The Fund for the Diaconate ("The Fund") performs a vital service by assisting Episcopal deacons, working, retired or disabled, and those in diaconal formation, who have insufficient funds for their needs. This is because deacons are usually not part of the Church Pension Fund, and may not have enough financial support form secular sources to help them, despite any time they may have spent in the ministry of The Episcopal Church.

The Fund is administered by a board of directors, with the assistance of our Director of Operations, Grants Administrator, and Director of Communications (all part-time). Grants are usually distributed by monthly allowances based on individual needs. Special grants can be made to cover emergencies, such as illness, health care, disaster relief or other special needs. We also provide grants for persons in financial need who are in the ordination process for the diaconate.

The Board of the Fund consists of twelve deacons: three classes of four deacons, serving three-year terms. The board elects its own directors, per the bylaws. Officers are elected from the board, except for the assistant secretary. Director terms begin on January 1, while officers are elected for one year terms at the reorganization of the Board in early January, and take office at the conclusion of that meeting. 
 
The Board typically meets in person to conduct business around the second Tuesday in May, and the third Tuesday in October, in New York City and other locations. The meetings include reviews of grants, financial reports, and other business. Expenses for directors and staff to attend the board meetings are covered by the Fund.

The financial resources of the Fund originated with the Retiring Fund for Deaconesses of the Protestant Episcopal Church in the United States of America. That organization was created by the Episcopal Deaconesses in 1927, to support those of their order who needed to retire, but did not have enough financial support. The deaconesses were not allowed to join the Church Pension Fund (CPF) at that time; it was not until women were allowed to become deacons in 1970 that women clergy could join CPF. The Retiring Fund changed its name to The Fund for the Diaconate in 1990, at the same time the membership voted to allow men to become eligible.

Reports from the Board are published in each issue of Diakoneo, the journal of the Association for Episcopal Deacons (AED). Other news is published on our Facebook page. Representatives of the Fund are also available at AED's Triennial gathering and A3D conferences, and at General Convention.​