What we know today as Friends Fiduciary Corporation was formerly the Fiduciary Corporation of the Philadelphia Yearly Meeting of Friends.
Fiduciary Corporation was established in 1975 as a Pennsylvania nonprofit corporation. Its history goes back some 100 years, however, as Fiduciary Corporation was the result of the consolidation of two predecessor corporations— Friends Fiduciary Corporation and Trustees of Philadelphia Yearly Meeting. The first, Friends Fiduciary Corporation, had been established in 1921 by the Philadelphia Yearly Meeting of Friends (Orthodox). The second, Trustees of Philadelphia Yearly Meeting , was incorporated in 1898 and provided its services to Philadelphia Yearly Meeting (Hicksite). In 1975, at the time of the merger, the value of all Friends Fiduciary funds had reached $7.6 million and those for the Trustees were $13.4 million, including the Friends Pension Fund.
From 1975 to 2000, Friends Fiduciary was known as the Fiduciary Corporation of the Philadelphia Yearly Meeting of Friends. The Board of Directors approved a name change back to Friends Fiduciary Corporation in June 2000 in order to more strongly highlight our Quaker identity and acknowledge the national breadth of our constituency.
In 2001 FFC expanded its financial services to include planned giving, as well as investment management. Today, assets under management in the Consolidated Fund alone are over $196 million. And assets in our planned giving program are over $7 million dollars and growing.
While there has always been a close relationship with Philadelphia Yearly Meeting, Friends Fiduciary is an independent corporation and serves Friends meetings, schools, and organizations throughout the United States. |
