This is the first in a two-part series on the different approaches Episcopal Church Foundation (ECF) Endowment Management clients have taken to responsible investing.
When the Rev. April Berends arrived as rector of Grace Episcopal Church in Chattanooga, Tennessee, in late 2017, one of her first questions at an endowment committee meeting was whether ECF/State Street offered a socially responsible investment option. At the time, the answer was “not yet.” Responsible investing options were still in development.
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Every endowment and finance committee reaches a point where the question of succession comes up. A longtime treasurer steps down. A trusted committee chair rotates off. A key voice retires from the congregation. These transitions are a natural part of committee life, but they do not have to catch your church off guard.
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The first months of the year invite reflection and reorientation—they’re a natural time for endowment committees to align purpose, process, and priorities. A thoughtful review during the first quarter can steady your church’s finances for the year ahead and provide clarity when uncertainty arises. At ECF, we believe that asking the right questions early in the year helps committees move beyond reacting to market performance toward building intentional, mission-driven strategies. When committees pause to plan, they strengthen not only the endowment but the church’s ability to carry out its ministry with confidence and purpose.
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December in the Episcopal Church is full of beauty and motion. The Advent wreath is lit. The choir is layering harmonies over “O come, O come, Emmanuel.” The sacristy smells like candle wax and evergreen. There’s pageant rehearsal in the parish hall and a plate of cookies left behind from the coffee hour. And Vestries and endowment committees are squeezing in one last meeting before the year ends.
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Every investment committee faces this question sooner or later: how much risk is too much? While investing plays a vital role in helping your church’s endowment grow and sustain its mission for years to come, achieving that goal means finding the right balance between risk and reward. Some investments provide steady, predictable returns with lower returns, while others come with more ups and downs — but also the potential for greater growth.
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We’re entering the holiday season and during this time your church may receive more visitors, whether they’re coming for the first time or returning after some time away. Often these visits are prompted by a desire to reconnect with their faith or with familiar holiday traditions. The holiday season is a time of renewed connection, and it’s a chance to help people connect more deeply to your endowment and to one another.
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The vestry gathers for their monthly meeting. On the agenda: a proposal establishing an endowment fund to help secure the church’s long-term future. Some vestry members express enthusiasm, recognizing the potential for financial stability. Others, however, are hesitant. “If we start an endowment, won’t people think they don’t need to contribute to the stewardship campaign anymore?” one member asks. Another adds, “I’ve seen churches that became so reliant on their endowment that they stopped prioritizing stewardship altogether.”
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Strategic giving shifts philanthropy from casual or reactive charity into a deliberate tool for creating meaningful, systemic solutions and lasting benefits, employing strategies to ensure each contribution advances a specific mission or goal.
Last week, Dail St. Claire, President and CEO of the Episcopal Church Foundation, led an insightful discussion on "Strategic Giving: Philanthropy or Impact Investment for Social Change" at the Parrish Museum in Water Mill, NY. She was joined by leading philanthropists Jean Shafiroff, author of “Successful Philanthropy, How to Make a Life by What You Give," along with Patricia Silverstein, Francie Heller, and Charna Boquette.
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2025 could be a great time for you to maximize your charitable giving through a Donor-Advised Fund (DAF) before new limits on charitable deductions go into effect in 2026.[1] Bundling multiple years of charitable gifts into one 2025 DAF deposit can help you maximize your deduction benefits and position you to sustain your annual charitable commitments through grants from your DAF in the years to come.
As we turn toward the end of the year, let’s consider how setting up a DAF with the Episcopal Church Foundation (ECF) can help you achieve your charitable giving goals for 2025 and beyond. Here’s some of the top benefits you can receive by setting up an ECF DAF in 2025:
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A Church Too Small for an Endowment? Think Again!
Do leaders at your small church think an endowment is out of reach? Not so! At ECF, we know from our work with hundreds of Episcopal organizations that church size and endowment size are not necessarily related. Plenty of churches with small congregations can have a well-managed endowment to provide extra annual revenue and improve future financial stability. Yet some small churches see real and imagined impediments that limit their ambition to establish and sustain an endowment. Let’s look directly at some of these (mis)perceptions to inspire you to see beyond them.
