Episcopal Diocese of VA, Richmond, VA
St Stephen's, Richmond, VA
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Trustees of the Funds— A Ministry of Stewardship

The Trustees of the Funds (ToTF) is one of the oldest Episcopal Church organizations in the Commonwealth of Virginia with roots to 1754. ToTF was incorporated as a not-for-profit investment company in 1892 to manage funds for Virginia Episcopal churches, schools, and affiliated organizations.

Today, we manage hundreds of accounts for about 150 Episcopal organizations in Virginia overseeing the professional investment of over $135 million in assets across three funds.

Our mission is to enable and grow the ministries of Virginia Episcopal congregations and institutions through faithful investment and management of their funds.

ToTF participants’ funds are invested in a cooperative structure that allows us to keep management costs low and offers economies of scale not available to individual or smaller investors.

ToTF earns no profit and has no reserves. All benefits after expenses go to participants. There is no minimum investment required.

Our Values

ToTF is created by, linked to, and aligned with the values of the Diocese of Virginia. It is run by Virginia Episcopalians who share common beliefs.

We provide:

  • Professional financial guidance to small and large church organizations.
  • Independent and objective decision-making, to eliminate potential conflict within an organization.
  • Cost-effective financial services to our participants with no minimum investment required.
  • Ethical investment of participant funds.
  • Connection to participants with related Episcopal and Diocesan resources.


Members of our board bring expertise in investments, law, and business, providing an informed, professional approach to managing the ToTF funds. Our members are active in Episcopal churches across Virginia. All Trustees are vetted by a Diocesan committee for expertise and screened for conflicts of interest. The members are proposed and approved at the Annual Convention.

Lynn Ivey
Executive Director
St. Stephen’s, Richmond

As Executive Director, Lynn is primarily responsible for interactions with the ToTF board members, the Diocesan Staff, and representing our organization in the Diocese and beyond.

Prior to joining ToTF in December 2020, Lynn had worked in the financial services industry for over 25 years as an investment banker and financial advisor. His primary clientele were non-profit organizations, local and state governmental bodies and cooperative organizations that raised capital through access to the capital markets. He served as Senior Vice President, Managing Director or Department Head in various financial institutions. Before starting a career in finance, Lynn served as Assistant General Counsel at the Virginia State Corporation Commission.

Foster Billingsley

As Secretary – Treasurer, Foster is responsible for the day-to-day operations of Trustees of the Funds (TOTF). He works with the Participants helping them navigate through setting up funds and understanding how to access their investments and investment information.

Foster has an interesting and varied professional background. He has been a Scientific Computer Programmer, a Union Stage Manager on and off Broadway, and General Manager of a multimillion-dollar Regional Theatre. He was with the Virginia Commission for the Arts as Chief Financial Officer and later appointed Executive
Director of this agency by Governor Bob McDonnell. Most recently he worked for the Kroger Corporation as bookkeeper, HR Director for two stores and Assistant Manager. He is excited to work with TOTF and all the Participants. Foster is married
to Bill Martin on the Diocesan staff and shares the office with our dog Monty.

Class of 2024

Bob Clarke
Trustees of the Funds
St George’s, Arlington

Professional Experience:
Sales, marketing, and finance professional working with major technology companies selling information technology and human capital solutions to the federal government. Since 2017, has operated a consulting firm helping small businesses market to the federal government. 

Church Experience:
Former Vestry member, Junior, and Senior Warden, lead Annual Fund Campaigns for last fifteen years, and hosted a Diocesan Regional Planned Giving conference.

Alan Gayle
Chair, Investment Committee
Emmanuel, Greenwood

Professional Experience:
President Via Nova Investment Management, specializing in ESG (Environmental, Social, Governance) investing and asset allocation. Former Director of Asset Allocation, RidgeWorth Investments, and Lipper Award recipient.

Church Experience:
Vestry Member, Former Senior Warden, Treasurer and Finance Committee Chair, St George’s Parish. Episcopal Diocese of Virginia 5th Century Fund, Committee on Priesthood, former Trustee of the Funds.

Johnny Milleson
Chair, Finance and Audit Committee
Grace Church, Berryville

Professional Experience:
President and CEO, Bank of Clarke County, with expertise in finance, banking, corporate governance, and investments. Serve as Trustee of Endowment Committee, Shenandoah University and Evans Home for Children.

Church Experience:
Served as Head Acolyte, Sexton, Senior Warden, and Sunday School Treasurer. Now serving as Chair of the Trustees and with the Backpack Program.

Bobby Nelms*
Interim Trustee serving unexpired term
St Peter’s Parish, New Kent

Professional Experience:
Serving over twenty-five years in a senior position in the investment industry, specializing in investment solutions and portfolio construction. Currently working at Burke & Herbert Bank in Richmond as S.V.P. – Private Banker.

Church Experience:
Current Vestry member, Chair, Stewardship Committee, lay reader, former President St Peter’s Parish Foundation.

Class of 2025

Alan Foster
St Philip’s, Richmond

Professional Experience:
Over thirty years in banking, retired as Vice President and Manager, Sun Trust Bank. Serving as Adjunct Professor of Accounting and Business, Reynolds Community College.

Church Experience:
Former Treasurer, four-time Vestry member, Chair, Finance Committee, Episcopal Diocese of Virginia member, Standing Committee and Bishop’s Transition Committee.

James Harding
Wicomico Parish, Wicomico

Professional Experience:
Career officer U.S. Army, retired as a Major General. After receiving an MBA from Harvard Business School, served as a Trustee to a large pension fund, as well as a major medical benefit fund.

Church Experience:
Served as Usher, Outreach fundraiser, advisor to the church Treasurer, former terms as a Trustee of the Funds.

