The Presbyterian Church is creating a family of mutual funds in which its affiliated colleges, schools and congregations can invest the money they raise.

The Presbyterian Church USA Foundation, the fund-raising arm of the Presbyterian Church, is seeking approval from the Securities and Exchange Commission for a family of four funds to be called the New Covenant Funds. The funds are intended for the Presbyterian Church's 11,000 congregations, their ministries and charities, and several hundred colleges and schools affiliated with the Presbyterian Church in the U.S. Church officials have no plans to market the funds to their 2.6 million church members, or to the public.

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