Rooted in Faith.
Forward in Mission.

ANNUAL REPORT 2025

For over a century, United Church Funds has helped churches and ministries steward their resources through responsible investing rooted in the United Church of Christ's values of stewardship, justice and care for people and the planet.

In 2025, we work with the same commitment, and our mission remains clear: supporting the mission of over 1,100 ministries through responsible investing. We are grateful for the trust of our clients and partners who walk with us.

Message from the
President and Board Chair

If ever a year defied easy description, 2025 would certainly qualify.

The so-called K-curve, which shows the growing disparity between higher-income and lower-income households, could also depict how much of the year unfolded. Some things went up, some down. Certainty was tempered by uncertainty. Optimism and hope were jolted by reasons for pessimism and despair.

At United Church Funds, we experienced much the same. While we are excited that our funds performed well, both in absolute and relative terms, and assets under management have reached the highest level in our history, we have been concerned by the incessant political actions and attacks on matters important to responsible investors. The defunding of renewable energy projects; laws banning consideration of environmental, social and governance factors in investing (ESG); investigations of companies and universities with initiatives to increase diversity, equity and inclusion (DEI); and the weakening, even dismantling, of shareholder rights: all of these made our work considerably more challenging because fundamental to our investing thesis is that these are drivers of long-term value and sustainability.

Despite the roadblocks to responsible investing, our approach in 2025 was to stay the course and stick to fundamentals. Following momentum or chasing a fad may be immediately profitable or politically expedient, but it comes at the price of neglecting core values and threatening long-term sustainability.

In this annual report, we share the different ways that we have been working to help our clients fund their ministries and mission now and well into the future. Our goal is to grow assets sustainably over the long term, in ways that are responsible to people, to the earth and to future generations. And we intend to continue on this course in 2026 and beyond.

Also, with this annual report, we welcome Bernard Wilson, new Chair of our UCF Board of Directors. Rev. Wilson is Senior Minister of Norfield Congregational Church in Weston, Connecticut, and was a former chair of the UCC Executive Council (now UCC Board). You can learn more about all of our hard-working board and staff at the end of this report.

As always, we thank you for staying the course with us and trusting us to be your partners in faithful stewardship.

Rev. Dr. Charles C. Buck

President & CEO

Rev. Dr. Bernard Wilson

Board Chair

2025 In Review

Growth, Trust and Stewardship

2025 was another year marked by growth, trust and responsible stewardship as UCF worked to balance the dual mandate of delivering competitive, risk-adjusted returns and promoting a just and sustainable world.

Financial Stewardship

+ $1.3B Assets Under Management

+ 23% total assets under management overseen by diverse managers

+ $71.8M Missions and Ministries funded by clients

Community & Relationships

+ 1,178 Clients

+ 98% Client retention rate

Values in Action

+ 8 shareholder resolutions filed, 5 withdrawn with productive agreements

+ More than 75% U.S. equity holdings managed by Black-owned and/or women-owned firms

+ Over $314K Brown Endowment scholarships and grants awarded

+ Over $103M invested in Green Bonds

UCF Global Reach

Our Roots

Responsible investing has been central to UCF’s work long before environmental, social and governance (ESG) entered the financial mainstream. Rooted in the UCC’s long-standing practice of integrating faith into economic decision-making, UCF’s approach to corporate engagement, securities screening and public advocacy continues to shape our work today.

DOWNLOAD TIMELINE IN PDF FORMAT

1967

UCC General Synod declares that social values and social justice ought to be given consideration, together with security and yield, in the investments of funds held by religious organizations.

1969-
1985

In response to apartheid, the UCC joins other faith-based investors in divesting from all corporations doing business in South Africa. Desmond Tutu later notes that this ecumenical effort was an essential driver of regime change in South Africa.

1970

The UCC Executive Council approves an exclusionary investment strategy where corporate practices violate Christian precepts or where public divestment may be more effective than shareholder engagement.

1971

United Church Foundation (later United Church Funds) and the UCC Pension Boards are among the founding members of the Interfaith Center on Corporate Responsibility.

1972-
1980

Following unjust imprisonment of a UCC minister and nine others, famously known as the Wilmington Ten, the UCC calls for an end to mass incarceration and a moratorium on new prisons.

1977

General Synod resolves to divest from publicly held stock in weapons-manufacturing businesses.

