TrusT Funds Book 2009 - Episcopal Church

PART III: SOCIALLY-RESPONSIBLE PROGRAMMATIC INVESTMENTS
The Domestic & Foreign Missionary Society makes direct socially-responsible investments through
loans and deposits in various financial intermediaries, including credit unions, community
development organizations and minority controlled banks. These investments give consideration
both to financial return and programmatic objectives.
Economic Justice Investments
The Economic Justice investments represent DFMS assets which were set aside by Executive
Council in November 1989 for socially-responsible fixed-income investments. At year-end 2009,
the investments consisted of $2.2 million in Programmatic Investment deposits at credit unions and
similar intermediaries; and $4.9 million in loans to community development intermediaries made
through the Economic Justice Community Development Loan Fund. Loans are evaluated and made
by the Economic Justice Loan Committee in partnership with Opportunity Finance Network (OFN).
Interest earned from these investments is typically below market rates, though an effort is made to
achieve rates above the inflation rate in order to safeguard the principal available for future loans.
The interest earned in this program flows to the DFMS operating budget. Because some of these
loans are structured as interest-only until maturity, some balances in the following table are equal to
the original amount of loans not in default. No loans were in default at year-end 2009. [See
accompanying tables on pages 16-17]
Committee Members
Members of the Investment Committee and the Economic Justice Loan Committee are listed on
pages 18 and 19 respectively.
Trust Funds Report 2009 15
Trust Funds Report 2009