Overview
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DIT = Diocesan Investment Trust
of the Diocese of New York
TEP = Trustees of the Estate and Property
of the Diocesan Convention of New York
PEMS = Parish Endowment Management Service
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What is it?
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The DIT is just what its name implies: a trust. Specifically,
it is a common trust that is unique in that it was set up,
in response to the TEP's request, by
a special 1943 statute of the New York State Legislature and
is to be held for the common benefit of all those participating
in it, including the TEP itself. The TEP is the trustee of
the DIT.
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Why is it?
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The DIT was established essentially for two purposes: 1)
The TEP wished to have a trust through which it could furnish
investments to itself; and 2) The TEP wished to enhance its
services to the Diocese by making available to other Diocesan
entities a vehicle in which they could themselves invest,
much as one might in a mutual fund. This vehicle, the DIT,
would give every parish and institution of the Diocese access
to professional investment management services of high quality
and low cost under the direct supervision of the TEP and
the ultimate control of Diocesan Convention; and, by the
pooling of assets, it could provide investment opportunities
otherwise not available to individual parishes or organizations.
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How does it work
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Since 1974, the DIT has consisted of two funds, called
since 1986 the Equity Fund and the Income Fund. Each Fund
has its own manager and objectives. The current manager of
the Equity Fund (since 2003) is Wellington Management Company,
and of the Income Fund (since 1985) Fiduciary Trust Company
International. Both Funds are administered by the DIT Executive
Director. Information about the objectives and recent performance
for the Equity Fund and for
the Income Fund may be found on
this site.
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Who may use it and how
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Participation in the DIT is available to
- Parishes of the Diocese
- Episcopal Church-related organizations/institutions within
the Diocese
- Benefactors who wish to create trusts for such parishes
or organizations/institutions, or for the Diocese itself
Participation in the DIT is available through utilizing
any of three services:
Please click on the links for full
descriptions of each
service and for instructions on how to initiate participation
should you wish to do so.
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And what is the TEP?
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The TEP, the DIT's parent, has been in continuous existence
since it was established in 1877 by distinguished Episcopal
laymen at the direction of Diocesan Convention. It was set
up to receive and hold in trust property for the benefit
of the Diocese and its churches and institutions, and it
came about in a curious and unique manner. The enabling legislation
was an 1876 special act of the New
York State Legislature, which made the actual establishment
contingent upon subsequent action by Diocesan Convention.
This requisite action was taken by Convention the following
year [see document from 1877 Convention],
which permitted the issuance of a Certificate
of Incorporation dated 27 September 1877. These two actions
established the name of the corporation, and the latter listed
the original Trustees, among them some very notable clergy
and laymen, such as J. P. Morgan and Cornelius Vanderbilt.
A list of current Trustees, serving as of the Annual Report
date, may be found here.
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