Right Relationships & Real Property
Many Friends are surprised to learn that FFC still holds deeds to several monthly meetings and other Quaker organizations. It is helpful to examine the evolution of FFC and historical Quaker attitude regarding incorporation to better understand this antiquated practice.
Nineteenth century Quakers strongly resisted the idea of incorporation. In 1834, arguing before the New Jersey Court of Appeals, Attorney Samuel Southard said, “[Friends’] rights are not to be adjudged upon principles applicable to incorporation; we act as individuals, the property is common and joint.” Instead of incorporating, many monthly meetings relied upon individual members to hold title to their real property. This practice continued into the 20th century.
Perhaps in response to Friends’ aversion to incorporation and the cumbersome process of continually replacing individuals to hold title on behalf of meetings, in 1898 The Trustees of Philadelphia Yearly Meeting of Friends was formed as a separate corporate entity from the yearly meeting. Its purpose was to hold property and execute trusts of Philadelphia Yearly Meeting (Hicksite), its subordinate members, and certain related organizations. A few decades later, in 1920, the Friends Fiduciary Corporation was chartered, also to receive, hold, and administer real and personal property and to execute trusts of the Orthodox branch of Philadelphia Yearly Meeting. The two groups remained separate after the 1955 reunification of the Orthodox and Hicksite branches until 1975 when the Trustees of the Philadelphia Yearly Meeting and the Friends Fiduciary Corporation merged to form the Fiduciary Corporation of the Philadelphia Yearly Meeting of the Religious Society of Friends. In 2001, that body changed its name back to Friends Fiduciary Corporation.
As incorporation became more common and accepted by Friends, meetings grew more comfortable with the practice and title was transferred from Friends Fiduciary to the owner-in-fact of the real property, the newly incorporated monthly meeting. Today, most yearly meetings provide guidance to member meetings regarding property ownership. Philadelphia Yearly Meeting’s Faith and Practice published in 2018 states that, “An important aspect of owning real property is holding title to the land,” and recommends that title to real property be held by the meeting as a permanent corporate body.
In alignment with yearly meetings’ recommendations regarding ownership of real property, FFC no longer holds title for properties of active monthly or quarterly meetings and partners with meetings and organizations to “right their relationship” with their property. If FFC currently holds title to your meeting’s real property, contact Philanthropic Services (see below) to start the transfer process.
Grantmaking & Trusts
Friends Fiduciary supports fellow Quaker organizations in its capacity as a grant-making institution. Friends Fiduciary serves as trustee for more than 80 granting trusts. Many of the trusts were established in the 1700s, and nearly all the trusts are for distinct purposes benefitting specific organizations. For example, Quakers have historically left money in perpetuity for the care and maintenance of their Meetinghouses, the well-being of the “aged and infirm”, and scholarships for children attending Friends schools.
Proper administration of trusts requires expertise and time. For that reason, FFC charges a semi-annual fee in June and December for the trusts it holds and is committed to keeping its fees as low as possible in support of the mission-aligned organizations that it serves. The Charitable Services Committee of FFC reviews its trust fee structure every 3-5 years and recently completed its 2025 review. If you are a charitable beneficiary of a trust or a trustee, you will receive notice of the 2026 trust fee schedule in late August with an informational webinar to follow in early fall.
Gifts & Regifting
In March, the American Council on Gift Annuities, the national non-profit that determines Charitable Gift Annuity (CGA) lifetime payment rates, once again affirmed the rate of return assumption that has been in effect since January 1, 2024. Maximum payout rates for charitable gift annuity contracts, which are currently at their highest level since 2007, will remain unchanged. The Council annually reviews rates, typically in the spring and fall, to determine if an adjustment is warranted. A compelling reason to consider establishing a CGA now!
Pooled Life Income Fund participants may want to consider relinquishing their interest now. There are several benefits that are worth weighing. You may be entitled to an additional income tax deduction in the year the relinquishment is made, and that may qualify you to itemize rather than taking the standard deduction. Your decision to relinquish your interest will also result in a larger gift going immediately to the non-profit, instead of at a future date and you will be able to see the impact of your gift today. Lifetime beneficiaries of Charitable Gift Annuities also have the opportunity to relinquish their future annuity payments and garner the same potential tax and charitable benefits.
Friends Fiduciary staff continues our work to build and foster relationships with Quaker organizations and faith communities. For planned giving support that meets your unique needs as a donor or Quaker organization contact me, Mimi Blackwell, Director of Philanthropic Services, mblackwell@friendsfiduciary.org or 215.241.7272, to learn more.