All permanent endowment funds held for the benefit of any beneficiary (ies) are managed by and subject to the permanent endowment policies of Trustees of Funds and Endowments, Inc. ("Trustees"). Those policies include, but are not limited to the following:

It is Trustees' current practice to invest all permanent endowment funds in units of The Combined Fund of the Episcopal Diocese of Milwaukee ("Combined Fund").

The Combined Fund utilizes the now well-accepted "total return" concept of investing. Distributions do not distinguish between income and principal. Quarterly payments for a particular calendar year are based on average unit values of The Combined Fund for the preceding twenty calendar quarters and will usually be paid on that basis throughout the year regardless of the amount of income earned by the investments. The basic principle embodied in the total return concept is that, over time, the annual distribution plus average annual capital appreciation will equal or exceed an average of nine per cent per year. The use of such a principle of investing theoretically will allow a 5±% annual cash distribution, protect assets against erosion due to inflation, and afford real growth of principal over time. As with virtually any investment concept, results cannot be guaranteed and past performance is no indication of future performance.

Quarterly distributions from The Combined Fund for a given calendar year are established by the Board of Directors of Trustees at their October meeting in the year which precedes the year of the quarterly distributions; i.e. October 2007 for the calendar year 2008.

There is an annual fee for the administration of permanent endowment funds ("administration fee"). The percentage fee equal to 0.25% (25 basis points) of the principal amount of this fund as of the beginning of each year is the current rate. The administration fee will be deducted from each fund and paid to the Trustees before the first quarterly distributions are made each April.

In addition to the administration fee, investment advisor fees and custodian fees are charged by third parties and paid by The Combined Fund.

In accepting assets as "permanent endowment funds", Trustees accept the responsibility for seeing that the original principal amounts, subject to investment value fluctuations customary with this type of investment, remain permanently dedicated to the purposes established and for which they were accepted and consistent with the policies of Trustees. Any income or appreciation (realized or unrealized) in excess of the annual distribution rate for investment units of The Combined Fund will be added to the amount of the original principal and treated as permanently restricted funds forever, to provide a hedge against inflation and to provide real growth for the endowment funds. Specifically, no income or appreciation in excess of the annual distribution may be appropriated by the Trustees pursuant to Section 112.10 of the Wisconsin Statutes (Uniform management of institutional funds act) or any similar or successor provision.

Should Trustees cease to exist or otherwise be unable to fulfill these policies, any affected permanent endowment funds will be distributed to a qualified 501(c)(3) organization or a bank or trust company authorized to hold and manage permanent endowment funds. It is of the utmost importance that each fund's permanent endowment purpose be satisfied. Absent Trustees' action to the contrary, any funds distributed (because the Trustees cease to exist or are otherwise unable to fulfill these policies) shall be distributed to a community foundation serving the geographic area most appropriate to the fund. Each fund so distributed shall be maintained for the benefit of the parish, program or project of the Episcopal Diocese of Milwaukee in accordance with the original intent of the permanent endowment fund.

Should the beneficiary (ies) or the purpose for which a particular fund was formed cease to exist, such fund will continue to be held by the Trustees (or any successors, as provided above) for the benefit of the parish, program or project of the Episcopal Diocese of Milwaukee as the Trustees determine will best carry out the original intent of the permanent endowment fund. Preference shall be given to the Diocese's work within the geographical area and field of interest originally intended. If Trustees determine that no such parish, program or project exists in the geographical area originally intended, the periodic distributions from such permanent endowment fund shall be distributed, by the Trustees for a purpose or purposes similar to those originally intended, as the Trustees determine will best carry out the work of the Episcopal Diocese of Milwaukee.

Click here for the latest set of audited financial statements related to permanent endowment funds maintained by Trustees of Funds and Endowments, Inc.

Click here for an index and descriptions of the various endowment funds for which Trustees has total responsibilities.

Please Email us (endow@execpc.com) for further information or forms.