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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 – Second Quarter 2022:

The Foundation’s performance for the second quarter, 2022 showed results of a declining market, continuing the trend from the first quarter. The Fund manager stated that it was a “rough quarter.” Three factors contributed to this situation: the Federal Reserve’s inadequate and uneven response to inflation; China’s economic stall due to its zero Covid policy not working and supply chain disruptions; Europe being on the brink of recession.

The Fund’s assets totaled $38,690,865 at the end of the quarter, down 10.5% from the preceding quarter, and 10% from a year ago. The Fund was allocated 65% equities, 23% fixed income and cash, and 12% private equity. The estimated annualized income is $642,800. 

The Fund had a negative net return for the second quarter of -11.14%, slightly better than the relevant index of -11.42%: equities returned -15.66%, in line with the relevant index; fixed income continued to be difficult, -2.42%, compared to the index of -2.96%; private equity showed a 0.9% gain. For the preceding 12 months, the Fund total, net of fees, was down -12.51%, compared to the overall index of -11.36%. All of the loss resulted from the second quarter performance. Longer term performance, 3, 5, and 10 year numbers, continued to remain positive, but below the relevant indices, also a result of the poor second quarter and negative 12-month numbers. The last two quarters have been historic, with both equities and bonds in negative positions.

Five equity funds outperformed their relevant benchmarks; 4 funds underperformed; 10 funds were in line with the relevant benchmarks. In the second quarter, value funds continued to outperform growth funds; large cap funds outperformed small cap. Fixed income investments continue to be high quality, 84% are grade A or better. Fixed income is still a tough low rate environment.

The Fund manager, Bank of America/US Trust, sees the market facing large uncertainty: inflation, labor, broadly varying earnings projections, mid-term elections, lack of confidence in the Federal Reserve Board. As to the latter, the manager believes the Fed completely whiffed on controlling inflation – too little, too late. BOA/US Trust believes that if a recession occurs, it will be short and not deep. Strangely, the labor outlook is positive, unusual for a down economy. BOA/US Trust is watching closely consumer sentiment. It had been relatively strong until very recently, but is now showing some deterioration.