

 

Who could be the beneficiary of the project?

  • The beneficiary of the business project: Any person aged 18-65 who submits a realistic project, after collecting all the amount necessary for its implementation, will be registered with the tax authority of the Republic of Artsakh as a natural or legal person.

Beneficiaries of State projects in education, culture, sports, and non-profit organizations; Any natural or legal person who submits a project aimed at supporting the development of education, culture, and sport in the Republic of Artsakh, or a State body of local self-government and the proposed project will help to improve the social and economic situation in the Republic of Artsakh.

How is funding provided to the beneficiary?

Funding will be provided according to a predetermined schedule, with the amount provided to the beneficiary in a phased manner using appropriate controls. The main method of control will be the actual recording by the fund specialists of whether the money provided has served its main purpose. If the audit reveals that the money provided did not serve its primary purpose, then;

  • The beneficiary will have once an opportunity to reach the stage with his own means, at a pre-planned target, before the start of the next phase /no more than 10 calendar days/.
  • In case of a repeat offense, the beneficiary will be obliged to return the entire amount to the fund within 10 working days, which will direct the Fund to other projects.
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Disputes arising under each of the above-mentioned items will be settled in accordance with the legislation of the Republic of Artsakh.

In addition, the beneficiary of the project must be registered as a natural or legal person with the tax authority of the Republic of Artsakh before the start of the financing process.

 

Delivery of reports on implemented projects.

Upon completion of the project, a complete set of reports in the form of photos, videos, and financial statements will be prepared and made available in the appropriate section of each project.

Non-commercial cultural, educational, and sports programs for which no reimbursement is required. If a profit is made or money is spent for an unspecified purpose, the entire amount is refunded in accordance with the procedure stipulated in the contract.

 

Promoting national ownership.

After 3-6 months /depending on the features of the project/ after the completion of the business plan, the beneficiary undertakes to return the full amount provided according to the schedule /by monthly payments/. The following categories are exceptions:

  • programs submitted by State entities, with no refunds,
  • non-commercial cultural, educational, and sports projects for which no reimbursement is required. If a profit is made or money is spent for an unspecified purpose, the entire amount is refunded in accordance with the procedure stipulated in the contract.

Any disputes relating to the return of funds shall be settled in accordance with the legislation of the Republic of Artsakh.

The Fund may use funds raised as a result of all the above conditions in the following ways:

  • 85% will be spent on other programs,
  • 15% will be allocated to the expenses of the Fund, which will be charged for monitoring the implementation of projects, including the involvement of experts and regular monitoring.

 

 

 

Notes for contributors.

  • In the case of support via ahimnadram.com website, there is no exchange or cancellation policy.

  • In case of financial support, we urge you to clearly indicate which program you would like to support (enter at least the name and surname of the beneficiary as well as the project name). Otherwise, the funds transferred will be granted to other projects selected by the majority votes of the Fund’s board of trustees.

  • Before providing material support, please use the phone number or email address mentioned on the website to stay in touch with the Fund for proper organization of the support process.
  • If you would like to contribute, we strongly recommend that you enter your personal data in the required fields for being able to stay in touch with you

 

Last update; 06.07.2021

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