The Board of Foreign Parishes was created by a special act of the legislature of the State of New York in 1883, principally to respond to difficulties encountered by Episcopal parishes in foreign countries in holding legal title to their real estate. The statute was enacted to empower the Board to hold title to real property and endowments of American Episcopal Churches in Europe (to the extent those churches choose to convey the property to the Board).

The Board of Foreign Parishes currently holds title to the American Cathedral (including the associated buildings and Deanery) and to the parish house of the Church of Christ the King in Frankfurt. Notwithstanding the fact that the Board holds legal title to these buildings, the law provides that "the immediate management and control of such . . . churches and other property, and the maintenance of the several churches and other properties shall in each case be committed to a vestry . . . elected by the . . . congregation."

In addition, the Board holds and administers the "Nice Fund", originally created from the proceeds of the sale of the Episcopal church building in Nice, France. The Nice Fund currently amounts to about $4.2 million. From this fund, the Board provides financial support to the Convocation to support the mission of the Episcopal Church in Europe. In addition, the Board manages another very small endowment fund (about $250,000) and the Rowthorn Fund (about $130,000).

The Board consists of 12 trustees who elect their own members. The Bishop in Charge is a member and, under the statute, each parish whose buildings are owned by the Board (i.e., the American Cathedral and Christ the King, Frankfurt) is entitled to name two members of the Board. The Board meets twice a year - normally in New York - in May and November.

In addition to the Board of Foreign Parishes, there are separate Boards of Trustees for St. Paul's Church (Rome) and St. James' Church (Florence), which own the buildings and certain financial endowments for those parishes. However, there is no legal connection at all among these three Boards, although there is some overlap of membership and they frequently meet at the same time and place.
Since 1990, members of the three boards have made a considerable effort to fly to Europe - at their own expense - to join with the Convocation at their annual Convention. As a result, they have become active participants in the recent accomplishments of the Convocation, of St. James and of St. Paul's. The current U.S. membership of the boards is composed almost entirely of people who have previously been members of one of the churches in Europe, which ensures a close and continuing working relationship with the Convocation.

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