What is the DIT's relationship to the Diocese?
The Diocese of New York is one of the DIT's larger shareholders.
We enjoy a cordial and cooperative relationship with them, just
as we do with any shareholder. However, they have no control or
legal jurisdiction over the DIT, as the DIT is solely governed
by a separate board of trustees, namely, The Trustees of the Estate
and Property of the Diocesan Convention of New York, which since
1877 has been separately incorporated under the laws of the State
of New York. But the convention of the Diocese does have a degree
of control over the board of trustees through the election of
its members. The board comprises the Ordinary and Treasurer of
the Diocese, ex officio, (although the Bishop rarely attends)
and nine 'lay' members, three of whom are elected annually by
convention for terms of three years and who are eligible for re-election
to one additional term. Also, the board gives serious attention
to the occasional recommendations or suggestions made to it by
the convention and endeavors to be responsive to them.
How is participation in the DIT initiated?
All that is required is a letter from the parish--signed by
at least one, preferably two, officers (e.g., Rector, Warden,
Clerk, Treasurer)--citing the resolution of the Vestry (or the
action of a committee/board to which the Vestry has delegated
investment decisions) and including the date of the resolution,
the amount of the initial deposit, and how the monies are to be
allocated between the Equity and Income Funds. The letter should
be accompanied by a check in the appropriate amount, or arrangements
may be made through the DIT office for effecting a wire transfer
of the funds. If the liquidation of equity and/or fixed income
holdings is involved, this may also be discussed with the DIT
office. Should it be desired that quarterly dividend distributions
be reinvested, an instruction to that effect should be included
in the letter; this option may, however, be exercised at any time.
What reports do participants receive?
Direct shareholders, as distinct from trust beneficiaries, automatically
receive quarterly by mail (at about mid-month following the end
of a calendar quarter) a Portfolio Appraisal showing for each
Fund the quantity of shares held, the unit cost and value, the
market price and value, the percent of assets, the unit and annual
income, and current yield. A separate Appraisal is generated for
each account held by the shareholder. The same information as
of the end of any prior month may be obtained at any time by communicating
with the DIT office. Direct shareholders also receive by mail
transaction confirmations for any subscriptions or redemptions
made, detailing the shares bought or sold, the related dollar
amounts, and the holdings after the transaction. Both direct shareholders
and trust beneficiaries also receive quarterly a letter from the
Executive Director announcing the dividend distribution and giving
for each Fund comparative performance results for the quarter
then ended, along with a brief synopsis of comments from our Fund
managers relative to performance and market outlook. All shareholders
and beneficiaries receive in March a copy of our Annual Report
for the prior calendar year.
Return to Top
|
Frequent Questions 