FAQs
Frequently Asked Questions
- Can individuals participate as investors?
- How can we set-up a new fund?
- Is there a minimum amount for participation in the Trustees of the Funds?
- Can our parish designate the money deposited for a specific purpose?
- How do we send additional deposits?
- Can donations of securities be made?
- How do we request a withdrawal or disbursement?
- How does the Diocese of Virginia benefit from managing such a service?
- What is the difference between a "diocesan" and a "parish" fund?
- Are the funds audited?
If you have any further questions or need assistance, please contact Mr. Michael Kerr or Ms. Laura Cramer at 800-DIOCESE.
1. Can individuals participate as investors?
Individuals can make gifts or bequests to the Trustees where the beneficiary is a parish, the diocese or a related organization. Individuals may not have personal investment accounts managed by the Trustees, however.
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2. How can we set-up a new fund?
Any church or Episcopal entity within the Diocese can establish an account with the Trustees. Churches wishing to do so should use a standard account form (as of 2012), and are encouraged to include a vestry resolution establishing the account. Checks for deposit should be made payable to “Trustees of the Funds.”
Please send the account form, resolution and additional details regarding the fund, such as:
• Who can request withdrawals
• Any limitations on uses of the funds
• Should income be paid out annually or reinvested
Mail all information to:
Laura Cramer
Diocese of Virginia
110 W Franklin St
Richmond, VA 23220
Ms. Cramer will send a receipt for the initial deposit providing the fund number and confirming the annual payout instructions.
If an individual wishes to establish a permanent fund (a "diocesan" fund) for any diocesan organization (church, school, conference center, camp, or the Office of the Bishop), they should contact Mr. Kerr directly by email or at 1-800-DIOCESE.
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3. Is there a minimum amount for participation in the Trustees of the Funds?
No.
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4. Can our parish designate the money deposited for a specific purpose?
Yes! One or more accounts can be set up for any parish to reflect the various sources and intended uses of its assets. It is the responsibility of the vestry or board to ensure that the funds are used for the appropriate purpose upon the withdrawal of the funds.
In fact, setting up such a designated fund can better promote long-range planned giving efforts in the parish by giving persons a chance to leave their permanent mark on the future of their parish in the area most important to them. Many funds are designated for a specific purpose, such as music programs, educational scholarships, medical needs, etc.
All additions to the funds are acknowledged in writing. In the case of an individual making a donation, a charitable gift letter is sent to the donor in compliance with the Omnibus Budget Reconciliation Act of 1993 (OBRA93).
5. How do we send additional deposits?
Deposits to the TOTF can be made by check delivered to the offices of the Diocese or by wire directly to SunTrust. All checks should be made payable to “Trustees of the Funds.” For wiring instructions, please contact Ms. Laura Cramer by telephone 800-DIOCESE x1040, or email lcramer(at)thediocese.net.
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6. Can donations of securities be made?
It is possible to do so, but please call the Treasurer's office to receive current instructions on doing so.
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7. How do we request a withdrawal or disbursement?
All requests for withdrawals must be received in writing to the attention of Laura Cramer, Diocese of Virginia, 110 W Franklin St, Richmond, VA 23220. Requests are processed immediately and checks are received by the requestor within 5-7 business days. Please confirm to whom the check should be made payable, and the appropriate mailing address.
8. How does the Diocese of Virginia benefit from managing such a service?
While the diocese does not receive any fees for this service, it does benefit in several ways. First, over the past 100 years, the diocese has received many generous bequests to benefit both diocesan and parish functions.
In a similar way, the diocese benefits when its congregations are financially strong. Having a stable and well-performing investment vehicle allows better fiscal planning and continuity of program development.
Finally, the diocese benefits by giving the congregations a neutral investment vehicle to help ensure that local parish circumstances don't play a role in the parish's endowment management or general investment decisions. By placing the investment with the Trustees of the Funds, investment professionals are free to attend church without the pressure or burden of personally managing the welfare of the parish's investments. Having those persons available is a gift a parish should not take for granted.
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9. What is the difference between a "diocesan" and a "parish" fund?
There are just over 100 "diocesan" funds and nearly 500 "parish" funds". The distinction lies in where the ultimate control of the assets is held. Most of the "diocesan" funds are held for the benefit of a particular institution, not the diocese, but the responsibility for the funds has been left to the diocesan level of authority and the principal of these funds remains intact permanently.
The "parish" funds were deposited by a vestry or church board and may be removed at any time. The responsibility for these funds remains at the local level and adherence to a donor's desire is up to the vestry or board.
10. Are the funds audited? Yes. A copy of the Trustees of the Funds audit is included in the Journal of the Annual Council of the Diocese of Virginia.
