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 – First Quarter 2023:

The Foundation’s performance for the first quarter 2023, not great, demonstrated a volatile and choppy market. However, the Fund was up $1.4 million from the last quarter of 2022. The Fund’s assets totaled $40,686,158 at the end of the quarter. The Fund was allocated 68.2 % equities, 22.5 % fixed income and cash, and 9.3 % private equity. Estimated annualized income is $759,487.

The Fund had a positive first quarter return of 4.99 %; equities returned 6.73%, below the relevant index; fixed income’s return of 2.25% was in line with the relevant index; private equity showed a 1.79% gain. For the preceding 12 months, however, equities, while down 6.60%, outperformed the relevant index; fixed income also performed better than the relevant index. For the preceding 12 months, the Fund total, net of fees, was up 4.90%. Overall, the first quarter and year to date performance exceeded the relevant benchmarks, illustrating the market’s volatility of the past 6 months for both equities and fixed income. Longer term performance, 3-, 5- and 10-year numbers, was still very positive across all investment categories – 10-year annualized net performance was 7.65%, a half point above the relevant index.

Six of 18 equity funds outperformed their relevant benchmarks; 3 funds underperformed; 9 funds were in line with the relevant benchmarks. In the first quarter, growth funds outperformed value funds; large cap funds outperformed small cap; domestic and international funds were about even. Fixed income investments continue to be high quality, 88 % are grade A or better. Fixed income has a current yield of 2.88% and a yield at maturity of 4.52%.

Bank of America/U.S. Trust forecasts a large profits recession, albeit slight. The economy has been arbitrarily pushed higher because of all the stimulus payments entering the market. Inflation is falling, and BOA anticipates a 10-20% earnings drop in the next 18 months. However, the leading economic indicators are starting to improve. BOA anticipates a volatile year and therefore the need for more cash in the portfolio.