Episcopal Church trust funds update
Episcopal Church Treasurer and Chief Financial Officer N. Kurt Barnes announced that the Domestic and Foreign Missionary Society’s (DFMS) trust funds, which total $380 million, continued an exceptional performance during the first six months of 2014.
The trust funds account for 25% of the annual budget of The Episcopal Church.
Barnes explained, “Annual returns after all fees and expenses were 18.6%, 14.1% and 7.7% for the one-, five- and 10-years ending March 31, 2014 – ranking within the top 20% of all foundations with assets over $50 million as tracked by the InvestorForce Performance Reporting Network (subsidiary of MSCI Inc.).”
The DFMS welcomes the participation of Episcopal congregations, dioceses and Episcopal organizations and institutions to co-invest with the DFMS trusts. Currently some 75 Episcopal entities co-invest over $100 million.
“We believe that our consistent performance with no additional management fees is what attracted an additional $3 million of assets from new participants during the first six months,” added T. Dennis Sullivan, chair of the Executive Council’s Investment Committee.
The Episcopal Church: www.episcopalchurch.org