Consolidated Trust Fund

Many people in the Diocese of Ottawa are familiar with the term Consolidated Trust Fund (CTF) but are not quite sure why the Fund exists or how it works.

The Consolidated Trust Fund was established in 1970 to assist parishes in the task of managing and investing sums received in trust, a bequest or a sale of property (usually a rectory).

The Financial Affairs Committee (FAC) of the Diocese is responsible for the day-to-day activities of the CTF; its Investment Subcommittee helps meet this responsibility. The subcommittee consists of the Bishop and at least six other well qualified people, both lay and clergy members. The subcommittee meets quarterly, or more often if necessary, to make recommendations to FAC about investment policy and to monitor the performance of the investments. In addition, the subcommittee recommends to FAC the CTF's annual dividend rate.

The CTF is primarily comprised of numerous trusts and bequests. A portion of the fund is made up of proceeds from the sale of rectories. Each time a parish makes a contribution to the Consolidated Trust Fund, it is credited with a certain number of units of the fund based on the unit value at the end of the quarter in which the monies are received. The approved annual dividend is paid quarterly to the underlying holding trust or bequest, based on the number of units held by trust or bequest. For example, if a trust had deposited $20,000 to the CTF when the unit value was $20.00 per unit, they would hold 1,000 units. If the annual dividend were set at 70 cents per unit, the parish would receive a total of $700 per year in dividends with $175 being paid each quarter. In the case of a rectory trust, the income is used to assist with the incumbent's housing allowance.

The Investment Policy Statement outlines the objectives of the fund as well as specifics regarding its asset mix. This policy guides the money managers in investment of the assets. The portfolio is invested to provide income as well as to preserve the capital for the long term, taking inflation into consideration. Although a balanced portfolio employs diversification to reduce risk, the unit values of the CTF can fluctuate up and down in the short term depending on market circumstances. Its "total return" combines the annual change in value of the units as well as the annual dividend received by the unit holder. This reflects the total benefit that the benefit holder has gained by holding units in the CTF.

Historically, the CTF has consistently paid annual dividends even during down markets. This enables parishes to rely on a steady flow of income owned by the parish-an important source of revenue for many parishes. Download Investment Policy Statement

The CTF has grown significantly over the last 14 years, from $18.0 million in 1996, to $27.5 million in 2010. There were 843,000 units outstanding in 1996 whereas now there are over 1.4 million units. Throughout the life of the CTF, dividends have been paid to parishes, no matter how poor or good the return on investment. In fact, the CTF is, for all intents and purposes, a guaranteed investment vehicle. The payouts have ranged from the 1994 high of 5.4% to the 1997 low of 4.15%, with the average over 14 years of 4.6%. The total return on investment (yield plus market value change), indicating how the investments are doing over time, has averaged 4.9% over the same period.

The CTF has become an integral part of the financial strength of the Diocese. If you have any questions about it, please do not hesitate to contact any one of the Investment Subcommittee members, or the Director of Financial Ministry at 613-232-7124 Ext. 241

Consolidated Trust Fund deposit form

CTF performance summary

Most recent financial statements.


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