Some Frequently Asked Questions

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.

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