1979

General Synod passes a resolution to leverage the economic power of its investments to promote and protect human rights, as both a gift and a demand of God.

1985

General Synod adopts pronouncement on Just Peace Church, opposing war and affirming principles of non-violence.

2005

General Synod commits to peace in Israel-Palestine and endorses economic leverage to address human rights violations in the Occupied Territories.

2006

UCF becomes a signatory to the United Nations Principles of Responsible Investing (PRI), committed to adhering to six principles of responsible investing and focusing on long-term sustainable returns and positive societal impact

2013

General Synod votes to divest from fossil fuels – among other strategies – to combat climate change.

2014

In response to the General Synod call to divest from fossil fuels, UCF launches Beyond Fossil Fuels Fund and Beyond Fossil Fuels Balanced Fund.

2015

General Synod passes a resolution, developed jointly by UCF and UCC Pension Boards, urging socially responsible investment practices.

2025

UCF adds to its Investment Policy Statement (IPS) a focus on systemic risks, including attention to climate change.

Responsible Investing in Practice

UCF’s current responsible investing approach builds on this legacy, and our work remains aligned with the long-term priorities of our clients: climate stewardship, worker fairness, human rights and sustainable economic development.

ADVOCACY + LEADERSHIP

Advocacy + Leadership

A broader wave of political scrutiny facing responsible investors has affirmed UCF’s decision to elevate strategic advocacy as an essential tool in addressing systemic risk and creating lasting and positive change that aligns with the values of responsible investing.

As part of our strategic advocacy effort, UCF participated in high-level meetings on Capitol Hill alongside partners from United Church of Christ’s Washington, D.C. Office and the U.S. Sustainable Investment Forum (US SIF).

UCF is committed to ensuring that values remain central to financial stewardship.

EXPLORE OUR ADVOCACY

Noah Tabor and Matthew Illian of UCF alongside Rev. Michael Neuroth of the UCC Public Policy and Advocacy Office

SHAREHOLDER PROPOSAL

Shareholder Proposal

As an active and responsible institutional investor, UCF files shareholder resolutions every year to address areas of concern at many of the companies in which UCF invests.

In 2025:

• 8 shareholder resolution filed

• 5 withdrawn following agreements with companies

Issues and companies engaged

Indigenous Rights:
CitiBank, JPMorgan

Human Rights Policy:
Dollar General

Lobbying Transparency:
International Paper, Labcorp, Molina Health Care Workday

Political Disclosures:
Tesla

LEARN MORE

GREEN BONDS

Green Bonds

Guided by our clients’ priorities, UCF’s fixed income strategy seeks stability while supporting measurable social and environmental outcomes. Within UCF’s fixed income portfolio, sustainability is evaluated alongside financial strength, governance, transparency and accountability.

Over $103 million invested in green and social bonds, supporting projects across climate infrastructure, housing and public health.

$3.1M Climate + Clean Energy

$5.5M Water + Community Infrastructure

$9.4M Sustainable Housing

$3.3M Innovation

$20K Blue Bonds

EXPLORE MORE

COLLABORATIONS

Collaborations

Collaboration is central to UCF’s responsible investing strategy. Through ongoing partnerships with faith-based and values-aligned investor networks, UCF actively engages companies on issues important to the ministries we serve, including climate risk, human rights, worker justice and corporate accountability.

By partnering with other like-minded investors, UCF amplifies our clients’ voices and represents their values through coordinated action.

In 2025, UCF’s work recognized in the Interfaith Center on Corporate Responsibility’s annual proxy season report, Catalyzing Corporate Change, as an example of effective faith-based investor action.

UCF team at General Synod 35 in Kansas City, Missouri.

Advancing Justice Together

Indigenous
Rights

Worker's
Rights

Shareholder's
Rights

Strategic
Advocacy

Mission Highlights

Rebuilding Together

Altadena Community Church

When the Eaton Fire swept through the Los Angeles area in January 2025, Altadena Community Church experienced profound losses. The historic 78-year-old Spanish Colonial Revival was destroyed, and many congregation members lost their homes. Throughout conversations with the church’s co-moderators and the Southern California-Nevada Conference Minister, the Rev. Rachael Pryor, it was evident that relationships became essential sources of strength for Altadena Community Church.

