Copyright © 2003 The Episcopal Diocese of East Tennessee

By Ann Lamb
Trust Administrator, SunTrust Bank

This year is the 70th anniversary of the founding of the Episcopal Endowment Corp.

In 1933, a resolution was adopted by the convention of the Protestant Episcopal Church in the Diocese of Tennessee instructing the Bishop and Council to establish an agency to receive a bequest from the estate of Mrs. Augustus H. Robinson.

The Robinson estate was valued at $600,000, and this was the beginning of the Episcopal Endowment Corporation.

The convention placed other diocesan investment funds with the EEC and today, the fund is valued at more than $26 million. The Robinson fund still exists today to support the Episcopates of Tennessee and East Tennessee.

There have been five presidents of the EEC in its 70-year history. Z. C. Patten was the first president and presided over the fund for 15 years. Other presidents have been Frank Caldwell, Will Keese and Buist Richardson. Richardson was president of the fund during its major growth in the 1980s and 1990s. The current president, Pete Stringer, has been on the board since 1996.

There have been several changes made to the fund in recent years. Directors voted to invest the funds on a total return basis two years ago and pay a 5 percent distribution to participants. In previous years, participants were paid only the income earned by the fund.

In addition, participants now can add to or withdraw from their funds on a daily basis. Previously, they could make additions or withdrawals only at quarter’s end.

There are more than 200 accounts with the Episcopal Endowment Corp. The fund continues to grow through new accounts and additions to existing accounts. The rate of return on an annualized basis since 1980 is 10.29 percent.

We are hopeful that the market will continue its upward climb this year, which will enable a larger distribution in coming years. Fees continue to be at a very low cost to the participants.

The board of directors wishes to thank you for your participation in the Episcopal Endowment Corp.

Through your support of the fund, we have been able to provide a steady stream of income to the various Episcopal entities in the Diocese of East Tennessee and the Diocese of Tennessee for 70 years.