William Taylor
St Paul’s, Charlottesville

Professional Experience:
Over ten years serving as Vice President and Financial Advisor for Truist Investment Services, specializing in endowment investment and management. Also served as Assistant Development Director, teacher, coach, and dorm parent for Christchurch School.

Church Experience:
Serving as Treasurer of St Paul’s as well as member of the Finance Committee. Served in leadership positions with several nonprofit boards.

Kerry Wade
Chair, Outreach Committee
Immanuel Church-on-the-Hill, Alexandria

Professional Experience:
Served as a federal government relations Director representing private sector organizations before Congress and the Executive branch on energy and environmental policy matters after serving in federal and state government and the U.S. Congress.

Church Experience:
Served as Church Register, Vestry member, Chaired the Stewardship and Planned Giving Committee, served six years as a Trustee of Immanuel’s endowment funds, now serving as Co-Chair of the Finance Committee.

Class of 2026

Bob Cady
Christ Church, Alexandria

Professional Experience:
Serving as Chief of Staff to the Department of the Navy’s office managing aircraft carrier construction. Former COO Risk Division, Stanford University Health Care, and retired naval aviator. Specialties include strategic planning, strategic decision-making, and enterprise risk management.

Church Experience:
Served on Vestry and on Rector Calling Committee, helped establish parish investment management committee. Currently involved in stewardship, strategic planning, hospitality, and ushering.

Keith Callahan
Holy Cross Church, Dunn Loring

Professional Experience:
Deputy Treasurer of Accounting, Cash Management and Investing, Arlington County Office of the Treasurer. Prior experience includes more than twenty years with AES Corp. leading large-scale domestic and international power plant financing projects.

Church Experience:
Over eleven years serving as Finance Committee Chair, assisting with budget development and review, as well as producing the Annual Financial Report.

Marie Carter
St Stephen’s, Richmond

Professional Experience:
Practicing Attorney in Commonwealth of Virginia since 1982, specializing in employee benefits and executive compensation law.

Church Experience:
Former Vestry member, Delegate to 2018 Annual Convention, chairing Needlepoint Committee and providing pro bono legal services to St Stephen’s.

Robert Pettit
St. James’, Leesburg

Professional Experience:
Before retiring in 2012, spent 35 years practicing law in Washington, DC, primarily at Wiley, Rein, and in government service as General Counsel of the FCC and Associate Deputy Secretary of Transportation.

Church Experience:
Finance Committee member and Planned Giving Subcommittee chair at St. James’.  Previously served as Finance Committee and Planned Giving chair, annual stewardship co-chair, and Diocesan Delegate for Emmanuel, Middleburg.  Before moving to Loudoun County, served on the Vestry, in the choir, co-chaired annual stewardship campaign, and chaired Planned Giving Committee at St. Alban’s, Washington, DC.

Diocesan Leadership

The Rt. Rev. E. Mark Stevenson
Bishop of Virginia

The 14th Bishop of Virginia, he was ordained and consecrated on December 3, 2022. Prior to his ministry in Virginia, he served as Canon to the Presiding Bishop for Ministry, serving as principal liaison between the Presiding Bishop, the dioceses, and governing bodies of the Episcopal Church. He formerly served as Director of Episcopal Migration Ministries and as Domestic Poverty Missioner for the Episcopal Church.

Deborah Gandy
Executive Board Representative

Professional Experience:
Senior Managing Director at Chevy Chase Trust company advising clients in investment management, financial and estate planning, and trust administration. With over thirty years of experience, she was recently named a top financial advisor by Forbes and Washingtonian Magazines. She serves as Chair of the board of the Northern Virginia Chamber of Commerce, a member of the board of the Arlington Community Foundation, and the advisory board of the Honors College at George Mason University.

Church Experience:
Treasurer of St. Mary’s Arlington, where she also serves as a lay reader. She is a member of the Diocesan Executive Board and former Standing Committee President.

The Rev. Emily Krudys
Chaplain to Trustees of the Funds

The Rev Emily Krudys is the Rector of Church of Our Saviour, Montpelier. Within the diocese, Emily has served on the Executive Board, the Committee on the Priesthood, the Committee on Related Organizations, and the working group reviewing the Constitutions and Canons of the Diocese. She received her Post-graduate Degree in Anglican Studies from Virginia Theological Seminary, her Masters of Divinity from Union Presbyterian Seminary, and her J.D. and B.A from Baylor University. Prior to entering into ordained ministry, Emily practiced law in Washington, D.C. and in Richmond with her husband, Mark.


ToTF Board members (Trustees) serve three year terms, and may be appointed to a second term, with total service not to exceed two consecutive terms. The Trustees are twelve Episcopalians nominated by the Diocese of Virginia Convention, with the addition of the Bishop and a member of the Diocesan Executive Committee who serve as ex officio members.

ToTF is led by an elected President and Committee Chairs for the Investment, Finance and Audit, Governance, and Outreach and Marketing Committees. ToTF’s Executive Committee comprises the President and the Chairs of the Investment and Finance and Audit Committees.

Governing Documents — ToTF’s articles of incorporation, bylaws, audited financials, and Investment Policy Statement are available upon request.

How to Serve — A description of The process for nominating prospective Trustees and the application form are located here.

Notice of Public Meetings — ToTF holds an annual in-person and Zoom Open Meeting. This year’s Open Meeting will be held on September 11, 2024 from 5:00 pm–7:00 pm at Historic Christ Church, Kilmarnock Virginia. Information on the open meeting and prior meetings is available upon request.

Schedule a meeting for your parish or organization — We would be very happy to schedule an in-person or Zoom meeting with your vestry, investment committee, etc. Please contact our Executive Director or a Board member to set it up.