Trustees of the Funds

The Episcopal Church Funds, also known as the Trustees of the Funds, operates as a trustee entity that manages investment assets for Episcopal Church parishes and dioceses across the United States. Its headquarters is located in the United States of America, serving as the central administrative office for these trustee activities. The organisation accepts contributions from participating parishes and dioceses and pools those assets into a diversified investment portfolio designed to meet long‑term growth objectives. As a trustee, it oversees the investment strategy, ensuring compliance with the investment guidelines established by the Episcopal Church leadership. When parishes or dioceses require access to their allocated funds, the Trustees of the Funds processes withdrawal requests and disburses the appropriate amounts from the pooled pool. In addition to transaction processing, the entity provides regular performance reports and investment updates to the affiliated religious bodies to maintain transparency. The Trustees of the Funds operates under a fiduciary duty, meaning it must act solely in the best financial interests of the church entities whose assets it holds. While the organisation’s exact size or number of participating entities is not disclosed in the available sources, its role is confined to serving the Episcopal Church community within the United States.

A distinguishing characteristic of the Trustees of the Funds is its exclusive focus on managing funds for the Episcopal Church, which requires aligning investment decisions with the church’s mission and ethical standards. This specialised fiduciary role sets it apart from general‑purpose investment managers that serve a broader range of clients. On November 1, 2022, the organisation experienced a cyberattack in which attackers submitted fraudulent withdrawal requests, resulting in the diversion of over $400,000 intended for parishes and the affiliated diocese. The breach was first identified when two parishes reported that they had not received expected disbursements, prompting an internal review. During that review, a third unauthorized transaction was discovered, confirming that additional fraudulent activity had occurred. The incident caused an uninsured loss of $388,000, leading the Trustees of the Funds to record a one‑time reduction in reported investment performance. In response, the entity strengthened its security posture by implementing enhanced email protections, revising withdrawal verification procedures, and deploying additional monitoring systems to detect anomalous activity. Investigations indicated that the perpetrators had gained access to internal email accounts to manipulate payment instructions, and the Trustees of the Funds reported the matter to law enforcement authorities for further action.