EMS FAQs for Prospective Pooled Fund Accounts

Who can open an account in the ECF EMS Program?
Any Episcopal diocese, church, school or church-related organization can participate in the program. We serve only Episcopal organizations.

What is the minimum required to open an account in the ECF Pooled Funds?
The minimum investment needed to open an account is $10,000.

How can we open an account?
Contact Ken Quigley at ECF and request an application form. We will send you the form by e-mail. Complete the form, return it to ECF by e-mail, and we will open an account for you at SSgA and send you an account number along with instructions on how to transfer assets into your new account.

What choices do we have to make in setting up the account?
Each account, on their application form, chooses their target asset allocation, or what proportion of the Growth to Income Fund they want to own. These decisions are based on your risk tolerance, time horizon, and income needs.

How do you help us make decisions regarding our strategic target allocation?
We will work with you to provide information on asset class forecasts and common practice. We can also arrange a call with our portfolio managers at SSgA to ask for their advice. Each quarter we hold national webinars with our portfolio manager at SSgA inviting all ECF Pooled Fund accounts to participate. The manager reviews performance of the ECF Pooled Funds for the past quarter, performance of the underlying funds, market trends and forecasts. Participants can also ask questions.

How can we change the strategic target allocation of our account?
You can request a change in your target allocation at any time by sending an e-mail to Ken Quigley at ECF. The change will be made following the next month-end fund valuation.

Who decides how the Growth and Income Funds are invested?
Our portfolio manager at SSgA has discretion to manage the two funds within the targets and ranges of an investment policy statement approved by the Finance Committee of the Episcopal Church Foundation. The Committee reviews performance quarterly and holds an annual meeting with SSgA to review the entire relationship.

Where can we see performance reports?
Click on the performance reports link on this web site to see the latest performance report for the ECF Growth and Income Funds. We also show performance returns for a sample Growth to Income allocation of 70/50, 60/40 and 50/50. Your particular fund may show a slightly different performance from these examples based on when funds are added or withdrawn from your account and your cash holding. An abbreviated performance report is posted each month; a more complete report with charts and detail on the performance of the underlying funds of the portfolio is posted each quarter. You can request a time-weighted performance for your particular account at any time by sending an e-mail to Ken Quigley at ECF.

Who receives statements, how often and when?
The primary and secondary contact listed on your application form receive monthly statements by mail. The statements are usually sent about ten business days following the end of a month.

How can we accomplish sub-accounting?
You can open multiple accounts to track separate funds or follow different investment strategies. The additional cost for each account is $100 per year.

How can we withdraw money from our account?
The ECF Growth and Income Funds are valued monthly, following month-end. You own units of these funds. When the unit value is established we can sell units of the funds to create cash. The cash is then sent by check, or ACH wire (at no cost) to your organization’s bank.

Withdrawals can be made upon request or set up as an automatic dollar-specific draw (monthly, quarterly, annually).

An e-mail request must be received by the next to last day of a month in order to be processed at that month’s end. Usually it takes about seven business days for the accounts to be valued and another several days for the money to transfer into your bank account.

How can we add money to our account?
You can send a check, or wire funds, to State Street Global Advisors (SSgA) at any time to be deposited into your account. Please note your account number on your check or in your wire.

Send checks to:
Scott Regan
Charitable Asset Management
State Street Financial Center
One Lincoln Street, 24th floor
Boston, MA 02111-2900
Tel. (617) 664-3182

Wires to:
State Street Bank and Trust Company, Boston, MA
ABA Routing #: 011-000-028
To a/c #5673-032-8 – Reconciliation Clearance Account
For a/c #52-00000 (Name, City and State of Account)

Funds added during the month are invested in a money market fund until the month-end valuation when the money is invested in your chosen allocation.

What funds are used to invest the portfolio?
SSgA uses a blend of mutual funds and exchange traded funds in the Growth and Income Funds. Both funds are well diversified and typically include the following asset classes:

Equities (Growth Fund) -- U.S. Large-Cap, U.S. Mid-Cap, U.S. Small-Cap, International Developed Market, International Emerging Market, REITs (Real Estate Investment Trusts)

Fixed Income (income Fund) -- Investment Grade Bonds, Non-Investment Grade Bonds, U.S. Treasuries and Agency Debt, Emerging Market Debt.

What is SSgA’s Investment Philosophy?
Diversify broadly; use core strategies (avoid both growth and value bias); use actively managed funds in the less efficient market segments where there is a chance to outperform the index; use indexed funds in the more efficient markets.

How often is our account rebalanced?
Your account is rebalanced whenever you add money to your account, take money out, or if the account moves out-of-balance to your strategic target by more than 3% at the end of any quarter. This provides a discipline of buying low and selling high.

How can we invest in a socially responsible portfolio?
Accounts with less than $1 million can invest in our Set/Custom Accounts – a mix of Common Trust Funds using social screening in three combinations of equities to fixed income: 70/30, 60/40 and 50/50. Most of the funds in the portfolios use a no-buy screen, that is, they screen out companies that make 10% or more of their revenue from activities like gambling, tobacco, fire-arms manufacturing, alcohol, and more. Send an e-mail to Ken Quigley at ECF for more detail on this option.

What other benefits do we receive by being part of a community of Episcopal investors?
ECF provides service in three basic areas:

Structure & Endowment Management – We provide sample endowment policies and work with you to adapt these policies to your particular circumstances. We also provide counsel and support on various issues of endowment management – from understanding the nature of true and quasi endowments, to reviewing purposes, to applying spending rules, to developing investment policy statements, and more.

Investment As described above.

Growth – ECF supports your efforts in planned giving by helping you create awareness of legacy giving and develop the knowledge to respond to potential donors. A comprehensive package of planned giving resources called Planned Giving on Demand is provided free-of-charge to all ECF Accounts.

In addition, ECF can facilitate charitable gift annuities, charitable remainder trusts, and pooled income funds, for your donors who want to designate these gifts for the benefit of your organization. ECF guarantees these life-income gifts with its own endowment and provides the administrative support and reports required.

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