Virginia Episcopalian Magazine Summer 2012 Issue | Page 21

HONORING A CHANCELLOR
EMILY CHERRY
On May 25, friends and family of Russell V. Palmore Jr.,
former chancellor of the Diocese who died in 2011, gathered
at Roslyn Conference and Retreat Center in Richmond
to celebrate and honor Palmore’s memory. The Rt. Rev.
Shannon S. Johnston, bishop, led the crowd in a worship
service and dedication of the Chancellor’s Room, located in
the Dining Hall building of Roslyn. The event also included
an unveiling of a portrait of Palmore by Louis Briel.

In his remarks, the bishop reflected on a reading
from Widsom: “There is in [wisdom] a spirit that is
intelligent, holy, unique, manifold, subtle, mobile, clear,
unpolluted, distinct, invulnerable, loving the good,
keen, irresistible.”

“We are delighted … to have a room that
witnesses to these values,” said Johnston. t

Photos: Emily Cherry

STAMP: NEW INVESTMENT OPTION
MICHAEL J. KERR
The related organizations of the Diocese were established to
support the Episcopal Church in Virginia in ways as diverse
as debt-financing (as with the Diocesan Missionary Society)
to providing a “place apart” for retreats and camping
experiences (as with Shrine Mont). The diocesan investment
entity, known as the Trustees of the Funds, was chartered in
1892 to facilitate investments for the Diocese and its churches.

1892 may seem a long way back, but the oldest of the
funds under continuous management, the Widows and
Orphans Fund, dates to October 31, 1754. With the help of
the bishop’s office in analyzing financial data of churches, the
Trustees have worked for two years in preparation to launch a
new investment option for the Diocese. Whether 1754 or 1982,
it seemed like time enough for new product development.

With final approval from the Trustees at the June 14,
2012 board meeting, the Short-Term Asset Management
Pool, or STAMP, will be moved from the current pilot phase
to being actively available for use by the churches and
institutions of the Diocese.

STAMP seeks to address the relentless issues of cash

management and obtaining some return through carefully
considered low-risk asset classes, in order to provide a
buffer against the eroding power of inflation. The target
assets suggested for consideration are the cash reserves
many churches maintain for emergencies, but rarely, if
ever, use. These “idle cash” accounts usually provide no
return at all if held at a bank, or minimal return if held as
less liquid certificates of deposit. The portfolio design of
STAMP should provide a return in excess of CDs and provide
immediate liquidity.

The portfolio uses two core short-term bond managers,
PIMCO and Federated, and a third cash account at SunTrust
Bank, to provide a balance of liquidity, maturity and return. As
with the long-standing core portfolio, the new fund will be run
at cost as a service to the Diocese. Unlike the core portfolio,
STAMP was designed from the outset to be managed through
ACH (electronic) transactions.

The Trustees hope that this new fund will provide yet
another means by which they may serve the Diocese. After all,
it seemed like time enough. t
Summer 2012 / VIRGINIA EPISCOPALIAN

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