Statement
of Purpose
Background
Within
the Religious Society of Friends are many organizations
needing financial services to support their work.
Among these organizations are Friends meetings,
Friends schools, and other non-profit Friends groups whose
purpose is to advance some aspect of the work of the
Religious Society of Friends. Friends Fiduciary was created
to meet this need.
Friends
Fiduciary Corporation is an independent, not-for-profit
Pennsylvania corporation. Its overall purpose is to provide
specific financial services of a high quality, on a cost
effective basis, to the Friends organizations it seeks to
serve. It is managed by a board of directors, all of whom
are also members of the Religious Society of Friends.
Purpose
More
specifically, the purposes of Friends Fiduciary Corporation
are:
1.
To
provide socially responsible investment management services
for tax-exempt Quaker organizations;
2.
To
serve as trustee for the benefit of tax-exempt Quaker
organizations, and to make grants of income or principal from
certain of these trusts;
3.
To
provide planned giving services and support for the
development efforts of Friends tax-exempt organizations.
Intention
Friends
Fiduciary seeks to do its work with Divine guidance, and in a
manner consistent with the principles and practices of the
Religious Society of Friends.
December
10, 2002
A Brief History
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.
Current
Board
of Directors
and
Committee
Memberships
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