The church was already a UCF client, so leadership met with UCF’s Institutional Relationships team and decided to invest their insurance proceeds with UCF while discerning their next steps for rebuilding. Knowing construction materials and skilled labor were in high demand across the region, this decision allowed the church to place its resources with UCF as a trusted partner.

The same spirit of connection was reflected in the outpouring of support shared with Altadena Community Church as they received assistance from state, nation and global churches.

As Altadena Community Church works toward making that dream a reality, they do so accompanied by a network of partners. This past year of challenges for the church affirm that the faithful stewardship of resources is a vitally important component of sustaining ministry through uncertainty and into the next season.

“Support from denominational and Conference leaders, as well as UCC-affiliated ministries such as UCF, are a source of comfort during ‘desperate days.’ [UCF] was very helpful, and the quarterly interest we receive will help us as we dream about rebuilding.”

Sherry Taylor
Co-Moderator for Altadena Community Church

Brown Endowment

LEGACY GIFTS FOR FUTURE LEADERS

Through UCF’s prudent endowment management and disciplined investment practices, the Brown Endowment supports scholarships for theological education and continuing formation, as well as ministries across the globe.

In addition to supporting ministries in the United States, the Brown Endowment grants also support and benefit global church communities as highlighted in the following stories.

From Uncertainty to Leadership

A young church leader from Syria joined the Fellowship of the Middle East Evangelical Churches (FMEECC) Theological Youth Training Program unsure of her role in youth ministry and struggling to engage the youth in her church, many of whom were grappling with trauma and a deep sense of helplessness.

Supported by the Brown Endowment Grant, the FMEECC training brought together 29 youth leaders from Lebanon, Syria, and Egypt — many serving communities affected by displacement and uncertainty.

Through theological discussions, leadership training and sessions on conflict management and self-care, she gained practical leadership skills, emotional support and renewed confidence to approach the ministry with a fresh perspective. By the end of the program, she felt truly equipped to guide and support the youth in her church. Returning home with a clear plan, she began implementing what she learned and saw immediate, positive engagement from the young people she serves.

Indigenous Wisdom for Climate Resilience

A grant from the Brown Endowment supports the ReStorying Pasifika Gender project of the Center for Gender and Social Justice (CGSJ). Launched in October 2024, the central focus of the project is climate gender justice and Indigenous climate knowledge.

In November 2024, ten women from Sa’anapu Village in the Safata District on the southern coast of Upolu Island, Samoa, participated in a community-based research initiative examining women’s Indigenous climate knowledge and its critical role in strengthening local resilience to climate change.

The research was led by local women researchers, with guidance from the Pacific Theological College’s Institute for Climate Indigenous Knowledge (ICIK). Findings from this work will contribute to the growing body of Pasifika Indigenous climate knowledge and inform efforts to re-examine gender understanding—moving beyond narrowly rights-based frameworks toward a more holistic and culturally rooted understanding.

“The Brown Endowment made it possible for us to address the growing reality of loneliness among clergy and to strengthen community in ways that will continue to shape the well-being of our ministers and congregations.”

Rev. Dr. Chadd Abbott
Conference Minister,
Indiana-Kentucky Conference.

“The Brown Endowment has enabled Andover Newton at Yale Divinity School to reimagine ministry leadership formation. Through the Emmaus Encounters program, students learn to lead with theological dept, build community across difference and engage with institutional history. This investment is strengthening leaders who will serve the Church for years to come.”

Andover Newton
Seminary at Yale Divinity School.

From Vermont to Amsterdam

Advancing Dairy Workers’ Rights

UCF partnered with Migrant Justice to represent UCF at the Annual General Meeting of Ahold Delhaize in Amsterdam to amplify the voices of immigrant dairy farmworkers and call for remedies for serious labor abuses within the dairy supply chain.

Migrant Justice, a Vermont-based human rights organization, has been at the forefront of advocating for improved working conditions through its Milk with Dignity program. Since 2019, Migrant Justice has urged Hannaford Supermarkets, one of the largest supermarket chains in the Northeast region and a subsidiary of Ahold Delhaize, to join the Milk with Dignity program. Hannaford is a major buyer of dairy products sourced from farms where workers have reported grueling and unsafe working conditions.

“I want to demystify the idea [that] migrants are ready to do all the terrible jobs that U.S. citizens don’t want to do. I think every job is dignified. And we have to see people as human beings.”

