Diocesan Investment Fund

Introduction to the Investment Fund:

The Investment Fund of the Episcopal Diocese of Long Island is open to all churches in the diocese and other organizations affiliated with the diocese.  

The Investment Fund seeks to maximize total return with reasonable risk. Investments in the fund are currently $130M and the fund is overseen by the Trustees of the Estate with support from the Investment Advisory Committee and J.P. Morgan Investment Management. The fund is audited annually by the diocesan independent auditors.  

The Investment Fund offers two important advantages to congregations who choose to participate; the opportunity to be part of a larger investment pool with economies of scale and the careful monitoring of investment managers, fees and performance with a well defined procedure to make changes as necessary.  

Inquiries about the fund are always welcome.  Please contact Joy Frazier x113 or jfrazier@dioceseli.org.

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Announcement to Diocesan Fund Shareholders
June 22, 2020

The Trustees of the Estate Belonging to the Diocese of Long Island are pleased to announce enhancements to the Diocesan Investment Fund. 

The Trustees, through its Investment Advisory Committee, conducts an ongoing examination and evaluation of the cost and quality of services performed by various providers on behalf of the Fund. Through its monitoring of investment industry trends, the Investment Advisory Committee determined that the Fund had an opportunity to obtain a greater scope of investment and administrative services for the same or less cost. The Trustees invited three investment firms to submit proposals, interviewed those firms, and ultimately selected J.P. Morgan Investment Management as its partner in the management and administration of the Fund.

The mission of the Diocesan Investment Fund is to provide an affordable institutional-quality solution for diocesan and parish endowments with long-term investment horizons. Our new partnership with J.P. Morgan Investment Management is a fiduciary relationship, meaning that both the Trustees and J.P. Morgan are responsible for upholding the highest possible standard of care for Fund investments.

While this change was set in motion prior to the onset of the recent volatility in the financial markets, that volatility has reinforced our conviction that this change is a significant enhancement to the Fund. 

Please note that changes will be made to our Investment and Policy Guidelines but not immediately.

Quick Facts about the Diocesan Investment Fund

For more complete information, click on the button below to read the the Investment Fund Policy and Guidelines

  • Subscriptions

    Checks for investment should be made payable to the Investment Fund of the Diocese of Long Island and mailed to Diocese of Long Island, 36 Cathedral Avenue, Garden City, NY 11530.  Funds are typically invested within a week of receipt, and those funds receive the income, gains, losses and fees from the beginning of the month in which they are invested.
    Alternatively, funds can be sent via ACH or wire. Please contact Joy Frazier 516-248-4800 x113 or jfrazier@dioceseli.org for more information. 

    Every account is assigned a unique “record number.”

  • Monthly Statements

    Monthly statements are mailed to all account holders around the 18th business day of the following month.

  • Monthly Distribution

    Monthly distributions can be paid at a rate authorized by the Trustees of the Estate. The annual distribution rate is 4.5. If an account does not wish to take a monthly distribution, those funds continue to stay invested in the portfolio. 

    Monthly distributions are typically sent on the 15th day of every month via check or ACH.

    The monthly distribution at the portfolio level is determined by taking the average fund value of the past 36 months * annual distribution rate (generally 4.5%) / 12. This amount is then distributed to individual account holders based on their ownership percentage of the fund as of the latest month-end valuation. For example, distributions sent on March 15 are based on values as of January 31. 

     

  • Net Asset Value

    The net asset value is calculated by the beginning market value, adjusted for contributions, distributions, transfers, fees, income received, accruals, and realized and unrealized gains and losses.

  • Withdrawals

    Requests for withdrawals may be made at any time and must be sent via written request to Joy Frazier at jfrazier@dioceseli.org.

    For partial withdrawals, the funds withdrawn do not participate in the income, gains and losses in the month that they are withdrawn. For a full redemption of an account, the account receives the latest known value of the account, adjusted for any distributions, contributions, and transfers since that value date.

    Requests are typically processed within a week of receipt. However, if over 5% of the total fund is in redemption, it may take longer to receive funds.

Investment Policy and Guidelines

2020 Investment Fund Auditors' report

2021 Investment Fund Issued Financial Statements

Investment Performance Reports

2023
Jan 31
Feb 28
Mar 31
2022
Jan 31
Feb 28
Mar 31
Apr 30
May 31
June 30
July 30
Aug 30
Sep 30
Oct 31
Nov 30
Dec 31
2021
December 31
November 30
October 31
September 30
August 31
July 31
June 30
May 31
April 31
 Mar 31
 Feb 28
Jan 31
2020