Donation & Bequests Information
Why should your parish entrust its assets to D&B?
D&B offers parishes an economical way to access professional investment management services as well as a portfolio of investment options available only to the largest investment funds. The Episcopal Church in Connecticut (ECCT) and participating parishes have collectively deposited over $100 million in assets in the D&B Fund, assuring low management fees for participating parishes. In addition, we have engaged U.S. Trust a well-known investment management company to provide investment, custodial, reporting and disbursement services to meet the needs of participating parishes. The fund management capabilities of U.S. Trust are designed to provide superior investment returns in all market environments by actively managing the allocation of fund holdings across different investment
asset classes. As is generally the case, with investing in general, securities fluctuate in value over time and are subject to potential loss of value.
The D&B Fund is governed by a Board of Trustees whose membership is confirmed at Convention. The trustees have extensive experience in investment management, banking, parish relations, and marketing.
The overall investment goal of the D&B Fund is to maintain the inflation-adjusted market value of invested assets, with a secondary focus on current income. The investment objective is to earn a total return (dividends + interest + capital appreciation) that can generate investment income that can help support parish operations. Many parishes have elected to draw 4% of their D&B balances annually. D&B investment managers aspire to exceed this level of returns, plus the rate of inflation, over the long term. In order to achieve this objective, the Fund’s investment strategy focuses on capital appreciation through a higher allocation to equities than fixed income and other asset classes. Investments are diversified across asset classes, investment styles, industry sectors and fixed income quality and duration.
U. S. Trust, a division of Bank of America Corp. serves as investment manager, custodian and record keeper of the D&B Fund, and is primarily responsible for implementation of the Investment Objective in consultation with the Trustees:
- Patrick Staffaroni, Relationship Manager
- Joseph McCourt, Portfolio Manager
Reports and Resources
Monthly statements are available online and mailed to all participants. These statement include information regarding transactions as well as unit and market values for each participant account. Click here for an explanation of the monthly statements.
The D&B Fund is valued on the last business day of each month. All transactions must be communicated through the Secretary of D&B using the D&B Form located on the ECCT website it should be received by the 27th of each month for processing as of month-end. Participants withdrawing monies must provide Vestry written authorization/resolution with at least two officers’ signatures. The Secretary of D&B should be contacted for questions regarding detailed redemption guidelines.
Distributions and Expenses
Participants may elect to re-invest their income, have net income distributed on a monthly basis, or receive a fixed distribution amount on a monthly basis. Capital Gains are not distributed, but accrue to each Fund. Expenses including investment management, custody and administrative costs are allocated to the Fund on a pro-rata basis and deducted before income distributes. Total expenses are less than 0.75% of the market value of the Fund.
New Accounts and Purchases
A minimum of $10,000 is required to open a new account. A participating parish or organization may have any number of accounts for donor-restricted funds. Parishes are limited to two unrestricted accounts.
For more information, contact:
Theresa Dupont, Secretary of Donations and Bequests
203-639-3501, ext. 125