Who We Are

History

The Trustees of the Funds is an elected board charged with oversight of professionally managed investment portfolios benefiting the churches and organizations of the Dioceses of Virginia, Southern Virginia and Southwestern Virginia. Chartered in 1892, The Trustees of the Funds is one of the oldest Episcopal Church organizations in the Commonwealth of Virginia, with roots to 1754, predating the Episcopal Church, not to mention the United States.

The goal of the Trustees is to preserve and enhance the real (inflation-adjusted) purchasing power of the core portfolio while providing a steady and consistent spending stream for the support of fund participants using the core portfolio. Based on this management goal, the investment objective for the core portfolio is to attain a real total return of at least five percent per annum over the long term. Nearly 700 distinct funds represent the support of over 140 churches and institutions within Virginia.

A second portfolio, known as STAMP, for Short-term Asset Management Pool, was developed in 2012 to assist Episcopal Church entities with cash management. It was designed to provide a fully liquid portfolio with a blended duration of 12-18 months and to exceed the return of a CD of the same duration period.

A third option, a Gift Annuity Fund, is being launched during 2016. This “GAF” option should be a valuable component of planned giving and capital campaign programs. Please see the GAF section of the web for more information on this exciting addition to the Trustee’s support of the Episcopal Church in Virginia.

Mission Statement

Chartered in 1892, The Trustees of the Funds is an independent, related organization of the Diocese of Virginia. It was founded to support, strengthen and enhance the communities served by the Protestant Episcopal Church in Virginia. Through accessible investment services and planned giving education, The Trustees of the Funds seeks to provide the economic engine for the Episcopal Church in all of Virginia in helping others discover, refine and use their spiritual gifts.

The Trustees and Their Roles

Trustees are elected from nominees approved by the Annual Convention of the Diocese of Virginia. Each Trustee serves a three-year term and may serve two consecutive terms. Trustees are required to be parishioners of Diocese of Virginia churches and are nominated by their church or region.

The current Trustees and ex officio members for 2016-2017 are:

Hugh Bryan III, M.D.
Abingdon Church, White Marsh
Trustee Class: 2019, Term: 1st

Denis O’Sullivan, CFP, CFA
St. Francis, Great Falls
Trustee Class: 2019, Term: 2nd
Vice-President

James Tyler
Westover Church, Charles City
Trustee Class: 2018, Term: 1st

Ex Officio

Staff

The Trustees meet on a regular basis to determine strategy and take actions as required. They also meet by committee and as a full board on an as-needed basis, and communicate regularly by telephone and email while addressing specific decisions or projects. It is the job of the Trustees to nurture the investments, but this is not to say that there is no risk. Without risk, there is no way to exceed inflation. In outperforming inflation as a baseline for the core portfolio, the hope is that the value of fund principal increases enough so that the buying power of that principal value will be the same or better in the future.

The key to prudent investing is finding a diverse selection of assets that can withstand fluctuations and cycles in the economy. The Trustees seek high quality companies with proven records of earnings and return on investment. This broad investment selection reduces volatility and helps to produce a steady stream of income, thereby helping the three dioceses and their individual congregations and organizations plan wisely.

The Trustees aim for full transparency in their operations and one acknowledged element of doing so is the provision of the audited financial statements. The Trustees of the Funds opinion letter and audit have always been available for review and the current documents are available on this web site. You can obtain the current audit with opinion letter in the Guidance tab. For more information about the Trustees of the Funds, contact Michael J. Kerr, CEO (mkerr@trusteesofthefunds.org), or Laura Hicks, Corporate Secretary-Treasurer (lhicks@trusteesofthefunds.org).

2014 Audit