Marita Canedo
Migrant Justice
Just Investing Podcast, May 5, 2025

Investment Review

Global markets had a third year of strong performance, driven by AI optimism, corporate earnings growth and the U.S. Federal Reserve’s proactively cutting interest rates. Notably, both emerging markets and international developed markets outperformed U.S. markets in 2025. The U.S. equity markets (S&P 500) were up +17.88%; international developed equity markets (MSCI EAFE) were up +31.22%; and emerging market equities (MSCI EM) were up +33.57%. The domestic fixed income markets, as represented by the Barclays Capital U.S. Government/Credit Index, were up +6.88%, and the JPM blended emerging market debt index was up +16.79% in 2025.

Performance Summary

Most of the UCF-managed funds and funds of funds ranked above their respective peer medians, with the exception of the Fixed Income Fund. The performance of the UCF Balanced Fund and Total Equity Fund exceeded peers but trailed the index. The Alternatives Balanced Fund was in-line with its benchmark. The Beyond Fossil Fuels (BFF) Balanced Fund had strong outperformance relative to peers and the index.

During 2025, the UCF Investment Team added value through asset allocation – staying overweight in international developed and emerging markets in the Total Equity Fund, adding emerging market debt in the Fixed Income Fund, and staying overweight in Equities for all three Balanced Funds. The team continued to meet with and maintain exposure to diverse managers, while engaging with existing managers to enhance sustainable and responsible investments.

Equity Funds

The Total Equity Fund returned +21.65% in 2025, underperforming its benchmark by 0.41%, net of fees. The Beyond Fossil Fuels Equity Fund and International Equity Fund returned +25.10% and +32.73%, respectively, outperforming their benchmarks by 3.04% and 0.34%, net of fees. The Domestic Core Equity Fund and Small Cap Equity Fund returned +16.65% and 11.37%, respectively, underperforming their benchmarks by -1.23% and -1.44%, net of fees. The UCF restriction list negatively affected returns in 2025.

Fixed Income Fund

The Fixed Income Fund outperformed its benchmark net of fees, delivering +7.36% vs. +6.88%.

Balanced Funds

The BFF Balanced Fund’s performance of +17.27% was well above its benchmark and peers, outperforming by 1.39% and 4.10%, respectively. The UCF Balanced Fund’s performance of +15.69% was below its benchmark but well above peers.

>Alternatives Balanced Fund

The Alternatives Balanced Fund performed in line with its benchmark, delivering a return of 14.60% net of fees.

Equity
Funds

+21.65%

Alternatives
Balanced Fund

+14.60%

Fixed Income
Fund

+7.36%

Balanced Funds

+17.27%

Market Outlook

With midterm elections being the focus in 2026, stimulus from both fiscal and monetary policies will likely support further economic growth in the U.S. On the other hand, unpredictable government interventions, escalating geopolitical tensions and the uncertainties of AI benefits commensurate with spending could all be sources of market risks.

Lan Cai
Chief Investment Strategist

Minoti Dhanaraj
Senior Investment Strategist

Vanessa Wong
Investment Strategist

Fund Performance

Our disciplined and long-term perspective continued to guide our investment strategies across asset classes.

The following fund summaries illustrate how UCF’s investment strategies supported client priorities across different planning horizons and risk profiles.

Please visit UCFunds.org for complete fund performance.

Stewardship by the Numbers

STATEMENT OF FINANCIAL POSITION

UCF is primarily comprised of client assets under management in the Common Investment Fund (CIF), endowments entrusted to UCF, and obligations under split-interest agreements for the United Church of Christ Planned Giving Program. Endowments include the Pilgrim Memorial Fund and the Richard and Helen Brown Endowment Fund for Church Leadership. UCF also lends securities through its custodian, Bank of New York Mellon. The CIF and the Securities Lending Program are reported as an asset and liability on the UCF consolidated financial statements.

UCF balances its operating budget primarily through revenues earned from fees on the CIF and reimbursements from endowments served by UCF. Total revenues were (unaudited) $9,599,000 for 2025 and $8,884,000 for 2024, against expenses in 2025 of (unaudited) $8,432,000 and 2024 of $8,039,000.

