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Episcopal Diocese of Southern Virginia
11827 Canon Blvd., Suite 101
Newport News, VA 23606-3071
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 – Fourth Quarter, and Year-End 2021:

Bank of America (BOA), the Fund’s manager, presented the report on the Foundation’s investments for the fourth quarter and year end, 2021. The Fund’s assets total $44,760,168, up $7 million from 2020. The Fund is still allocated within investment guidelines: 73.1% equities, 17.6% fixed income, and 9.3% private equity and cash. The holdings are well-diversified and high quality. The estimated annualized income is $537,462.  

The Fund had a total net return for the fourth quarter of 5.44%, net of fees. For the quarter, equities were up 7.38%, above the relevant index, and fixed income was down slightly, 0.41%, still better than the relevant index. For the year, equities were up 21.76 % and bonds were slightly down 1.32%, both better than the relevant indices. Significantly, notwithstanding the volatility occurring over the past 10 years, the average annual returns for both equities and fixed income continued above the relevant 10 year indices: equities at 14.11% and bonds at 2.49%. Overall, the Fund has built on two good years. 2020 and now 2021. The Fund continues to outperform the blended benchmark for the year end, and 3, 5, and 10 year periods.

Bonds are high quality and laddered through the yield curve. They are the Foundation’s income generator and a hedge against equity performance.

Bank of America continues to be high on the economy: money supply is up; strong earnings are projected for 2022; consumer spending is expected to be strong; housing is booming as millennials purchase their first homes, which generates additional purchases. BOA expects GDP to show nominal growth, leading to strong revenues and therefore, strong earnings. It expects to continue to remain slightly overweight in equities. Of concern, BOA recognizes that the economy is still at significant risk for COVID 19 effects; inflation is becoming a factor, and BOA anticipates 3-4 Fed rate increases in 2022. It will slowly shift the portfolio from large cap growth to large cap value and add small cap value stocks.