In basic terms:

• The Holy Scriptures of the Old and New Testaments, as containing all things necessary to salvation, and as being the rule and ultimate standard of faith.
• The Apostles’ Creed, as the Baptismal Symbol; and the Nicene Creed, as the sufficient statement of the Christian faith.
• The two Sacraments ordained by Christ Himself Baptism and the Supper of the Lord (communion) ministered with unfailing use of Christ’s words of Institution, and of the elements (bread & wine) ordained by Him.
• The Historic Episcopate (bishops), locally adapted in the methods of its administration to the varying needs of the nations and peoples called of God into the Unity of His Church.

In broad terms:

As Episcopalians, we believe in the fundamental principle of moderation both in faith and practice. Since the Elizabethan Settlement of 1559, in which Queen Elizabeth I crafted a compromise position for the established Church of England, Anglicans have operated from a posture of humility with regard to biblical, theological, and liturgical norms. While holding that the Bible contains all things necessary for salvation, we also believe that God has gifted human beings with rational minds, which enable us to discern and embody God’s timeless Truth in our present context. This contextualized gospel leads to an appreciation for local diversity, which has been our greatest gift to the larger Body of Christ and, at times, our greatest source of tension within the Anglican Communion.

Episcopalians believe the Nicene Creed (325AD) is the full and sufficient statement of Christian faith. This Creed, while often viewed today as an obstacle to inclusive Christian faith, is, in fact, a compromise in and of itself. Its trinitarian outline gives the broadest possible flexibility for understanding the nature and activity of the Father (who creates), the Son (who redeems/liberates), and the Holy Spirit (who sanctifies). The Creed is recited during (at least) the primary eucharistic service each Sunday and is a centerpiece to all baptismal services, at which time we also express the expanded content of our Baptismal Covenant (BCP, 304-5): 1) to preserve the timeless content of the apostolic faith and practice, 2) to be honest about sin and our need for redemption, 3) to share our faith and hope with others, 4) to serve others in love and charity, and 5) to work toward a more just and peaceable world.

We believe in and practice the two dominical (biblical) sacraments of baptism and eucharist — the sacrament of incorporation and the sacrament expressing that incorporation around the table, respectively. By baptism, we are made a new creation and we live in the world in a new way, relating to God, to others, and to the rest of creation as a part of the whole, the main, caring for all things as we care for ourselves, loving others as we ourselves have been loved. In the eucharist (communion), we experience both God’s gracious and universal hospitality and also a unique occasion of the spiritual fellowship we all share as members of God’s holy Church and participants in this holy feast.

We also recognize and practice the sacraments of confirmation, reconciliation (confession/absolution), marriage, ordination, and unction (anointing the sick). The catechism in the Book of Common Prayer asks, Q: Is God’s activity limited to these rites? A: God does not limit himself to these rites; they are patterns of countless ways by which God uses material things to reach out to us. In fact, we believe the Church is itself a sacrament, a visible sign in the world of God’s invisible, unearned grace and favor toward us. Altogether, the sacraments of the Church serve to re-enchant the world, opening up to us a glimpse of the Kingdom of God, upon which we place our hope and toward which we live our lives.

Finally, Episcopalians, as the name suggests (episkopos = overseer = bishop) form much of the basis of their identity and unity around the person of the bishop, who is elected by the laity and clergy of each diocese to serve as their chief priest and pastor. Episcopalians, then, are not “congregationalists” — that is, our primary identity as Christians expands beyond both the self and the local congregation to the much larger community of the diocese. The diocese, then, is a microcosm of the worldwide Anglican communion, in that there is always by providential design a creative and life-giving tension between local diversity and autonomy and diocesan unity and interdependence. Unlike some Christian denominations, members of the Episcopal church are never able “to go it alone” — to say to others with whom we differ or disagree, “I have no need of you.” We are bound together in the communion of God’s love by virtue of the Holy Spirit, bestowed upon us at baptism. Therefore, a break in our formal relationship with other Episcopalians (or any other Christians, for that matter) is a very grievous affront not only to God, but to ourselves as a Church who, by design, exist to bear God’s promise of reconciliation in a broken world. Clearly, however, the present time in the Episcopal Church and in the Anglican Communion demonstrates that God continues to present the Church with difficult opportunities in which we, together, seek to discover how God is calling us to respond to an ever-changing world from the timeless resources of our loving and life-giving faith.

In all, we believe that we’re good people in a good world made to express and give thanks for God’s profound love and generosity and we’re charged to ensure that all people experience God’s love and generosity, setting ourselves and others free from all that stands between ourselves and God. We are healed, that we might heal. We are liberated, that we might liberate. And we are sent forth as disciples, that we, too, might call, form, and send forth new disciples in turn.

For more info on Episcopal beliefs, see the Book of Common Prayer — Holy Baptism, The Catechism, and Historical Documents of the Church.