It was founded in Ortaköy district of Constantinople. In 1864 this Foundation created the Foundation of Charitable Women in Ortaköy as well, their purpose was to help women in need and trouble, to give subsidies to the helpless women. The Careful Women patronized the Hripsimiantz school, too. In 1867 the head of the Foundation was Nazlı Vahan, who was simultaneously the maecenas of the school. According to the contemporary testimonies, the foundation succeeded to make the school if not the best, then one of the best schools for girls. Later, most probably in 1879, the graduates of the Hripsimiantz school created the Foundation of Young Ladies of the Hripsimiantz school (Hripʿsimeantsʿ). The activity of female trustees was so powerful and fervent that it was suggested that the male trustees of the Targmantchats school for boys (founded in Ortaköy) give way to female trustees, in order to overcome the fallout of that school.
 Պ Pōghosian, Epʿrem, Ptmutʿiwn hay mshakutʿayin ěnkerutʿiwnneru, vol. 1, typ. Mkhitarian, Vienna, 1957, 189-191, 192-196.