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Episcopal Diocese of Southern Virginia
11832 Rock Landing Dr., Suite 100
Newport News, VA 23606-4231
757-423-8287 Main
800-582-8292 Toll Free
757-595-0783 Fax

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The diocesan offices are open Monday through Friday from 8 a.m. to 4 p.m.

Click here for directions to the diocesan office.

Diocesan Foundation


Financial and investment assistance is available to Southern Virginia’s parishes, congregations, and agencies!

The mission of the Southern Virginia Diocesan Foundation is to provide financial and investment management assistance to parishes, congregations, missions, and agencies within the diocese, to assist in promoting the financial stability of the diocese and its member organizations, and to help provide such related services as may be considered necessary or desirable by the Southern Virginia Diocesan Foundation Board of Trustees to help support diocesan and parish activities.

The Episcopal Diocese of Southern Virginia organized a Virginia non-stock corporation known as the Southern Virginia Diocesan Foundation to provide its parishes, missions, and agencies with investment assistance. This corporation established a pooled investment fund known as the Diocesan Composite Fund in 1950 and has since operated it as a professionally managed, long-term investment vehicle for parishes, congregations, missions, and agencies within the diocese that desire or need investment assistance in managing their special purpose accounts.

The Foundation is a charitable religious organization that operates under the auspices of the diocese and is managed by a Board of Trustees.

Directory of Diocesan Foundation Trustees

The Statement of Information

The Investment Policy Statement

Any congregation may invest in the Diocesan Foundation. If your church would like to participate in the Foundation, please fill out the forms below and mail the completed forms and your check to Judy Dobson, comptroller, at the diocesan office.
 

Forms

Foundation initial investment form

Foundation investment authorization form

Foundation additions, withdrawals and distribution form

Interested in planned giving?

Here is some information that may help you:
Planning Giving Resources from the Episcopal Church Foundation

Ministry of Planned Giving brochure on planned giving
 

Performance of the Composite Fund

Fund Report – Third Quarter 2022:

The third quarter showed the results of a declining market and resultant inflation, continuing the trend of the first two quarters. The continuing, albeit less precipitous, decline showed massive contraction after massive expansion. Inflation is at a level not seen in 30-40 years. The market is waiting to see whether the Federal Reserve Board will get a handle on inflation and the accompanying volatility.

The Fund’s assets totaled $37,470,303, down $5 million from a year ago, but only about $1 million from the second quarter. The Fund was allocated 63% equities, 25 % fixed income and cash, 9 % private equity and 3% in a REIT. The estimated annualized income is $723,204.

The Fund had a negative net return for the third quarter of -4.10 %, slightly better than the blended benchmark index of -4.94%: equities returned -5.30%, better than the relevant index; fixed income continued to be difficult, -3.48 %, compared to the index of -3.85%; private equity showed a 3.38% loss. For the preceding 12 months, the Fund total, net of fees, was down -15.08%, better than the blended benchmark index of -15.54%. All the loss resulted from the second and third quarter performance. Longer term performance, 3-, 5- and 10-year numbers, continued to remain positive, and significantly above the blended benchmark indices: 3 year- 4.22% viz 2.36%, 5 year- 4.82% viz 3.32 %, 10 year- 6.11 % viz 5.02%. The last three quarters have been historic, with both equities and bonds in negative positions.

Bonds continue to be high credit quality, investment grade and up, slightly overweight in corporate bonds. Their yield is around 4.6% better than the recent past. Maturity is running 3-5 years.

The Fund has 20 equity strategies in place. Five equity funds outperformed their relevant benchmarks; six funds underperformed; nine funds were in line with the relevant benchmarks. In the third quarter, value funds continued to outperform growth funds; large cap funds outperformed small cap.

The Fund’s manager, Bank of America/U.S. Trust, basically sees the market facing large uncertainty: inflation, labor, broadly varying earnings projections, mid-term elections, lack of confidence in the Federal Reserve Board. Generally, the Fed likes to keep inflation at 2-2.5%. What occurred in the second and third quarters greatly exceeded those numbers. The economy underwent a massive expansion both monetarily and fiscally, and now will experience a large contraction. BOA/US Trust continues to favor energy and industrial/defense sectors. BOA believes the next year to year-and-a half will be choppy. 2024 will bring a reset and leveling.