In 2025 UCF maintained its 98% client retention rate while accepting approximately $30.6 million of new and additional assets invested. UCF’s investment strategy continued to uphold the values of the UCC as expressed by its churches, organizations and missions acting in concert with General Synod resolutions while seeking optimal performance. UCF remains dedicated to supporting its mission by deepening client relationships, identifying and securing new clients who share these goals, and controlling costs and generating revenue—all to the end of creating a just world for all.

Leadership

UCF’s dedicated leadership team brings experience in investment management, governance and ministry partnership, supporting long-term stewardship and accountability.

Rev. Dr. Charles C. Buck

President & CEO

Ms. DeAnna Cook

Director, Client Services

Ms. Melissa Chan

Associate, Client Services

Ms. Shirin Kothari

Associate, Client Services

Ms. Tiffany Williams

Associate, Accounting & Client Services

Ms. Karen Sherman-Chang, CPA

Vice President, Finance and Administration

Ms. Deborah Cho

Senior Accountant

Ms. Michele Hamilton

Staff Accountant

Mr. Frederick Fougere

Junior Accountant

Mr. Matthew W. Wagner, MBA, AIF

Vice President, Institutional Relationships

Ms. Stacey Pettice

Executive, Institutional Relationships

Ms. Kelsey Cameron Rose

Associate, Institutional Relationships

Mr. Noah Tabor, Esq.

General Counsel

Mr. Matthew Illian, CFP

Director, Responsible Investing

Mr. Adam Sank

Associate, Communications & Administration

Ms. Debbie Wibowo

Associate, Marketing & Communications

Board of Directors

The Rev. Dr. Bernard R. Wilson
Board Chair
Senior Minister
Norfield Congregational Church
Weston, Connecticut

The Rev. Dr. Lynn L. Bujnak
Conference Minister
Vermont Conference,
United Church of Christ Williston Federated Church
Williston, Vermont

Dr. Jiakai Chen
Associate Professor of Finance Shidler College of Business,
University of Hawai`i at Mānoa Community Church of Honolulu
Honolulu, Hawai`i

The Rev. Dr. Derrick Elliott
Associate Conference Minister
Southwest Conference,
United Church of Christ
Senior Pastor
Desert Heritage Church (UCC/DOC),
Mesa, Arizona
Sun Lakes United Church of Christ,
Sun Lakes, Arizone

Ms. Julia Gaughan
Minister
Peace United Church of Christ
Alma, Kansas

Ms. Lisa Hinds
Managing Director, Client Engagement & Sustainability
Xponance
The Riverside Church of New York City
New York, New York

Mr. David Misemer
President, Board of Directors
Interfaith Action Foundation
(Saint Paul, Minnesota)
Saint Anthony Park
United Church of Christ
Saint Paul, Minnesota

Mr. William P. Morgan
Chief Executive Officer WPM Properties Inc.
Pilgrim Congregational
United Church of Christ
Cleveland, Ohio

The Rev. Mary W. Nelson
Transitional Conference Minister,
Missouri Mid-South Conference (UCC) Center Church
South Hadley, Massachusetts

Ms. Doni Mooberry Slough
Owner and Financial Adviser
Mooberry Financial Management,
LLC Plymouth Congregational Church
Lawrence, Kansas

Ms. Darlene Y. Sowell
Board Vice-Chair
President & CEO Unleashing Potential
Saint John's United Church of Christ
St. Louis, Missouri

Mr. Frank L. Sims
Board Secretary
Corporate Vice President (Retired)
Cargill
First Congregational Church
Atlanta, Georgia

Mr. Bryan A. Thomas
Vice President,
Private Client Associate
Momentum Advisors
Peoples Congregational United Church of Christ
Washington, D.C.

Ms. Cathe Evans Williams, Esq.
Managing Attorney
The Evans Williams Law Group
Covenant United Church of Christ
South Holland, Illinois

Ms. Yvette-Michelle Wynn
Business Development Manager (Retired)
Morgan Stanley
Community Church of the Pelhams
Pelham, New York

Ex-officio

The Rev. Dr. Karen Georgia A. Thompson
General Minister & President
United Church of Christ
Olmsted Community Church UCC
Olmsted Falls, Ohio

Rev. Jasmine Quinerly
Chair
United Church of Christ Board
Pilgrim Congregational United Church of Christ
Houston, Texas

Rooted in Faith. Forward in Mission.