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Bishop Goff announces restoration of trust between diocese and Trustees of the Fund

Bishop Goff announces restoration of trust between diocese and Trustees of the Fund

In an email to members of the Diocese of Virginia, the ecclesiastical authority of the diocese, Bishop Suffragan Susan Goff, reported on the healing of a rift between the diocese and the Trustees of the Fund. The email follows, in full:

July 9, 2019

To: The congregations and related organizations of the Diocese of Virginia

From: The Rt. Rev. Susan E. Goff, Bishop Suffragan and Ecclesiastical Authority of Virginia

An Update about the Relationship Between
the Leadership of the Diocese of Virginia
and Trustees of the Funds (TOTF)

The Executive Board of the Diocese of Virginia determined at its June, 2019, meeting that we will continue to invest diocesan funds with TOTF for at least the next two years. Concerns that arose in recent years about Fund governance, communication, leadership and performance have been satisfactorily addressed through the engagement of many faithful people in this Diocese and, while healing efforts remain ongoing, trust has been sufficiently restored.

I am grateful for the hard work of all who have taken part in the conversations that have led us to this moment and I commend the services of TOTF to your consideration. You may bring any questions you have about investment services to Mr. Arthur Brinkley, interim CEO of TOTF, or Ms. Janet Osborn, President of TOTF. They will be delighted to have a conversation with you. You can also learn more about TOTF here.

Background:Trustees of the Funds (TOTF) is a related organization to the Diocese of Virginia, meaning that its purpose has been reviewed and approved by the Executive Board and its status as a related organization has been approved by the Convention of the Diocese. TOTF provides investment and endowment management services for long and short term needs and also offers a Gift Annuity Fund for planned giving programs. It currently serves over 100 churches and organizations with the management of over $124 million in assets.

In addition to the decision to continue investment of Diocesan funds with TOTF, the Executive Board established a process whereby equal numbers of Trustees and Executive Board members share the responsibility of recruiting, preparing and vetting a slate of candidates for TOTF that will be presented at Annual Convention, and appointed an Executive Board member as an ex-officio Trustee with seat, voice and vote at all TOTF meetings.

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