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How often does your endowment committee step back and take a good look at your endowment? At this time of the year, a mid-year check-in to review policies and plans as well as investment performance is an easy way to stay anchored in what your endowment is intended to accomplish. With this review, the committee can also help ensure that everyone involved with the endowment is aligned heading into the second half of the year. This six-question mid-year check-in will help your committee reflect on what’s working, identify any gaps, and prepare for the rest of the year.
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At your last vestry or finance committee meeting, did someone ask, “What happens if giving drops this year? or “Do we have the funds if a major repair comes up next year?” Those questions are becoming more common, especially in times of economic uncertainty. Even endowed churches face pressure to spend more from these long-term funds. When markets fluctuate, giving patterns shift, and costs climb faster than budgets can keep up—a strategic financial plan can serve as both an anchor and a compass.
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When faith communities establish an endowment, they often begin with a simple purpose: to support outreach ministries, to enhance worship and music, or to provide long-term financial stability. This clarity of purpose is essential—it ensures that the funds are directed toward the intended ministry and that donors can trust their gifts will be stewarded accordingly.
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Thinking about creating a new endowment fund? Before making a decision, it’s important to consider key factors like governance, investment strategy, and long-term impact. The guide below outlines five essential steps to help your church navigate the process.
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In our new series, “In Conversation,” Aline Sun, Program Director in the Episcopal Church Foundation's Endowment Management Program, interviews Simona Mocuta, Chief Economist at State Street Global Advisors. They discuss the crucial role economists play in investment management, providing valuable perspectives on how economic trends impact investment strategies. This conversation offers key insights for those involved in endowment management and anyone interested in understanding the intersection of economics and investment strategy. Watch the full interview below.
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Summer has arrived and it's an ideal time to focus on endowment and financial management tasks. With fewer activities and events at church, summer provides an opportunity to review policies, educate committee members, and plan for the fall. To help you make the most of the summer, we’ve created a Summer Checklist for Your Church’s Endowment Management. This checklist will help your endowment, investment committee, and vestry make the most of the summer months.
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Endowment fund oversight is a significant undertaking. If you are a vestry, board, or committee member with this responsibility, you likely oversee investments and monitor spending. Increasingly, you also have a pivotal role in aligning the endowment with the future of your organization.
Strong endowment policies are anchored in an organization’s vision and goals. With a regular policy review, you can ensure that your endowment policies reflect any changing circumstances and continue to match your long-term objectives. These reviews can also help to re-engage committee members and encourage them to reflect on their roles and evaluate their stewardship of the endowment. In these meetings, you may ask questions like: Are we fulfilling our fiduciary responsibilities? Do we have a solid framework to address unforeseen changes or needs? And, crucially, how do we ensure that our endowment not only thrives but also makes a lasting impact?
The infographic below will help facilitate a thoughtful endowment policy review at your church or organization.
ECF has sample endowment policies that include vestry/board resolutions, endowment committee guidelines, an investment and spending policy, and various gift acceptance policies. Please email [email protected] for a copy. We can help you consider how to adapt them for your church or organization.
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The ability to recognize assets beyond the church balance sheet – which typically looks only at financial assets and liabilities – has become an essential skill. Faith communities that can shine a light on their overlooked riches – well beyond their plate-and-pledge and endowments – can bring new life and new income to their ministries. And perhaps more importantly, congregations who can explore a new vision for “big picture” assessment and stewardship of their assets – with transparency, careful conversation, candor, and deep discernment – can find new life in a deeper relationship with both their assets and their community.
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Assets and liabilities, that’s Accounting 101. Assets generate income or initiative or power, whereas liabilities are those things that cost money and cost energy, focus, attention. Assets and liabilities.
The church’s greatest assets, of course, are the Holy Spirit and God’s people. To have a truly divine inspiration and calling, such that our vision will always exceed our human capacity – making us rely on God’s power, not our own – well, that’s an asset. That’s our primary asset. Clergy and lay leaders are our second greatest asset. If we’re prioritizing assets, The Episcopal Church should not only imagine but hasten to implement a future in which these two assets are lifted up as our greatest strengths. Anything else – everything else, in fact – should be shaped around these.
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