Trustees of the Fund

Trustees of the Funds

Frequently Asked Questions

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.Is there a minimum amount for participation in the Trustees of the Funds?
No.

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 money. 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).

Can donations of appreciated securities be made?
It is possible, but please call the diocesan office to receive current instructions on doing so.

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.

What is the difference between a "diocesan" and a "parish" fund?
There are about 100 "diocesan" funds and nearly 300 "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.

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. How can a fund be set up?

Very simply. If a parish wishes to set up a new fund, the vestry should send a short resolution and a copy of the vestry or board minutes indicating their intentions, with a check made payable to the Trustees of the Funds. This should be sent to the attention of Mr. Michael J. Kerr at the diocesan offices. (110 W. Franklin St., Richmond, VA 23220)

For a sample resolution, click here.

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.