One of the first questions now being asked is whether or not churches or institutions in the Dioceses of Southern Virginia and Southwestern Virginia can participate in the Trustees of the Funds. The answer is YES! As of late 2013, the trustees authorized the expansion of services to all of the Commonwealth as a means of providing strongly managed and prudently invested portfolios to the Episcopal Church in Virginia.
If you have any further questions or need assistance, please contact Mr. Michael Kerr or Ms. Laura Hicks at 800-346-2373.
Can individuals participate as investors?
Individuals can make gifts or bequests to the Trustees where the beneficiary is a church, one of the three dioceses or a clearly Episcopal Church-related organization (within the Commonwealth of Virginia). Individuals may not have personal investment accounts managed by the Trustees, however.
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How can we set-up a new fund?
Any church or Episcopal entity within the Commonwealth of Virginia (meaning all three dioceses) 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 some other period) or reinvested
Mail all information to:
Ms. Laura Hicks, The Trustees of the Funds, P.O. Box 306, Manakin-Sabot, VA 23103
or if using FedEx or other overnight service:
Mr. Michael Kerr, The Trustees of the Funds, 12291 River Road, Richmond, VA 23238
The Trustees of the Funds 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 of any of the three dioceses), they should contact Mr. Kerr directly by email or at 1-804-622-3186.
Is there a minimum amount for participation in the Trustees of the Funds?
No. Any amount is welcomed for the benefit of an Episcopal Church institution.
Can our church designate the money deposited for a specific purpose?
Yes! One or more accounts can be set up for any church 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 disbursement or withdrawal of the funds.
In fact, setting up such a designated fund can better promote long-range planned giving efforts in the church by giving persons a chance to leave their permanent mark on the future of their church 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). A sample codicil to a will is included in our forms section.
How do we send additional deposits?
Deposits to the TOTF can be made by check delivered to the offices of the Trustees of the Funds (P.O. Box 306, Manakin-Sabot, VA 23103) or by wire directly to SunTrust. All checks should be made payable to “Trustees of the Funds.” For wiring instructions, please contact Ms. Laura Hicks by telephone 800-346-2373 x1040, or email firstname.lastname@example.org.
Can donations of securities be made?
It is easy to do so, but please call the Mr. Kerr or Ms. Hicks to receive current instructions on process.
How do we request a withdrawal or disbursement?
All requests for withdrawals must be received in writing (mail, fax, scan/email) to the attention of Ms. Laura Hicks, The Trustees of the Funds, P.O. Box 306, Manakin-Sabot, VA 23103. Fax: 804-780-9748 and email@example.com. 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.
Do the respective diocesan offices benefit in any way from the Trustees of the Funds providing such a service?
While the three dioceses do not receive any fees for this service, they do benefit in several ways.
First, over the past 100+ years, the three dioceses have received many generous bequests to benefit both diocesan and church functions. The dioceses have an obligation to the donative intent to be good stewards of these resources.
In a similar way, each 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 at the congregational level.
Finally, each diocese benefits by the congregations having a neutral investment vehicle to help ensure that local church circumstances don't play a role in the church'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 church's investments. Having those persons available is a gift a church should not take for granted.
What is the difference between a "diocesan" and a "parish" fund?
There are about 100 "diocesan" funds and over 550 "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 one of the diocesan offices, but the responsibility for the funds has been left to the diocesan level of authority (perhaps better said as "not church-level") and the principal of these funds remains intact permanently. In addition, the diocesan funds are where funds are placed when they are invested by non-church organizations such as diocesan schools or related organizations, such as Shrine Mont, the Diocesan Missionary Society, The Roslyn Conference Center or Virginia Diocesan Homes.
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 PDF of the current audited financial statements can be found by clicking here.